Subsidy: CSOs seek targeted projects for N15.4bn

Ose Ojeme

  Following revelation by the Federal Government that fuel subsidy removal had taken a burden of N15.4 billion of its shoulders monthly, a group of civil society organisations has advised that the money be deployed in targeted projects rather than keeping it in the federation account.   The advice was given during a virtual workshop in Abuja that was hosted by Media Initiative on Transparency in Extractive Industries (MITEI), a non-profit group of media practitioners committed to the promotion of transparency in the extractive industries and facilitated by Facility for…

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Oil super major deepens asset sale in Nigeria 

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  International oil companies (IOCs) at the weekend deepened plans for sale of more assets in Nigeria as they slashed $12 billion off their global investment portfolios.   Blaming price rout buoyed by Coronavirus pandemic for the move, the IOCs including Shell, ExxonMobil, Total and Aker declared that they had already announced the slash in their investments to survive the big threat posed to their fortunes by the pandemic.   “The IOCs will be putting more of their assets up for sale,” an industry source told New Telegraph,  adding, “they…

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CACOVID donates isolation centres, beddings to Ondo, Kwara

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  The private sector led Coalition Against COVID-19 (CACOVID) has donated fully equipped isolation centres and medical equipment running into several millions of naira to the Ondo and Kwara state governments.   The donation was in response to plea by state governors and to strengthen the partnership with governments at all levels to help contain the coronavirus pandemic in the country.   The group, which comprises leading private sector operators, had earlier donated similar items to the governments of Rivers and Enugu states, apart from the distribution of food palliatives,…

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NSE extends gain with N110bn

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Nigerian Stock Exchange yesterday sustained its positive outlook for the ninth consecutive trading session as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.87 per cent each.   Market watchers attributed the development to renewed confidence as bargain hunters leverage on undervalued stocks.   Consequently, the All-Share Index rose by 210.88 basis points or 0.87 per cent to close at 24.354.25 index points as against 24.143.37 recorded the previous day while market capitalisation of equities appreciated by N110 billion or 0.87 per cent to close higher…

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UBA rewards 100 customers with N100,000

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   Pan African financial institution, United Bank for Africa (UBA) Plc has again given its loyal customers reason to cheer as it rewarded 100 loyal customers with N100,000 each in the UBA Bumper account draw.   The draw, which took place at the UBA head office on Tuesday, was held via Facebook platform in strict compliance with social distancing rules as directed by the federal and Lagos State Government where 100 more customers emerged winners through a transparent draw.   When contacted, the customers, who emerged winners of the draw,…

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NNPC slahses ex- depot price of petrol

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The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations. A release in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make…

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Oil bid round: Coalition of civil society groups seeks transparency

Ose Ojeme

    PRECISION Oversight of the processes should be provided by the National Assembly and auditing by NEITI     Following Federal Government’s intention to conduct fresh licensing bid round for Nigeria’s marginal oil fields, Civil Society Organisations (CSOs) and extractive industry media group, Media Initiative on Transparency in Extractive Industries (MITEI) have advised the Federal Government to ensure transparency in the entire process. The advice formed part of the resolution reached at the end of a one-day workshop on “Improving Transparency in the Oil licensing Process organised by the…

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Wema Bank’s ALAT celebrates anniversary

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    Wema Bank Plc digital bank, ALAT by Wema, is celebrating three years of delivering financial services.   The bank in a statement made available to newsmen said ALAT had strategically positioned itself as a fast, reliable and convenient banking solution and will continue to align itself with evolving user habits and preferences, especially when users are quickly adjusting to a world where speed, efficiency and multiplicity will be the new normal.   “Known for reinventing the narrative in the delivery of financial services and experiential banking in Africa,…

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Nigeria should take advantage of AfCFTA delay’

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    As reactions continue to trail the recent announcement by the Secretary-General of the African Continental Free Trade Area (AfCFTA) secretariat, Wamkele Mene, that the implementation of the agreement will not begin on July 1, 2020 as planned due to disruptions caused by the coronavirus (COVID-19) pandemic, analysts at CSL Research have urged Nigeria to take advantage of the development to speed up growth in critical infrastructure.   The analysts stated this in a note obtained by New Telegraph yesterday.   The AfCFTA agreement, which is aimed at boosting…

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FCMB shareholders endorse N2.77bn dividend

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    Shareholders of FCMB Group Plc have approved payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.   The shareholders, who gave the endorsement at the 7th Annual General Meeting (AGM) of the group in Lagos, also applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment.   The AGM was held by proxy, following the outbreak of Coronavirus pandemic, and streamed live via www.fcmb.com/AGM to…

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