Business

FG Stakes N52.7bn To Clear PetrolDebt

Published

4 years ago

February 4, 2022

To sustain the supply of Premium Motor Spirit (PMS) in the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has paid over N22 billion as part of the backlog owed to petroleum products transporters in the country.
According to NMDPRA’s Chief Executive, Farouk Ahmed, there are plans to pay another N30 billion this week to the petroleum products’ transporters, saying that the move was to bring respite to cushion the effect of the difficulties faced as a result of the current economic realities.
The debt to petroleum product marketers had skyrocketed in the past three months following the scrapping of the Petroleum Equalisation Fund Board, whose responsibility to settle the transportation cost of petrol has been assumed by the newly created NMDPRA.
At an interactive session with stakeholders in the oil and gas industry, Ahmed said the N22 billion paid so far has surpassed the whole of payment made in 2021, adding that the authority would deploy due diligence before making another set of payments to the transporters.
“Since the last meeting of December, we have paid about N12.7 billion to the transporters and last week Monday, we paid another N10 billion and this week we are paying another N30 billion to transporters in a bid to give them respite because of the difficulties they are facing with the economic realities.
“If you add the N30 billion we are planning to pay this week, the whole payment made so far would be N52.7 billion for the PMS bridging fund and this payment is ongoing and as they transport, we pay.
“When we came in, we wanted to ensure that we did our due diligence before payment was done. What we paid in December has surpassed the whole of the payment made in 2021”, he explained.
Ahmed noted that the reconciliation is still ongoing, stressing that as they get more funds, such would be disbursed to clear up the inherited backlog.
He said regarding the Acts, regulations are being put in place by the Presidential steering committee chaired by the Minister of State for Petroleum Resources, Timipre Sylva.
He added that out the 38 regulations that relate to authority, the Authority has so far received about eight regulations forwarded to the Authority for review.
Also speaking, the Group Executive Director, Downstream, Nigeria National Petroleum Corporation (NNPC), Limited, Yemi Adetunji, said NNPC will continue to ensure that all petroleum products would be available.
He stated that all through the festive period in 2021, there were zero queues across the country.
Commending all the stakeholders in the industry for the achievement, he assured that “NNPC will continue to put in place and supply the market with adequate petroleum products even as it is now NNPC Ltd, a commercial company governed by both the Petroleum Industry Act (PIA )and Companies and Allied Matters Acts (CAMA)”.

Business

FEC Approves Concession Of Port Harcourt lnt’l Airport

Published

2 days ago

November 10, 2025

The Tide

The Federal Executive Council (FEC) on Thursday approved the concession of the Port Harcourt International Airport to private investors for more efficient management and improved service delivery.

Minister of Aviation and Aerospace Management, Festus Keyamo, disclosed this while briefing journalists at the State House, Abuja, shortly after the meeting, presided over by President Bola Ahmed Tinubu, Thursday.

Keyamo, however, assured aviation workers that the concession would not result in job losses, stressing that the government remains committed to protecting workers’ rights while pursuing reforms to make the aviation sector more viable.

“We have two major airports now that we have approvals in terms of the business case to begin to finalise with private investors. One of them is the Port Harcourt International Airport. Let me assure the unions that nobody will lose his job as a result of these concessions. I am pro-union, pro-workers, and I will engage them to ensure they are comfortable with the process, Keyamo said.

The Minister noted that the move was part of government’s effort to ensure that airports operate sustainably.

He explained that many airports currently run at a loss, with revenue from Lagos, Abuja, and Kano used to subsidise others.

“Before we came in, Port Harcourt was a no-go area — no investor was interested. But today, because of the activities of this government, it has become the beautiful bride. Over six investors competed to manage the airport,” he said.

Keyamo also listed other aviation-related approvals secured from FEC, including contracts for the maintenance and support services for airport management solutions across Nigeria’s five international airports; Abuja, Lagos, Kano, Port Harcourt, and Enugu, as well as the procurement and installation of advanced tertiary power systems and navigational aids.

Additionally, the Council approved the purchase of 15 airport rescue and firefighting vehicles to meet International Civil Aviation Organisation (ICAO) standards and the construction of a permanent headquarters for the Nigerian Airspace Management Agency (NAMA) in Abuja.

Another significant approval was the exclusion of all Federal Airports Authority of Nigeria (FAAN) residential properties within and around airports from sale to private individuals, a move aimed at preserving operational safety and security within airport environments.

FEC also approved the concession of biometric verification systems at airports to integrate passengers’ National Identification Numbers (NIN) into boarding processes, enhance aviation security, and curb the use of fake identities.

Keyamo said the ministry also secured approvals for contracts under its 2024 budget to improve lighting systems at airports, enabling night operations and helping local airlines increase passenger capacity and revenue.

“These reforms are designed to make our airports safer, more efficient, and commercially sustainable. We are bringing them to global standards,” the minister affirmed.

Business

Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor

Published

2 days ago

November 10, 2025

The Tide

The Senate has issued a decisive order to the National Agency for Food and Drug Administration and Control (NAFDAC), directing it to enforce a total ban on the production and sale of alcoholic beverages in sachets and small plastic bottles by December 2025, warning that no further extension of the deadline will be tolerated.

The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.

Ekpenyong who raised the alarm over NAFDAC’s repeated extensions of the phase-out date, despite the grave health and social risks posed by sachet-packaged alcohol reminded the Senate that NAFDAC had initially fixed 2023 as the deadline before shifting it to 2024, and later to 2025, a pattern he said had emboldened manufacturers to lobby for further delays.

He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.

Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.

“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”

“Some responsible manufacturers have already complied in good faith. But they are now suffering unfair competition from those who continue to produce and sell non-compliant products. This is both unethical and dangerous.”

The motion drew wide bipartisan support, with lawmakers condemning the proliferation of cheap, high-alcohol-content drinks sold in small sachets, describing them as “silent poisons” targeted at vulnerable Nigerians.

Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.

“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.

Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.

Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

“The Senate has spoken clearly. The time for excuses is over. Let this harmful practice end, for the health, safety and sanity of our nation

With this resolution, the Senate has effectively placed NAFDAC and allied agencies under legislative mandate to ensure that by December 2025, sachet and small-volume alcoholic drinks are completely phased out across Nigeria, with no further extensions permitted.

Business

PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth

Published

2 days ago

November 10, 2025

The Tide

In a show of solidarity for Rivers State’s economic revival, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwogu, has joined past presidents and executive council members in commending Commissioner for Commerce and Industry, Warisenibo Joe Johnson, for his proactive engagement with the private sector.

The commendations came during a courtesy visit by Johnson to PHCCIMA’s corporate headquarters in Port Harcourt, where he underscored the critical need for public-private partnerships to transform the state into a vibrant commerce hub.

“The Chamber plays a pivotal role in driving business growth here in Rivers State,” Mr. Johnson remarked, extending thanks for the warm welcome, indicating that this was his first outing as Commissioner for Commerce.

He called for intensified collaboration on trade missions, investment drives, and business facilitation, while outlining government initiatives to attract investors and expand industrial opportunities.

Johnson expressed optimism about future engagements, pledging to return for deeper discussions with Dr. Nwoga and her team.

He further highlighted ongoing efforts to lure investors, emphasizing that retaining them requires a supportive ecosystem built through joint action.

Responding, Dr. Nwoga assured the commissioner of PHCCIMA’s unwavering support saying “We stand ready to partner fully in trade promotion, easing the business environment, and empowering small and medium enterprises (SMEs)”.

She reaffirmed the Chamber’s commitment to aligning with the Ministry’s vision.

While noting that this is the 1st time that a Commissioner of Commerce has visited the Chamber for interactions, Chinyere thanked the Rivers State Governor, H E Siminalayi Fubara for his commitment to growing commerce through collaboration with PHCCIMA.

The meeting drew broad support from PHCCIMA’s leadership. Past President Dr. Engr. Vincent Furo lauded the visit as a positive step, pledging the Chamber’s backing for government-led commerce initiatives. Chief Nabil Saleh, another past president, stressed the importance of investor confidence, urging assurances that new investments would be nurtured and sustained in the state.

Dr. Emeka Unachukwu, who is also a past president, echoed the call for an enabling environment to draw and retain capital.

Exco members present at the visit included – 1st Deputy President, Chf Isaac Wonwu, Financial Secretary, Chf Emmanuel Ogbonda, Welfare Secretary, Amb. Florence Igbeaku Nwosibe, who lent their voices to the call for collaboration with PHCCIMA.

Also present were elected Council Member, Engr. Dr. Virgilus Ezugu, SME/NGO Trade Group Chairman, Jack Daboikiabo, Ms. Tariboba Memberr, Chairperson of PHCCIMA’s Inter-Governmental Relations Committee, Ms Patricia Ihunze, Deputy Coordinator of the Women Chambers (WCCIMA), and Mr. Victor, Chairman of PHCCIMA member company Einfotech, each of whom expressed the desire of the Chamber to be recognized as a hub for commerce.

In closing, Dr. Nwoga reiterated PHCCIMA’s dedication to advancing commerce and industry for the state’s prosperity, and the readinessof the PHCCIMA to be dependable ally in growing the economy of Rivers State.