Yemisi Izuora About 65 Nigerian contractor and subcontractor companies were involved in the Turn Around Maintenance, TAM, of the Shell Nigeria Exploration and Production Company, SNEPCo’s, Bonga deep water oil field completed in April this year. According to the company, over 1,000 people were also involved, spread across worksites and vessels, in the exercise described as the biggest in scope in the 12-year history of the asset. Managing Director of SNEPCo, Mr. Bayo Ojulari, revealed last week in Lagos that the engagement of Nigerian contractor and sub-contractor companies was one of the high-points of the Bonga TAM, so also the…
Author: Orientalnews Staff
Yemisi Izuora The House of Representatives has demanded a compulsory review of the National Minimum Wage every five years. The proposal was contained in a bill to amend the National Minimum Wage Act, 2004, which passed second reading on the floor of the House in Abuja, during a session presided over by the Speaker, Hon. Yakubu Dogara. The legal framework, when passed, sets in motion a process for government and organised labour to commence discussions on review of wages every five years. The bill was sponsored by the Majority Leader of the House, Hon. Femi Gbajabiamila. The All Progressives Congress…
Source: Sweetcrude The Nigerian banking sector’s outstanding loans to the energy industry rose by 1.25 percent to N5.65 trillion as at end of the first quarter of 2017, according to latest data released by the National Bureau of Statistics (NBS). The NBS, in its First Quarter 2017 Selected Banking Sector Data, disclosed that the total loans appreciated by N68 billion from N5.582 trillion recorded at the end of the fourth quarter of 2016. The loans were given to oil & gas firms and power & energy firms. According to the NBS, in the industrial sector, the banking sector credit to…
Yemisi Izuora President of the African Development Bank, AfDB, Akinwumi Adesina has charged African countries to be to be innovative so as to positively drive the continents economy. Akinwumi while speaking at the just concluded G7 Summit in Italy emphasised that innovation is crucial for access to energy, as he disclosed that 645 million Africans do not have access to electricity. “Africa cannot develop in the dark. Africa needs an energy revolution,” he said. Adesina said in his address: “That is why the Bank is investing $12 billion over the next five years in the energy sector as well as…
Yemisi Izuora/Ijeoma Agudosi The Senate has raised an ad hoc committee to look into the planned concession of the Port Harcourt Refinery to Agip and Oando Plc, just as it directs the Federal Government to suspend the concession. The investigative committee is expected to probe the criteria used selecting Agip and Oando for the maintenance and operation of the refinery.
Yemisi Izuora The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to building capacity and bridging skills gaps in the banking industry in general and the Deposit Insurance Scheme (DIS) in particular in Africa. The NDIC’s Managing Director/Chief Executive, Alhaji Umaru Ibrahim, who gave the assurance in a forum in Lagos, said with the NDIC Academy’s new status, it was positioned to fulfil the corporation’s goal of serving as a centre of academic excellence for capacity building on the DIS for countries in the sub-Saharan Africa. The Nigeria Deposit Insurance Corporation (NDIC) has stated its resolve to lead in…
Joseph Bakare/Ijeoma Agudosi Acting President Yemi Osinbajo has signed into law two Acts of Parliament that had earlier been passed by the National Assembly. Osinbajo’s Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, in a statement explained that the Acts signed into law will ultimately facilitate access to more affordable credit for Nigerians. The assented Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as the Collateral Registry Act) and the Credit Reporting Act, 2017. According to the statement, the Collateral Registry Act ensures that the Micro, Small and Medium Enterprises in Nigeria can register…
Yemisi Izuora The Nigerian Airspace Management Agency (NAMA) is developing solar panel and batteries to boost its equipment to reduce dependence on public power supply. The equipment, which is valued at several millions of naira, would be deployed to eight locations in Lagos, Calabar, Enugu, Sokoto and four others. General Manager, Electro Mechanic, Adebisi Anjorin, an engineer, described said the move will provide alternative source of power to NAMA’s Instrument Landing Systems(ILSs) across the nation’s airports. Anjorin said the equipment were captured in 2016 budget, and that they have commenced installation of the equipment at the Lagos and Kaduna airports.…
Yemisi Izuora The Central Bank of Nigeria (CBN) has boosted the inter-bank market with $482.6 million, underlining its determination to guard the international value of the naira. A breakdown interventions indicates that the Retail SMIS was allocated the sum of $285,779,350, while the $100 million was offered in the Wholesale SMIS auction window. The Small and Medium Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million. According to the Acting Director, Corporate Communications at the…
Yemisi Izuora There seems not any indication to confirm the possibility of establishing an Asset Management Corporation of Nigeria, AMCON II, which was thought to help reduce the volume of non-performing loans in the banking industry. At the moment, the Managing Director, AMCON, Ahmed Kuru, says the idea is not consideration. He however said the advocates of the proposed debt body could start a private sector intervention, adding, “AMCON II as an asset management is not possible anymore,”. Kuru, said as the non-performing loans (NPLs) of banks keep burgeoning, at over N1.5 trillion, the Nigerian Deposit Insurance Corporation (NDIC) and…