Business
FG Approves Lagos To Test e-Banking
The Federal Executive Council (FEC) on Wednesday endorsed the proposal by the Central Bank of Nigeria (CBN) to use Lagos State as a test case for e-banking and cashless economy.
Information Minister, Labaran Maku made this known to State House correspondents in Abuja, after the Council meeting presided over by President Goodluck Jonathan.
Maku said CBN Governor Lamido Sanusi and his team were present at the meeting to give the overview of the economy in the past two quarters and to discuss the initiatives taken by the apex bank in reforming the economy.
“The CBN has decided to start the cashless economy in Lagos State using Lagos as the hub for the beginning of the project.
“In this new initiative that the CBN has taken in partnership with the government of Lagos State, it is expected that in months to come, Lagos will really move quickly into e-banking,’’ he said.
Maku said Council gave its nod to the proposal because of its multidimensional advantages, particularly, in bringing down the running cost of banks by almost 30 per cent and affording every Nigerian to direct participation in the financial sector.
The proposal by the CBN indicates a limit of N150,000 and N1 million on free cash withdrawals and lodgments by individual and corporate customers respectively.
The minister said the CBN team also told the Council that the economy was on the right path with the growth rate of 6.4 per cent at the first quarter and the overall growth is put at 7.8 per cent.
On the inflationary movement, Labaran said the CBN reports indicated that headline inflation in the first and second quarters of the year stood at 12.8 percent.
The minister said the CBN team also reported to Council the upward progression witnessed in crude oil production which has gone up to 2.4 million barrels per day, due mainly to the peace witnessed in the Niger Delta region.
In a related development, Maku said Council gave approval to the Federal Ministry of Education to forward an Executive Bill to the National Assembly for an Act for the amendment of Education National Minimum Standard and Establishment of Institution Act and other Related Matters.
According to the Minister, the bill, if passed, will empower the National Universities Commission to handle cases of proliferation of illegal universities and prescribe punishment for those who violate minimum quality standard for the establishment of universities and courses.
Business
CFAO Hits Nigerian Automobile Market With New Land Cruiser Prado
CFAO has added to its fleet of cars in the motoring industry with the recent launch of the 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of others for the Nigeria market.
Unveiling the product in Port Harcourt on Tuesday, the General Manager, CFAO Mobility, Port Harcourt, Julius Fasetire, said the model is exceptional tailored for Nigeria’s market.
According to him, the unveiling was an exclusive opportunity for Nigerians to explore the latest in automotive excellence, discover new vehicle options , and benefit from Toyota by CFAO’s end of year bonus.
He further explained that CFAO is an authorised distributor of Toyota vehicles in Nigeria, committed to providing high quality vehicles and services to meet the needs of customers across the country.
“With an extensive network of service centres, Toyota by CFAO offers top-notch sales, service and support to ensure a seamless ownership experience”, he declared.
By: Nkpemenyie Mcdominic, Lagos
Business
Marketers Threaten Boycott Of PH Refinery
There are indications that oil marketers may boycot patronising the newly opened Port Harcourt Refinery Company (PHRC), which commmenced crude oil production last Tuesday.
This follows their request that PHRC, under the management of the Nigerian National Petroleum Company Limited (NNPCL), must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery.
Meanwhile, contrary to NNPCL’s claims, while reactiing to claims that its petrol price was about N1,045/litre, said the refinery had not released its prices, as products from the plant were currently dispensed to only NNPCL stations.
NNPCL’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing its prices and had yet to commence bulk sales, saying that its purchasing portal is still closed.
In the midst of this, The Tide’s source also gathered that oil marketers imported 105.67 million litres of petrol into the country five days ago.
The marketers confirmed that NNPC was selling petrol at N1,045/litre, saying that they may be compelled to opt for petrol importation as a means of meeting local demands.
The source exclusively gathered that a total sum of 78,800 metric tonnes representing 105.67 million litres of petrol was imported into the country in the last five days, specifically identified November 23 and November 28.
The NNPC said the 60,000-capacity newly rehabilitated complex of the old Port Harcourt Refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.
The company added that NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.
There’s also a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.
It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.
However, claims that the national oil firm’s PMS price was higher than that of Dangote triggered diverse reactions from marketers.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated that though NNPC had yet to release any price for the products from the refurbished Port Harcourt refinery, a high price would discourage marketers, because Dangote currently sells his petrol at N970/litre, while imported petrol is around that price.
He, however, noted that there was the possibility that the NNPC would review its prices downward when the Port Harcourt refinery comes fully on stream.
Business
NCDMB, ICPC Set To Mark Anti-Corruption Day
Following its unequivocal and successive ranking as Nigeria’s top performing organisation in efficiency and transparency from 2022-date, the Nigerian Content Development and Monitoring Board (NCDMB) has unveiled plans to mark the 2024 World Anti-corruption Day on Thursday, 5th December at its headquarters, the Nigerian Content Tower, Yenagoa, Bayelsa State.
The theme of this year’s celebration, according to a statement from the Board’s Department of Corporate Communications is “Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight against Corruption”.
The statement added that the celebration at the NCDMB is organised by the agency’s Anti-Corruption Unit (ACTU) led by the Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu.
The event, according to the Board, will be marked with a workshop that will feature paper presentations by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and key officials of the Board.
Another highlight of the day will include the grand finale of the debate competition among six federal government colleges from the six zones of the country, plus a representative from Bayelsa State, which is selected automatically as the host state of NCDMB.
The selected schools are Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State; Federal Government College, Warri, Delta State; and Federal Government Girls College, Kazaure, Jigawa State.
Others are, Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
Two students, accompanied by an adult from each of the schools will be camped in Yenagoa, the Bayelsa State capital, by the NCDMB for four days during which preliminary debates will be held to determine the best two teams.
The debate, whose grand finale is to be held at the magnificent 17-storey Nigerian Content Tower (NCT), Yenagoa, is being organised to instill the ethics of transparency and public interest in Nigerian students to promote critical thinking, research, and public speaking skills among that segment of the population.
This segment, according to the Board, are generally viewed as potential future leaders of thought and industry in the country, and encourage students to engage with complex issues that underline good governance and democracy in Nigeria, just as prizes will also be awarded to winners.
By: Ariwera Ibibo-Howells, Yenagoa
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