Business News
NNPC denies allegation of under payment to Federation Accounts
The Nigerian National Petroleum Corporation (NNPC) has said that it has been faithfully remitting all revenues accruing to it into the Federation Account.
Group Managing Director NNPC, Mikanti Baru, disclosed this while receiving members of the Senate Committee on Petroleum (Upstream) who were on a visit.
Baru said allegations of non-remittance of funds had become a recurrent decimal over the years, occasioned in part, to the nature of the corporation’s operations which involved credit lines requiring constant audit and reconciliation.
He further noted that such allegations usually arose from disagreements over expenses borne by the corporation on behalf of the Federal Government.
In his words:
“While the process of audit and reconciliation of accounts is on, a lot of accusations of short payments and non-remittances are usually traded, we endeavour to keep our cool on these allegations because we know that we remit whatever is due to the Federation Account”
On Joint Venture and Production Sharing Contract (PSC)
He disclosed efforts by the NNPC to ensure that Joint Venture (JV) and Production Sharing Contract (PSC) partners do not run excessive bills at the expense of the nation.
The GMD explained that apart from the establishment of an Efficiency Unit in the corporation to ensure value for money across all operations, NNPC had also done a lot in renegotiating contracts as well as benchmarking costs in keeping with international best practices, adding that the effort had yielded significant results in terms of reduction in the cost of crude oil production per barrel in the Industry.
Presidential Approval for PSC
Also responding to a question on why the PSC agreements had not been reviewed for a long time despite clauses in the agreements that stipulate periodic review, Dr. Baru disclosed that a Presidential approval had been secured and that a committee would be set up soon to carry out the review.
Production Sharing Agreements is a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resources usually oil extracted from the country each party will receive
Recall that there have been series of allegations by the Nigerian Governors’ Forum who had accused the NNPC of underpayment into the Federations Accounts.
The Chairman of the Nigerian Governors Forum ,Zamfara State Governor Abdulaziz Yari had expressed his displeasure over the way remittances are been made by the corporation.
Coronavirus
COVID-19 Update in Nigeria
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.
To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321 tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.
COVID-19 Case Updates- 18th September 2020,
- Total Number of Cases – 56,956
- Total Number Discharged – 48,305
- Total Deaths – 1,094
- Total Tests Carried out – 482,321
According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).
Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394), Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Business
BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos
The tanker conveying PMS lost control while in motion and subsequently fell sideways.
There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.
This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.
First responders and other Emergency agencies are already at the scene of explosion in Anthony, Lagos State, Nigeria. Please avoid the area, take alternative routes.
— Federal Fire Service (@Fedfireng) September 18, 2020
The agency urged road users to avoid the area and take alternative routes.
Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.
He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.
“This led to an explosion in which two unidentified vehicles were burnt.”
A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.
Details soon …
Tech News
Facebook to open Lagos office in 2021
When the social media giant comes to Nigeria, it will be its second office on the African continent.
Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.
This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.
We are opening a Facebook office in Lagos, Nigeria later in 2021. 😍😍😍
First office on the continent to house a team of expert engineers building for the future of Africa and beyond!https://t.co/XIIO8CU0Bj pic.twitter.com/F7KZrufBtY
— Chimdi Aneke (@chimdinduaneke) September 18, 2020
He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.
Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”
BREAKING:
“Lagos, Nigeria, September 18, 2020/ — As part of its continued commitment and ongoing investment in Africa, @Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”#InvestNigeria 🇳🇬🇳🇬🇳🇬
— tolu ogunlesi (@toluogunlesi) September 18, 2020
In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.
COVID-19 Update in Nigeria
BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos
GTBank, Dangote Sugar stocks record gains, All Share Index gains 0.16%
Facebook to open Lagos office in 2021
AIICO partners NGO to feed underprivileged community
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦460/$1
FG apologizes, says Self-Certification directive is not for everyone
Naira gains at black market as CBN moves against prominent businessmen for forex abuse
This is a copy of the Self-Certification form govt. wants targeted account holders to fill
