NEWS MIRROR

By Akinola Ajibade From the House of Representatives came  revelation yesterday( Thursday) that the Nigeria National Petroleum Corporation NNPC made series of  deductions from petroleum profit tax in order to pay for fuel subsidy. Also, the lawmakers said that many government agencies are involved in self assessment of their income tax, as against the expressed provisions of the nation's tax laws. The  Chairman, committee onTaxes,Hon Mustapha Aliyu and and other members made the discovery while engaging the Chairman of the Federal Inland Revenue Service FIRS Mr Mohammed Nami on the issue. However, the tax agency said that its responsibility was to collect revenue for the Federal Government, not keeping records of how monies are expended. Speaking further, the Committee urged FIRS to fish out companies and agencies, which engage  in deductions of taxes meant for the government. According to a member of the committee, Hon. Benjamin Kalu( Abia APC),  so...

  By Akinola Ajibade Barring any hitches, Nigeria may stop paying subsidies on  cost of petroleum products imported into the country in the second quarter of 2023, the Minster of Finance, Budget and National Planning, Mrs Zanaib Ahmed has said. She said this in Abuja, yesterday ( Thursday). Speaking during the investigation conducted by the  House of Representatives’ Ad Hoc Committee on petroleum products subsidy regime from 2013 to 2022, Ahmed said that the Federal Government has concluded plans to end subsidy payment in June 2023, since it is no longer sustainable for the government to continue paying it. The Committee began the probe on fuel subsidy in order to ascertain the payments, which government has made so far. Speaking on the issue, Ahmed said that the  Federal Government has  proposed a new date to end payments on under-recovery between the landing cost and regulated pump price of PMS, stating that the subsidy regime was not sustainable and might for...

“The removal of War Risk Insurance Premium on Nigerian-bound vessels (and their cargo) is premised on the sustained security of merchant shipping in Nigerian Waters and the greater Gulf of Guinea region. “We must continue this collaboration to ensure that the gains in recent times regarding the reduction of piracy results in the removal of war risk insurance premium.” – Dr. Bashir Jamoh (NIMASA DG). The Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh (right) discussing issues of national security with the Chief of Defense Staff, General Lucky Irabor at the Defence Headquarters in Abuja.

Equitorial Guinea: Ship alledgedly used in ferrying crude oil  By Akinola Ajibade Nigeria's campaign against crude oil thefts is yet to achieve its goal of nipping the unwholesome practices in the bud, as its citizens woke up, last week to receive the news of a carrier arrested and detained in Equitorial Guinea, another country in Africa. Known as Heroic Idun, the ship, was suspected to be carrying crude alledgedly stolen from Nigeria, when it  was arrested and subsequently detained  by the Navy in Guinea. This was after the vessel got into a dispute with Nigerian authorities. Of note, was the allegations that the 300,000 dead weight tonnage carrier entered Guineanan water without permission,  as it tried  to evade the Nigerian forces. Confirming its detention, the  Vice President of Equatorial Guinea, Teodoro Nguema, said that the ship is anchored in the country's water, while at the same, conducting investigations on it. He made the confirmati...

By Akinola Ajibade Emirates Airlines is suspending operations to and from Nigeria on September 1 this year, due to  reduce losses incurred from servicing travelers, the company has said. The carrier, which has for years been been enjoying  huge patronage in Nigeria, in a statement, said that its finding difficult to repatriate funds from the country and as a result, concluded plans to stop flying into and from  the Africa's biggest country in the next 44 days. The firm further said that it has tried every avenue to address its ongoing challenges in repatriating funds from Nigeria, to no avail. Considerable efforts, according to management, of Emirates Airlines, have been to dialogue with the relevant authorities for urgent attention, without much success. “Regrettably there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our ...

Minister of Power, Aliyu Nigeria's inability to generate 5,000 megawatts  (Mw) was due to shortage of gas, its Minister of Power, Abubakar Aliyu, has said. This is coming on the heels of the lopsidedness in electricity generation, which traditionally has been around 4,000 Mw due to shortage of gas, regarded as a feedstock used in producing electricity.  While speaking to newsmen after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House, Abuja, Aliyu said that the government was  that the  generation has remained 4,000, despite the fact that the government  entered into a contract with the Nigerian Bulk Electricity Trading (NBET) Plc on the issue. According to him:  “Regarding the drop of electricity, you know the supply has so many players, gas, the cost, issues of gas to some power plants. They cannot switch on their plant, if they do you will experience some drop, once they switch on, the ...

L-R: Grace Amadi, General Manager Sustainability, Seplat Energy; Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education; Joan Osa Oviawe, Edo State Commissioner for Education; Joseph Ofili, Business Relations Manager, Seplat Energy; Esther Icha, CSR Manager, during the presentation of a tablet computer to a beneficiary at the 3 rd  edition of the Seplat Teachers Empowerment Programme in Edo State.  By Akinola Ajibad Spurred by the needs to promote the Nigerian educational sector, Seplat Energy Plc recently kicked off the third edition its Teachers Empowerment Programme (STEP) in Benin City, Edo state capital. Through this means, Seplat has empowered 300 teachers in Edo and Delta States respectively. Tagged STEP initiative, the programme which was launched in order to promote creative thinking of teachers, pave way for engagement of students at higher level and to further offer a well-rounded education for recipients of the programme....

By Akinola Ajibade with agency report Nigerians with incurable passion to record earnings through cryptocurrency may be disappointed, if the story that the backing of the newly found business venture ( cryptocurrency) is anything to go by. In recent times, many Nigerians have invested  greatly in cryptocurrency, with a view to make money and further reduce the pains unleashed on citizens by the bad economy. They include rise in the prices of goods and services, dwindling value of naira agains major international currencies, especially dollars among others. This has made many citizens to venture into cryptocurrency,  despite repeated warnings from the Central Bank of Nigeria( CBN) that Nigerians should desist from it due the fact that the apex banking regulatory body has not given approval to it  However,  a blog from blockchain analysis firm, Chainalysis, yesterday ( Tuesday) said that losses incurred from cryptocurrency hacks have increased by nearly 60% in the firs...

By Akinola Ajibade Universities'students are going to spend more time at home with their parents and guardians, as meetings between the Federal Government and the Academic Staff Union of Universities ( ASUU) ended in a stalemate.  This happens as the meeting between the striking lecturers and the Professor Nimi Briggs Committee on Tuesday at the National University Commission in Abuja, failed to achieve tangible results. Reason, according to one of the senior members of ASUU,  who craved annomity, was based on the facts that the Briggs negotiation committee did not come out with new offer on the issue. Though the committee pleaded with the leacturers to suspend the on-going strike, with promises that their concerns will be included in 2023 budget, the plea fell on deaf ears.  According to sources closed to ASUU, the meeting, which started at about 12pm, lasted for about three hours without any agreement reached. Recall that ASUU embarked on a four-week warning...

  By Akinola Ajibade Savannah Energy Plc has signed a new gas sales aggrement with Notore Chemical Industries, in order to help improve production of fertilisers and other agro allied products in the country. The firm's Chief Executive officer, Andre Knott, in a statement signed and made available to News Mirror said that the Gas Sales Agreement ( GSA) with Notore would further boost activities between the two companies. He said: " I'm pleased to welcome Notore as a new gas customer to Accugas, representing our tenth customer site in total ( versus three at the same time of our acquisition of the Accugas in 2019. We look forward to develop our working relationship with Notore in the next few months and years".  The firm, Knott added, is undertaken the responsibility of selling gas to Notore through   its 80 per cent owned subsidiary- Acugas Limited.  Hitherto, Savannah Energy has entered gas sales agreements with some  companies in order to scale up activit...

By Akinola Ajibade Developing countries including Nigeria and Ghana are experiencing bad economies due to factors such  as COVID 19 Pandemic, regional conflicts, resurgence of domestic health and security issues, poor fiscal management and budget deficits. public debts  Others are rising public debts, poor foreign exchange mechanism among others. All these, according to the Director, Monetary Policy Department, Central Bank of Nigeria (CBN), Dr Mahmud Hassan, are  impacting negatively on macro-ecomomic policies of nations and further retard the growth of their economies. Speaking at the opening of the Regional Course on Medium-Term Budgetary Frameworks (MTBFS), organised by the West African Institute for Financial and Economic Management (WAIFEM) in Abuja, Hassan further said that the problems facing the global economy had impacted every policy area, including fiscal policy over the past two years. According to him, countries in developing world have experienc...

By Akinola Ajibade Many Nigerians may experience a more riskier and harder economic times in the days ahead, if the recent report of the Nigerian Bureau of Statistics ( NBS) is anything to go by.  NBS released the report yesterday, Monday.  Already, the nation's economy is going through one of its worst moment as prices of consumables and non-consumables are increasing daily, leaving Nigerians with an option of skipping their meals.  However, the headline inflation rates released for the month of July 2022 by the Bureau may have  compounded the issue as it stands at 19.64 per cent, the highest since 2005. Based on this, Nigerians  may  find it difficult to afford to afford basic needs of life, especially foods, clothings and transportation. In a statement signed by the Statistician-General of the Federation/ Chief Executive Officer , Mr Semiu Adeniran  and made available to the media, the Bureau explained that the CPI measures the average change in the...

By Akinola Ajibade Shell Petroleum Development Company of Nigeria (SPDC) in line with its remediation programmes, has discharged five barrels of crude oil into Bodo Community in Rivers State. The firm is carrying out this roles, through its  Trans Niger Pipeline (TNP) Recall that SPDC has been carrying out remediation and mangrove restoration in the community since 2008,following devastating oil spillage in the area. So far, Shell’s TNP has discharged 98 water and 2 percent crude into Bodo, due to an ongoing flushing of the TNP with residual crude oil of about five barrels. SPDC's Spokesperson SPDC, Mr. Michael Adande said the impact of the spill, both within and outside the SPDC JV right of way, was minimal since the TNP has not transported crude oil since mid-June 2022. However, Adande assured that cleanup of the impacted area and repair work on the pipeline were underway. “The spill from the Bomu-Bonny section of the SPDC JV’s Trans Niger Pipeline in Bodo, Gokana Local Governmen...

By Akinola Ajibade A 82 year old monarch has been sentenced to death by hanging. The monarch, who presided  over Efen Ibom in Ika Local Government Area of the state, was sentenced to death by hanging. Known as Essien Mattew Odiong, the octogenarian was standing trial on a four counts charges of  conspiracy, directing unlawful trial by ordeal, stealing of the motorcycle and murder of the owner, one Udoma Udo Ubom.  Delivering judgement recently, Justice Akpan said the court found the  accused guilty of murder of the deceased by injecting some chemical substance on him, leading to death on 26th April, 2017. According to the judgement, the late Ubom was accused by his brothers of being a wizard and was reported to the Village Head, who brought him before the Council, where the deceased was administered an oath to swear and prove his innocence. The court held: “Having sensed the consequences of his criminal activity, the monarch escaped from the village since 2017 and re...

By Akinola Ajibade Nigeria's security situation is becoming intense by the day,as Nigerians go out in search of their daily bread in fears. Recently, the country's   Inspector-General of Police (IGP), Usman Alkali Baba, called for deployment of water- tight security arrangements in  schools,  hospitals, health workers and critical  infrastructures across the country.  Also, the IGP ordered his men to search uncompleted buildings and bushes, with a view to arrest criminals found on sight and charge them to courts accordingly. The aside the directives that police should engage in  regular patrols, stop-and-search, raids, and show of force by tactical commanders, with a view  to clamp down on pockets of crime and criminality recorded in some states of the federation. The aim is to maintain a water- tight security in all nooks and crannies of the country and further rid it of bandits, armed robbers, kidnappers among other criminal elements. In a state...

NDLEA intercepts 1.1m Tramadol tabs in Kaduna, others Lagos, Kano By Akinola Ajibade Three suspects were cooling their feet in the police custody for being in possession of 1. 1 million tablets of Tramadol ( 225mg and 100 mg) in Kaduna state. They are Saifullahi Sani, Salisu Nafi'u and Abdulrazaq Mamman. The trio, according to the Director, Media and Advocacy,  National Drug Law Enforcement Agency (NDLEA) were intercepted by a team on narcotic drugs in  the agency.  Babafemi, in a statement, said that the three suspects were arrested in connection with the drugs seized in Zaria, adding that the drugs weighed 38.3kg. In a related development, the anti-narcotic officers at the Akanu Ibiam International Airport, Enugu have arrested a 50-year old man, Mgbeobuna Eberechukwu, for ingesting 77 pellets of cocaine. Babafemi said that the suspect was arrested on Aug. 6 this year, following his arrival from Addis Ababa, Ethiopia onboard an Ethiopian airline flight. He said that the ...

By Akinola Ajibade Three people were reported dead, while 1 3 others sustained various degrees of injuries  after their bus somersaulted at the Abeokuta-Siun Sagamu interchangeable around Kobape in the Obafemi- Owode Local Government Area of Ogun state.  The threes, according to an eye witness account,  were   believed to be members of the Redeemed Christian Church of God( RCCG). They were believed to be on their way to RCCG Camp, when the accident  occured at  5.22 pm on Sunday evening, a development, which   threw passers by into c onfusion, as they ran for safety. The accident happened when  a Mazda bus with Registration number APP 297 YC somersaulted following a burst tyre, the report added. Speaking on the issue, the Spokesman  for the Traffic Compliance and Enforcement Corps in the state, Babatunde Akinbiyi,  said that 16 passengers comprising; five male and 11 female adults were involved in the accident. “Three persons: two male a...

By Akinola Ajibade There is no documents backing the N6.7 billion fuel subsidy payment of the Federal Government, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele has said. He disclosed this recently during the hearing of the House of Representatives Special Ad Hoc committee on petroleum products subsidy regime in Nigeria from 2017 to 2021. According to him, he can only answer questions relating to technical matters concerning subsidy payments “I will be able to provide answers here. But if they are outside the technical aspects of the subsidy transactions, then I will not be able to respond,” he said. Represented by the apex bank’s Deputy Director, Banking Services, Hussein Kagara, Emefiele told the lawmakers that the documents on subsidy payments were too voluminous and as such, the regulator could not be able to print them out. His explanation, however, did not go down well with the committee, as a lawmaker, Mark Gbilah (NNPP Benue), said N6.7 trillion i...

By Akinola Ajibade The Nigerian National Petroleum Company (NNPC Limited, is expected to generate $500 billion revenues from the renegotiated Production Sharing Contract (PSCs) signed in Abuja recently, the Group General Manager, National Petroleum Investment Management Services, (GGM NAPIMS), Mr Bala Wunti has said.  He said this during the Execution of Renegotiated PSC agreements between NNPC Ltd and its PSC contractors. Through this, the National Oil Company (NOC) has renegiiated its contracts with oil majors operating in the Nigerian energy landscape.  Wunti listed the areas, which the contracts cover to include the Production Sharing Agreement, Dispute Settlement Agreements, Settlement Repayment Agreement, Escrow Agreement, and cover five Oil Mining Licences (OMLs 128, 130,132, 133, and 138) in the country’s oil and gas sector.  Earlier in his remarks, Group Chief Executive Officer (GCEO), NNPC Limited, Mr Mele Kyari said that the new contract...

By Akinola Ajibade Ikeja Electric Plc has signed a Tripartite Interconnected Mini-Grid Agreement with Enaro Energy Limited and Ayobo community in order to boost supply of electricity in the state. The idea would help in supply electricity to residents in areas such as Ishokan Phase1 Estate, Mercy Land Estate and Mercy Land Phase1 residents in Ayobo, Lagos State. According to the company, the initiative is in line with the Nigerian Electricity Regulation Commission goal of improving supply of electricity in the country through partnerships between Distribution Companies and Independent Power generators. Through the agreements, Ikeja Electric would be able to leverage on the Interconnected Mini-grid Initiative of the power sector to provide customers with enough electricity, the company said. Speaking at the signing of the agreements, the firm's Chief Finance Officer,  Seqinah Adewunmi said  that the initiative is a landmark achievement  in the  sector, as ...