Connect with us

Business

Association Sets Up Taskforce To Monitor Drilling Activities

Published

on

The Association of Water Well Drillers and Rig-Owners Practitioners (AWDROP), says it has set up a taskforce to monitor and supervise drilling activities and reduce indiscriminate drilling of boreholes in the country.
The National President, AWDROP, Mr Michael Ale, made this known in Abuja on Monday during an interview with newsmen of Nigeria.
He stated that the taskforce would also help in the regulation of borehole drilling through standardisation, licensing, accreditation and training those involved in drilling works.
According to him, the taskforce will also help in the enforcement of the drilling code of practise on anyone interested in drilling boreholes and support the government in generating more revenue from the water sector and upholding standards in drilling practices.
The AWDROP president expressed optimism that the effort would go a long way in preventing quackery and other negative activities associated with drilling in the country.
Ale hinted that the association would soon increase the cost of borehole drilling due to the high naira-dollar exchange rate, adding that foreign exchange was being used to procure equipment and materials.
He advised Nigerians to patronise only registered drillers, saying that many boreholes drilled by quacks had contaminated underground water resources, describing the development as the leading cause of illnesses, deaths, especially in children under-five years.
Ale urged the Federal Government to invest in water quality survey, such as testing of wells and boreholes to serve as incentives to Nigerians who embarked on water projects.
“Failure to coordinate the activities of borehole drilling in Nigeria, through non-implementation of regulatory instrument, encouraged uncoordinated pricing and use of substandard materials and disadvantageous to the unsuspecting and ill-informed customers.”
Ale, however, commended the Minister of Water Resources, Mr Suleiman Adamu, and his team on the inauguration of the Partnership for Expanded Water, Sanitation and Hygiene (PEWASH) programme.
He expressed the hope that the programme would assist in increasing people’s access to safe drinking water and improve their hygiene.
Ale commended the Federal Ministry of Water Resources for partnering with the Standards Organisation of Nigeria and other stakeholders to put up a code of practice for borehole drilling in the country.
“The document remains the valid guiding code for drilling companies in the country; the association has accepted the adoption of the implementation of the code for drilling companies.”
He said the implementation of the code of practice for all borehole operators was an important vehicle for of sustainable provision of quality water in Nigeria called for stakeholders’ involvement.
Ale also said that AWDROP would come up with a new programme for the professionals and practitioners in the industry.
He said the idea of the programme, tagged: ‘National Borehole Rejuvenation and Revitalisation Programme – Na BORE’, was in line with President Muhammadu Buhari’s National Food Sufficiency Programme.

Continue Reading

Business

Osinbajo Solicits Support For FG’s Housing Scheme

Published

on

Vice President Yemi Osinbajo has urged financial market experts to support the Federal Government’s efforts by developing an appropriate housing finance model that will significantly transform the housing sector on a large scale.
Osinbajo stated this on Monday when he received, on a courtesy visit to the Presidential Villa, a delegation from the Financial Markets Dealers Quotations Group (FMDQ) led by its Chief Executive Officer, Bola Onadele; who came alongside a delegation from the Independent Petroleum Producers Group.
Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed this in a statement titled ‘Let’s unlock Nigeria’s housing deficit, Osinbajo tasks financial market experts.’
Economic experts posit that the housing deficit in Nigeria is estimated between 18-22 million housing units, while the ratio of mortgage finance to GDP in the country is only 0.5 per cent, it is 31 per cent in South Africa and two per cent in Ghana and Botswana.
In his address, the Vice President said, “I like the point you made about the National Housing Blueprint. I very strongly believe that if we can unlock the conundrum in the sector, we can get things working.
“In our ESP, we have something on social housing but one of the critical issues there is how to market these houses, how we can provide the finance so that people can afford to buy them. These are houses that are in the order of about N2 million or N2.5 million.
“But there are still constraints on account of the fact that we just do not have anything like a feasible housing finance model, I think it is time for us to do so. It just looks like it has always escaped our capacity to find a real solution to the problem”.
Speaking on the possibility of having a model that will work, Osinbajo noted that “everyone recognises that we are in very challenging times. But I agree with you that the sheer range and vastness of our potentials make it seem almost intuitive that we are bound to succeed.
“I have no doubt in my mind whatsoever, that given the right mix of policy initiatives, we can get these things done. And your characterization of what needs to be done like attracting capital and sustaining it is so important because ultimately, capital will go where it is best treated.
“And if we are able to attract it (because we have the market, we have everything going for us), even in the worst of times, despite the situation, you find that there is still a great deal of interest.”
Speaking earlier, Onadele said the visit was to inform the Vice President about the transformation taking place in the FMDQ and the need for government support in growing the financial market for the benefit of Nigerians and the economy.

Continue Reading

Business

Nigerians Spent N2.33trn On Petrol In 13 Months – NNPC

Published

on

The Nigerian National Petroleum Corporation (NNPC) on Monday said that the total revenue generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.35tn.
Out of this amount, the corporation disclosed, Premium Motor Spirit contributed about 99.61 per cent of the total sales with a value of N2.34tn.
A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Garba-Deen Muhammad, said the figures were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report.
The statement was titled, “NNPC records crude oil, gas sales of $219.75m in May …posts N295.72bn from sale of petroleum products”
It read in part, “Total revenues generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.345tn where Premium Motor Spirit contributed about 99.61 per cent of the total sales with a value of N2.336 trillion.
“In terms of volume, the figure translates to a total of 2.241 billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.”
Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.65 billion litres and PMS accounted for 99.69 per cent of total volume.
The corporation also recorded a total crude oil and gas export sales of $219.75m in May this year.
The $219.75m represents an increase in sales of 180.29 per cent when compared to the previous month of April this year.
The report stated that crude oil export sales contributed $181.19m (82.45 per cent) of the dollar transactions compared with $4.22m contribution in the previous month, while the export gas sales component stood at $38.56m in May 2021.

Continue Reading

Business

Forex: CBN To Engage Crime Agencies To Fight Fraudsters

Published

on

The Central Bank of Nigeria (CBN) has vowed to engage financial crime fighting agencies to pursue fraudsters who have been deceiving the banks with fake documents to buy foreign exchange at cheap rates and sell at higher rates at the black market.
The apex bank had, few weeks ago, stopped selling forex to Bureau De Change operators and asked legitimate travellers to approach the banks to access cheap forex.
This is against the backdrop that many customers have been deceiving commercial banks with fake documents to obtain the forex at cheaper rate, and prevented genuine travellers from gaining access to forex.
The CBN Governor, Godwin Emefiele, had in an earlier statement, said that the BDCs defeated their purpose of existence to provide forex to retail users and had become wholesale and illegal dealers.
“They have remained renegade and so greedy, recalcitrant with abnormally high profit from these sales, while ordinary Nigerians have been left to feel the pain and therefore suffer,” the CBN boss said. 
Emiefele had posited that the CBN had maintained its stand to discontinue the sale of forex to the BDCs.
He urged Nigerians with legitimate business to approach the banks for cheap forex.
According to him, travellers could access up to $4,000 for personal travelling allowance and $5,000 for business travelling allowance.
Findings, however, showed that commercial banks have been reporting fraudulent forex demands to the CBN.
Confirming this, the CBN governor said, “We conducted a study; one of the banks in one day sold to 52 people who said they wanted to travel. After two weeks, they went to check, 40 out of the 52 had cancelled their tickets.
“How could you have a situation where about 70 per cent or 80 per cent who went to bank to buy BTA on the reason that they want to travel, banks sold to them, they turned back and went and sold to the black market. They were asked to return it and we are going to pursue you if you are involved in these nefarious activities.
“If you go to bank with fake visa, fake passport, we have told them not to sell to you. If they sell to you mistakenly, and after two weeks, we check and find that you cancelled your ticket or your visa is fake, they will call you because you are their customer.
“They have your BVN, they have your number, they will call you to return the dollars. If you do not return it, they will place your name on their website, your BVN on their website, we will pick those details.
“We will send them to EFCC and other crime agencies, they will pursue you and you must return the dollars because you cannot acquire it illegally. That is our position”.

Continue Reading

Trending