Connect with us

Business

SON Moves To Overhaul Operations 

Published

on

The Standards Organization of Nigeria (SON) has set up a five-member independent committee to overhaul its operations for optimum performance.
Director-General of SON, Mallam Farouk Salim, said in a statement that the committee would review its management practices to strengthen the organisation for improved service delivery.
The SON boss said that the move was aimed at building strong processes for the organisation that would outlive its various chief executives’ tenures.
He mandated the committee to help examine the Standards body structure, processes and practices with a view to providing a template to address operational, service delivery and staff welfare challenges.
Salim also charged the committee to entrench equity and fairness as well as provide greater opportunities for staff to better contribute to attainment of organisational goals.
He further enumerated the committee’s terms of reference to include control and coordination, communication and effectiveness, manpower dispositions and manning levels.
Others, the SON DG said, are recruitment, postings and transfers as well as public perception of the organisation and its services, among others.
Salim stated that the committee members were carefully selected, given their rich pedigrees and experiences in the public sector and the management’s belief in their competence and ability to contribute to the growth of SON.
He said SON would give the committee departmental presentations containing activities, achievements, challenges and suggestions obtained from interactions with directors, heads of departments and relevant portions of the handover notes by the last management.
Salim enjoined the committee to invite additional inputs, presentations, clarifications or opinions from members of the SON management and the staff unions as it might deem necessary.
“Arrangements have been made for the committee to visit the organisation’s   major operational offices in Lagos, Enugu, Port Harcourt and Kano to feel the pulse of the staff and have a broader view of the organisation,” he said.
Salim stressed that the committee had four weeks from the date of inauguration to submit its interim report and was expected to submit its final report before the end of the year.
nomic development.
He said that the new appointment was a novel approach by the SON’s Director General towards realising his vision for the standards body.
“We will hit the ground running and members of this committee will  devote their time and passion to the assignment with a view to delivering on the terms of reference within the time frame given,” he pledged.

Print Friendly, PDF & Email
Continue Reading

Business

Oil Slumps To $88/Barrel, OPEC Considers 1mbpd Cut

Published

on

The global benchmark for crude, Brent, appreciated in price on Monday, a situation the Organisation of Petroleum Exporting Countries (OPEC) and its allies consider an oil output cut of more than a million barrels per day when they meet today (October 5, 2022).
Industry figures seen on Monday showed that the cost of Brent moved up by 3.7 per cent or $3.15 to close at $88.3/barrel as at 6.03pm Nigerian time.
Another oil grade, the WTI, also increased in price on Monday, gaining $3.36 or 4.23 per cent to close at $82.83/barrel around the same time.
However, oil grades in the OPEC Basket dipped in price, shedding $0.42 or 0.45 per cent to trade at $92.34/barrel around 6.06pm on Monday.
OPEC sources told Reuters that the oil cartel and its allies were considering an output cut of over one million barrels per day at their meeting coming up today (Wednesday).
The latest figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1mbpd.
The meeting to consider a reduction in global oil supply is happening at a time when governments around the world are struggling to control runaway inflation.
A cut in supply leads to a rise in petroleum prices for consumers.
Today’s face-to-face meeting of the 13 OPEC members led by Saudi Arabia and its 10 allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.
“It is a meeting that is taking place at a very interesting global time,” one of the sources told Reuters.
Saudi Arabia, OPEC’s de facto leader, first flagged the possibility of cuts to correct the market in August.
The cartel had agreed to huge cuts in output in 2020 when the pandemic sent oil prices crashing but began to increase production last year as the market improved.
Now, the output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.
Oil prices soared to almost $140/barrel in March after the start of Russia’s war in Ukraine, but have since fallen to around $80/barrel amid recession fears.

Print Friendly, PDF & Email
Continue Reading

Business

‘Blue Economy Can Contribute $1.5trn To Economy’

Published

on

Secretary-General, International Seabed Authority, Michael Lodge, has said the sustainable development of deep seabed resources located in Africa’s continental shelves, and in the international seabed area can be a key driver for the development of Africa’s Blue Economy.
He stated this, Monday, in Abuja, during a pre-event press briefing on the imperative of supporting Africa’s Blue Economy.
The event is jointly organised by the International Seabed Authority in collaboration with National Boundary Commission, Federal Ministry of Transportation, Nigerian Maritime Administration and Safety Agency, and other relevant Ministries, Departments and Agencies, and aimed to support the  strategy of Africa’s Blue economy.
Quoting the United Nations statisics, Lodge said Blue economy could also contribute up to $1.5tn to the global economy if effectively and sustainably managed.
“The sustainable development of deep seabed resources located in Africa’s continental shelves and in the international seabed area could be a key driver for the development of Africa’s Blue Economy.
“According to the United Nations, Blue Economy could contribute up to $1.5tn to the global economy if effectively and sustainably managed.
“This is a huge opportunity for Africa and each African state. The oceans and seas surrounding the African continent include a wealth of natural living and non-living marine resources. This inspired a growing interest in the sustainable development of the African Blue Economy”, he said.

Print Friendly, PDF & Email
Continue Reading

Business

FG, States, LGs Share N2.429trn In Three Months

Published

on

The three tiers of government comprising Federal, State, and Local, have shared N2.429 trillion from the Federation Account from June to August, 2022.
The amount is made up of statutory distributions, Value Added Tax (VAT), and others that goes to collecting agencies such as the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS).
Data available to The Tide’s source stated that the Federal, State and Local governments got N673.137 billion in August, N954.085 billion in July and N802.407 billion in June.
Under statutory disbursements, which is derived after VAT and cost of collection are deducted from the total distributable revenue that accrues to the Federation Account at the end of every month, N1.823,369 trillion was shared among the Federal, State and Local Government councils.
In the three months, the Federal Government received N437.871 billion; State governments received N776.918 billion, while Local governments got N608.580 billion, thus bringing the total statutory disbursements between June and August to N1.823,369 trillion.
Under the proceeds from VAT, a total allocation of N586.26 billion was made to the benefiting governments in the three months reviewed. In August, the three governments got N215.266 billion, in July, N177.167 billion, and in June, N193.827 billion.
From June to August, the FIRS, Customs and other revenue-generating agencies that are entitled to the cost of collection received and shared N35.487 billion in August, N47.254 billion in July and N44.606 billion in June, 2022, bringing the total for the three months to N127.347billion.
After making all the deductions, the remainder known as the ‘total distributable’ was shared as follows: Federal Government in August received, N259.641 billion, in July N406.610 billion and in June, N321.859 billion. So, in the three months, the Federal Government got N988.11 billion.
Within the same months, the state governments received N222.949 billion in August; N281.342 billion in July and N245.418 billion in June – all amounting to N749.709 billion.

Print Friendly, PDF & Email
Continue Reading

Trending