Day: October 1, 2019

Oil blocs: NNPC, Agip firm up pact to end litigations

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  The Nigerian National Petroleum Corporation (NNPC) last weekend firmed up agreement with the Nigeria Agip Oil Company (NAOC) to end all litigations, which had over the years rocked Oil Mining Leases (OMLs) 60, 61, 62 and 63 and inhibited growth of the assets. The corporation, which declared this in a document obtained by New Telegraph, maintained that the step was taken to expeditiously grow Federal Government’s revenue and in turn boost the nation’s reserve base. Group Managing Director of the NNPC, Mallam Mele Kyari, who confirmed this, also said…

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Vacant houses: Stakeholders fault planned tax imposition

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  Stakeholders in the housing sector have asked the Federal Government to ignore proposal by the visiting UN Rapperteur, urging it to impose taxes on all vacant houses in major cities across the country. According to them, the basis for such proposal is faulty and amount to double losses to owners, while making  life difficult for accommodation seeking residents, who would be made  to  pay more rents. The United Nations Special Rapporteur on Rights to Adequate Housing, Ms Leilani Farha, who was on a 10-day fact finding visit to Lagos …

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UK, others offer $350m for Africa’s solar energy

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  France, The Netherlands and the United Kingdom have committed $350 million to invest in solar energy in Africa and electricity storage, Afrik21 reported at the weeknd. It is a strategic investment at a time Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from new funds to improve electricity supply. It is a $350 million commitment from France, The Netherlands and the United Kingdom. The latter will provide the greatest effort. The Dutch Government plans to invest $44…

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OML 25: Nigeria suffers 35,000 barrels loss to dispute

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  The Federal Government at the weekend declared that 35,000 barrels of crude production were lost daily to the disputed oil mining lease (OML) 25 between NNPC’s Joint Venture partner, Shell Petroleum Development Company (SPDC) and Belema Oil. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, declared this during their stakeholders’ visit to host communities and facilities of OML 25 in Kula Kingdom of Asari-Toru Local Government of Rivers State on Saturday. The…

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NIPCO: Why we declared N1.58bn profit

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  Indigenous downstream oil company, NIPCO Plc, stated at the weekend that it declared N254 billion turnover and a profit after tax of N1.58 billion for 2018 financial year based on its petroleum product outlets expansion and boost to its Liquefied Petroleum Gas (LPG) market share in Nigeria. Chairman of the company, Chief Bestman Anekwe, who – according to a statement – declared this at 15th Annual General Meeting of the company in Abuja, maintained that these achievements were recorded in the face of the prevailing difficult environment, which had…

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Border closure: Benin, others seek gas pipeline operation renegotiation

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    Ghana, Togo and Republic of Benin at the weekend pushed vigorously for a review of laws and regulations guiding the operations of $1 billion gas pipeline, which transports gas from Nigeria to the three countries. The fresh clamour for negotiations, a document of Agence Ecofin sighted by New Telegraph at the weekend read, took place in a context where Nigeria had closed its borders with its western neighbors, particularly Benin, and consequently Ghana and Togo. A closure that is not without consequences on the economies of these countries…

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Recapitalisation: N44.3bn capital impairment threatens African Alliance, others

Dora Ewah

  As the National Insurance Commission (NAICOM) commences release of underwriters’ recapitalisation plans for public knowledge, indications have emerged that at least  nine firms require a minimum of N44.3billion to meet the new capital threshold to remain in business by July 2020.   Although details of some others are still sketchy, first leg findings by Newsfieldglobal revealed that those put together in this regard would require various amounts totaling N44.3billion to catch up with some of their fellow operators that have either met the requisite recapitalisation benchmark or surpassed it.…

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Nigeria@59: Labour tasks FG’s economic team on diversification

Dorothy Ewah

          As Nigeria marks her 59th Independence anniversary, organised labour under the aegis of Trade Union Congress [TUC] has advised the newly created Economic team to work towards diversifying the economy for growth.   Lamenting the backwardness the country had been through in the last 59 years compared with countries like China and India, the labour centre in a statement signed by its President, Comrade Quadri Olaleye, and Secretary General, Comrade (Barr.) Musa-Lawal Ozigi, mni, advised the team to work to diversify the economy so the…

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NBS: Banks’ non-performing loans drop to N1.44trn

Dora Ewah

      Non-Performing Loans (NPLs) in the nation’s banking industry have continued their downward trend in recent months, falling to N1.44trillion in the second quarter of this year from N1.67trillion in Q1, latest data released by the National Bureau of Statistics (NBS), shows.   According to the “Selected Banking Sector Data Q2 2019” report released by NBS over the weekend, gross loans granted by banks fell to N15.48trillion in Q2 ’19 from N15.54trillion in the first quarter.   According to New Telegraph, in terms of credit to private sector,…

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Verod to acquire Metropolitan Life Insurance

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  Verod Capital Management has received regulatory approvals for its acquisition of 100 per cent of the shareholding of Metropolitan Life Insurance Nigeria from South African-based Momentum Metropolitan Holdings. The transaction, for an undisclosed amount, sees Momentum Metropolitan exit the Nigerian market, in line with its articulated Reset and Grow strategy. The insurance sector in Nigeria as a whole is entering a new growth phase, with the recent announcement of increased minimum capital requirements by the industry regulator. This, in addition to various other initiatives being pursued by both regulators…

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