NEWS MIRROR

By Favour Ifeoluwa & Akinola Ajibade  Sureme Court, yesterday, re-affirmed that bold old and the newly resigned naira notes remain legal tender in Nigeria. The apex court, in a ruling by a seven-man panel of justices led by Justice John Okoro,  said the banknotes should remain in circulation, pending when the Federal Government in  consultation with relevant stakeholders, takes a decision on the matter. Recall that the immediate past Governor of Central Bank of Nigeria (CBN) issued the new notes of N200, 500 and N1,000 in 2002.  However, there was scarcity of the naira notes, a development, which led to  controversy among stakeholders, particularly users. Eventually, Supreme Court, being the highest legal arbitration, gave its own order on the matter, after hearing an   application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN. 

Tinubu  By Favour Ifeoluwa & Akinola Ajibade President Bola Tinubu, yesterday, wednesday presented a national  budget of N27.5 trillion for 2024.  He spoke at a joint session of the National Assembly on the 2024 Federal Budget proposal, where he listed national defence,  internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security as some priority focus of the Appropriation Bill. The President said:" The proposed budget prioritizes human capital development, with particular attention to children, stressing that human capital remains the most critical resource for national development.To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector. Adding that: The budget woul...

By Favour Ifeoluwa & Akinola Ajibade The Comptroller, Tincan Island Command of the Nigerian Customs Service (NCS),  Dera Nnandi has reiterated the plans to sustain the fight against corruption in the pars military agency and the country in particular. He said that there would be zero compromise for corruption in the nation, noting that the stance of the Comptroller-General of Customs, Adewale Adeniyi.would be greatly upholded.. He said this when he handed over $54,330 bribe money to Lagos Zonal Commander of the Economic and Financial Crimes Commission (EFCC) , Mr. Michael Wetkas. He added, in a statement, that tramadol valued N856million were falsely declared as electrical appliances by criminals, in order to conceal their identity, while the cash  were offered to compromise the customs officers.. He said the act is in clear violation of Section 233 of Nigeria Customs Service Act (NCAA) 2023 and commended the officers who stood their grounds to work ethically a...

By Favour Ifeoluwa & Akinola Ajibade  Seplat Energy Plc has won Social Impact and Sustainability Awards (CISA)'s CSR  Award for Education Empowerment organised by CSR Reporter. The firm, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange on its basis of its commitment to  educational improvement in the country. CSR Reporters is Africa’s premier all-Corporate Social Responsibility (CSR) and Sustainability publication; and the SASA, which is n ow in its fourth year, recognises initiatives of companies in promoting sustainable economies in Nigeria and in serving the needy public. Speaking at the ceremony, Dr. Eustace Onuegbu, Member of Trustees, Sustainability Professionals Institute of Nigeria and President, International Network for Corporate Social Responsibility, said the awards are targeted at recognising, honouring and celebrating the outstanding efforts of organisations and individuals that have...

By Favour Ifeoluwa & Akinola Ajibade President Bola Ahmed Tinubu yesterday,appointed new members into the Board of the Nigerian National Petroleum Corporation Limited (NNPCL).The resumption of the appomites takes effect on December 1st,2023.. They include Chief Pius Akinyelure — Non-Executive Board Chairman, Mallam Mele Kolo Kyari — Group Chief Executive Officer,  Alhaji Umar Isa Ajiya — Chief Financial Officer, Mr. Ledum Mitee — Non-Executive Director, Mr. Musa Tumsa — Non-Executive Director, Mr. Ghali Muhammad — Non-Executive Director and  Prof. Mustapha Aliyu — Non-Executive Director. Others are. David Ogbodo — Non-Executive Director and Ms. Eunice Thomas — Non-Executive Director,  The President, in a statement, by his media aide, Ajuri Ngelale on Monday the government also appointed two Permanent Secretaries alongside the members of the Board of NNPCL. They are Mr. Okokon Ekanem Udo — Permanent Secretary, Federal Ministry of Finance and Ambassador Gabr...

By Favour Ifeoluwa & Akinola Ajibade Women professionals, yesterday, organised one-day conference to drum up support for the nation's security system and the economy in particular.  The conference, an initiative of ASIS International, Chapter 206, which.took place in Lagos, brought together both senior and junior offials in the security and allied areas of the economy. Themed" Empowering Women in Security: Navigating Security and  Leadership, the event provided  opportunities for women  to brainstorm and also offer insights into valuable growth prospects locally and internationally, an idea, which  they unaimously keyed into in order to give security industry  richer, wider and global perspectives. Interestingly, experts at the conference, did justice to issues bordering on local, state and national security system,  as they advocated for  personal development, networking,  analytical skills, preparedness and effective communication in or...

By Favour Ifeoluwa & Akinola Ajibade Nigerians, Zimbabwean and  Indians are going to be  greatly affected by the temporary visa closure being considered by the United Kingdom soon, if the actions of the UK authorities are anything to go by.  This is coming on the heels of plans, by UK government to consider temporary closure of visa scheme for  care workers in the country. Recently, UK recorded the highest numbers of migrants in the last nine months, a development, which the country is not comfortable with and in the process, consider ending  temporary visa schemes for care workers as part of an effort to reduce net migration. Supported by former Home Secretary, Suella Braverman, and former UK Prime Minister, Boris Johnson, the government shows its grievances to the number of migrants coming into the UK on a daily basis. According to the Home Office, the UK’s migration department, on Thursday,a total of 143,990 health and care worker visas were g...

The Federal Governments will fish out tax evaders and block all lockages through which, they are perpetrating crimes against the state, with a view to improve the revenues, the Executive Chairman, Federal Inland Revenue Service ( FIRS) Zacch Adedeji,  stated this in Lagos recently. He spoke during the  2023 Annual Conference and Awards Ceremony. According to him, the move is coming on the heels of the pronouncement of the federal government’s desire to raise tax to Gross Domestic Product, GDP, ratio to 18 per cent in the next three years without having to impose additional taxes, saying this would be achieved through the use of tax laws to boost compliance. Represented by the Director and Coordinator, Lagos Island FIRS, Oyeniyi Fadekemi, Adedeji said the success of these reforms relies not only on the government but also on the active participation and cooperation of the business community. “We call upon all stakeholders to embrace these reforms, fulfill their tax obligations,...

By Favour Ifeoluwa & Akinola Ajibade Chevron  Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and CNL – (NNPCL/CNL JV), says its commitment to partnership with  various stakeholders including  communities in its areas of operations for sustainable development remains uncompromised.  The company noted that no protester is missing in its facility, contrary to media reports that some protesters have disappeared, with their destinations still unknown till today. It added that stakeholders are working assiduously in order to ensure that protesters leave the facility peacefully.   CNL affirms that it is engaging with relevant stakeholders including the protesters at its Terminal and Escravos Gas—To-Liquid (EGTL) jetties, community leaders, traditional rulers, the Board of Trustees (BoTs) of the Warri Onshore Host Community Development Trust (HCDT), the Nigerian Upstream Petroleum...

By Favour Ifeoluwa & Akinola Ajibade Newcastle came up with three points, as it recorded a 4-1 victory over Chelsea, another English Premier League's Club. Alexander Isak put the Magpies ahead after returning from injury before Raheem Sterling equalised from a stunning free-kick. However, the Magpies replied with two goals in just 90 SECONDS from Jamaal Lascelles and Joelinton. And the Blues day went from bad to worse as captain Reece James was sent off for two yellow cards.

By Favour Ifeoluwa & Akinola Ajibade Ajaokuta Steel Rolling Mills will soon be revived, if all go according to plans, the Minister of Steel Development, Shuaibu Audi gave this indication at the 7th PEEF Annual Conference( PAC) in Abuja.  According to him, the Federal Government is currently expediting action to collaborate with financial agencies on how to revive the Ajaokuta Steel years after it privatisation failed to yield the desired result. The conference with the theme:”Accelerating Steel Sector Development in Nigeria & Achieving Zero Corruption in Procurement Management” was well attended by the private sector operators and officials of the government. Represented at the event by A. T. Umar,the Minister revealed that the funding of the Steel Companies in Nigeria became challenging which was what led to the privatization of the steel companies. He said many of companies were unable to take off, despite privatisation, adding that Nigeria is at a stage where...

Lokpbbiri  By Favour Ifeoluwa & Akinola Ajibade The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says he is in  support of Waltersmith Refinery because they share similar vision of ramping up crude oil refinery capacity in order to boost the nation's economic growth.  He said this during a visit to Waltersmith Refinery in Ibigwe, Imo State. Lokpobiri, during the visit to the refinery dite6, expressed his admiration for the progress achieved by Waltersmith Refining and Petrochemical Company, adding that the refinery’s role aligns with one of his key objectives of ramping up Nigeria’s refining capacity and promoting economic growth. “The shortest way to addressing our problem of low in-country refining capacity is modular refineries and that is why I am here to see things for myself. I am very proud of what I have seen. I also want to encourage Waltersmith and pledge my full support towards their expansion plans so that we can solve t...

Kyari  By Favour Ifeoluwa& Akinola Ajibade The Chief Executive Officer, Nigerian National Petroleum Company Limited ( NNPCL), Mallam Mele Kolo Kyari says the company has not made a Kobo from its pipeline, which is between Warri and Benin since 2001.  He said the company, as a result of this, has been redundant for the past 22 years. Kyari, who confirmed this development  during a session with Senators, expressed regrets over  the problems rocking the nation's oil sector.  He lamented  that the company had not been able to pump oil through pipeline from Warri to Benin in 22 years, stressing that over 5,000 kilometres oil pipelines in the country are not working, due to vandalism. Speaking Kyari during an interactive session with the Senate Committee on Petroleum (Downstream), Kyari added that the vandalism carried out on over 5,000 kilometers of oil pipelines by vandals  across the country has become a national calamity. He promised that...

Kyari  By Favour Ifeoluwa & Akinola Ajibade Nigerians are not going to experience short supply of petroleum products during the upcoming Christmas and New Year Seasons, the Group Chief Executive Officer ( GCEO), Nigerian National Petroleum Company Limited, Mallam Mele Kyari has said.  He disclosed this during a courtesy visit yesterday (Wednesday) to the Senate President, Godswill Akpabio in Abuja.  According to him, the National Oil Company(NOC) has made a robust plan to supply Premium Motor Spirit (PMS), also known as petrol in the country beyond the ember months and the new year festivities.  “By the creation of the National Assembly, NNPCL is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” Kyari added. He lau...

SNEPCo Wins Awards  By Favour & Akinola Ajibade Nigeria will be able to reduce carbon emission caused by fossil fuels production, once its  renewable energy portfolio, is diversified, Shell Nigeria Exploration and Production Company (SNEPCo) Managing Director Mrs, Elohor Aiboni has said.  According to her, Nigeria would meet the energy needs of its growing population of over 200 million people, once it encourages Public-Private Partnerships in renewable energy, adding that the development would enable her to overcome high investment costs and limited access to financing. She spoke in Lagos, during the 41st annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE). The event was organised for her and  other senior officials of the company.  SNEPCo's Managing Director, Alboni  At the event are officials of SCiN) and their various awards. There,SCiN won the Best Exhibitor and Plat...

CBN Headquarters  By Favour Ifeoluwa & Akinola Ajibade The Central Bank of Nigeria (CBN) has dispelled the rumours making round in the country that it does not have enough banknotes to meet the growing needs of customers nationwide, and as a result, cannot sped up economic activities in the country. This follows allegations that the apex banking institution would start rejecting old notes, as the country, like others, is approaching December for the celebration of Christmas and New Year festivals. The bank on  its official X Platform, hitherto known as Twitter stated thus:  “For the avoidance of doubt, there are sufficient banknotes in the country for all normal economic activity. We wish to state unambiguously that every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” said CBN spokesman, Isa AbdulMumin.  “Accordingly, branches of the CBN ac...

By Favour Ifeoluwa & Akinola Ajibade The Federal Government will  continue to subsidize electricity tariffs, until the time that its convinced of incremental power supply in Nigeria, the Minister of Power, Adebayo Adelabu, has said.  He spoke  during a parley with the Power Correspondents in Abuja.. According to him, tariffs would have been increased months back, had it been that President Ahmed Bola Tinubu did approved the increment.  He said that the time is not yet ripe for the implementation of cost reflective tariffs in Nigeria, adding that he does not believe that privatization of the power sector assets infrastructures was the way to go. He  declared that commercialisation could have been better as the required huge financial investment outlay which the private sector may be afford, or may not be willing to commit because its long term returns yields. The government, Adelabu said, may need to review the structures of DisCos with regards to...

The Nigeria LNG Limited (NLNG) has debunked  the claims that says it was responsible for the rising prices of the Liquefied Petroleum Gas (LPG), commonly known as cooking gas,in Nigeria. This follows reports that a price hike by the NLNG paved way for the increase in the price of the product.  The gas company, dismissed the reports as false  and misleading, adding that they are not a true reflections of happenings in the market. NLNG, the reports said, has  been making defining contributions to the domestic LPG market, a development, which has spurred the growth of the nation’s DLPG market volume from less than 50,000 metric tonnes of imported LPG in 2007 to over 1.3 million metric tons of both domestic and imported LPG currently.  It currently delivers over 450,000 metric tonnes per annum of Butane, the main product in cooking gas and has embarked on domestic propane supply to further grow the market. The company has committed its entire Butane and ...

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited (NNPCL) says the lingering conflict between Russia and Ukraine has impacted Nigeria crude oil inflows at the international oil market, as well as causing a dip in demand of the product in the Asian market. The nation's oil company said this, while given an insight into how the Russia-Ukraine Conflict affected the international crude oil market since the time hostilities began in the Eastern Bloc few  years ago. Speaking on the issue during a panel presentation at the Angus European Crude Conference in London recently, the Executive Director, Crude & Condensate, NNPC Trading Limited, Maryamu Idris said the conflict between Russia and Ukraine has triggered a situation, in which  India, a primary destination for Nigerian grades, was forced to   increase its appetite for discounted Russian barrels to the detriment of some Nigerian volumes. This, she said, is in additi...

The Managing Director, Nigeria Liquefied Natural Gas (NLNG), Dr. Philip Mshelbila and Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote with senior management of NLNG after inspecting the ongoing Train-7 project at Finima, Bonny Island, Rivers State on Friday as part of the 3-day Nigerian Content Stakeholders Retreat. By Favour Ifeoluwa & Akinola Ajibade The Nigeria Liquefied Natural Gas (NLNG) has currently  engaged 8,300 indigenous workers in the construction of its ongoing $5 billion Train-7 project, its Managing Director, Dr Philip Mshelbila has said.  He spoke during the company's engagement session with the Executive Secretary of the Nigerian Content Development Development Board ( NCDMB), Engr Simbi Kesiye Wabote in Finima, Bonny Island, River State recently.  According to him, the $5billon being undertaken by NLNG reached 52 per cent completion before the firm hired the services of more than 8,000 Nig...

Fish sellers, yesterday, protested against the spiralling increase in the price of fish in the country.  The protest, which took place in Abeokuta, Ogun state capital, saw traders filling out in large numbers to register their grievances over hike in the price of the product.  They took to the streets of major areas in the ancient city,  in large numbers amid complaints that the hardship foisted on the country, by the current economy has become unbearable.. Also the traders, who are carry placards of different descriptions, took the  protest to the Governor’s office in Abeokuta, to register their displeasure. They  urged the government to intervene quickly,  by stopping the skyrocketing prices of fish across the country. Protesters, yesterday, in Abeokuta  According to the traders, many of their colleagues are already in debt while some are now leaving the business because they could no longer operate given the current economic realities. T...

Okeke Udoma Omotowa  By Favour Ifeoluwa & Akinola Ajibade Seplat Energy Plc, yesterday, announced the appointment of three Independent Non-Executive Directors( INED) in order to achieve greater heights.  They include Messrs Christopher John Okeke, Udoma Udo Udoma and Babs Omotowa. The firm, which was listed in both the Nigerian and London Stock Exchanges, in a statement made available to News Mirror, said the appointees are expected to resume operation at different periods, in line with  Board Succession Strategy announced in the 2022 Annual Report and 2023 Corporate Announcement.  While  Okeke and Ufoma will be joining the Board December 1st this year, Omotowa will resume Apri 1st 2024.  The statement reads: " As set out in the Board Succession Strategy announced in the 2022 Annual Report and by Corporate Announcement on the 25 April 2023 (RNS: 3575X), the Company embarked on the recruitment process in line with the ...