Business News
Conoil Plc announces new appointment
Conoil Plc appoints Hardeep Kheterpal as Acting Managing Director
Conoil Plc has announced the appointment of Hardeep Kheterpal, as its Acting Managing Director and a board member.
The Nigerian petroleum marketing company made Kheterpal’s appointment disclosure in a notification to its shareholders, stakeholders and the general public.
In the notification, Conoil said the appointment made by the board is subject to further ratification by shareholders at the next General Meeting.·
Kheterpal is an accomplished professional in diverse sectors of the economy including FMCG, Telecoms, Consumer Durables and Organized Retail among others. He brings with him over 26 years of strong and decisive executive leadership experience at the
highest levels.
Kheterpal has a background in complex and challenging environments with proven ability to represent the company with customers and business partners. Strong business acumen with skills to remain on the cutting edge; drive new business through conceptualising strategies, augmenting & streamlining networks.
Prior to his appointment as the acting Managing Director of Conoil Plc, Kheterpal was a Management Trainee at Kilburn Reprographics Ltd, from 1992 to 1994. He was the Assistant Manager of Godrej from 1994 to 1996. Marketing Head of Whirlpool of India Ltd from 1996 to 1997. He became a Branch Sales Manager of the same company from 1997 to 1999. From 1999, he was the Business Manager of Whirlpool of India Ltd to 2000. From 2000, Kheterpal resumed the role of a Senior Business Manager to 2003.
Kheterpal then moved from Whirlpool of India Ltd to Electrolux where he served as the company’s General Manager for a year. He then moved to Tata Teleservices Ltd in 2004 as a Cluster Head. In 2006, he became the company’s Operations Head and in 2008, he was promoted to be the company’s Chief Operating Officer. In 2011, Kheterpal resumed the role of NPDL’s Chief Operating Officer and in 2013, he became the Head Media Marketing of Hindustan Times. In 2014, he joined Direct Channel as Head of Sales and in 2016, Kheterpal became the company’s National Business Head.
Conoil Plc had released its financial statements for the year ended June 30, 2018.
The company’s revenue in the period under review stood at N54.4 billion compared to N44.9 billion in 2017. Profit before tax was N809 million compared to N627 million in 2017. Profit after tax was N550 million compared to N427 million in 2017.
About Conoil Plc
Conoil Plc is a Nigerian petroleum marketing company involved in the sale of regulated gasoline and kerosene, diesel, aviation fuel and low pour fuel.
Other business activities of the firm include production and marketing of lubricants under the brand name Quatro. The company was previously known as National Oil and Chemical Marketing Plc until it was acquired by Conpetro in 2002.
Coronavirus
COVID-19 Update in Nigeria
On the 24th of November 2020, 168 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 66,607 confirmed cases.
On the 24th of November 2020, 168 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 5,838 samples across the country.
To date, 66,607 cases have been confirmed, 62,311 cases have been discharged and 1,169 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 749,136 tests have been carried out as of November 24th, 2020 compared to 743,298 tests a day earlier.
COVID-19 Case Updates- 24th November 2020,
- Total Number of Cases – 66,607
- Total Number Discharged – 62,311
- Total Deaths – 1,169
- Total Tests Carried out – 749,136
According to the NCDC, the 168 new cases were reported from 10 states- FCT (61), Lagos (50), Kaduna (27), Oyo (12), Rivers (6), Katsina (5), Ogun (3), Kwara (2), Edo (1), Kano (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,018, followed by Abuja (6,576), Plateau (3,805), Oyo (3,715), Rivers (2,963), Kaduna (2,940), Edo (2,695), Ogun (2,156), Delta (1,823), Kano (1,777), Ondo (1,727), Enugu (1,332), Kwara (1,095), Ebonyi (1,055), Katsina (1,012), Osun (945), Gombe (938). Abia (926), Bauchi (753), and Borno (745).
Imo State has recorded 662 cases, Benue (493), Nasarawa (485), Bayelsa (445), Ekiti (354), Jigawa (328), Akwa Ibom (319), Niger (296), Anambra (285), Adamawa (261), Sokoto (165), Taraba (157), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), 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
Hospitality & Travel
US imposes $15,000 visa bond on 15 African countries, others
The US has issued a visa rule requiring tourist and business travelers in some countries to pay a bond of up to $15,000 in addition to the visa fees.
The outgoing administration of US President, Donald Trump, on Monday, November 23, 2020, issued a new temporary visa rule that requires tourist and business travelers from 15 African countries and others to pay a bond of up to $15,000 in addition to the visa fees, which ranges from $16 to $300, in order to visit the United States.
According to TheCable, the US State Department said the visa bond pilot programme, expected to take effect from December 24 and end on June 24, 2021, is targeted at countries whose citizens have higher rates of overstaying B-2 visas for tourists and B-1 visas for business travelers.
READ: Update: No one will take our democracy away, not now, not ever- Biden
The Trump administration said the six-month pilot program aims to test the feasibility of collecting such bonds and will serve as a diplomatic deterrence to overstaying the visas. Hence, overstay places significant pressure on Department of Justice and Department of Homeland Security.
The visa bond rule will permit U.S. consular officers to request tourist and business travelers from countries whose nationals had an overstay rate of 10% and above in 2019 to pay a refundable bond of $5,000, $10,000, or $15,000.
READ: COVID-19: IMF Chief predicts $345 billion financing gap in African countries
The countries whose tourist and business travelers fall into this category and subjected to the bond requirements are 24 countries, including 15 African countries. While these nations had higher rates of overstays, they sent relatively fewer travelers to the United States.
The countries include Afghanistan, Angola, Bhutan, Burkina Faso, Burma, Burundi, Cape Verde, Chad, the Democratic Republic of the Congo (Kinshasa), Djibouti, Eritrea, the Gambia, Guinea-Bissau, Iran, Laos, Liberia, Libya, Mauritania, Papua New Guinea, Sao Tome and Principe, Sudan, Syria, and Yemen
READ: Falling Oil prices: Nigeria’s Halloween reality
Nigerian travelers escaped paying the temporary visa rule, as their overall score was below the threshold of 10% and above overstaying rate.
Economy & Politics
Senate approves issuance of N148bn promissory notes to Bayelsa, 4 others
Promissory notes worth N148,141,969,161.24 has been approved by the Senate as refund to Bayelsa, Cross River, Ondo, Osun and Rivers States
Promissory notes worth N148.141billion have been approved by the Senate as a refund to Bayelsa, Cross River, Ondo, Osun, and Rivers States for projects executed on behalf of the Federal Government.
The approval which was given by the Senate at the plenary on Tuesday, 24th November 2020, came after the presentation of a report by the Committee on Local and Foreign Debts, led by Senator Ordia Clifford (PDP-Edo).
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According to a news report by NAN, this is a go-ahead to the Federal Government, who had sought the approval of the Senate for issuance of promissory notes for a refund on federal projects executed by State governments.
The request was contained in a letter addressed to President of Senate, Dr. Ahmad Lawan by President Muhammadu Buhari, and read at plenary. The Senate referred the matter to the Committee on Local and Foreign Debts for further legislative input.
(READ MORE: FG inaugurates steering committee on Covid-19 economic recovery)
Senator Ordia Clifford, while presenting the report of the committee, said the Permanent Secretary, Federal Ministry of Finance; Federal Commissioners of Finance and Works in the five states, had briefed the committee on details of the projects.
He said the Committee was presented with documents relating to the approvals of the Federal Government through the Federal Ministry of Works and Housing for the execution of the projects and certificates of completion, amongst other documents.
READ: Boosting IGR; A necessity for states to avoid total dependence on FAAC allocations
At the plenary today, Senator Ordia moved the motion that the Senate approves the Committee’s recommendations by approving the issuance of the promissory notes to the State governments.
According to him, the amount due to the five states is N148.14billion.
- Bayelsa was allotted N38.40billion
- Cross River was allotted N18.39billion
- Ondo was allotted N7.82billion
- Osun was allotted N4.57billion
- Rivers was allotted N78.95billion
What they are saying
The President of the Senate, Ahmad Lawan, disclosed that records showed PDP states had the highest refund, he said: “If you look at the list of states, only two are APC states and they have the least in terms of refund, this is fantastic and a mark of leadership by the Federal Government. This shows tolerance and leadership by this administration.”
COVID-19 Update in Nigeria
US imposes $15,000 visa bond on 15 African countries, others
FIRS rakes in N4.178 trillion revenue, achieves 98.6% of revenue target
Senate approves issuance of N148bn promissory notes to Bayelsa, 4 others
Interswitch Group becomes Finastra’s lead technology partner in Nigeria
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦480/$1
Oil prices hit highest price level since Q1
Ripple on high demand, XRP up 100% in 14 days
FG secures $72 million from World Bank for states to develop land information systems
