News Agency of Nigeria
Politics

Wike wants PIB to allocate 10% revenue to oil-bearing communities

By Precious Akutamadu

Gov. Nyesom Wike of Rivers on Thursday advocated that the Petroleum Industry Bill (PIB), currently before the National Assembly, should allocate 10 per cent oil revenue to host communities.

Wike made the call when members of the National Assembly Committee on PIB visited him at the Government House, Port Harcourt.

He said it was necessary that the bill specified, in clear terms, developmental projects that the allotted fund should be spent on, to actualise the goal and demands of the host communities.

The governor said that oil-bearing communities have suffered loss of livelihood due to the activities of international oil companies (IOCs).

“It is unfortunate that people produce oil but live in poverty. I believe that the PIB committee will make recommendations of how certain per cent must be given to the host communities.

“There are issues of education and health, so don’t just say 10 per cent to the oil host communities, it must be tied to specific projects so that whoever is in charge will take note of them,” he said.

Wike urged IOCs not to engage host communities in the sharing of funds to avoid their killing one another instead of using such funds for sustainable projects.

He advised that the mistakes associated with the Act establishing the Niger Delta Development Commission (NDDC) be avoided as it did not specify what projects the commission should embark on in the Niger Delta.

He emphasised the need for the PIB bill, when passed, to be signed and not go the way of the Electoral Bill that has yet to be assented to.

The governor urged the National Assembly Committee on PIB to ensure that the bill was signed to move the country forward.

Mr Victor Onyemaechi, Deputy Chairman of the committee who led the delegation, said that the members were in Rivers for a town hall meeting with stakeholders to resolve issues of what should be allocated to host communities in the bill.

Onyemaechi commended Wike for the rapid infrastructural transformation ongoing in the state.

He said that a lot of people were misinformed about host communities, associating them with hostility.

“What we have seen in the last four days have proved people wrong. As we walked round these few days, we saw that people use wood as bridge to get to where Shell Petroleum Development Company (SPDC) is exploring oil.

“We also saw the impact of SPDC operations on the people’s means of livelihood. (NAN)

Economy/Business

Oil production cut: OPEC commends Nigeria on compensation conformity

By Edith  Ike-Eboh

The Organisation of  Petroleum Exporting Countries (OPEC) has commended Nigeria for achieving full conformity in January 2021, and compensating its entire overproduced volumes.

The organisation  gave the commendation  at the end of its 14th virtual meeting of OPEC and non-OPEC Ministers on Thursday.

 “The meeting extends special thanks to Nigeria for achieving full conformity in January 2021, and compensating its entire overproduced volumes.

“The ministers thank the Minister of State for Petroleum Resources, Chief Timipre Sylva, for his shuttle diplomacy as Special Envoy of the JMMC to Congo, Equatorial Guinea, Gabon and South Sudan to discuss matters pertaining to conformity levels with the voluntary production adjustments and compensation of over-produced volumes.”

The ministers agreed to the request by several countries, which had yet to complete  their compensation, for an extension of the compensation period until end of July 2021.

It urged all participants to achieve full conformity and make up for pervious compensation shortfalls, to reach the objective of market rebalancing and avoid undue delay in the process.

It further recognised the recent improvement in the market sentiment by the acceptance and the rollout of vaccine programs and additional stimulus packages in key economies.

It also cautioned all participating countries to remain vigilant and flexible given the uncertain market conditions, and to remain on the course which had been voluntarily decided and which had hitherto reaped rewards.

The ministers thanked the JTC and the OPEC Secretariat for their contributions to the meeting.

The next meetings of the JMMC and OPEC and non-OPEC Ministers are scheduled for March 31 and  April 1, 2021, respectively.(NAN)

Economy/Business

FG inaugurates FCCPC, consumer tribunal boards, warns against corrupt practices

By Ginika Okoye

The Federal Government has inaugurated boards of the Federal Competition and Consumer Protection Commission (FCCPC) and the Competition and Consumer Protection Tribunal (CCPT) to ensure effective consumer protection.

Inaugurating the boards in Abuja on Thursday, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, charged the board members to display uncommon leadership in the discharge of their duties.

Adebayo reiterated President Muhammadu Buhari’s resolve on zero tolerance for corruption, warning  that the government would not hesitate to punish corrupt practices perpetrated by any member of the board.

The minister emphasised that the board would not be involved in the day to day activities of the commission and tribunal which was the sole responsibility of their management.

“The role of the FCCPC and CCPT is very critical to the achievement of the developmental goals of this administration.

“As the highest policy making body, the boards are expected to ensure that the Federal Government’s mandate is achieved.

“Your goals are to promote sustainable and cost efficient activities of the organisation, establish and promote the objective and integrity, establish detailed control through financial reporting.

“You will also monitor the performance of the management in achieving set objectives,’’ he said..

Speaking on behalf of the FCCPC board, the Chairman, Mr Emeka Nwankpa, assured that the board would discharge its duties in line with the mandate establishing them.

Nwankpa, who said the board was the first of its kind in the commission, appealed to the government to give them the necessary support to function effectively.

The Chairman of the CCPT board, Hajia Sharatu Shafi, said the tribunal would ensure thorough and timely adjudication to ensure that Nigerians get value for their money and enjoy all privileges and protection.

Shafi assured that the tribunal would ensure compliance to standards and change perception of hopelessness among consumers.

“We are determined to commence work immediately,’’ she said.

The FCCPC and CCPT boards are made up of seven members each representing different geo-political zones. (NAN)

General News

FG inaugurates N9.1bn NIS Tech building

By Philomina Attah

President Muhammadu Buhari, on Thursday in Abuja, inaugurated the N9.1 billion data communication and command centre for the Nigeria Immigration Service (NIS).

The centre, tagged “Technology Building”, will serve as a platform for the NIS to synergise with relevant agencies, both local and international, to enhance national security.

Speaking at the event via video link, Buhari said the project was in line with his administration’s mandate of formulating and implementing policies to protect the lives and property of Nigerians.

“This administration has been relentless in our desire to create an enabling business environment that will usher in an economic boom for Nigerians and all those doing business in the country.

“It is imperative that our ranking in the global security index has improved.

“And I am using this medium to call on all security agencies to scale up their activities towards achieving this goal.

“I assure you that this administration will give the much-needed support in carrying out your mandates,’’ the President said.

He urged NIS to put the facility to optimum use in carrying out its duty of keeping the country’s border safe.

The Comptroller-General of NIS, Mr Muhammad Babandede, said the contract for the project was approved by the Federal Executive Council (FEC) in November 2018.

According to him, the first phase of the project was awarded to Julius Berger Nigeria for N7.119 billion.

Babandede said FEC approved the second phase covering furnishing, installation of multimedia and other equipment, costing N2 billion in December 2020.

“The unveiling of this building provides a unique platform for security agencies to truly synergise and harmonise efforts under one roof to address security issues, using technology.

“The nature of the building and its robust IT infrastructure makes it a great investment and a huge contribution to global security, particularly with its effective connectivity to special platforms such as the INTERPOL and ICAO PKD/PKI data based.

“We assure the global community that holders of Nigerian passport can no longer travel with a lost, stolen or re-issued passport.

“This information is now available to INTERPOL and ICAO member states.

“In the next few days, Nigerians can use their passport in any airport with e-gate facilities throughout the world,’’ he said.

Minister of Interior, Rauf Aregbesola, remarked that the occasion was a dawn of a new day at NIS for border management in Nigeria.

Aregbesola said that in the past, border watchers rely on language, physical look and ethnicity for the purpose of identification.

He added that this required a lot of guesswork and the system was beaten easily with disguise.

“However, the development of photography was a quantum leap in border management as the circulation of pictures of potential troublemakers lead to their arrest and entry denials, though make-up artists could still dance around photographs.

“But with digital imaging and its accessories of fingerprint, retina scan and voiceprint, identity disguise is nearly impossible.

“Also, having a data bank and data processing centre provides access to information at the touch of a button.

“This makes it possible to monitor all entries and exits at our borders and have real-time information on all immigrants.

“This development will have a great impact on our security,’’ the minister said.

He assured Nigerians that the security challenges facing the country at the moment were surmountable and “are indeed being addressed.

“Though the concerns are shared but there is no need to despair’’. (NAN)

Health

World Obesity Day: NGOs want FG to increase tax on sugary drinks

By Justina Auta

A coalition of Non-Governmental Organisations (NGOs) has called on the Federal Government to increase tax on sugary drinks to reduce the obesity crisis in the country

The coalition which made the call in a statement on Thursday in Abuja released in commemoration of the 2021 World Obesity Day, specifically asked for 20 per cent tax on sugary drinks.

They include African Youth Initiative on Population, Health and Development (AfrYPoD), Project Pink Blue and Association for Reproductive and Family Health (ARFH)

Others are Lafiya Wealth Initiative, Make Our Hospital Work Campaign, TalkHealth9ja, Breast Without Spot Initiative (BWS), HAPPY Nigeria, Nigerian Youth Union (NYU) and Gatefield Impact.

According to the statement, Nigeria ranks 4th highest soft drink consuming country globally, with over 40 million litres sold annually.

It added that consumption of sugar-sweetened beverages (SSBs), commonly known as soft drinks, contributed to a high rate of obesity.

“We, therefore, call on the Nigerian government to tackle obesity as an emergency health issue by taking the following measures towards the reduction of sugar content in soft drinks and other processed foods;

“We, therefore, call on the Nigerian government to introduce a specific excise duty of 20 per cent on SSBs such as soda and energy drinks.

“The government should use this tax to fund the prevention and treatment of Non-Communicable Diseases (NCDs) in Nigeria.’’ it said

The coalition also advised parents to desist from serving their children soft drinks with their meals and snacks, which puts them at risk of childhood obesity.

“About four million Nigerians are suffering from diabetes linked to excess sugar consumption. While many poor Nigerians can afford to buy soda, they cannot afford to treat diabetes, cancer, stroke and other NCDs,’’ it said.

The coalition called on the government to prevent sugar-sweetened beverage producers from advertising their products to children and ensure a mandatory warning label on the sugar level and health risk on the products label.

It further advised Nigerians to embrace healthy habits including physical exercise, drinking water and sleeping properly to reduce health risk.

The News Agency of Nigeria (NAN) reports that World Obesity Day is set aside to encourage practical solutions to help people achieve and maintain a healthy weight, undertake proper treatment, and reverse the obesity crisis.

The World Health Organisation (WHO) said obesity is major risk factor for non-communicable diseases like type 2 diabetes, cardiovascular disease, hypertension and stroke and various forms of cancer.(NAN)

Economy/Business

PIB : Nigeria remains best place to invest- Expert

By Edith Ike-Eboh

Prof. Wumi Iledare, a Professor of Petroleum Economics, says Nigeria remains best  investment destination with effective fiscal framework  in the proposed Petroleum Industry Bill (PIB)

Iledare disclosed this at an Education Series for Media on reforming the oil and gas sector in Nigeria, in Lagos,  on Wednesday.
He said that the proposed PIB remained a varitable tool to ensure needed reform of the oil and gas sector in Nigeria.
He said that the time for government to make sacrifice for the sector to grow was now as the sector required huge investment to help transform the economy of the country.
 He said a good fiscal framework must be flexible to change with trend to help bring the desired investments.
Iledare, former president of Nigeria Association of Energy Economics (NAEE), urged the media to ensure proper education of Nigerians on the importance of the bill.
“Most countries are focusing on energy transition and if we do not ensure good policy that will drive investment, our oil will be a waste to us.
“We need an effective policy for the sector to enable the country to effectively use oil revenue  to develop other sectors of the economy
” We need to create business hub to grow our economy, this is what PIB will facilitate when passed into law, ” he added.
Also, Mr Israel Aye, an energy expert, also said that without good fiscal and legal framework, no investment would be made in the sector
He said that no investor would invest in a place of uncertainty, adding that none would also want to invest where it would incure loses. (NAN)
Business , Economy/Business

NIWA to engage private firm to haul cargo from Lagos to Onitsha River port –MD

By Chiazo Ogbolu

The National Inland Waterways Authority (NIWA)  has disclosed its plan to engage the services of Akewa Colmar Terminal Limited (ACTL) to move cargo from Lagos to Onitsha River Port, through Burutu port in Delta.

The Managing Director of NIWA,  Dr George Moghalu said in a statement signed by Mr Jibril Darda’ u, NIWA’s General Manager, Corporate Affairs, and issued on Wednesday, that this was in an effort to make Onitsha River Port functional and to decongest Lagos Ports.

“The idea of hauling containers via Burutu Ports to Onitsha River port, is to deliberately avoid the two small bridges of Gbarekolo and Bumandi.

“This is because the two bridges are too tiny and shallow for sea moving badges or vessels to ply.

“That is why the company (ACTL) is considering the route from Lagos ports, to Burutu port then to Onitsha River port, as final destination,” he said.

Moghalu noted that NIWA was targeting the haulage of about 1,000 containers per trip from Lagos ports to Onitsha River port, within four days.

The MD also added that NIWA was engaging the Nigeria Ports Authority (NPA), and other stakeholders, to facilitate the commencement of the cargo haulage.

The Chairman of ACTL, Mr Kenneth Donye, told the management team of NIWA, while defending his company’s proposal at the NIWA Liaison Office, Abuja, of his company’s readiness to partner with NIWA in carrying out this ”noble and historic transshipment” from Lagos ports, via Burutu port to Onitsha River port as final destination.(NAN)

General News

Lalong restates commitment to develop agriculture

 

By Martha Agas

Gov. Simon Lalong of Plateau, on Wednesday restated his administration’s commitment towards agriculture sector development.Lalong restates commitment to develop agriculture

Lalong said this in Jos when the management of the National Agency for Science and Engineering Infrastructure (NASENI) visited him.

He said the state government would partner NASENI to establish an agriculture machinery and equipment development institute in the state.

The governor said that the institute would enable the state to effectively harness its potentials in agriculture.

“As a government, we are prepared to collaborate with your agency to establish related intervention outfits in the state.

“This will help to effectively harness our rich agricultural potentials and achieve our government’s vision on agriculture.

“Hosting an  agriculture machinery and equipment development institute will enable us to develop machineries for the processing and storage of the agricultural products,” he said.

Lalong further stated that the state was willing to host a hydro equipment and machinery institute given its potential in hydro power.

“By reason of our topography, we have the largest potential for hydro power in Nigeria,” he said.

The governor said that a technical committee had already been inaugurated to liaise with the agency toward achieving the objective.

“Our intention is to improve on our productivity level and boost human capital development, we recognise the role of science and technology in achieving this,” he said.

Earlier, NASENI Chief Executive Officer, Prof. Mohammed Haruna, said the agency was established to promote indigenous production of standard parts, goods and services, for the advancement of technology in Nigeria.

He said that NASENI was already collaborating with Innoson Motors to locally manufacture cargo tricycles which would soon be  mass produced.

“We have embarked on several projects such as the production of solar panels and related components, laboratory and science equipment as well as hydro kinetic turbine,” he said.

The NASENI helmsman said that a technical committee would conduct facility tours across science-based institutions in the state to ascertain areas of need and possible intervention.(NAN)

Politics

Governors to meet March 4 on COVID-19 vaccines, distribution

 

By Emmanuel Oloniruha

The governors of the 36 states in Nigeria, under the umbrella of the Nigeria Governors’ Forum (NGF), will on Thursday meet over the COVID-19 vaccines and distribution in the country.

The governors, in a statement issued in Abuja on Wednesday by Mr Abdulrazaque Bello-Barkindo, the Head, Media and Public Affairs of NGF Secretariat, said the emergency meeting would be held virtually.

“The meeting is of a single-item agenda, which will discuss the delivery of the COVID-19 vaccines and their distribution in the country,” he said.

Bello-Barkindo said the meeting, according to the invitations sent to the governors, would commence at 5 p.m.

The News Agency of Nigeria (NAN) recalls that the Federal Government had on Tuesday in Abuja received 3.92 million doses of Oxford/AstraZeneca vaccine.

The COVID-19 vaccine was shipped into Nigeria via the COVAX Facility, a partnership between CEPI, Gavi, UNICEF and WHO.

COVAX is co-led by Gavi, the Vaccine Alliance, WHO and the Coalition for Epidemic Preparedness Innovations (CEPI), working in partnership with UNICEF, the World Bank, Civil Society Organisations, manufacturers and others.

The federal government had also launched a website to register Nigerians for the  vaccination. (NAN)

Economy/Business

NSE: Indices drop further by 0.44%

By Chinyere Joel-Nwokeoma

Sell pressure continued on the nation’s bourse on Wednesday with indices dropping further by 0.44 per cent due to profit taking in MTN Nigeria Communications and 29 other stocks.

Consequently, the All-Share Index dipped 175.56 points or 0.44 per cent to close at 39,522.06 compared with 39,697.82 recorded on Tuesday.

Also, investors lost N91 billion in value as the market capitalisation dropped to N20.678 trillion from N20.769 trillion on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were: MTNN, Lafarge Africa, International Breweries, Dangote Sugar Refinery and Oando.

Analysts at Afrinvest Ltd. attributed the persistent lull to increasing rates in the fixed income market.

They, however, said the current prices of stocks made an attractive case for dividend yields.

The market recorded 30 losers against to 16 gainers.

Japaul Gold and Ventures led the losers’ chart in percentage terms by 10 per cent to close at 54k per share.

NEM Insurance trailed with a loss of 9.91 per cent to close at N1.91, while Champion Breweries dipped 9.76 per cent to close at N1.85 per share.

NPF Microfinance Bank declined by 9.47 per cent to close at N1.72, while Linkage Assurance shed 8.93 per cent to close at 51k per share.

On the other hand, Seplat recorded the highest price gain of 10 per cent to close at N583 per share.

AIICO Insurance followed with 5.22 per cent to close at N1.21, while Cornerstone Insurance gained 5.17 per cent to close at 61k per share.

UACN Property Development Company improved by five per cent to close at 84k, while Cutix appreciated by 4.21 per cent to close at N2.23 per share.

Transactions in the shares of Zenith Bank topped the activity chart with 41.38 million shares valued at N1.06 billion.

Guaranty Trust Bank followed with 28.99 million shares worth N919.82 million, while United Capital traded 24.61 million shares valued at N145.32 million.

AXA Mansard Insurance traded 17.53 million shares valued at N18.46 million, while FBN Holdings transacted 16.54 million shares worth N115.79 million.

In all, the total volume traded advanced by 9.8 per cent to 244.34 million shares valued at N4.13 billion traded in 4,714 deals.

This was in contrast with 222.57 million shares worth N5.39 billion exchanged in 4,470 deals on Tuesday. (NAN)

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