Author: orientalnewsng

Yemisi Izuora The Central Bank of Nigeria, CBN, has extended the old Naira swap to February 10, following public outcry. The CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday, January 29, 2023. This comes after Nigerians have called for an extension of the deadline, sighting scarcity of the new notes in circulation However, the Chief Executive Officer, CEO, of the Center For The Promotion Of Public Enterprise, CPPE, Dr. Muda Yusuf, has said that 10 days extension is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process. The…

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Yemisi Izuora The Federal Government has engaged the services of global energy consultant Wood Mackenzie to drive the 2022/23 oil bid round. The firm would help to guide the process and ensure openness and transparency. The Commission Chief Executive, CCE, of the Nigeria Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, who disclosed this at the official mini bid exercise flag off in Lagos today said the exercise is designed to attract competent investors from across the world, both local and foreign, that have the capability and competence in operating in deep water environment. Komolafe, also said that apart from boosting…

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Richard Ginika Izuora The 11 Electricity Distribution Companies, DisCos, in Nigeria recorded marginal improvement in revenue generation in the Q2,  2022. Oriental News Nigeria reports that collection efficiency of the distribution companies improved due to efforts in blocking leakages in the collection system. The total revenue collected by all DisCos in 2022/Q2 was ₦188.29 billion out of ₦265.68 billion billed to customers and this corresponds to a collection efficiency of 70.87 per cent which represents a  1.53 per cent increase compared to 2022/Q1 where the average collection efficiency was 69.34 per cent.  In monetary terms, both the billings and collections…

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Moses Ofodeme The Independent National Electoral Commission, INEC, has stated that publication of list of candidates for the 2023 general elections were concluded last year. According to the Commission, the final list of candidates for the 2023 General Election was published at least 150 days before the day of election in compliance with the provision of Sec. 32(1) of the Electoral Act 2022. Festus Okoye, National Commissioner & Chairman Information and Voter Education Committee, of the Commission, while clarifying the issue said the final list for Presidential and National Assembly elections was published on 20th September 2022 while that…

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Yemis Izuora  Greenville Liquefied Natural Gas (LNG) production and distribution company, has called on federal government to fully deregulate the downstream oil sector and discontinue with petrol subsidy payment. The firm made the call as it celebrates succesdful fueling of Sinoma Cargo International Nigeria Ltd,  LNG prime mover trucks at its LNG retail station in Sagamu, Ogun state. Oriental News Nigeria, reports that the Minister Zainab Ahmed,  last week  confirmed that the federal government would spend about N3.36 trillion or ,$7.5 billion as petrol subsidy until mid-2023. Nigeria reportedly spent N2.91 trillion ($7 billion) towards a petrol subsidy between January and September…

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Yemisi Izuora The Board of Directors of Royal Exchange General Insurance Company Limited, has announced the appointment of Mrs. Ebelechukwu Benedicta Nwachukwu as the Managing Director/Chief Executive Officer (MD/CEO) of the company. This follows the confirmation of her appointment by the industry regulator, the National Insurance Commission, (NAICOM). Mrs. Ebele Nwachukwu assumed office December 1, 2022. Announcing the appointment at a press conference in Lagos, the Chairman, Board of Directors, Prince Ike Chioke, said that Mrs. Ebele Nwachukwu, with her extensive experience and knowledge of the insurance industry, will seek to drive the continuous growth and profitability of the company…

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Moses Ofodeme The Independent National Electoral Commission, INEC, has stated that publication of list of candidates for the 2023 general elections were concluded last year. According to the Commission, the final list of candidates for the 2023 General Election was published at least 150 days before the day of election in compliance with the provision of Sec. 32(1) of the Electoral Act 2022. Festus Okoye, National Commissioner & Chairman Information and Voter Education Committee, of the Commission, while clarifying the issue said the final list for Presidential and National Assembly elections was published on 20th September 2022 while that of…

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Yemisi Izuora The Nigerian National Petroleum Company Limited, NNPCL, has said that all crude oil transactions between 2016 to 2020 were sufficiently accounted for and proceed duly paid into Federation Account.  In a statement Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, denied an online publication, alleging that the company exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020). According to Muhammad, the Auditor General’s report in reference did mention 32 oil marketing companies involved in the non-completion of the NXP forms; but he however noted that does not in any way…

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Joseph Bakare  Finance Minister Zainab Ahmed,  on Wednesday confirmed that the federal government would spend about N3.36 trillion or ,$7.5 billion as petrol subsidy until mid-2023. Nigeria reportedly spent N2.91 trillion ($7 billion) towards a petrol subsidy between January and September 2022, according to the Nigerian National Petroleum Company Limited a cost the government has blamed for dwindling public finances. President Muhammadu Buhari signed the 2023 budget of 21.83 trillion naira ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4 per cent  and raised the oil price assumption. “Petrol subsidy will remain up to mid-2023 based…

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Richard Ginika Izuora The Eko Electricity Distribution Company, Eko DisCo has dismissed reports that DisCos are clandestinely adjusting upward electricity tariff across board. Reviewing the company’s 2022 performance and projections for the new year, EKEDC managing director and chief executive officer, MD/CEO, Tinuade Sanda, denied some media report claiming DisCos are embarking on tariff adjustments secretly. According to Sanda, Eko DisCo did carry out a minor adjustment only for customers in ‘Band A and B’ who receive minimum of 20 and 16 hours daily supply of electricity in accordance with regulatory provisions. Oriental News Nigeria, reports that the Nigerian Electricity…

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