Business

Ex-Neimeth CEO Wants Oil Sector Deregulation

Published

3 years ago

January 11, 2023

A former Chief Executive Officer of Neimeth Pharmaceutical, Sam Ohuabunwa, has faulted President Muhammadu Buhari over his failure to deregulate the oil and gas sector.
In a statement he signed, a copy of which was made available to The Tide source, he claimed that the Federal Government has been paying lip service to the issue of oil sector deregulation.
The former President of the Manufacturers Association of Nigeria (MAN) said, “It is deceitful and disingenuous for this government to announce that payment of subsidy will end in June when they would have ended their regime.
“Why wait? Why make such a deceitful proposition? Who will enforce the plan, Buhari/Oil Minister, or the new President?” he queried.
According to him, it was clear that the cap on the pump price of petrol had been removed, adding that all over Nigeria, for a few months now, the price of petrol has varied from one filling station to the other.
“As of 6th of January, prices ranged from a minimum of N240 per litre in Benin, N340 in Kaduna, N360 in Umuahia, N400 per litre in Owerri to N500 per litre in Port Harcourt.
“No filling station is selling at the so-called controlled price, except in some filling stations in Abuja and Lagos. And nobody is enforcing any price as used to happen in the past. So, it is clear we have deregulated. That Is fine!
“I think the Government should own up and announce this policy officially”, he said.
He urged the government to come clean and level up with the citizens instead of deceiving Nigerians.
“By announcing the deregulation now, which is already a fiat accompli, Nigerians will attain the following benefits:
“First, official deregulation will mean that many more companies and oil marketers can import fuel under the supervision of the regulatory agency, thus immediately easing the scarcity and ending the double jeopardy of many motorists and road users.
“For months now, many motorists spend hours and, in some cases, days and nights trying to buy the product at inflated prices. They lose many productive hours searching for petrol and when they find it, they pay exorbitant prices.
“Those who buy from hawkers run the risk of buying adulterated fuel, which destroys car engines, in addition to the indignity of buying petrol from hawkers.”
Ohuabunwa argued that those who travelled in commercial vehicles during the season faced a lot of challenges.
“Many were stranded at motor parks as they found that their budget could not meet the daily changing fares!
“Secondly and most important, official deregulation now will obviate the need for more subsidy payment and, at least, we can save the N3.5 trillion budgeted for the first six months of this year by this outgoing government.”
The statement added, “N3.5 trillion can do so much for our infrastructure, especially when it is noted that only N5.9 trillion is the entire capital budget in a N22 trillion budget for 2023. It can build several roads and bridges across the country or transform our entire educational and healthcare system.
“Thirdly, it will disabuse the minds of some Nigerians who speculate that this N3.5 trillion has been put in the budget for other purposes including election funding and sendoff and parting gifts for the government officials and politicians of the party in power.
“This set of Nigerians can see that government has ‘surreptitiously’ deregulated while still retaining subsidy payments. And they ask for what purpose? Hence the speculation.”
He also frowned at the monopoly of the NNPC in fuel importation, despite removing the price cap after paying a subsidy.
“The current situation is deeply damaging the Nigerian economy, increasing poverty and misery for many Nigerians while creating a lot of opportunities for arbitrage and corruption for NNPC and government officials.
“President Buhari should bite this bullet and save Nigerians from multiple jeopardies, which they are facing right now. It is true that we have lost the battle against corruption, but we must not watch helplessly as poor Nigerians are openly ‘raped’ and ravaged by the ‘oil curse’,” he stated.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

13 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

13 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

13 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