Business

Reps Warns Against Corruption In Petrol Distribution Chain

Published

9 years ago

March 6, 2017

The House of Representatives Adhoc Committee on Review of Pump Price of Petrol has said that it will not relent in recommending sanctions against any entity found involved in corruption in the petroleum distribution chain.
The Chairman of the Committee, Rep. Raphael Igbokwe, made the remark in an interview with The Tide source in Lagos.
Igbokwe spoke on the sidelines of the committee’s visit to some government agencies and private sectors involved in transportation and distribution of petrol from the ports to the consumers.
He said that the committee would not relent in recommending any defaulter to the parliament to enable Nigerians to know those frustrating government’s efforts in making fuel available and affordable.
According to him, the committee would also commend the efforts of operators who were adding value in the value chain.
“We want to see that operators at every level are adding value to the value chain.
“At the tail end, we want Nigerians to be getting value for the money they are paying.
“One thing that clear is that subsidy had been removed but we believe that subsidy had been transferred from the government now to the people.
“People are paying for the cost differential from their own pocket. So people should be seen as getting value for their money,’’ Igbokwe said.
The law maker said that both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) had some international obligations they have to sort out.
According to him, NPA and NIMASA said they usually buy their equipment with foreign currency and render certain obligations to some clients, who paid in foreign exchange.
Igbokwe said that “to the committee, such explanation from NPA and NIMASA did not hold water at this point until the committee carry out its studies.’’
“Our committee intends to carry out economic study of what are the charges and related costs around Africa, especially in West African coast.
“To see if these charges are commensurate with what is obtainable in other areas.
“You will agree with me that such charges in foreign currency put pressure and this is one of the complaints we got from oil marketers in sourcing foreign currency.
“The charges put pressure on our local currency because these are operations taking place within the geographical areas of Nigeria,’’ Igbokwe told newsmen.
He said that all Nigerian economic activities should be naira-based, adding that the committee had challenged the government agencies for charging operators in dollars while their budgets before the parliament were reflected in naira.
The committee chairman said that government agencies charging operators foreign currency were putting pressure on the naira and creating room for devaluation and inflation.
He said that the committee would also make further findings to make comparison of what is obtainable in other places.
Igbokwe said that the monetary law did not in any way permit the dollarisation of transactions in Nigeria.
He said that all transactions in Nigeria should be domiciled in naira.
“If the price of a barrel of crude oil could be determined in consultation with the parliament and the volume of crude product daily which is standing at N2.2 million barrels per day now can be determined with the representatives of the people.
“We are thinking why the price of the product from the crude oil cannot be determined in consultation with the representatives of the people.
“Looking at the cost structure of the price template, we approached each cost element and operators at that level from the jetty charges, jetty owners, storage fees, to look at what value each player is adding in the value chain.
“We have identified possible causes of changes in price such as scarcity arising from operational inefficiency and scarcity created by players in the industry.
“Most marketers have complained of lack of access to foreign exchange.
“CBN sells the foreign exchange directly to players in the downstream sector to bring in the products and yet we found out that there were no enough products coming in.
“Our clue is pointing to the forex being released to some marketers and they are applying them for other purposes different from what they had specified the forex for.
“This is given room for lesser quantity of products coming in as per the quarterly planning of the Petroleum Products Pricing Regulatory Agency (PPPRA), ‘’ Igbokwe said.
Reports have it that the committee had visited NPA, NIMASA, Department of Petroleum Resources (DPR), Pipelines and Products Marketing Company (PPMC), Sahara Energy, Masters Energy Oil & Gas, NIPCO Oil and Gas, among others.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

9 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

9 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

9 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