Blog

Post

News

Page

Videos

With Flying Eze videos, you can gain and share knowledge. We inform, educate, and entertain you wherever you are, whatever your age with videos here

Video

Questions

Question

Companies

Company

Events

Event

Flying Eze How

How To

Recipies

Recipe

Financial analysts have expressed divergent views over the proposed plan by the Nigerian National Petroleum Corporation to acquire 20 per cent equity stake in the Dangote refinery.
They spoke in a separate interview with the News Agency of Nigeri in Lagos State on Monday.
NNPC had expressed interest in purchasing a 20 per cent minority equity stake in the 650,000bpd Dangote refinery.
The NNPC Chief Operating Officer, Refining and Petrochemicals, Mr Mustapha Yakubu, made the announcement at the just-concluded Nigeria Oil and Gas Opportunity Fair.
Yakubu said discussions were already going on with the Dangote Group for the acquisition of the stake which would further ensure undisrupted product supply to Nigerians.
A former Executive Secretary, Chartered Institute of Bankers of Nigeria, Dr Uju Ogubunka, said the initiative was novel but unnecessary.
“The planned equity is unnecessary because the NNPC has not adequately managed its own assets too well.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
“The four refineries under its supervision have not refined at an optimal capacity over a decade,” Ogubunka said.
He noted that most successful acquisitions were perfected by a private entity and not state concern.
However, a former Director, Central Bank of Nigeria, Mr Titus Okurounmu, lauded the proposed equity stake acquisition by the NNPC in the Dangote refinery.
He said the proposal if well implemented and managed could boost the government’s revenue.
Okurounmu, who described the move as strategic, called on the NNPC to be more transparent in its operations.
“The management of the NNPC must be continuously improved upon in order to get the support of Nigerians over its decisions.
“As oftentimes, the state-owned oil corporation is seen as managed poorly due to its antecedents,” he said.
						
							
								
								
									
									
								
								
								
							
						
					
(NAN)

Financial analysts have expressed divergent views over the proposed plan by the Nigerian National Petroleum Corporation to acquire 20 per cent equity stake in the Dangote refinery. They spoke in a separate interview with the News Agency of Nigeri in Lagos State on Monday. NNPC had expressed interest in purchasing a 20 per cent minority…

Mixed reactions greet NNPC plan to acquire stake in Dangote refinery

Flying Eze

The Federal Ministry of Works and Housing will officially open the bid for Value Added Concession for federal roads under the Highway Development and Management Initiative on Tuesday, June 1, 2021.
It said on Sunday that the bid would be witnessed by the Infrastructure Concession Regulatory Commission and other interested partners and stakeholders.
The 12 roads that are up for concession under the first phase of the HDMI include Benin-Asaba, Abuja-Lokoja, Kaduna-Kano, Onitsha-Owerri-Aba, Shagamu-Benin, and Abuja-Keffi-Akwanga federal highways.
Others include Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta, Lagos-Badagry, and Kano-Shuari-PortisKum-Damaturu roads.
Recall that Minister of Works and Housing, Babatunde Fashola, received the Certificate of Compliance for the Outline Business Case for the HDMI in December 2020, followed by the official inauguration of the e-portal by the minister on March 29, 2021.
Spokesperson for the works ministry, Boade Akinola, said in a statement issued in Abuja that applications were received from interested prospective concessionaires in response to the request for qualification and the bid would be opened on June 1, 2021.
The Highway Development and Management Initiative was created by the Federal Ministry of Works and Housing to develop and manage the federal road network through private sector investment, maximising the use of assets along the right of way.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
The ministry said the initiative aimed at creating an alternative source of financing road development and management across the country while unlocking the massive economic potential of the project routes with attendant job creation.

The Federal Ministry of Works and Housing will officially open the bid for Value Added Concession for federal roads under the Highway Development and Management Initiative on Tuesday, June 1, 2021. It said on Sunday that the bid would be witnessed by the Infrastructure Concession Regulatory Commission and other interested partners and stakeholders. The 12…

FG opens bid for concession of 12 roads

The 21st century is an exciting period of cutting-edge innovations. We hear and see mind-boggling inventions that show us just how far man has gone in revolutionising his world.
Described as the “imagination age”, the fourth Industrial Revolution is characterised by an eclectic blend of digital, biological, and physical worlds, not to mention the growing use of new technologies such as artificial intelligence, blockchain, cloud computing, robotics, the Internet of Things, 3D printing, and advanced wireless technologies and so on. The impact of these disruptive technologies is especially felt in the areas of education, employment, and the future of work.
The African continent is on the cusp of population explosion. Over the past decade, Africa’s under-20 population has expanded by more than 25 per cent such that the overall population is projected to increase by roughly 50 per cent over the next 18 years, growing from 1.2 billion people today to over 1.8 billion in 2035.
While this may sound alarming, we can choose to look at it from a different, if optimistic, perspective. What do I mean? Since Africa’s potential workforce will be among the world’s largest in a few years’ time according to the African Development Bank, its youth would be instrumental in ushering the continent fully into the 4IR.
To capture this demographic dividend, African countries must reconstruct their education systems in readiness for the technological revolution that is upon us. Youths need to be paired with the needed infrastructure and skills for innovation and technology use. In sum, the 4IR represents a massive opportunity for growth.
Recently, I was a guest at an event hosted by the Lagos Chamber of Commerce &amp; Industry for the presentation of 3D printers to tertiary universities in Lagos State, Nigeria. In attendance was President, LCCI, Toki Mabogunje; Vice President, Chairman, Science, Energy &amp; Technology Committee, LCCI, Leye Kupoluyi; Director-General, LCCI, Dr. Muda Yusuf; representatives of the University of Lagos, Lagos State University, Yaba College of Technology and Lagos State Polytechnic; as well as students of the respective institutions and invited guests.
At the event, awareness was created on the value of technology and the role it could play in various sectors of the Nigerian economy at this critical stage.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
The Science, Energy, and Technology Committee, a vital organ of the Chamber of Commerce, was tasked with a mandate to promote scientific technology, development, and innovation for the benefit of investors and the economy.
As seen from the learning tools provided to the benefitting institutions, the committee had demonstrated the capacity to deliver the desired results towards the accomplishments of the chamber’s advocacy goal in the areas of science technology, and innovation.
Understanding that the growth and sustainability of the Nigerian economy were based on how much was invested in youths in the country, the LCCI declared that it would run programs for students in tertiary institutions free of charge to ensure that the 3D printers are put to good use.
According to Mabogunje, the growth of 3D printing in Nigeria was expected to impact not only the manufacturing industry but also the education sector. This technology brings to light a set of skills lacking in the Nigerian industrial setting and the opportunity for new teaching practices in science and engineering programs within the country’s tertiary institutions.
3D printing technology is an additive process of making a physical object from a three-dimensional digital model, by laying down many successive thin layers of material.
To create a 3D printed object, you need a 3D model of the object which can be produced using computer-aided design (CAD) software and sending the CAD file out through the 3D printer with specific instructions such as the amount, location, and type of material to use.
3D technology influences manufacturing and production globally. Since the point of education is to create people whose default mode is to fix things, among other things, the innovation should most fittingly be deployed in pedagogy.
						
							
								
								
									
									
								
								
								
							
						
					
Through 3D printing technology, students are well-positioned as creators. Africa has long been seen as a technology-consuming continent. Today, the narrative is rapidly changing as Africa is home to numerous innovators who are creating sustainable solutions to address problems in their communities.
For example, in 2017, a Nigerian startup, Elephab, adopted 3D technology. The founder, Anjola Badaru, publicly announced that it would start making automobile replacement parts using an additive manufacturing process.
One of the points the president of LCCI stated was the obvious potential of 3D technology in leapfrogging Nigeria’s manufacturing and production industry.  Students needed to be a part of this and by training them, they were enabled to start producing and selling their invention. That was a great way to empower them to impact their economy.
Most of what students were exposed to in STEM fields was not only technical but abstract. With 3D technology, much of their learning could be hands-on, helping them grasp pretty much spatial concepts- notions that describe the relationship between real-world objects. They were able to think about virtually anything, design it, print it, test it, and unleash it to the world.
The technology could help engineering students, for instance, to understand and explore architectural engineering by building model bridges. Also, medical students could practice their surgical skills by creating patient-specific organ replicas.
What I have just demonstrated briefly is this: For the future of 3D technology in higher education to be achieved in Nigeria, it must become as much a part of higher education as any technology.
Interestingly, the use of new technologies is a stimulant to enhancing students’ learning engagement. On the one hand, 3D technology would equip teachers to effectively engage with students; on the other, it would improve learners’ overall enthusiasm for learning.
				
					
						
						
							(adsbygoogle = window.adsbygoogle || []).push({});
						
						
						
							
						
					
				 
One of the challenges of pedagogy in Nigeria was outdated teaching aids. Using 3D printing technology, teachers can easily customized tools that might otherwise be too difficult to locate or expensive to purchase.
As I mentioned earlier, 3D printing has the potential to revamp various sectors of the Nigerian economy beyond the manufacturing industry. By incorporating 3D printing practices in the educational system students, including those in primary and secondary, will become more exposed to the capabilities and limits of the technology.
To this end, I commend the efforts of the Lagos Chamber of Commerce &amp; Industry supported by numerous organisation. I call on more organisation to also support by donating similar items to various institutions of higher learning.
CFA is co-founder of techbuild.africa, a platform chronicling innovation &amp; godohub.org, a social enterprise supporting innovation in Africa.
 Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

The 21st century is an exciting period of cutting-edge innovations. We hear and see mind-boggling inventions that show us just how far man has gone in revolutionising his world. Described as the “imagination age”, the fourth Industrial Revolution is characterised by an eclectic blend of digital, biological, and physical worlds, not to mention the growing…

Business

Columns

Ict Clinic

Strengthening tertiary institutions with 3D technology

<h3 style="text-align: justify;">In this interview with NIKE POPOOLA, the Managing Director, Lagos State Waste Management Authority, Ibrahim Odumboni, speaks on efforts to ensure environmental sustainability in the state</h3>
How is LAWMA ensuring the achievement of environmental sustainability?
Environmental sustainability is very vast. It does not mean living without luxuries but being aware of your resource consumption and reducing unnecessary waste. Social satisfaction, efficiency improvement and innovation are the key drivers to achieve sustainability. We have sustainability experts in LAWMA. We do business across all our programmes from waste collection to disposal, the PSP programme, the landfills operations and others, ensuring that our entire operations are based on ensuring that we adhered to the environmental sustainable goals.
What is the motive of the partnership between LAWMA and some banks?
The key thing about this partnership is that it brings sustainability to solid waste management in Lagos State as waste management is the responsibility of all. The organisations we currently partner with already had their Corporate Social Responsibility plans drawn up for the year 2021 and our engagement with them last year, around October/November 2021, gave us the benefits that we have now. In terms of what the organisations support us with, we have Heritage Bank, NIMASA, Tangerine Life and Rotary Club (Eko Atlantic branch) &#8211; all supporting us with recycling. Access Bank and Law Union &amp; Rock supporting us with LAWMA Academy, while FirstBank is with our sweeping sanitation. For example, in total, we have over 150 recyclable bins donated by our recycling partners and over 15,000 sweepers’ uniforms rebranded.
What is LAWMA doing to upgrade the waste management system in Lagos?
The process of waste management, generation, collection and disposal varies from city to city, and it involves a significant financial and human capital investment coupled with demands for advocacy and awareness with residents. The current Lagos State Government, led by Governor Mr Babajide Sanwo-Olu, with the support of the Ministry of Environment and Water Resources, led by the Commissioner for Environment and Water Resources, Mr Tunji Bello, are in tune with this and currently leading the way in Nigeria. In relation to recycling, Lagos State has started recycling officially since the inception of the current administration and, over the last six months, has scaled up with the revamp of Blue Box Initiative to Lagos Recycles; introduction of technology through PAKAM App; provision of incentive scheme; collaboration with corporate organisations for production and distribution of recycling bins to airports, schools, hospitals and other public places; inauguration of Lagos Recyclers Association; capacity building for our certified recyclers, and engagement with Food and Beverage Recycling Alliance, United Nations Industrial Development Organization, World Bank, to mention a few. The ultimate goal is to divert 20 per cent of our waste collected which are recyclables from our disposal sites.
On disposal of waste and waste to energy initiative, it is known that there are various approaches to it which include open dumping, landfilling, sanitary landfill for gasification and incineration system for energy generation, among others. In Lagos, at the moment, we have the landfills system, and in the last nine months, we have expedited efforts to ensure that we move away from that as quickly as possible due to its long-term environmental impact while we mitigate that. As we look at the vision of Lagos up to 2030, we need to come up with effective ways of managing our waste disposal in Lagos because the city is surrounded by water and limited in landmass availability. It is important that we have the right choices made, rather doing something that is not sustainable. We have started partnering with various organisations that engage in sustainable ways to energy.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
We are discussing with various environmentally-conscious organisations to give us various options to explore. We have also sent our team of in-house experts to different countries and seminars to examine the available waste management models in those countries. We can benchmark our city with countries such as Singapore, United Arab Emirates, Belgium, Netherlands and Venezuela in terms of topography, population and other environmental challenges. We want to achieve something that is more sustainable for Lagos State and Lagosians. It is our goal to ensure that any initiative we embark on is at an affordable cost for the state and residents as well.
Olusosun dumpsite has gone through transformations. What is your plan for it?
The future goal for Olusosun is to decommission the site and start using it for a waste-to-energy plant where the waste there can be converted to energy by proponents that have shown interest. Due to recent urbanisation challenges at Olusosun, the latest technology waste management plan is required for the site. The essence of decommissioning the dumpsite is to limit the impacts of the landfill to people living around there. For the dumpsite that Visionscape initiated at Epe, we have adopted that, and we are managing it.
It is quite similar to the landfill approach we have at Olusosun. But what we are doing is that we are collaborating with the waste management development team to carry out environmental impact analysis, measures to put in place a sanitary landfill or incineration plant so that we can initiate a contemporary solid waste management plan.  The aim for us is to ensure that we build something that is environmentally friendly and state-of-the-art technology rather than landfilling. For the likes of Olusosun, the pre-decommissioning process has started with the capping of the sites with laterites in progress; so, when it rains, it goes green on it and it will start degenerating and we start recovering the place ready for close, so that we can move on.
To what extend has LAWMA been able to achieve the mandates given to it by the Lagos State Government?
My responsibility and mandate given are spelled out in the Lagos State Environmental Protection and Management Law 2017. It stipulates that we are saddled with the responsibility to ensure a consistently cleaner Lagos is achieved in an environmentally sustainable way and ensure this is also done with greater consideration given to human health demand. This is also well emphasised under the current administration’s THEMES agenda with the first letter E standing for Environment and Health. Moreover, solid waste management is a collective human responsibility, not just the agency’s, as the part we all play determines the benefits to us all, and I am just leading from the front as the responsibility champion. In doing this, we collaborate with other agencies within the state, other key stakeholders in the private sector and align with the policies and agendas of our parent ministry. The commitment to effectively manage our solid waste is a daily effort in a proactive manner; therefore, all hands have to be on deck to ensure that progress is made on the over 14,000 metric tonnes of waste generated daily.
When you compare solid waste management when Visionscape was handling the waste management of the state to what we have now, you will begin to see the magnitude of the progress the Governor Babajide Sanwo-Olu administration has made over the last two years now. Visionscape had a target of 2,000 metric tonnes daily, averaging over 150 trips compared to the over 800 trips we have completed daily currently. We also have the mandate of the state to ensure an effective and sustainable solid waste management plan is put in place for the future.
						
							
								
								
									
									
								
								
								
							
						
					
In terms of deliverables so far, we have made significant progress in the initiation of recycling/separation of waste from source, launch of LAWMA Academy for promotion of waste education and awareness across all ages, reforming of our PSPs for service optimisation and sustainable capacity building. On disposal, we have had a fully rehabilitated landfill and have proactively commenced the research for our future needs as we cannot continue with the current conventional approach. I am extremely confident that this administration is on the right course to deliver the first revolution for waste management in Lagos.
As part of our plan for effective solid waste disposal management, we created our own blueprint, which led to the inauguration of our Waste Management Unit. This unit is saddled with the responsibility of carrying out research and development activities to ensure sustainability in relation to solid waste disposal. They research on what we have currently and what we will do in the future; they travel to various countries to understudy the latest developments efforts in waste management and examine what various global stakeholders are saying.
What are the key growth initiatives that LAWMA under your watch has launched, and what progress has been made so far?
One of the key growth initiatives we have implemented under my watch is the repositioning of LAWMA which was championed by the Governor, Mr Babajide Sanwo-Olu. The focus has been how to better position LAWMA while considering the future ahead. So, we decentralised our operations to ensure that we are present in all Local Council Development Areas in Lagos metropolis and be more proactive rather than reactive.
The second growth initiative is PSP reform. We have reformed our PSP, organised capacity building for them and given them minimum standards to ensure deliverables. LAWMA is more regulatory than participatory now, and by doing this, we have been able to achieve more productivity in terms of trips to landfill and turnaround time for operations. More importantly, the governor helped us to address our disposal challenges with extensive rehabilitation of all our landfills for long-term gain.
The third is the foundation of LAWMA Academy, the first citadel of learning for solid waste management in Africa and Sub-Saharan Asia. The academy is aimed at bridging the gap between practical, academic and theories and eradication of myths while creating a conducive learning environment for solid waste management. It is also tasked with carrying out research, awareness creation, advocacy and education. We recently partnered with Lagos State State Universal Basic Education Board, to train primary school teachers across the state on solid waste management. The aim is for them to include waste management in their curriculum. The training will help primary school pupils to understand what it takes to manage waste and implementing effective waste management strategies as a culture. So we are trying to catch these primary school pupils young basically, and encourage them to imbibe good waste disposal culture in them.
 Copyright PUNCH.
				
					
						
						
							(adsbygoogle = window.adsbygoogle || []).push({});
						
						
						
							
						
					
				 
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

In this interview with NIKE POPOOLA, the Managing Director, Lagos State Waste Management Authority, Ibrahim Odumboni, speaks on efforts to ensure environmental sustainability in the state How is LAWMA ensuring the achievement of environmental sustainability? Environmental sustainability is very vast. It does not mean living without luxuries but being aware of your resource consumption and…

Sunday Ceo

Solid waste management should be collective responsibility – LAWMA MD

Bureau De Change operators got the United States dollar from the Central Bank of Nigeria at N393 but sold it for N494 on Friday, an investigation by our correspondent has revealed.
Sources from some commercial banks told our correspondent that the banks were asked to fund the BDCs at the rate of N393/$ as of Friday.
A bank official, who spoke with our correspondent on condition of anonymity, said, “We are still giving them $10,000 per BDC twice in a week. As at today, we are giving them at the rate of N393/$.
“The CBN funds the BDCs through the commercial banks. They go to their banks to collect it. The CBN has been funding them through commercial banks to make the process seamless.
“We were asked to fund them at N393/$ in a circular to the banks as at today.”
Meanwhile, the naira slumped further on Friday to 494.7/$ at the parallel market from 490/$ as of Thursday evening.
Data obtained from the website of the CBN’s official rates for the BDCs, naijabdcs.com,showed that the naira was bought and sold at 493 and 494.7 per dollar on Friday at the BDCs.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
The CBN recently adopted the NAFEX exchange rate of N410.25/$1 as its official exchange rate.
It confirmed this new official rate on its website on Monday night, days after it had removed the N379/$ rate.
A former Director-General, Chartered Insurance Institute of Nigeria, Richard Borokini, said what the CBN was trying to do was to close the gap between the  black market and official rates.
He said, “Maybe because of the activities of some of the people in the financial sector, the bankers themselves and the owners of the BDCs, you cannot get naira at that N410/$ in the black market or in the secondary market; it will be more than that.
“It will not work because of the activities of those that are hoarding the dollars. The way it will work is if they scrap all those BDCs, and if anybody has needs for dollars, let him apply to the banks and the banks will give them at that price.
“As long as the BDCs are still operating, those rates cannot become real. The only way is just let everybody go to the banks and apply if they need dollar.”
The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said the official rate was not a functional rate.
						
							
								
								
									
									
								
								
								
							
						
					
“Those who are doing business, none of them is getting it at that rate. The NAFEX rate that they have adopted now is about N410.25. Even that is still far from the open market rate or the parallel market rate which is almost N500/$,” he said.
CBN had yielded to the clamour to move towards convergence of the exchange rates which was a welcome development, he said.
In April 2017, the CBN established the I&amp;E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>
				
					
						
						
							(adsbygoogle = window.adsbygoogle || []).push({});

Bureau De Change operators got the United States dollar from the Central Bank of Nigeria at N393 but sold it for N494 on Friday, an investigation by our correspondent has revealed. Sources from some commercial banks told our correspondent that the banks were asked to fund the BDCs at the rate of N393/$ as of…

Naira Devaluation

Naira devaluation: BDCs get dollars at N393, sells for N494

All outstanding payments to Batches A and B beneficiaries of N-Power programme have been paid, the Federal Government said on Thursday.
It also announced that it was about to conclude the new enrollments of one million beneficiaries under Batch C of the social investment programme.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, who disclosed this to journalists in Abuja, said the one million beneficiaries would be taken in two streams of 500,000 participants each.
Some Batch B beneficiaries had claimed in the past that they were being owed the N30,000 stipend being paid by the government to participants of the programme.
But while reacting to this, Farouq said her ministry in partnership with the Office of the Accountant-General of the Federation had successfully cleared all outstanding payments.
“We have sorted out all the backlogs of N-Power payments with the Office of the Accountant-General of the Federation and we have moved on to the next batch,” she said.
She explained that that N-Power was another component of the National Social Investment Programme designed to stem the growing tide of poverty, unemployment and social insecurity in Nigeria.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
She said, “N-Power is the job creation and economic component of the NSIP for young unemployed Nigerians. It has provided temporary income-generating opportunities for 500,000 unemployed youths of Batches A and B N-Power beneficiaries.
“Currently the ministry is about concluding the enrollment of 1,000,000 Batch C applicants in two streams of 500,000 in the first instance and another 500,000 later.”
Farouq further stated that under the National Social Register, a total number of 6,969,230 households and 29,766,599 persons had been captured.
She said about 4,000,000 households and 20,000,000 persons were to be added to the social register, as one million households and 5.6 million persons had been captured under the Conditional Cash Transfer.
“There is a plan to add another batch of 1,000,000 households and 5,600,000 persons to the CCT,” she added.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
						
							
								
								
									
									
								
								
								
							
						
					
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

All outstanding payments to Batches A and B beneficiaries of N-Power programme have been paid, the Federal Government said on Thursday. It also announced that it was about to conclude the new enrollments of one million beneficiaries under Batch C of the social investment programme. The Minister of Humanitarian Affairs, Disaster Management and Social Development,…

Business & Economy

FG clears N-Power payments, enrols one million new beneficiaries

The Nigerian Aviation Handling Company Plc has said direct flights from China into Nigeria return empty weekly due to low patronage in the air cargo business.
The Executive Director, Business Development and Commercial, Saheed Lasisi, NAHCO, said the business of exporting goods by air was growing in Nigeria, particularly because of the current issues at the seaports.
“Direct flights from China come three to four times weekly and return empty,” he said this on Thursday at a webinar facilitated by the Nigerian-British Chamber of Commerce.
According to him, although the air cargo business is gradually improving, there is a need for investors to tap into the air cargo opportunity.
According to Lasisi, flights from China come into Nigeria three to four times weekly, but return empty because people are yet to tap into the opportunity available to them.
“NAHCO’s aim is to increase transportation by air to 40 per cent in the second quarter of 2021,” he said.
The Managing Director, Abx World, Capt. John Okakpu, said the flights returned empty weekly because many Nigerians failed to follow the laid-down process.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
He said many Nigerian products were rejected in the European market because the places they came from could not be traced.
“Packaging is not enough. You need to get your farmers certified and trained before you talk about global gaps,” he added.
 Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

The Nigerian Aviation Handling Company Plc has said direct flights from China into Nigeria return empty weekly due to low patronage in the air cargo business. The Executive Director, Business Development and Commercial, Saheed Lasisi, NAHCO, said the business of exporting goods by air was growing in Nigeria, particularly because of the current issues at…

China-nigeria Cargo

Nahco

China-Nigeria cargo flights return empty weekly – NAHCO

Oil marketers have expressed divergent views on the proposed acquisition of a 20 per cent stake by the Nigerian National Petroleum Corporation in Dangote refinery.
S&amp;P Global Platts had reported on Thursday that the NNPC was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 bpd Dangote oil refinery.
“Negotiations have reached an advanced stage. We are hoping to wrap up the negotiations before the refinery goes on stream. This is a deliberate move to ensure that the risk associated with refinery business does not weigh solely on Dangote Industries, and also a bold statement that the government is ready to encourage private investors in the building refineries,” a company spokesman was quoted as saying.
The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, told our correspondent that the NNPC needed to clearly state the reasons for the proposed purchase of a 20 per cent stake in the privately-owned refinery.
He said, “Dangote Group, owners of the Dangote refinery, should be allowed to operate the refinery efficiently as a private entity.
“Our experience is that government regulations and policies make decisions around investments like this political. Preferably, the equity should be sold directly to the Nigerian public.”
The National Operations Coordinator, Independent Petroleum Marketers Association of Nigeria, Michael Osatuyi, described the move by the NNPC as a welcome development since the corporation would not be acquiring a majority stake in the refinery.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
He said, “It should be a good synergy like the Nigerian LNG Limited where the NNPC has a 49 per cent stake; Shell has 25; Total has 15, and Eni, 10. The NLNG now generates billions of dollars in dividends for the Federal Government.
“As long as it is run as a private entity, not under the control of the NNPC, the outcome should be successful.”
An oil and gas expert, Charlotte Essiet, said if the NNPC ended up being successful in the purchase of the stake, it would be a win-win situation for the corporation and Dangote refinery.
“What is important is that the objective should be met, the country should benefit immensely from the proposed synergy,” the director of corporate and regulatory relations at AOS Orwell added.
The Dangote plant, which will be Africa’s largest refinery, is expected to start commissioning early next-year, according to S&amp;P Global Platts.
An executive director at Dangote Industries, Devakumar Edwin, was quoted as saying on March 1 that overall progress was 90 per cent complete, including design, engineering, and procurement, with construction work around 70 per cent complete.
Nigeria imports around 1 million-1.25 million metric tonnes/month of petrol due to inadequate domestic refining capacity. All the refineries, with combined nameplate capacity to refine 445,000 bpd of crude oil, are currently shut down.
						
							
								
								
									
									
								
								
								
							
						
					
The start-up date of this refinery has been repeatedly delayed, after the company first announced the project in 2013.
 Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

Oil marketers have expressed divergent views on the proposed acquisition of a 20 per cent stake by the Nigerian National Petroleum Corporation in Dangote refinery. S&P Global Platts had reported on Thursday that the NNPC was in advanced talks with Dangote Industries to acquire a 20 per cent stake in the 650,000 bpd Dangote oil…

Dangote refinery: Marketers differ on NNPC proposed stake acquisition

The Nigerian National Petroleum Corporation, on Thursday, announced a N39.85bn trading surplus for February 2021, representing a 314.24 per cent rise from the N9.62bn surplus it recorded in the preceding month.
The NNPC disclosed this in its February 2021 edition of its monthly financial and operations report.
Trading surplus or trading deficit is derived after deduction of the expenditure from the revenue for the period under review.
The report stated that in February, NNPC’s group operating revenue increased by 35.64 per cent or N152.07bn to N578.79bn, compared to January.
It said expenditure for the month increased by 29.21 per cent or N121.83bn to s N538.94bn, while expenditure as a proportion of revenue was 0.93 per cent as against 0.98 per cent in the previous month.
The increase in trading surplus was attributed to the reconciled accounts by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company, using the Petroleum Products Pricing Regulatory Agency pricing template.
Other factors that boosted the trading surplus figure, according to the corporation, include the performance of Duke Oil, Nigerian Gas Company and Nigerian Gas Marketing Company, which recorded gains as a result of increased debt collection and cost optimisation measures.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
The report, however, stated that during the period under review, 54 pipeline points were vandalised, representing 50 per cent increase from the 27 points recorded in January 2021.
The Warri area accounted for 50 per cent and Mosimi area accounted for 39 per cent of the vandalised points, while Kaduna and Port Harcourt areas accounted for seven and four per cent respectively.
In the period under review, the corporation supplied a total of 1.41 billion litres of Premium Motor Spirit (petrol) translating to 50.52 million litres/day.
In terms of natural gas offtake, commercialisation and utilisation, out of the 206.05 billion cubic feet produced in February 2021, a total of 133.06BCF was commercialised consisting of 40.15BCF and 92.91BCF for the domestic and export market respectively.
This translates to a total supply of 1,433.75 million standard cubic feet per day of gas to the domestic market and 3,318.25mmscfd of gas supplied to the export market for the month.
This implies that 64.48 per cent of the average daily gas produced was commercialised while the balance of 35.52 per cent was re-injected, used as upstream fuel gas or flared.
Gas flare rate was 7.67 per cent for the month under review (i.e. 565.52mmscfd) compared with average gas flare rate of 7.12 per cent (i.e. 529.20mmscfd) for the period of February 2020 to February 2021.
						
							
								
								
									
									
								
								
								
							
						
					
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

The Nigerian National Petroleum Corporation, on Thursday, announced a N39.85bn trading surplus for February 2021, representing a 314.24 per cent rise from the N9.62bn surplus it recorded in the preceding month. The NNPC disclosed this in its February 2021 edition of its monthly financial and operations report. Trading surplus or trading deficit is derived after…

NNPC’s trading surplus rises to N39.85bn

The total assets under the Contributory Pension Scheme rose to N12.4tn as of the end of April, according to the latest data obtained from the National Pension Commission on Wednesday.
PenCom, in its unaudited report on the pension funds industry portfolio for the period ended April 30, 2021, also provided data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds (including unremitted contributions at the Central Bank of Nigeria and legacy funds).
The CPS, which lost some funds in recent months, returned to a growth path as it gained N92bn in March.
The data showed that the funds rose to N12.34tn as of the end of March from N12.25tn in February.
The assets, which had been the fastest-growing funds in the economy, lost N7bn in January and another N52bn in February.
According to PenCom, N8.4tn of the funds was invested in Federal Government’s securities in March.
Other investment portfolios where the funds were invested included domestic and foreign ordinary shares; corporate debt securities comprising of corporate bonds, corporate infrastructure bonds, corporate green bonds and supranational bonds.
								
									
										
										
											(adsbygoogle = window.adsbygoogle || []).push({});
										
										
										
											
										
									
								
							
The funds were also invested in local money market securities, comprising bank placements, commercial papers and foreign money market securities.
The PFAs invested the rest in mutual funds comprising open/close-end funds, real estate investment trusts, real estate properties, private equity funds, infrastructure funds, cash and other assets.
The President, Association of Pension Fund Operators of Nigeria, Mr Wale Odutola, said a two-month period could not be used to judge the long-term trend of the pension assets.
“What you should pay attention to more is the yearly trend and how it had moved on in a yearly basis over a long time. That gives you a better sense of what the trend is,” he said.
Odutola noted that pension funds were largely invested in fixed income securities.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. 
						
							
								
								
									
									
								
								
								
							
						
					
Contact: <a href="mailto:theeditor@punchng.com" target="_blank">theeditor@punchng.com</a>

The total assets under the Contributory Pension Scheme rose to N12.4tn as of the end of April, according to the latest data obtained from the National Pension Commission on Wednesday. PenCom, in its unaudited report on the pension funds industry portfolio for the period ended April 30, 2021, also provided data on the approved existing…

Flying Eze

Business

No Found !

Flying Eze

Main Links

More

Features

Flying Eze