Top News Update 13/07/2017
1. Mutilation of naira notes is abuse on national sovereignty – CBN
2. Falling oil price’ll definitely affect 2017 budget – Kachikwu
3. IAEA rates Nigerian nuclear infrastructure high
4. Dangote Unveils Plan to Replicate Cement Revolution in Rice Production
5. Out of 22 million, 600,000 people pay taxes – Ambode
6. Power sector depleting national treasury –NSE
7. MSMEs need quick, cheap dispute resolution to thrive – Rhodes-Vivour
8. Courier operators oppose 2.5% annual operating levy
9. US unveils new technology for Nigerian oil industry
10. Nigeria lost out on $10bn oil asset divestment – Operators
Mutilation Of Naira Notes Is Abuse On National Sovereignty – CBN
The Central Bank of Nigeria has condemned the mutilation of naira notes, saying it represents an abuse on national sovereignty. The CBN’s acting Director of Corporate Communications, Mr Isaac Okorafor, on Wednesday in Abuja said the mutilation of the naira as perpetrated by members of the public at wedding ceremonies and parties end up damaging the currency. He, therefore, called on Nigerians to treat the nation’s currency with respect.
Falling Oil Price’ll Definitely Affect 2017 Budget – Kachikwu
The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said. He also stated that Nigeria would support all measures put in place by OPEC to ensure crude price stability globally, not minding if the cartel asks the country to cut down its oil production volume.
IAEA Rates Nigerian Nuclear Infrastructure High
The International Atomic Energy Agency (IAEA) on Wednesday gave the Nigerian Nuclear Regulatory Authority (NNRA) a clean bill of health, describing it as a committed regulatory body that works for the continuous improvement of nuclear and radiation safety. An interim report that the IAEC Integrated Regulatory Review Service (IRRS) mission’s chairman, Lamberto Mattoecci presented on the 10-day mission, however, observed that the NNRA was still enmeshed in challenges related to its independence in implementing regulatory decisions and activities.
Dangote Unveils Plan To Replicate Cement Revolution In Rice Production
The President of Dangote Group of Companies, Alhaji Aliko Dangote, has revealed that the focal point of the company is to replicate the revolution it brought about in cement production into agriculture particularly rice and sugar. This is coming just as the Taraba State Governor, Darius Ishaku, expressed optimism that the state has the potential to produce the local requirement for rice and sugar as well as for exports.
Out Of 22 million, 600,000 People Pay Taxes – Ambode
The Lagos State Governor, Akinwunmi Ambode, has said only 600,000 residents of the state pay taxes out of a population of 22 million. The governor, who spoke at a sensitisation workshop in Ikeja on the 2017 Water Technology and Environmental Control Exhibition and Conference, noted that there was the need for residents to adopt a wilful approach to the payment of taxes to accelerate development.
Power Sector Depleting National Treasury –NSE
The power sector has been depleting Nigeria’s treasury by hundreds of billions of naira despite being privatised more than three years ago and has since failed to record tangible improvement, the Nigerian Society of Engineers has said. It said the excitement across the country at the time the sector was privatised had suddenly diminished among Nigerians, adding that the present situation of the industry was awful.
MSMEs Need Quick, Cheap Dispute Resolution To Thrive – Rhodes-Vivour
The Chairman, Chartered Institute of Arbitrators, Nigerian branch, Mrs. Adedoyin Rhodes-Vivour, has expressed the institute’s commitment to helping micro, small and medium-scale enterprises to resolve their disputes in quick, efficient and cheap manners through arbitration. Rhodes-Vivour, who pointed out that MSMEs are vital to the country’s overall economic growth, said it was important to ensure that they were not frustrated through unresolved disputes which cannot be wished away in the course of business relations.
Courier Operators Oppose 2.5% Annual Operating Levy
Courier operators have opposed the proposed annual operating levy as contained in a bill seeking to excise regulatory functions from the Nigerian Postal Services and establish a new regulatory authority. The operators, who spoke under umbrella of the Association of Nigeria Courier Operators, presented their position at a public hearing on the Nigerian Postal Service Act (repeal and re-enactment) Bill conducted by the Senate Committee on Communications in Abuja on Wednesday.
US Unveils New Technology For Nigerian Oil Industry
The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria has announced the introduction of an innovative technology called ‘Synergy and Aruba’ for use in the Nigerian oil and gas industry. It said the technology was introduced in collaboration with Hewlett Packard Enterprise Nigeria and its leading local partner, Manifold Computers.
Nigeria Lost Out On $10bn Oil Asset Divestment – Operators
Nigeria failed to benefit from the over $10bn raked in by international oil companies from recent divestment of assets in the country, industry operators said. The divestment exercise, which started in 2010, saw a number of indigenous oil companies falling over themselves to snap up assets that had been described as over-priced.