Business

‘ISOAN Can Create Five Million Jobs’

Published

15 years ago

May 13, 2011

The Nigerian National Petroleum Corporation (NNPC) still says there is enough kerosene in circulation.

Dr Levi Ajuonuma, NNPC Group General Manager (Public Affairs Division) told newsmen in Lagos that the scarcity was artificial.

Ajuonuma said that marketers were responsible for the scarcity because NNPC had enough kerosene in stock and wondered what the cause of the scarcity was.

“NNPC has enough kerosene in stock and we are appealing to major and independent marketers to ensure effective distribution to end users.

“We have told them several times to ensure that petroleum products are taken from NNPC depot to the end users to end the scarcity of the kerosene.

“Marketers are the ones causing artificial scarcity to hike the price of the product,” Ajuonuma said. But the independent marketers told journalists on Wednesday that they did not have enough kerosene in stock.

Six marketers, who preferred anonymity, said the allegation that marketers were hoarding the product was false.

They said that marketers would not deliberately hoard kerosene nationwide.

One of them said marketers would not want to join issues with NNPC, adding that the truth was that the cost of kerosene was now high at the international market.

According to him, it is only the NNPC that can import sufficient kerosene to meet nationwide demand.

“Kerosene scarcity will persist in the country for as long as the high prices of crude oil in the international market remained.

“If there is scarcity, it means NNPC is not importing enough. It would have been easier for marketers to import if kerosene business was deregulated.

“Marketers will only dispense what they have and what sense does it make for us to have kerosene in our tanks and not dispense it?” one marketer asked.

Reports have it that the product has become a scarce commodity nationwide.

The price of kerosene has shot up in states like Rivers, Kaduna, Bauchi, Lagos, among others. The price has risen by about 150 per cent.

A survey of some major filling stations showed that a litre of kerosene now sells for between N150 and N180 against the official price of N50.

At the black market, a four-litre jerry can is sold for N1,300 while the 20-litre jerry can goes for N4,800 in Port Harcourt.

Prospective buyers spend several hours on long queues at filling stations before getting the product.

Members of the Indigenous Ship Owners Association of Nigeria (ISOAN) can provide five million jobs if the Federal Government changes its current maritime trade policy, a maritime expert, Chief Chijioke Egwuagu, said on Wednesday.

Egwuagu, the Chairman of a maritime firm, Multi Trade Group of Companies, told newsmen in Port Harcourt that the policy whereby crude oil buyers were allowed to come in and load their consignment with their own vessels was causing the nation colossal economic loss.

“Of all the member countries, which produce oil, Nigeria is the only country that still operates the trade policy of Freight On Board as against Cost Insurance Freight as done by other nations,’’ he claimed.

The maritime expert said the “outdated” policy had resulted in the loss of more than $150 millon monthly in crude oil sales made by Nigeria.

He said the enormous economic loss was regrettable and added that the indigenous ship owners were ready to collaborate with the government to put an end to it.

“The message we have sent to the President is to change Nigeria’s trade policy from FOB to CIF and we will bring in 20 brand new vessels of international standards to lift our crude with Nigerian-flagged vessels,” he noted.

Egwuagu said that, through his effort, the group had already secured a $1.8 billion offshore funding for the acquisition of 20 brand new ocean-going vessels.

A delegation of the association, he said, had also registered its commitment through the Minister of Transport, Alhaji Yusuf Suleiman, to President Goodluck Jonathan.

“As a group, we are ever ready to make bold our position because most crude oil buyers have ripped off the economy of Nigeria through this FOB policy and we are out to stop it,’’ Egwuagu said.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

20 hours ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

20 hours ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

20 hours ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor