Mr Ndu Ughamadu, the Group General Manager, Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC) on Sunday said it had crushed the price of diesel by 42 per cent. In a statement in Abuja, Ughamadu said diesel also known as Automotive Gas Oil (AGO), had a huge downslide over the last six months, following key strategic interventions by NNPC. ”In the first quarter of 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300 per litre in major demand centres across the country. ”Such unpleasant situation placed a huge burden on truck drivers, who need the product for transporting their vehicles; and the nation’s manufacturing sector, which requires it to run its operations. “”It also affected the masses, who need it for household power generation. ”However, following strategic intervention efforts by the NNPC toward sustained improvement in the supply of diesel, the product’s...
Diesel retail prices nationwide are falling and the Nigerian National Petroleum Corporation (NNPC) has attributed the continuous slide to its sustained strategic intervention. A national survey by Oil and Gas Forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of diesel has fallen steadily from between N175 and N200 per litre as at June 18, 2017, to as low as between N155 and N160 per litre in some stations across the country as at last week. The study showed that NNPC Mega Stations and its affiliates across the country sold the product for N160 per litre while many major and independent marketers in Abuja, Lagos, Kaduna, Onitsha, Enugu, Makurdi and most major cities were selling between N160 and N165 per litre. In Port Harcourt, the average price is as low as N150 per litre. The Manager of a fuel retail station in Abuja, Ibrahim Isah, said the station...
By Bukola Idowu, Lagos Although it started out on a note that was not encouraging, analysts say the Nigerian economy has fared better in the first half of 2017 than it did in the past two years due the policies put in place by both the fiscal and monetary authorities. The first half of the year has seen inflation begin to ease by the second quarter. Negative growth of the Gross Domestic Product also decline with many projecting that the economy would record positive growth by the end of the second quarter. Likewise, the external reserves of the country had risen as the price of oil at the global market rose and the foreign exchange crisis of the eased as liquidity improved in the market and the issue of rates convergence was addressed. Rating the performance of the economy in the first six months of the year, economic analysts told Leadership that the...
With the focus on improving its operations and service to humanity with good returns to stakeholders, the leader in identity solutions provider and management in Nigeria has added four persons to its Board of Directors. ‘’This will strengthen Chams PLC’s global objective and expand its ability to take innovation to scale and increase our impact around the world.” The personalities are: Pastor Ituah Ighodalo – Non-Executive Director Pastor Ituah Ighodalo is a Pastor, an Accountant, a Thinker, a Social Reformer and a Writer. He obtained a B.Sc combined honours degree in Economics and Accounting in 1982 from the University of Hull, England, qualified as a Chartered Accountant in July 1986 and attended a Business Management Course at the Harvard Business School, Boston in 2011. Pastor Ituah is a Fellow of the Institute of Chartered Accountants of Nigeria, a fellow of the Chartered Institute of Taxation Nigeria, member of the Nigerian Institute of Management,...
By SALIHI ABUBAKAR BELLO,  Kano A Chinese multinational company, Shandong Ruyi Technology Group is set to invest $600 million in the textile and garment industry in Kano State. Already, talks between officials of the company and the Kano State Investment Promotion Agency have reached advanced stage, and it is expected that a memorandum will be signed in the next few months. The chairman of the state Investment Promotion Agency, Alhaji Isyaku Umar Tofa made this known during the presentation of certificates of occupancy to two investors by the state governor, Dr. Abdullahi Umar Ganduje, at the Government House in Kano. “We are about concluding talks with them and they were encouraged by the commitment of the Ganduje administration to provide tax incentives as well as free land for their huge investment,” he stated. Alhaji Isyaku Umar pointed out that the government was giving out free land to two companies namely; Black Rhino/Dangote Group to...
By KAYODE TOKEDE And OLUSHOLA BELLO, Lagos Zenith Bank’s total assets increased to N5.1trillon from N4.7trillion as at September 30, 2017. With about 40 per cent increase in gross earnings to N531.27 billion, Zenith Bank Plc on Thursday announced 31 per cent growth in Profit Before Tax (PBT) for nine months ended September 30, 2017 on The Nigerian Stock Exchange (NSE). Despite macro environment challenges and current policy direction, the Group recorded PBT of N152.55 billion in nine months ended September 30, 2017 as against N116.6 billion reported in nine months ended September 30, 2016. From Zenith Bank income statement, Profit After Tax (PAT) rose by 35.5per cent to N129 billion against N95.4 billion reported in nine months of September 30, 2016. However, interest income and interest expenses gained 26.6 per cent and 67 per cent to N361 billion and N160 billion respectively to leverage 6.2 per cent increase in Net interest income...
By Bernard Tolani Dada, Uyo Vice President Yemi Osinbajo yesterday commissioned the N15billion Jubilee Syringe company in Onna local government area of Akwa Ibom State, saying the factory will improve the health care delivery of Nigerians. He also stated federal government’s readiness to partner the government of Akwa Ibom State in its quest to improve the health care delivery of Nigerians through the establishment of the world class syringe factory in the state. According to him, the federal government will support the state in ensuring that the over 400 capacity of the factory are increased to one million. Jubilee Syringe Manufacturing Company is N15billion ($35million) syringe manufacturing company which sits on a 40,000-square meter (sqm) land area in Onna local government of Akwa Ibom State. The estimated 350 to 400 million syringes production per annum far overshoots that of a company in South Africa which has a production capacity of 93 million, thereby making...
bY FRANCIS OKOYE, Maiduguri and FESTUS OKOROMADU, Abuja Few days to the deadline set by the Nigerian National Petroleum Corporation (NNPC) to resume oil exploration in Borno state, indications have emerged that the planned exercise may not take place soon. LEADERSHIP reports that none of the sophisticated equipment for the operation has been moved to the site earmarked for the commencement of the exercise even as there are no activities on ground to indicate that the exercise will begin soon as promised. It would be recalled that the NNPC has said oil exploration in the Chad basin will commence in July, 2017, as according to it, necessary arrangements were being made for the take-off of the much awaited exercise. Speaking in May when he visited Borno, the NNPC group managing director, Dr Maikanti Baru, who was represented by the chief operating officer, Gas and Power, Mr Saidu Mohammed, assured the people of Borno...
By Nkechi Isaac, Abuja Telecommunication consumers were taken by surprise when the nation’s telecommunication regulatory body, the Nigerian Communications Commission (NCC) came out in the beginning of the year with its year’s focus, declaring 2017 as “The Year of the Nigerian Telecom Consumer.” Most regulatory bodies have the characteristics of being aloof, carrying out their regulatory functions without really identifying with those they are supposed to be protecting. The announcement by the NCC on March 15, 2017 was the first of its kind; it was the first time a regulatory body would come up with such mission, the first a government agency would openly take a stand with the masses and fight for their right. As is expected, the commission’s announcement got some consumers suspicious, confused and sceptical. However, four months after the announcement, telecommunication consumers throughout the nation are beginning to understand the commission’s mission which is backed by massive engagement,...
By ADEBIYI ADEDAPO, The House of Representatives Committee on Telecommunications yesterday queried management of leading telecommunications company, MTN-Nigeria over mass disengagement of personnel. The committee during an investigative hearing into the massive job loss and drop in revenue in the industry also requested the telecommunications company to provide a comprehensive list of persons disengaged from its service in the last one year. MTN’s acting Human Resource Executive, Ajibola Opeoluwa-Calebs, while responding to questions from the committee members explained that 194 staff voluntarily resigned from the company’s service, out of the 368 staffers that were disengaged from the service in the last one year. Ajibola said some of the disengaged staff were laid off due to their inability to use the latest technology in the industry. This according to him have created new vacancies and the company is about to recruit about 240 new staff, and vacancies had been published for 150 position already. “In April,...