KICNEWS

Category: Business

  • Presidency raises alarm over NNPC’s non-completion of PH refinery

    Presidency raises alarm over NNPC’s non-completion of PH refinery

    Presidency raises alarm over NNPC’s non-completion of PH refinery

     

    The presidency has expressed concern about the Nigerian National Petroleum Company (NNPC) Limited’s failure to meet key milestones crucial to President Bola Tinubu’s administration’s goals.

     

    Sources from The Cable reveal that Hadiza Bala Usman, special adviser to President Tinubu on policy and coordination and head of the central results delivery coordination unit (CRDCU), voiced these concerns during a review of the quarterly performance assessment of the Ministry of Petroleum Resources.

     

    Usman highlighted the government’s anxiety over several unfinished projects by the NNPC, particularly the ongoing delays in completing state-owned refineries, including the Port Harcourt refinery.

     

    Usman pointed out that despite the “mechanical completion” of a section of the refinery on December 21, 2023, and assurances that operations would begin after Christmas, the NNPC postponed the start of operations to April 2024. However, there has yet to be an update on whether production will commence this month, according to the source.

     

    This continued shifting in timelines is eroding the confidence of Nigerians in the government, and as an administration, we cannot allow that,” Usman reportedly stated.

     

    “This is why Mr President mandated the CRCDU to track the deliverables and performances of all MDAs, and we have no option but to identify and engage the Ministry of Petroleum NNPC Ltd on the situation at hand.”

     

    The source also mentioned that Usman stressed the rehabilitation of the refinery should aim for full production capacity rather than achieving minimal and symbolic production milestones.

  • Housing: FG begins construction of 250 housing units in Ibadan

    Housing: FG begins construction of 250 housing units in Ibadan

    The Federal Government on Tuesday performed the ground-breaking of the construction of 250 housing units, tagged: Renewed Hope Estate, in Ibadan.

     

    The News Agency of Nigeria (NAN) reports that the estate was situated at the defunct Inland Container Dry Port, Erunmu, Ibadan.

    Speaking at the occasion, Minister of Housing and Urban Development, Mr Armed Dangiwa, warned contractors handling the projects against shoddy and substandard job.

    Dangiwa also urged the contractors to do the construction of the houses according to specifications, saying the government would explore all necessary legal means to ensure that they delivered by the terms of the contract.

     

    He equally called on them to adhere to the three-month completion timeline so that the process of arranging for the purchase of the houses by residents of the state could begin.

     

    The News Agency of Nigeria (NAN) reports that the estate comprises 50 one-bedroom semi-detached

    bungalows, 150 two-bedroom semi-detached bungalows, and 50 three-bedroom semi-detached bungalows.

    The minister stated that the housing units were designed in a way that would make them affordable for people to acquire by using organic designs to allow for future expansion as the income of beneficiaries increased.

    “This means that a one-bedroom unit can be expanded to two bedrooms and a two-bedroom unit can also be expanded to three bedrooms as the owner’s financial situation improves or their family grows,” he said.

     

    On the affordability of the housing units when completed, the minister said that the government had created different options to enable everyone with a source of income and livelihood to own the homes.

     

    “These include single-digit mortgage loans that beneficiaries can repay over 30 years, rent-to-own schemes provided by the Federal Mortgage Bank of Nigeria and outright purchase options for those who can afford to pay upfront,” he said.

     

  • Buy locally-assembled CNG vehicles, FG advises Nigerians 9th July 2024

    Buy locally-assembled CNG vehicles, FG advises Nigerians 9th July 2024

    The Federal Government has appealed to Nigerians to take advantage of the CNG initiative to reduce by buying locally-assembled CNG vehicles.

     

    This is expected to reduce pressure on the use of Premium Motor Spirit and diesel in the country.

     

    After the removal of fuel subsidy, the Federal Government had provided N100bn for the purchase of 5,500 CNG vehicles (buses and tricycles), 100 electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.

     

    President Bola Tinubu has also encouraged Nigerians to venture into the CNG initiative.

     

    Reechoing the admonishment of the government, the Director General of the National Automotive Design and Development Council, Oluwemimo Osanipin, described the CNG as best for Nigerians from all fronts considering its affordable cost.

     

    The NADDC DG said this during an assessment tour of Lanre Shittu assembling plant in Lagos on Monday.

     

    While appealing to Nigerians to buy CNG buses, the DG added that the government was ready to do anything within its power to ensure that the assemblers of CNG flourish in their business.

     

    He said, “My appeal to Nigerians is for all of us to start adopting this initiative and start buying Nigeria-assembled CNG vehicles. It will save us from more expenses. Just like we just heard from one of the engineers now, a 60k of CNG will cover more than 300 kilometres, if you compare that to a petrol or diesel-powered vehicle, you will know that CNG is good for Nigerians.

  • Emefiele’s Wife Ordered Funds Transfer From Nigerian Central Bank To Family-Linked Companies, Witness Reveals

    Emefiele’s Wife Ordered Funds Transfer From Nigerian Central Bank To Family-Linked Companies, Witness Reveals

    Emefiele’s Wife Ordered Funds Transfer From Nigerian Central Bank To Family-Linked Companies, Witness Reveals

    Emefiele is currently on trial for alleged abuse of office and misappropriation of funds totalling $4.5 billion and N2.8 billion during his tenure as CBN governor

     

    Mrs. Ifeoma Ogbonnaya, Business Relationship Manager at Zenith Bank plc, testified in the Ikeja Special Offences Court in Lagos, on Tuesday, revealing how Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), utilised his companies to secure various contracts from the apex bank.

     

    Emefiele is currently on trial for alleged abuse of office and misappropriation of funds totalling $4.5 billion and N2.8 billion during his tenure as CBN governor.

     

    Emefiele is facing a 26-count charge alongside his co-defendant, Henry Isioma Omoile, in a trial presided over by Justice Rahman Oshodi.

     

    The Economic and Financial Crimes Commission (EFCC) brought the charges against them.

     

    Ifeoma Ogbonnaya, the fifth prosecution witness, testified in court that she had no direct dealings with Emefiele but received instructions from his wife, Margaret Emefiele, to transfer funds from the CBN into their private companies’ Zenith Bank account, revealing a potential conflict of interest and abuse of power.

     

    Ifeoma Ogbonnaya, the witness, testified that she received instructions not only from Mrs. Margaret Emefiele but also from two other individuals, John Ogah and the late Opeyemi Oludimu, who was an aide to Emefiele.

     

    Under questioning by EFCC prosecutor Rotimi Oyedepo (SAN), Ogbonnaya revealed that she received these instructions through various channels, including her official email, phone calls, and WhatsApp messages, detailing how she carried out transactions based on these instructions.

     

    Ogbonnaya testified before Justice Oshodi that the companies that received funds from the CBN were Limelight Multidimensional Ltd, Come Support Services Ltd, Ambswin Resources Ltd, and Magofarm. She revealed that Emmanuel initially opened the accounts for Emefiele’s companies, but new signatories took over in 2021, specifically Stephen and Patrici¤a.

  • BREAKING: Tinubu Government Removes Tariffs On Rice Importation, Set To Import 500,000 Metric Tonnes Of Maize, Wheat To Tackle Food Inflation

    BREAKING: Tinubu Government Removes Tariffs On Rice Importation, Set To Import 500,000 Metric Tonnes Of Maize, Wheat To Tackle Food Inflation

    BREAKING: Tinubu Government Removes Tariffs On Rice Importation, Set To Import 500,000 Metric Tonnes Of Maize, Wheat To Tackle Food Inflation

     

    The commodities the government is prioritising to benefit from this include: Maize, Husked Brown Rice, Wheat and Cowpeas.

    The President Bola Tinubu-led Nigerian government has announced measures to tackle the skyrocketing food prices nationwide.

    The Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the measures would be implemented over the next 180 days.

     

    A 150-Day Duty-Free Import Window for food commodities which includes; suspension of duties, tariffs and taxes for the importation of certain food commodities through land and sea borders.”

     

    The commodities the government is prioritising to benefit from this include: Maize, Husked Brown Rice, Wheat and Cowpeas.

     

    The statement from the minister further noted that “Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).”

     

    The government further promised to ensure importation of only quality produce.

     

    “In addition to the importation by private sector, Federal Government will import 250,000MT of Wheat and 250,000MT of Maize.”

     

    “The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.”

     

    According to the government, “it would engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.”

     

    The Tinubu-led administration also noted that it plans to scale up support for Homs Green Initiative by the office of the First Lady of the Federal Republic of Nigeria.

     

     

     

    “The success of the measures aforementioned is contingent on cooperation and collaboration of all relevant MDAs and stakeholders.” the government noted in its press statement .

     

    Nigerians have continued to suffer from issues of rise in prices of food, with food inflation reaching highest in many years.

  • Ogun bad roads forced table water companies to shut down in six months: Producers

     

    Mr Lawal identified bad roads, poor power supply and government policies as challenges that impeded the effective distribution of their product in Ogun.

     

    Babatunde Lawal, the state chairman of ATWAP, told journalists on Monday in Ota, Ogun, that the affected members were unable to continue production due to a lack of critical infrastructure, which militated against their business.

     

    Mr Lawal identified bad roads, poor power supply and government policies as challenges that impeded the effective distribution of their product.

     

    He said some challenges, such as increased fuel prices and general hikes in raw materials, also resulted in increased vehicle repair and production costs in the long run.

     

    Mr Lawal emphasised the need for the provision of critical infrastructure because any firm or business that shuts down would automatically downsize all its employees, thus leading to an increased unemployment rate.

  • Top highest paid MDs/CEOs in Nigeria 2024

    Top highest paid MDs/CEOs in Nigeria 2024

    The year 2024 will likely be remembered as a tumultuous one for Nigeria’s economy, with companies facing challenges such as exchange rate depreciation, rampant inflation, and weakening purchasing power.

     

    Despite these obstacles, corporate Nigeria continued to provide services, pay salaries, contribute taxes, support local communities, and reward shareholders with dividends.

     

    In navigating these economic challenges, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s listed companies played a crucial role. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.

     

    Nairametrics’ research reveals that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.

     

    Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.

     

    review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.

     

    Commercial banks also performed well, with the top 10 listed banks, including the FUGAZ group, reporting N11.6 trillion in gross earnings, driven largely by significant forex gains.

     

    In the following sections, we explore the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, offering insights into the strategies and achievements that contributed to their impressive remuneration.

  • eTranzact Deploys Digital Verification System For Military Pensions Board

    eTranzact Deploys Digital Verification System For Military Pensions Board

     

    Leading provider of innovative financial technology solutions, eTranzact, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.

     

    In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.

     

    It also stated that with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact. “This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners. Air Vice Marshal Paul Irumheson, Chairman of the Military Pensions Board, emphasised the necessity of this transition, stating that the move to electronic verification is crucial for the safety and convenience of military pensioners. This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.

     

    The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies. The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.

     

    “Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognizing its potential to revolutionise the military pensions system. The key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria,’’ the statement read.

     

     

  • Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

    Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

    Court Orders Ex-Minister, Umar-Farouk, To Account For N729bn

     

    Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered a former minister of humanitarian affairs, disasters management and social development, Sadia Umar-Farouk, to make public the details of how N729 billion was paid to 24.3 million poor Nigerians for six months.

     

    Justice Dipeolu gave the order while delivering judgement in a Freedom of Information suit by the Socio-Economic Rights and Accountability Project (SERAP) seeking an order to compel the former minister to provide the list and details of the beneficiaries who received the payments, the number of states covered and the payments per state.

     

    The judge issued an order of mandamus directing and compelling the minister to provide SERAP with details of how the beneficiaries have been selected and the mechanisms for the payments to the beneficiaries.

     

    The court further ordered Umar-Farouk to explain the rationale for paying N5,000 to 24.3 million poor Nigerians, which translates to five percent of Nigeria’s budget of N13.6 trillion for 2021.

     

    In the verdict, Justice Dipeolu, who held that the former minister did not give any reason for the refusal to disclose the details sought by SERAP, also dismissed the objections raised by the minister’s counsel and upheld the plaintiff’s arguments.

     

    The judge further held that where a statute clearly provides for a particular act to be done or performed in a particular way, failure to perform the act as provided will not only be interpreted as delinquent conduct but will be interpreted as not complying with the statutory provision.

     

  • RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

    RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

     

    RACKETEERING…Air Passengers Lament As Touts Take Over Ticketing

     

    Airfares are soaring daily in the country as touts have taken over ticketing and flight booking in some airports.

     

    LEADERSHIP reports that despite passengers paying a princely N250,000 for a one-hour flight, for instance, from Lagos to Abuja, fare hikes, flight delays, and cancellations continue unabated at the nation’s airports, especially Lagos and Abuja.

     

    Stakeholders in the aviation sector have blamed the nuisance of racketeering on the reduction in the fleet of local airlines operating, which may have led to an increase in ticket prices and racketeering among airline staff and touts at the airports.

     

     

    reports that despite passengers paying a princely N250,000 for a one-hour flight, for instance, from Lagos to Abuja, fare hikes, flight delays, and cancellations continue unabated at the nation’s airports, especially Lagos and Abuja.

     

    Stakeholders in the aviation sector have blamed the nuisance of racketeering on the reduction in the fleet of local airlines operating, which may have led to an increase in ticket prices and racketeering among airline staff and touts at the airports.

     

    KICNEWS gathered that the reduction in local airlines’ fleets was due to an increase in the number of grounded aircraft of different operators due to volatility in the foreign exchange, as well as Dana Airline’s suspension by the Nigerian Civil Aviation Authority (NCAA)

     

    According to experts, the number of airline passengers has remained the same in the last year, and airline seats have shrunk due to the challenges bedeviling the sector.

     

    This development has further reduced the number of serviceable aircraft in the country, which has led to ticket racketeering as fewer seats are available for thousands of airline passengers across the country.