1. NNPC Finalises $6bn Oil-for-Product Swaps
2. Osinbajo Signs Executive Order to Aid Budget Submission by Agencies
3. EU bars Med-View Airline over safety concerns
4. General Electric to assemble gas turbines in Nigeria next year
5. Shareholders approve new capital raising for Med-View Airline
6. Bank customers to pay N17.54bn as card maintenance charges
7. NPA’s unaudited accounts stall release of 7% surcharge for port development
8. NCC sets New KPI for QoS, Telecoms contribution hits 15trn
NNPC Finalises $6bn Oil-for-Product Swaps
As part of measures to sustain the supply of petroleum products across the country, the Nigerian National Petroleum Corporation (NNPC) is in the final stage of signing $6 billion worth of deals with local and international traders to exchange about 330,000 barrels per day (bpd) of crude oil for imported petrol and diesel. The deals, which were previously referred to as offshore crude oil processing agreements (OPAs) and crude-for-products exchange arrangements, are now known as Direct Sale-Direct Purchase Agreements (DSDP). The Minister of State for Petroleum, Dr. Ibe Kachikwu, had said the DSDP was adopted to replace the oil swaps and the offshore processing contracts so as to entrench transparency into the crude oil-for-product transactions and save the country $1 billion. The signing of the deals earlier scheduled to take off by April, it was learnt, was delayed for three months to allow the NNPC and the oil traders negotiate the fuel specifications, among other issues.
Osinbajo Signs Executive Order to Aid Budget Submission by Agencies
In a swift response to the ultimatum given by the Senate asking the presidency to submit the budgets of revenue generating agencies within the next two weeks, acting President Yemi Osinbajo Thursday signed three executive orders aimed at revolutionizing government operations. The three orders, according to a statement by his spokesman, Laolu Akande, were intended to guarantee the timely submission of budgets by the respective federal government agencies, promote transparency and ease of doing business, and boost local content in public procurement. The statement added that the acting president signed the orders after an interactive session with ministers, permanent secretaries and heads of government agencies in the Banquet Hall of the Presidential Villa, Abuja. The executive orders also stipulated the sanctions and punitive measures meant to address violations, where necessary, Akande said in the statement.
EU Bars Med-View Airline Over Safety Concerns
The European Commission has barred a Nigerian carrier, Med-View Airline, from operating in its airspace over safety concerns. The airline is one of those under the EU Air Safety List Annex A, which have been banned from operating in Europe. A total of 181 airlines were prevented from flying into Europe, with 174 airlines barred due to safety oversight by aviation authorities in their home countries. The EU Air Safety List is a list of non-European airlines that do not meet international safety standards and are, therefore, subject to an operating ban or operational restrictions within the European Union. In the updated version, all carriers from Benin Republic and Mozambique were removed from the list, while four individual airlines, one each from Nigeria, St. Vincent and the Grenadines, Ukraine and Zimbabwe, were added.
General Electric To Assemble Gas Turbines In Nigeria Next Year
General Electric (GE) plans to launch a gas turbine assembly plant in Nigeria next year and has invested over $100 million as it seeks to tap growing demand for gas-fired power plants in Africa’s biggest economy, its local CEO said on Thursday. Lazarus Angbazo said GE wants to support the development of Nigeria’s gas reserve which is largely untapped, adding that the U.S. company has invested in some local power plants. Nigeria privatised its electricity sector in 2013, aiming to end decades of blackouts which have hampered economic growth. Most of the plants it sold were gas-fired, operating below capacity due to inadequate gas supply. Officials say demand for gas in Nigeria is estimated to rise to 3 billion standard cubic feet (scuf) per day by 2017 from 1.2 billion scuf per day in 2015, ten times the 300 million of eight years ago.
Shareholders Approve New Capital Raising For Med-View Airline
Shareholders of Med-View Airline Plc have mandated the board to raise additional capital to support its expansion programme. At its annual general meeting in Lagos, shareholders unanimously approved a special resolution authorising the board to raise new capital through debt or equity or a combination of debts and equities through any of private placement, rights issue, public offer and staff share purchase scheme. Its Chairman, Sheik Abdul-Mosheen Al-Thunayan, said the company was witnessing the beginning of a new era and urged shareholders and other stakeholders to support the company as the board and management continue to work to develop the company. According to him, the growth of the company has continued with accelerated efforts and ahead of its contemporaries as it has been able to spread to various routes across the world from its humble beginning in Nigeria in 2007.
Bank Customers To Pay N17.54bn As Card Maintenance Charges
Bank customers in Nigeria will pay not less than N1.462 billion to banks as card maintenance charges every month totaling N17.544 billion in a year beginning from May 2017, as the revised Guide to Bank Charges take effect from this month. The Central Bank of Nigeria (CBN) had revised the card maintenance charges in the new guide which was released last month from N100 annually to N50 monthly. This means every debit or credit card holder will pay N600 annually as against the N100 being paid previously.
NPA’s Unaudited Accounts Stall Release Of 7% Surcharge For Port Development
The 2016 unaudited accounts of the Nigerian Ports Authority (NPA) is currently stalling the release of the 7.0 percent surcharge paid on imports for the development of the ports. Disclosing this in Lagos, the Managing Director of the authority, Ms. Hadiza Bala Usman, said that the account of the agency was last audited in 2015 adding that the 2016 audit was yet to be done. Usman who was responding to queries on the port issues by protesting customs agents and truckers in Lagos, said that access to the fund was tied to the updated audit of the account of the authority.
NCC Sets New KPI For QoS, Telecoms Contribution Hits 15trn
Nigerian Communications Communications (NCC), said telecoms sector contributed about N15 trillion to the Nigerian economy since the liberalisation of the industry sixteen years ago. Prof. Umar Danbatta, executive vice chairman (EVC) stated this in Lagos, said the industry according to the latest report from the National Bureau of Statistics (NBS), contributed nine per cent to the country’s Gross Domestic Product (GDP) in quarter one of 2017.