FG Sets Up Committee to Recover Illegally-Refined Crude Oil

BusinessOil & GasFG Sets Up Committee to Recover Illegally-Refined Crude Oil

Beloved John (Staff Writer)September 23, 2021

ABUJA — To ensure transparency in the production of crude oil, the federal government on Thursday, inaugurated an inter-ministerial committee. The committee is to assess, report and supervise the refining of the crude oil in the Niger Delta while minimizing the environmental hazard the resource poses. The inter-ministerial committee will also tackle the illegal refining of crude oil in the Niger Delta. At the inauguration, Umar Mohammed, the acting solicitor-general of the federation who represented...

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Five Top Banks Paid N1.4bn For Forex Infraction, Other Offences In 2021

BusinessMoneyNewsFive Top Banks Paid N1.4bn For Forex Infraction, Other Offences In 2021

Bada Yusuf Amoo (Correspondent)September 23, 2021

Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. The banks are UBA, Fidelity Bank, Access Bank, GTBank and First City Monument Bank. This figure was arrived at from analysis of the H1 2021 financial statements of the banks obtained from their websites. Findings show...

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All Business Merchants in Nigeria Will Accept eNaira Payments

BusinessNewsTelecommunicationAll Business Merchants in Nigeria Will Accept eNaira Payments

Beloved John (Staff Writer)September 21, 2021

LAGOS — The country’s first digital currency, eNaira, must be accepted as a form of payment by all business merchants according to the CBN director of payment system management, Musa Jimoh. According to him, the digital currency is similar to the fiat currency (naira) and the CBN bears all liabilities for the eNaira. Jimoh said this when he featured on Business Morning, a Channels Television programme, on Monday. He noted that eNaira is a legal...

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Lawan Asks Senate Panel to Assess Buhari’s $4bn Loan Request Within One Week

MoneyLawan Asks Senate Panel to Assess Buhari’s $4bn Loan Request Within One Week

Beloved John (Staff Writer)September 21, 2021

ABUJA — Senate President, Ahmad Lawan, has said the senate committee on foreign and local debts should assess President Muhammadu Buhari’s $4 billion loan request within one week. He gave the committee an ultimatum on Tuesday after he referred the president’s request to the committee for legislative action. Last week, Lawan read out the president’s loan request which was written in a letter. In the letter, Buhari said that the loan request was owing to...

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Sanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

BusinessLaw & JusticeSanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

Bada Yusuf Amoo (Correspondent)September 21, 2021

LAGOS — The Governor of Lagos State, Babajide Sanwo-Olu, has signed the bill prohibiting open grazing into law in the state. This comes barely a week after the governor assented to the State Value Added Tax Bill, empowering the state to collect VAT. Governor Sanwo-Olu’s assent to the bill also comes after some governors in the South, including Ogun, Ondo, Akwa Ibom, and Rivers signed the same law prohibiting open grazing. Members of the Lagos...

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VAT Collection: Yahaya Says Governors Must Wake Up to Reality

BusinessTaxationVAT Collection: Yahaya Says Governors Must Wake Up to Reality

Beloved John (Staff Writer)September 21, 2021

GOMBE —The stand of the Lagos and Rivers state government on the collection of value-added tax (VAT) should serve as a wake-up call to other states says Inuwa Yahaya, governor of Gombe state. Yahaya admitted that the Gombe state government would be unable to pay salaries without the income generated from VAT. He said this while speaking to some All Progressives Congress (APC) stakeholders from Gombe south senatorial district on Monday. He noted that 35...

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FG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

EconomyFG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

PilotnewsSeptember 21, 20212

LAGOS —  A power expert, Mr. Kola Balogun, says the first phase (Phase zero) of the National Mass Metering Programme (NMMP) can create 500,000 jobs for Nigerians. Balogun, who is the Chairman, Momas Electricity Meter Manufacturing Company (MEMMCOL), made the assertion on Tuesday in an interview with the News Agency of Nigeria in Lagos. NAN reports that the Federal Government launched the First Phase of the NMMP in respect of which the Central Bank of...

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President Buhari Directs the Incorporation of NNPC

BusinessNewsOil & GasPresident Buhari Directs the Incorporation of NNPC

Hassan Umar Shallpella (Regional Correspondent)September 20, 2021

ABUJA — President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited. A statement issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. Part of the statement read: “This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the...

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Federal Government To Executes 15 Major Projects With $4 Billion Loan

MoneyNational DevelopmentFederal Government To Executes 15 Major Projects With $4 Billion Loan

Hassan Umar Shallpella (Regional Correspondent)September 19, 2021

ABUJA — The Presidency has confirmed the 15 major projects spread across the country’s six geo-political zones to be financed with the proposed over $4 billion loan to be sourced from multilateral institutions, under the 2018-2021 medium-term (rolling) external borrowing plan. Presidential spokesman, Mallam Garba Shehu, in a statement disclosed that President Muhammadu Buhari had requested the Senate to approve the sovereign loans of $4.054 billion and €710 million as well as grant components of...

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Enugu Govt Captures Additional 251 Hotels Operating in the State

BusinessTourismEnugu Govt Captures Additional 251 Hotels Operating in the State

PilotnewsSeptember 18, 2021

ENUGU —  The Enugu State Government says it has captured an additional 251 functional hotels within its database as part of a drive to improve hospitality and tourism businesses in the state. The General Manager of Enugu State Tourism Board, Chief Steve Odo, told the News Agency of Nigeria in Enugu on Saturday that the number of hotels captured by the government is now 403. Odo spoke on the sidelines of his achievements within one...

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