By Yemisi Izuora-Lagos Nigeria may have lost over investment opportunities valued at$500billion to other emerging nations in Africa and other parts of the globe due to non passage of the Petroleum industry Bill (PIB) into law by the legislature. This was revealed by the Nigeria Natural Resources Charter which launched in Lagos. . The report which was…
Author: orientalnewsng
By Yemisi Izuora-Lagos The Federal Government has inaugurated a N45 billion integrated, state-of-the-art sugar production plant in Sunti, Niger State. The project is wholly owned by Flour Mills of Nigeria Plc, (FMN) and comprises of a 16,500 hectare sugarcane estate and mill. The project is part of the Ministry of Industry and Investment’s approved Backward Integration Programme (BIP) for the production of local sugar in line with the provisions of the National Sugar Master Plan. The company has invested N16 billion in the project, while the entire project is expected to be completed and commissioned before the end of…
By Yemisi Izuora-Lagos An unexpected fire has gutted Mansard Insurance Plc on Bishop Aboyade Cole Street, Victoria Island. The incident happened when a fuel tanker which was offloading its content in a petrol station suddenly burst into flames. The fire immediately raged destroying parts of the insurance building. An eye- witness at the scene said that no one was sure of how the fire started, saying,“We don’t know how the fire started. The truck came to deliver diesel and the next thing we saw was flames.”
By Ijeoma Agudosi-Lagos Consumers of electricity in Nigeria appear more determined now to resist rising electricity tariff insisting that they would no longer pay the high estimated bills being issued by the electricity distribution companies. The consumers, under the aegis of Consumer Rights Advancement Organisation said they had adopted a position of “no prepaid meters, no more payment of estimated bills.” The President of the organisation, Mr. Adeolu Ogunbanjo said in a statement that the issue of non-supply of meters has been recurring both before and after the privatisation of the power sector. He, however, alleged that post-privatisation estimated bills…
By Yemisi Izuora-Lagos Nigeria’s PZ Cussons crashed almost a tenth of their value after its London-listed parent reported a drop in half-year profit. The crash was attributed to tough trading conditions in the west African country and a devaluation of its currency. PZ Cussons, the Nigerian unit of British soap and shampoo maker PZ Cussons Plc, fell 9.72 percent to 29.82 naira per share, underperforming the local bourse which was down 2.1 percent. The stock had previously shed 10.7 percent this year as foreign investors have been selling out of the Nigerian banking, consumer and oil sectors as the price…
By Our Correspondent Fuel scarcity has hit Lagos and some parts of Ogun as long queues resurfaced leading to long queues across the states, few hours after oil workers issued statement about their warning strike. Our correspondent observed that long queues emerged in some filling stations across the city of Lagos even when some were not selling the products after exhausting their stock. Forte Oil filling station at Igbosere and Total filling station at Okesuna, Mobil at Maryland in Lagos Island were not selling due to non available of premium motor spirit, otherwise called petrol. Oando filling station and Conoil…
By Yemisi Izuora-Lagos The Industrial Training Fund, (ITF) said it has trained 37,000 youths in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI) in two years. According to the agency, the training was carried out under the National Industrial Skills Development Programme, (NISDP) which was introduced by the Federal Government 2012. ITF director-general, Dr. Juliet Chukkas-Onaeko, made this known in Lagos, during interactive forum with industry stakeholders organised by the Fund. She disclosed that the theme of forum, ‘Moving forward and succeeding together’ is apt and a clarion call for…
By Yemisi Izuora-Lagos The Lagos Chamber of Commerce and Industry (LCCI) has opposed the Private Companies Coversion and Listing Bill. Saying that it will not only discourage foreign investment but will also negatively affect the business environment. The chamber said it undertook a review of the Bill and found out that it would create undesirable and unnecessarily cumbersome regulation and scrutiny on the companies under Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) rules and regulations. The Bill seeks to provide for the private companies whose shareholders funds exceed forty billion Naira or its annual turnover exceeds…
By Yemisi Izuora-Lagos The Minister of Aviation, Chief Osita Chidoka has given the management of the Federal Airports Authority of Nigeria (FAAN), a two week ultimatum to evict touts from the airport environment. The Minister who gave this directive today at the launching of the Anti-Corruption Intervention in the Aviation Sector, an ICPC Initiative said that “a mobile court for the airport would be requested for from the Lagos state government, where defaulters of airport rules would be tried and sanctioned immediately”. He promised to provide more CCTV cameras at the airports, to enhance security surveillance. The Minister, who described…
By Ijeoma Agudosi-Eket The Department of Petroleum Resources (DPR) said it will enforce standards in the petroleum industry such that law breakers would be shown the way out. With this warning beginning from 2015 the oil industry regulator will de-register petroleum retail outlets that fail to meet up with standard requirements in the sector. It vowed to be strict on enforcing regulatory standards on the sales and storage of petroleum products. The Controller of Operations, Mr. Eyo Antai Asuquo gave the warning in Eket, Akwa-Ibom state during an Annual Marketing Meeting with the Independent Petroleum Marketers Association of Nigeria (IPMAN).…