• PENGASSAN serves strike notice over labour issues

    Ife Ogunfuwa
    The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.
    The strike notice was served by the senior staff trade union after its Central Working Committee meeting in Abuja.
    According to a statement by the PENGASSAN National Public Relations Officer, Fortune Obi, on Sunday, the 21-day ultimatum to stakeholders in the oil and gas industry
  • Dana plane damaged navigational equipment at PH airport – FG

    Ifeanyi Onuba and Okechukwu Nnodim
    The Dana Air plane that overshot the runway at the Port Harcourt International Airport in Rivers State on Tuesday damaged navigational equipment at the airport, the Federal Government announced on Wednesday.
    According to the government, the MD83 aircraft, with registration number 5N-SRI and flight number 0348, had 54 souls on board, including five crew members.
    It also stated that the Nigerian Civil Aviation Authority had heightened safety oversight on the airl
  • Fowler urges IoD members to embrace VAIDS

    Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has urged members of the Institue of Directors (IoD) to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS).Fowler gave the advice in Lagos on Tuesday evening while making a presentation on the tax amnesty scheme to IoD members.
    Tunde Fowler
    In the presentation titled, “Achieving Voluntary Tax Compliance: The VAIDS Option”, the FIRS Chairman explained that the key motivation for i
  • Buhari warns ECOWAS against hasty single currency implementation

    Ifeanyi Onuba, Abuja
    President Muhammadu Buhari has warned member countries of the Economic Community of West African States against hasty implementation of the single currency programme being planned for the sub-region by 2020.
    He issued the warning on Tuesday during the fifth meeting of the Presidential Task Force on the ECOWAS Currency Programme in Accra, Ghana
    Buhari was represented by the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, according to a statement by the bank.
    He noted
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  • Oil installations still under threat, says NIMASA

    Olaleye Aluko, Abuja
    The Nigerian Maritime Administration and Safety Agency has said that oil and gas installations in the country are daily confronted by diverse threats and that security agencies must come together to protect the maritime domain.
    The Director-General, NIMASA, Dr. Dakuku Peterside, said this in Abuja on Wednesday at a quarterly meeting and workshop on National Counter Terrorism Strategy Secure Pillar.
    The workshop was jointly organised by the Office of the National Security Adv
  • Intels decides revenue sharing formula with FG – NPA

    John Ameh, Abuja
    The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share.
    The NPA and Intels signed a two-legged agreement in 2010 allowing the firm to collect revenue on behalf of the Federal Government agency on some port operations.
    The Managing Director, NPA, Hadiza Bala-Usman, told an ad hoc
  • Nigeria earned N972.3bn from VAT in 2017 – NBS

    Ifeanyi Onuba, Abuja
    The National Bureau of Statistics on Wednesday released the sectoral report for Value Added Tax for the 2017 fiscal period, stating that the country generated a total of N972.34bn from VAT.
    An analysis of the VAT report showed that the amount was collected from 28 sectoral activities during the period under review.
    A breakdown of the amount showed that the sum of N204.77bn was generated in the first quarter, while the second third and fourth quarters recorded N246.3bn, N250.
  • Modular refineries: FG contacts IFC, CBN for funding

    Okechukwu Nnodim, AbujaThe Federal Government on Wednesday said it had commenced talks with financial institutions in order to provide funds for investors who were interested in investing in modular refineries.
    It stated that it was in talks with a number of potential financiers like the Central Bank of Nigeria, International Finance Corporation and Nigerian Sovereign Investment Authority in order to support private investment in modular refineries.
    The Senior Technical Adviser to the Minister o
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  • AEDC donates ferry to River Niger community

    Okechukwu Nnodim, AbujaThe management of Abuja Electricity Distribution Company has handed over a 46-tonne ferry with worth about N8m to the people of Idah in Kogi State in order to ease movement of passengers and goods to various parts of the country through the River Niger.
    The AEDC also donated 300 life vests to enhance the safety of commuters who will use the facility.
    The Chairman, Board of Directors, AEDC, Shehu Malami, while handing over the boat and safety vests to the Kogi State Deputy
  • Naira records marginal gain, closes at 362/dollar

    Oyetunji Abioye
    The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market.
    The local unit had closed at 363/dollar on Tuesday.
    The naira has been trading between 360 and 363 in recent weeks as the CBN continues to intervene in the market once or twice on weekly basis.
    The regulator had injected over $500m into the forex market between penultimate Friday and last Monday.
  • KPMG submits interim report on new data pricing

    Everest Amaefule, Abuja
    International consulting firm, KPMG, has submitted an interim report expected to lead to the determination of the new pricing of data services offered by mobile telecommunications companies operating in the country.
    Investigation by our correspondent showed that the firm, which was hired by the Nigerian Communications Commission, recently submitted an interim report and also made a presentation to the regulatory body.
    Although mobile operators were invited to the meeting,
  • Nigeria losing competitive edge in LNG market – Attah

    ‘Femi Asu
    With several Liquefied Natural Gas projects in the country stalled over the past few years amid vast untapped gas reserves, Nigeria is losing its competitive advantage in the global LNG market, the Managing Director and Chief Executive Officer, Nigeria LNG Limited, Mr. Tony Attah, has said.
    He stated this at the ongoing Nigeria International Petroleum Summit in Abuja, adding that projections put gas at the top of the most competitive and strategic investments in the global energy
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  • How to adjust your default financial position

    Author of Practical Steps to Financial Independence and business/finance coach, Mr. Usiere Uko, writes on the process of changing your default financial position
    In part one of this article, we looked at our default financial position, that place we default to after money gets into our hands. For many, being broke is normal. Someone said to me a while ago ‘the moment an income is labelled salary; it takes on the attribute of not being enough, leaving you stranded before the end of the mont
  • Fuel scarcity may continue, IPMAN warns

    Success Nwogu, Ilorin
    The Independent Petroleum Marketers Association of Nigeria has warned that the ongoing scarcity of petrol, which started since December 2017 may continue if the right steps are not taken by the authorities to address the problem.
    The Chairman, IPMAN, Western Zone, Mr. Debo Ahmed, who gave this indication, also said the NNPC had no capacity to meet the nation’s total petrol demand.
    Ahmed, whose zone covers Oyo, Osun, Lagos, Kwara, Ondo and Ekiti states, spoke during a
  • Senators lauds Total, partners on Egina FPSO

    ‘Femi Asu
    The Senate Committees on Gas and Petroleum (Upstream) have commended Total and its partners for the progress made towards the completion of the Egina Floating, Storage, Production and Offloading unit.
    The FPSO, which arrived in Nigeria last month, is being finalised at the Samsung Heavy Industries Yard in LADOL Free Zone, Lagos.
    The Chairman, Senate Committee on Petroleum Resources, Senator Omotayo Alasoadura, and his Gas Committee counterpart, Senator Barnabas Gemade, led the co
  • Reduce crude production cost, Total urges oil producers

    Okechukwu Nnodim, AbujaTotal Exploration and Production Nigeria Limited has charged producers of crude oil to work towards cutting down on the cost of producing a barrel of crude in order to effectively manage the impact of the global downturn on the sector.
    The Managing Director/Chief Executive, Total E&P Nigeria, Nicolas Terraz, said crude producers should learn to operate with a lean budget.
    He noted that his firm had adopted measures which had helped the international oil companies to op
  • Private refineries’ll improve petroleum products, production –Baru

    Simon Utebor, Yenagoa
    The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has said that the combined efforts of the NNPC and output from private refineries will impact positively on production of petroleum products.
    Baru said this through the Managing Director, Port Harcourt Refining Company, Shehu Malami, at the foundation laying of the Azikel Refinery, Obunagha in Gbarain, Yenagoa Local Government Area of Bayelsa State.
    The foundation laying of Azikel Petroleum
  • Nine ways to reduce your bank loan burden

    Oyetunji Abioye
    As individuals living in times of ever increasing inflation, it is not always easy to accumulate savings. Every day, prices of necessities are going up, forcing us to spend more on our day-to-day living.
    Groceries, transport, education, etc. are no longer available at the same price which they were perhaps some five years ago. In addition to our day-to-day expenses, there are certain major expenses or investments which one must make in order to secure their financial future or ev
  • Importance of public relations to small businesses

    Ozioma Ubabukoh
    Does your business have a public relations strategy? Do you think that applying just a marketing strategy is enough for your business? No matter how small the business is, a public relations strategy is essential to your success.
    What is the difference between marketing and public relations? Marketing is traditionally viewed as promoting goods and services to be sold to a consumer at a profit. Public relations promotes goodwill and communication between the company and consumer.
  • Illegal dredging, piracy hampering Rivers Port operations – Manager

    Anna Okon
    The Port Manager, Rivers Port Complex, Abubakar Umar, has said that operations at the port are hampered by illegal dredging, hijacking and piracy, among other forms of insecurity.
    He reportedly said this during an inspection tour of the facilities of the Nigerian Ports Authority in Rivers State by the Acting Director-General, Infrastructure Concession Regulatory Commission, Chidi Izuwah.
    “We have so many challenges facing us on a daily basis, which have to do with the security of
  • Firm to unveil renewable energy institute in Ogun

    ‘Femi Asu
    Asteven International Group, an indigenous renewable energy company, has said it is set to launch the first private sector-financed comprehensive renewable energy and energy efficiency centre in Nigeria.
    It said the Asteven Renewable Energy and Energy Efficiency Academy was conceptualised to build technical know-how and capacity, creating solar entrepreneurs, competent solar/renewable energy technicians, installers and engineers.
    According to a statement by the firm, it is a 100
  • Commodities exchange markets, an incentive for production

    Jennifer Abraham
    Nigeria has enviable relative advantage in the areas of agriculture and solid minerals.  Although we constantly create platforms for discussions on how to modernise our farming methods (be it farming for food crops, minerals and other products), not much is said about how to upgrade our trading methods from the extant spot methods.
    At least 60 per cent of the population engages in one form of agricultural activity or the other, albeit mostly on a subsistence level. A nation
  • Socio-political environment determining oil licence awards – NNRC

    Okechukwu Nnodim, AbujaThe decision to award or deny oil and gas licences in Nigeria is often determined by the socio-political situation prevalent in the country at any given time, the Nigerian Natural Resource Charter has said.
    According to the NNRC, a non-profit institute that implements the Natural Resource Charter, Nigeria also lacks clear policies in the award of oil and gas licences in its petroleum industry.
    In its 2017 Benchmarking Exercise Report, which was released in Abuja recently,
  • Customs vow to exceed revenue target at Seme

    Anna Okon
    The Area Controller, NCS, Seme Command, Mohammed Aliyu, has pledged that the command will not only meet its annual revenue target for 2018 but was determined to exceed it.
    Aliyu, in a statement signed by the command’s Public Relations Officer, Taupyen Selchang, noted that Seme started the year on a good note, generating N547m in January alone.
    The controller was also quoted as saying that the anti-smuggling drive of the command was on course.
    He noted that the clampdown on smuggl
  • FG to pay N15bn premium on MDAs’ life insurance

    Nike Popoola
    The Federal Government has allocated N15bn to settle the insurance premium of employees in its Ministries, Departments and Agencies for the 2018 financial period.
    The President, Chartered Insurance Institute of Nigeria, Mrs. Funmi Babington-Ashaye, said this during the institute’s business outlook seminar with the theme, ‘Economic policies of the government in 2018: Issues, challenges and prospects for the insurance industry,’ in Lagos.
    She said, “Considering
  • Elizade varsity trains students in solar energy generation

    Peter Dada, AkureOne of the private universities in Ondo State, the Elizade University, Ilara Mokin, has begun a skill acquisition programme in solar energy generation and distribution for the students.
    The programme is for the training of all fresh and direct entry students of the university, in a bid to make them entrepreneurs in the power sector after graduation.
    Speaking at the matriculation ceremony of the institution, the Vice-Chancellor of the university, Prof. Theophilus Fadayomi, said t
  • Banking stocks rebound as equities appreciate marginally

    Stanley Opara
    The Nigerian equities market closed on a positive note on Wednesday, albeit marginally, as banking stocks recorded a quick rebound.
    Stocks, thus, extended gains from the previous session as the All-Share Index rose by 0.02 per cent to close at 42,158.32 basis points from 42,148.40 basis points.
    A total of 570.259 million shares worth N5.326bn exchanged hands in 5,794 deals.
    The year-to-date return maintained a flat close at 10.2 per cent as investors gained N3.6bn with equities mar
  • Average bond yield closes at 13.80%

    Stanley Opara
    Trading activities in the Treasury bonds space was negative on Wednesday as the average yield on Treasury bonds advanced by 0.04 per cent to settle at 13.80 per cent.
    The yields on 11 instruments settled higher, while the May-2018, June-2019, and October-2019 traded downwards.
    The naira, according to Meristem data, traded flat against the dollar at both the interbank and parallel market foreign exchange markets, to close at N306 and N362, respectively.
    Buying pressure prevailed in
  • Author advocates financial literacy among youths

    Stanley Opara
    A public servant and author, Ejemai Olayemi, has unveiled six  new children books to address the financial literacy and value needs of Nigerian children.
    Olayemi said the feat was a major boost for the country’s financial and educational sector.
    Speaking at the unveiling of the books – My Piggy Bank, Money Matters, Keeping Promises, I am not a Bully, I love my body  and God made us all – the author indicated that she was worried at the dearth of financia