NEWS MIRROR

Adehoke                             Adedoyin By Favour & Akinola Ajibade Popular hotelier and prime suspect in the death of an undergraduate student of Obafemi Awolowo University ( OAU), Dr Rahman Adedoyin, will face the hangman  soon. This follows the judgment delivered by Justice Oyebola Ojo, a Chief Judge in Osun State recently. In the judgement, the court found Adedoyin culpable of murder since the deceased was believed to have died in  his hotels. Earlier,. the Osun State Chief Judge, Justice Oyebola Ojo had accused Adedoyin of the mastrminding the murder of the deceased, whose untimely whose death has since generated a lot of controversy in recent times.

Kyari (By Favour &Akinola Ajibade) The National Petroleum Company Limited NNPCL, yesterday, applauded the decision of the  Federal Government to remove fuel subsidy completely in the country. The Corporation said the development would pave way for the product availability in Nigeria. This is coming on the heels of the announcement made by President Bola Ahmed Tinubu that payment of subsidy on petroleum products has come to an end in  Nigeria.  The President made the statement, in Abuja yesterday ( Monday) while delivering his innugural speech as the 16th Commander-In-Chief of the Country's Federal Armed Forces. According to him, subsidy can no longer justify its ever increasing costs in the wake of drying resources. Similarly, the Company 's Group Chief Executive Officer( GCEO),  Mallam Mele Kyari  noted that the removal of subsidy on Premium Motor Spirit, PMS, also called petrol, which lead to cash flow in the sector and further optimise its ope...

By Favour & Akinola Ajibade Media's mogul, Dr Raymond Dokpesi, is dead. A chieftain of the Peoples Democratic Party (PDP) and founder, DAAR Communications Plc, Dolpesi died of stroke in Abuja hospital. Age: 71. Family source, who doesn’t want to be mentioned, said that he  suffered from stroke shortly after the recent Ramadan fast, adding that he had been managing his health since. The family source told that Dokpesi was eventually placed on occupational therapy to improve his daily activities through walking out at the gym. The source added that during one of his routine gym exercises, Dokpesi was electrocuted while using one of the gym equipment, leading to stroke and his eventual death. The Dokpesi family is expected to issue a statement on the development soon. In 2020, Raymond Dokpesi and members of his family were hospitalized at the University of Abuja Teaching Hospital after they were diagnosed with COVID-19. They, however, survived the disease. Dokpesi foun...

President Tinubu waving to the crowd Nigeria, yesterday, sworned Messrs Bola Ahmed Tinubu and Kashim Shettima as her new President and Commander-In-Chief of the Armed Forces and Vice President respectively.  Prior to this, the immediate Past President, Major General Muhammed Buhari had days ago had  honoured the duo as with the titles such as  the  Grand Commander of the Order of  Federal Republic ( GCFR) and Grand Commander of the Order of Niger, which are the two highest offices, which the country  honoured its newly democratically elected leaders with. Buhari spent two terms of eight year in office.  At the  ceremony, which marked the end eight-year leadership of former President Muhammed Buhari, Heads of Governments ( Past and Present), Ambassadors, Secretary of States from  other countries,  Captains of Industries among others, were in attendance, with a view to mark the epoch making event. The event, organised amid a...

By Favour & Akinola Ajibade The Governor of Central Bank of Nigeria (CBN) has re-emphasised the needs for Dangote Refinery to help Nigeria in terms of fuel supply. This happens, as the Monetary Policy Committee (MPC) raised interest rate to 18.5 percent. Its Governor, Mr Godwin Emeifiele said while addressing  journalists  at the end of MPC meeting in Abuja.  According to him, the time has come for Dangote Refinery to repocicate the gestures shown to it  by the  Federal Government and CBN, by selling fuel at a good price to Nigerians. He restated that there will be no subsidy, adding that  freight cost and demurrage would reduce just as foreign exchange would be saved while other sectors of the economy would take advantage of this.  The CBN governor further said it would provide loans at single-digit interest rates to businesses across the country that are worth N8trillion in the last eight years, stressing that some of the loans have 1...

L-R: Senior Adviser Stakeholder Relations, NNPC Upstream Investment Management Services (NUIMS), Joy Eguahon;  Manager, Host Communities Development, Nigerian Upstream Petroleum Regulatory Commission ( NUPRC), Omolade Awah; Chairman, Kolo-Creek Host Community Trust,  Joseph Otobo; Commissioner, Mineral Resources, Bayelsa State, Ibieri Jones, and  SPDC Director and Head Corporate Relations, Shell Companies in Nigeria, Igo Weli, at the inauguration of Host Community Development Trusts in Yenagoa …on Tuesday.  By Favour & Akinola Ajibade 3 The Shell Petroleum Development Company, operator of the SPDC joint venture, yesterday, unveiled eight Host Community Development Trusts    in Bayelsa State, South-South Region of the country.  The initiative is a major step towards unlocking t he $56million earmarked for development in line with the provisions of the Petroleum Industry Act (PIA) 2021.  The firm, in a statement, signe...

The World Bank has given insights into how  Nigeria's fiscal position worsened in 2022, due to debt servicin. According to the global financial institution, the Federal Government had spend a sizeable chunk of its revenue on debt servicing, thereby leaving smaller proportion for other projects, including payment of subsidies. It said that Nigeria was able to push the debt service ratio from 83.2 per cent in 2021 to 96.3per cent in 2022. According to World Bank's Report on economic growth in both  developed and developing economies,  Nigeria’s fiscal position deteriorated in 2022, leaving the cost of the petrol subsidy to increase from 0.7 percent to 2.3 percent of gross domestic product (GDP). “This has kept the public debt stock at over 38 percent of GDP and pushed the debt service to revenue ratio from 83.2 percent in 2021 to 96.3 percent in 2022,” the report said. “The fiscal deficit was estimated at 5.0 percent of GDP in 2022, breaching the stipulated limi...

By Favour & Akinola Ajibade  Apple  has unveiled a multi billion dollar deal with Broadcom to produce new 5G radio frequency components in the US.  This happens, as the firm is planning to exit China for other investments environment for growth.  Reputed to the world's largest consumers electronics company, Apple is looking towards spending more than $400 billion on domestic manufacturing.  The Broadcom deal covers a range of 5G wireless connectivity components, including FBAR filters, acoustic resonators that enable iPhones to connect to 5G networks. Apple plans to invest in production across a number of US cities, including Fort Collins, Colorado, where Broadcom already has a major facility. “We’re thrilled to make commitments that harness the ingenuity, creativity, and innovative spirit of American manufacturing,” Apple CEO Tim Cook said in a prepared statement. “All of Apple’s products depend on technology engineered and built here in the Uni...

By Favour &  Akinola Ajibade Ikeja Electric( IK) has introduced an enhanced self-service package, with a view  to meet the growing needs of its customers. Known as Singleview 2.0 web application, the package, which is the latest in its series, boasts of consolidated account management features, which is purposely for the company's customers in need of prepaid, postpaid, maximum demand, non-maximum demand and biletral services.  Speaking on the package, the firm's Head, Business Innovation and Transformation, Paul Ehiagbonare said it became necessary to upgrade the Singleview platform in line with the company's customer-first, technology-mantra, as the  upgrade would support different classes of customers, while at the same time,  empowering them with features, functionalities and possibilities for excellent customer experience. Be said: "As a forward thinking, innovative and customer centric organization, the Singleview 2.0 enables customers to h...

By Favour & Akinola Ajibade The trio of Federal, States and Local Governments have shared N655.932 billion in April this year with a view to enable them manage the day-to-day administration of country.   The shared funds came from the  Federation Account Allocation Committee (FAAC).  This was disclosed in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi. The amount includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue. Finance Minister, Mrs Zanaib Ahmed “The Federal Government received N248.809 billion, the states received N218.307 billion, the local government councils got N160.600 billion, while the oil producing states received N28.216 billion as derivation, (13% of mineral revenue).” The gross revenue available from VAT for April 2023,...

By Favour & Akinola Ajibade Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country.  This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently.  The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria  She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtain...

Kyari  By Favour & Akinola Ajibade The Nigerian National Petroleum Company Limited, NNPCL, is ready to  deliver 300,000 barrels of crude oil per day, the Corporation's Group Chief Executive officer, GCEO, Mallam Mele Kyari, has said.  He said this yesterday, in Yenogoa, Bayelsa State, at the opening of the fourth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2023.  According to him, NNPCL has a stake in the refinery since it would leverage on it in order to deliver value to the country by making products available and enhancing in-country refining capacity. Kyari said that Beside  enormous energy is being exerted to recover local crude oil production and help the country to retain its leadership position in the continent, noting that Nigeria attained about 1.67 million daily production. He also said efforts are being directed to increasing gas production and also deepening local consumption through various gas commercializatio...

By Favour and Akinola Ajibade Mobile Telephone users across the country, will as from today,  Thursday, 18th 2022, start using new codes issued to them by their network operators, such as MTN, GLO, Airtel, 9Mobile etc.  Through this, users will now be using the codes to call Customer Care, to buy Data, bundle balances, recharge or check airtime balances etc.. These codes, which took effect from 00.00:00hrs,  midnight today, are applicable to all Networks.   

L-R: Group Managing Director, Dangote Cement Plc, Arvind Pathak; Zambia Minister of Infrastructure, Hon. Engr. Charles Milupi and President/CE, Dangote Industries Limited, Aliko Dangote, during the visit to Aliko Dangote in his Office, after an official tour of Concrete Paved Road in Lagos constructed by Dangote Industries Limited on Friday, May 12, 2023 ByFavour and Akinola Ajibade  Dangote Refinery is a privately driven entity, established purely as business concern, not a substitute for fuel subsidy, analysts have said.  The Refinery, which boast of 650,000 capacity will be innugurated next week in order to deepen distribution of petroleum products, which its scarcity has lor years hampered the growth of Nigerian economy. The project will be commission next week, precisely May 22, 2023 . The project will enable Nigeria to save $10 billion in foreign exchange ( FX) and  generate another $10 billion in exports when it begins operation.  According to the ...

By Favour & Akinola Ajibade Seplat says its taking steps to counter interim Court Orders against its Officers.  The Orders, which are yet to be served on the company or any of its affected officers aimed at restraining its  Board Chairman, the named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the Company. The Company, has however,filed  an Appeal and a Motion for Stay of Execution of the Orders.  According to the legal team of the Company,  which has  listings in two Exchanges -  London Stock Exchange and Nigerian Stock Exchange  (NSE),  the interim orders cannot be enforced until the Court of Appeal has heard and determined the Appeal and application for Stay of Execution. This petition is a third in the series of duplicative petitions filed by purported minority sha...

Monkeypox is no longer a global health threat, the World Health Organisation( WHO) has said.  The declaration is coming almost a year after the disease formerly known started spreading across the world.  The global health body's  chief Tedros Adhanom Ghebreyesus said that the disease only remains a threat in Africa where it has long been endemic. Prior to this period, the agency said that  Covid-19 does not constitute a public health emergency of international concern (PHEIC), contrary to what nations were made to understand. “However, as with Covid-19, that does not mean that the work is over,” Tedros told an online press conference. “While the emergencies of mpox and Covid-19 are both over, the threat of resurgent waves remains for both. Both viruses continue to circulate and both continue to kill,” he added. Though some countries in Central and West Africa have suffered outbreaks  for decades, it was not until May last year  cases of mpox...

By Favour and Akinola Ajibade  Access Bank may acquire a majority share in  Finibanco Bank S.A,  a full size Commercial Bank with 20 branches and a  total assets of $300million  in the oil rich nation in Southern Africa.  This follows the  regulatory approval by the Central Bank of Angola, Bianco Nacional de Angola. Prior to this period, the Central Bank of Nigeria (CBN) had approved the transaction and the Bank now expects to receive the approval of the Angolan Competition Authority in the coming days in order complete regulatory approvals required to bring the transaction to closure. While announcing the decision by Access Bank to acquire the Angola Bank, the Company Secretary, Sunday Ekwochi said the bank has also signed an agreement with minority shareholders of Finibanco Angola S.A who have expressed an interest to sell their shares concurrently as the bank targets above 80 percent at the completion of the deal. Similarly, the Group Ch...

LPG's Gylinders By Favour & Akinola Ajibade Standards of Organisation of Nigeria) has advised Nigerians, whose Liquefied Petroleum Gas(LPG) cylinders are below fifteen years  from the date of manufacturing) not to panick about their their expiration period. This coming on the heels of recent reports in the social media tools including facebooks, whatapps, Instagramms among others, that many LPG's cylinders may expire soon, coupled with the fact that the issue if left unchecked would cause dangers to the owners and the communities in particular.  SON,  in a recent report titled: Public Alert On Expiration of LPG  Steel Cylinders In line with Nigeria Industrial Standard( NIS:69:2013) of which a copy was sent to the News Mirror through the Executive Secretary of Nigerian Association Liquefied Petroleum Gas Marketers (NALPGAM), Mr Basset Essien, said that LPG cylinders of less than 15 years are yet to outlive their usefulness as many Nigerians concluded....

By Favour & Akinola Ajibade Nigeria's manufacturing sector has eperienced a dip in investment from N160.88 billion N145 billion in 2022, representing a decrease of N15.25 billion or 10 per cent.. Also, the investment further declined by N32.8 billion or 18 percent when compared with N178.39 billion recorded in the first half of the year. In the  Executive Summary Bi- Annual Economic Review made  available to the public by the Manufacturers Association of Nigeria (MAN) manufacturing investment totaled N323.98 billion in 2022 as against N305.02 billion recorded in 2021. “Investment in the period was affected by the high debt profile of the Government which particularly discouraged 9 foreign investment, high cost of borrowing, high cost of energy, low consumption during the period and many more.” Similarly, capacity utilization in the second half of 2022, year-on-year, declined to 54.9 percent from 59 percent recorded in the corresponding half of 2021; thus, indic...

Ajayi-Kadir  By Favour & Akinola Ajibade The Manufacturers Association of Nigeria (MAN) recorded a major decline in investment towards the end of 2022, due to lull in the economy, its Director General, Mr Segun Ajayi-Kadir, has said. Spefically, the body experienced  drop in operations in the second quarter of last year (April to June) as investment fell to N145.59 billion from N160.88 billion within the period.  Presenting the operational findings of the body in Lagos, Ajayi-Kadir, noted Investment in the sector witnessed a decline of N15.29billion in the second quarter of 2022. This, he said, translates to 10 per cent fall in investment, adding that the sector further experienced a decline by N32.8 billion or 18 per cent when compared with N178.39 billion recorded in the first half of the year. Prior to this period, the association had experienced decrease in investment between 2021 to 2022 from  N305.02 billion to N323.98 billion  within one y...