Business Archives - Page 90 of 164

Jamoh X-rays potential, untapped opportunities in maritime tourism

May 15, 2023May 15, 2023 Aminu Imam

The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has called for collaboration between the tourism and maritime sectors in Nigeria. Jamoh explained that with the enormous resources inherent in the maritime sector, the tourism industry will be an easy and low hanging fruit for Nigeria�s economic development agenda. He stated this at the 6th National Tourism Transportation Summit and Expo organised by the Institute for Tourism Professionals of Nigeria (ITPN), in collaboration with the Ministries of Transportation, Aviation, Information and Culture at the International Conference…

Nigeria ranks 109 amid 168% tariff hike in eight years – Findings

May 11, 2023May 11, 2023 Aminu Imam

Despite a near-zero improvement in power supply efficiency under the President Buhari administration, and contrary to the boast by the Minister of Power, Abubakar Aliyu, that Nigeria enjoys the cheapest electricity, findings have shown that over 100 countries offer more affordable electricity compared to Nigeria. This is coming as the current Government has in the last eight years increased electricity tariff by over 168 percent, with billing jumping from an average of N23.5 a kilowatt-hour (kWh) in 2015 to N63 kWh as of January this year. Nigerians paid between N16 and…

PIA 2022: �Comply with Senate resolution on crude oil export terminals� – Buhari directs MDAs

May 9, 2023May 9, 2023 Aminu Imam

President Muhammadu Buhari, has instructed all government establishments to comply with the senate resolution asking that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) be the sole and only regulatory entity to regulate and monitor the activities of all existing crude oil export terminals in Nigeria. The resolution was passed November 2022 in alignment with Section 7ee of the Petroleum Industry Act (PIA) 2021. Institutions affected by the directive include the NUPRC, Nigerian Midstream Downstream Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), Federal Ministry of Industry, Trade and…

Buhari excludes Finance Ministry from TSA

May 3, 2023May 3, 2023 Aminu Imam

President Muhammadu Buhari yesterday, gave his approval for the Ministry of Finance Incorporated, (MOFI), to be partially excluded from the Treasury Single Account. Along with granting the inclusion of the Minister of Power in the Governing Council, Buhari also agreed to the Board of MOFI�s request to levy administration and transaction fees. In order to turn MOFI from a register of investment records into a premier asset and investment management organisation, the new MOFI was launched on February 1, 2023, according to the President, who delivered the permission at the…

TCN restores power supply in Kaduna, Kano, Aba after FG�s intervention

May 1, 2023May 1, 2023 Aminu Imam

The Transmission Company of Nigeria, (TCN), yesterday disclosed that it will reconnect Kaduna Electricity Distribution Company, Kano Electricity and Aba Power Limited Electric to the national grid following the intervention of the Minister of Power. The Market Operator, an arm of TCN, had a few days ago disconnected the three utilities from the grid for failing to adhere to rules governing the Nigerian Electricity Supply Industry, NESI, and for failing to meet up with their financial obligations. TCN said the companies failed to produce their Bank Guarantees when it was…

Foreign shipping firm slams $250 per unit surcharge on Nigeria-bound cargoes

May 1, 2023May 1, 2023 Aminu Imam

A foreign shipping firm, CMA CGM has announced an Overweight Surcharge (OWS) from Asia and India East Coast to Nigeria that takes effect from April 28, 2023. The French ocean carrier said that Nigerian importers will pay an overweight surcharge of $250 (about N115,000) per TEU (Twenty foot Equivalent Unit) on dry containers with a container gross weight equal to or more than 18 tons from China, South East Asia, North East Asia, and the East Coast of India to Apapa, Tin-Can and Onne Ports. CMA CGM said that the…

FG raises tariff for rice to 60%, wheat 70%

April 28, 2023April 28, 2023 Aminu Imam

The Federal Government, yesterday, raised tariffs on importation of rice in packing of more than 5kg, or in bulk; and in packing of 5kg or less to 60 percent, from 50 percent. Finance minister, Zainab Ahmed, who stated this in a document, titled �Revised Import Adjustment Tax (IAT) for Implementation of ECOW CET (2022-2026), 2023 fiscal policy measures“, also stated that importation of wheat or meslin flour now attracts 70 percent tariffs as against the 50 in 2022-2026 ECOWAS CET. According to video,�This is to confirm that his excellency Mr.…

$2.4bn Oil Probe: ‘Disclosure of Whistle-blowers� details violate confidentiality’ – Malami tells H/Reps.

April 28, 2023April 28, 2023 Aminu Imam

The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has said that disclosing the details of the whistle-blowers as requested by the Ad-hoc Committee of the House of Representatives investigating the alleged loss of over $2.4 billion in unremitted oil revenue, violates confidentiality. Malami stated this yesterday in Abuja when he appeared before the committee. The revenue is from the illegal sale of 48 million barrels of crude oil export from 2014 till date. Chairman of the committee, Hon. Mark Gbillah, who had last week announced…

OPL 245: HEDA accuse AGF of misleading Nigerians

April 26, 2023April 26, 2023 Aminu Imam

…Urges Buhari to reject Malami�s advice A civil society �organisation, (CSO), the Human and Environmental Development Agenda (HEDA) Resource Centre has called on President Muhammadu Buhari to reject the advice of the Attorney-General of the Federation, Abubakar Malami, to abandon the OPL 245 prosecutions in the country.� In a letter to the President, signed by its Chairman, Olanrewaju Suraju, HEDA argued that abandoning the prosecutions would send a signal that companies are insulated from prosecution where prosecutions are likely to interrupt significant but corruptly-obtained money flows. The group maintained that…

NNPCL pays $1.1bn to AKK contractors

April 25, 2023April 25, 2023 Aminu Imam

Ahead of May 29 handover to a new administration the Nigerian National Petroleum Company Limited, (NNPCL), on highlighted progress made so far on the construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and Stations Project which was flagged-off on 30th of June 2020. NNPCL said it has funded over $1.1Bn on the project and to date so far reassuring the stakeholders that the project is well on course to deliver on schedule. �Since the flag-off of the project by His Excellency, the President and Commander in Chief of the Armed Forces…