Author: orientalnewsng

….Cautions Against Amendment Of Act Yemisi Izuora The Nigeria LNG Limited (NLNG), has expressed regret that the Federal House of Representatives has passed a bill for the amendment of the NLNG (Fiscal Incentives, Guarantees and Assurances) Act. As we have said previously, including at a public hearing convened by the National Assembly in April 2016, we do not believe that this is in the national interest, as its direct consequence would be to project Nigeria as a sovereign-state promise breaker and an unsuitable destination for investments, the company said. A statement released by the General Manager, External Relations of the…

Yemisi Izuora Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary, the country’s oil minister said on Tuesday. Nigeria has been seeking investment in the sector to reduce reliance on imported oil products that consume a large portion of the nation’s scarce foreign currency reserves. After years of neglect its existing, ageing refineries produce hardly any fuel. “We reached an agreement that Agip will build a brand new refinery of 150,000 barrel capacity, Emmanuel Ibe Kachikwu said after meeting Eni executives in Abuja. A memorandum of…

Yemisi Izuora The FTI Consulting recently appointed by the Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands as  Provisional Liquidators to the Sea Trucks Group Limited has made clarification stating that the group remain intact and operationally viable. It will be recalled that on 5 May 2017 the Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands placed Sea Trucks Group Limited  into provisional liquidation, appointing Chad Griffin of FTI Consulting LLP and Ian Morton of FTI Consulting (BVI) Limited as Joint Provisional Liquidators (the “Joint Provisional Liquidators”). In a statement…

Yemisi Izuora The Central Bank of Nigeria (CBN) has approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction. The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed this disclosed that the sales will be settled this week. Okorafor reiterated that the CBN will continue to make every necessary intervention in the interbank market to meet all legitimate foreign exchange demands by customers. It will be recalled that the CBN on Friday, May 5, 2017, sold a total sum of $389 million to authorized dealers in the retail sector of the market as spot and…

Yemisi Izuora The management of Capital Oil and Gas whose chairman, Ifeanyi Uba has been detained for illegal alleged petroleum product sale belonging to the Nigerian National Petroleum Corporation, NNPC, has claimed that the Corporation is indeed indebted to the company. The company in a statement in Lagos decried the incarceration of their Chairman by DSS declaring it unlawful, and disregard for the rule of law and a breach on Ubah’s fundamental right to liberty, freedom of movement and association. On the claim that the company sold NNPC products in its care, the statement said, “For the avoidance of doubt…

Yemisi Izuora The National Pensions Commission, PenCom, which regulates the pension industry has confirmed the payment of public servants who retired in 2016. According to a statement, signed Emeka Onuora, the agency’s head corporate communication, all workers in the treasury funded Ministry,  Department and Agencies, MDA’s have had their accounts with their various Pensions Funds Administrations, PFA’s credited. The statement read, “This is to notify all employees of the treasury funded federal ministry, departments and agencies, who retired between January and August 2016 and were duly enrolled, that their accrued benefits have been credited into their pension fund administration (PFA)…

Yemisi Izuora/Hyacinth Chinweuba The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has decried the continued inability of Distribution Companies to deliver on agreed terms and threatened sanctions against the firms. Fashola, declared that the power firms had failed in many aspects and bluntly stated that complaints of obsolete infrastructure in the sector as alleged by the companies were unnecessary because they were aware of the state of these facilities when they purchased the assets. The minister, who spoke at the 15th monthly meeting of power sector stakeholders in Jos, also demanded participants to cast vote on whether to…

Yemisi Izuora The management of Ikeja Electric has appealled to communities within its network to guide and protect electrical installations sequel spate of vandalism in Igando, located Alimosho local government area of Lagos State, South-West, Nigeria. The company said neferious activities of electricity vandals in the community has plunged over 6,000 households and businesses into darkness. Acording to the company, the vandals have largely targeted transformers where single core and up-riser cables worth millions of naira were carted away. Head, Corporate Communications for Ikeja Electric Plc, Felix Ofulue, decried the development, noting that the increase in the vandalism of the…

Yemisi Izuora The Lagos Deep Offshore Logistics, LADOL, said it is investing in a 50 megawatts gas fired power plant, which will be built in phases. The Managing Director, LADOL, Amy Jadesimi, dropped the hint during a tour by a team from the Nigeria Export Processing Zones Authority (NEPZA) to the base. The power plant will not only boost available generation in the country, which is grossly inadequate to meet local need, but will also be an added boost to capacity development in-country Jadesimi said: “We are building a 50MW power plant in phases. The first phase is 24MW, which…

Yemisi Izuora Current calculations by the federal government may lead to possible increase in electricity tariff perhaps July this year as government considers options to revive the ailing power sector by injecting $7.6 billion (about N2.4 trillion) in five years. The details are contained in the Power Sector Recovery Plan (PSRP), a document formulated in March by the Office of the Vice President and the World Bank Group. The Working Group for the implementation is being coordinated by the SSA to the President on Power at the Office of the VP, Damilola Ogunbiyi, and the Lead Energy Specialist at WBG,…