By Kelvin Alohan Nigeria has finally signed into law a regulation to govern mini grid electricity generation, thus rekindling hopes that about 89 million of her citizens presently not connected to any form of grid electricity may eventually get connected. The country’s electricity regulator – Nigerian Electricity Regulatory Commission (NERC), finally signed the law on May 24, 2017, and recently posted it to its website for the general public. It was gathered on Wednesday in Abuja that both the commission’s vice chairman, Sanusi Garba; and commissioner for legal, licensing and enforcement, Dafe Akpeneye, signed the law, which would now allow investors interested in isolated and interconnected mini grid generation plants of up to one megawatt, to invest in and supply electricity from. NERC said the passing of the regulation which reportedly followed a review and ratification by Nigeria’s ministry of justice, was in exercise of its powers to make regulations conferred by Sections 96(1) and...
By ABAH ADAH, The Nigerian Bulk Electricity Trader (NBET) has disclosed that about 10 generating companies (GenCos) have received N12 billion from the N710 billion intervention fund earmarked to sustain steady power generation in the country. In an exclusive interview with LEADERSHIP, head of corporate communications of NBET, Henrietta Ighomroro, said, while NBET has commenced disbursements, the 10 GenCos had already been paid for power generation supplied to the agency of government in January 2017. Earlier in the year, the Minister of Power, Works and Housing, Babatunde Fashola (SAN) rising from a meeting of the Federal Executive Council (FEC)  had announced that council had approved N701 billion payment assurance fund to be disbursed to GenCos for power delivered on a monthly basis for two years, beginning from January, 2017 as a bail out from the liquidity crisis that engulfed the sector, particularly the generation subsector. Ighomroro said the payment for the 10 GenCos...
By YUSUF BABALOLA, Managing director of the Nigerian Ports Authority (NPA), Ms Hadiza Bala-Usman yesterday named the Nigerian Ports Authority (NPA); Nigerian Customs Service (NCS); Nigerian Maritime Administration and Safety Agency (NIMASA); Nigeria Police; Department of State Security (DSS); Nigerian Immigration Service (NIS) and Port Health as the approved agencies to operate at the nation’s seaports. This was even as the MD ordered other agencies not mentioned and approved to operate at the seaports to leave with immediate effect. The agencies not mentioned and supposedly ejected out of the seaports include:”Standard Organisation of Nigeria (SON); Port Quarantine Services, National Agency for Food and Drug Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA). She said: “I want to recognise seven approved agencies of government that operate at the port. In 2011, an approval was granted to streamline activities of government agencies at the port. For ease of referencing, the approved...
By KAYODE TOKEDE, The federal government plans to sell N236.66 billion of short-dated treasury bills (T-bills) at an auction on June 14, the Central Bank of Nigeria (CBN) said on Wednesday. The apex banking regulating body said it plans to sell N39 billion of three-month debt, N23.02 billion of six-month bills and N174.64 billion of one-year notes, using a Dutch auction system. Payment will be due the day after the auction. The CBN issues T-bills twice a month to finance a budget deficit, help manage commercial lenders’ liquidity and curb rising inflation. However, the CBN has revealed that Naira in circulation dropped by 3.9 per cent in May to N1.89 trillion from N1.97 trillion in April. This is in line with CBN motives to mop-up excess liquidity from the banking system that has resulted in drop in inflation rate. The National Bureau of Statistics (NBS) has said inflation rate dropped to 17.24 per...
By FESTUS OKOROMADU, Abuja with agency report The Shell Petroleum Development Company of Nigeria Ltd (SPDC) operator of the Shell/NNPC Joint Venture on Tuesday lifted the 17 months force majeure placed on Forcados Export Terminal following the completion of repairs of the leaks on the Trans Forcados Pipeline (TFP) that has affected crude receipts into Forcados Terminal. The spokesperson of Shell Nigeria, Bamidele Odugbesan who confirmed the development to LEADERSHIP in a telephone chat said the force majeure was lifted effective 16.00hour (4.00pm local time) on Tuesday, June 6, 2017. He commended the government and securities agencies for their supports in ensuring the repairs of the pipelines stressing that the reopening of the crude export terminal will further improve the prospect of meeting the 2.2 million barrel per day (bpd) export target of the government. According to Bloomberg’s loading program, Nigeria’s crude shipment this month is expected to average about 250,000 bpd, adding...
By Kauthar Anumba-Khaleel Abuja The Nigerian Extractive Industry Transparency Initiative (NEITI) has revealed that the Nigerian Liquefied Natural Gas (NLNG) failed to account for $15.9 billion oil proceeds it received on behalf of the Nigerian government. This was disclosed yesterday by the Executive Secretary of NIETI, Waziri Adio, at the ongoing probe by the House of Representatives ad-hoc panel investigating alleged losses of $17bn oil proceeds. Adio also revealed that the Nigeria National Petroleum Corporation (NNPC) could not also account for $21bn oil proceeds. Chairman of the committee, Hon. Abdulrazak Namdas who put the executive Secretary on the spot, demanded to know the facts of things. He said: "The country is losing huge revenue to oil theft. There are many things that must be looked into with a view of taking adequate measures. "NLNG got $15.9b as dividends as Nigeria's returns for its 49 percent equity in NLNG. The dividend was collected by the NLNG but...
By UJAH DAVID ABAKPA The Naira on Tuesday appreciated to N363 per dollar in the parallel market. Naira dropped to N363 per dollar from N370 per dollar on Monday in an impressive 7-point gain. Analysts attribute the development to a combination of weak demand and increased dollar supply. Another factor was Monday’s injection of another $190 million into the market by the Central Bank of Nigeria (CBN) The acting director, Corporate Communications, CBN, Isaac Okorafor, had in a statement, said $100 million was offered as wholesale interventions and $50 million was allocated to the Small and Medium Enterprises (SMEs) FOREX window. He said $40 million was also allocated to accommodate customers requiring FOREX for business, Personal Travel Allowances, tuition and medical fees. Mr. Okorafor said Naira had made tremendous gain against the dollar in recent times. He said FOREX rates at both the inter-bank and BDC segments had almost converged, prompting even greater optimism that the value of...
The President-General of the Maritime Workers’ Union of Nigeria (MWUN), Comrade Adewale Adeyanju has warned the newly elected executives of the dockworkers branch of the union against staging industrial actions for personal gains. This was even as he added that anyone caught in the web of such illegality in the port would face the wrath of the Union and the National executives. He handed down the warning before the commencement of the elections that saw seven members emerge as the new executives that will oversee the affairs of the branch in the next four years in Lagos on Friday. Adeyanju who served as the President of the branch for eight years said, “The road is not as easy as you think, if you stop work because of money, you will see the wrath of the national executive.” “Don’t put money first, if you work, money will come. There should not be making of...
By Jonathan Nda-Isaiah, Lagos Nigeria is one of the most profitable places in the ECOWAS sub-region for business and investment, Acting President Yemi Osinbajo, SAN, has affirmed. Prof. Osinbajo spoke yesterday while meeting the Foreign Minister of Indonesia, Mrs Retno L. P. Marsudi at the Presidential Villa, Abuja. According to the Acting President in a statement by his spokesman, Laolu Akande , with her large population and size, “Nigeria has a prerequisite market for profitable returns on any investment and business.” Citing the success of Indomie, one of the products by an Indonesian company in the Nigerian market, Prof. Osinbajo said “there is much room to increase the volume of trade between both countries.” “Nigeria is one of profitable places for business and investment because there is always market for them and government is creating a good and friendly environment for investment to thrive,” he stated. He said Indonesia should take advantage of the on-going...
by SOLOMON AYADO, And AHURAKA ISAH The Senate yesterday urged the Central Bank of Nigeria (CBN) and Deposit Money Banks to urgently adopt workable strategies that will lead to reduction on lending interest rates to enhance survival of businesses. The lending rates to the private sector have hovered between 28% to 30% across board in 2017. This, the senate noted has seriously placed a major burden on business investments and household consumption spending in the country thereby negatively impacting on the survival of Nigerian businesses. Consequently, a motion sponsored by Senator Rafiu Adebayo Ibrahim (Kwara South) has advocated the dire need for a Stakeholders Round Table to address increasing interest rates in Nigeria. The Central Bank of Nigeria Act, 2007 has given the CBN among other things the responsibility to ensure monetary and price stability and formulating monetary and credit policies and guidelines. The lawmaker, Ibrahim insisted that the Senate  is aware that current...