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Ekiti, Jigawa, Abia, 10 others record no investment in 2019

Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and five other state governments failed to attract investments in 2019, a report by the National Bureau of Statistics disclosed.

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Ekiti, Jigawa, Abia, 10 others record no investment in 2019

Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and five other state governments failed to attract investments in 2019, a report by the National Bureau of Statistics disclosed.

Others listed in the report are Kebbi, Plateau, Taraba, Yobe and Zamfara.

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The NBS’s capital importation report contains the total amount of fresh investments attracted to the Nigerian economy during the period of time.

[READ MORE: States’ IGR hits N691 billion as Osun, others recorded biggest growth]

What it means: It means none of the 13 states governors contributed to the $23.99 billion the other 23 states attracted in 2019, a development contrary to their electoral promises.

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The states that got new investments included Lagos State, which attracted the highest amount of $17.67 billion during the year. The $17.67 billion investment inflow into Lagos State represents about 73.6% of the $23.99 billion.

Followed by the Federal Capital Territory which attracted a total investment inflow of $6.20 billion. Adamawa State attracted the sum of $25 million; the same with Benue and Cross River states while Imo, Kano, and Kaduna states recorded investment inflow of $3 million, $1. 81million, and $4.63 million, among others.

In the same vein, Akwa Ibom recorded inflow of $55,035, Anambra, $61,000; Bauchi, $99,980; Borno, $500,000; Delta, $40,000; Katsina, $576,796; Kwara, $200,000; Niger, $67,156; Ondo, $30,000; Ogun, $16.01 million and Oyo $3.74 million.

Nairametrics had reported that Ekiti, Enugu, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and eight other state governments failed to attract investments in the first half of the year 2019.

Others listed in the report are Kebbi, Kogi, Osun, Plateau, Sokoto, Taraba, Yobe and Zamfara.

READ MORE: HOT MONEY: Foreign Investors ship-out N257 billion from Nigerian stock market

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What it means: Most of the states that failed to attract investments in H1 2019 also failed to attract any till the end of the year. That means either necessary steps were not taken by the governments, foreign investors saw no attraction in the states or the environments were not conducive for investment.

But the Founder of Stanbic IBTC Bank Plc, Mr Atedo Peterside, saw another reason. According to him, the level of structural imbalance in the country was forcing investors to exit from the country.

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In a paper delivered recently, Peterside described the draft Petroleum Industry Bill produced by the previous administration as “myopic,” as it was incapable of stimulating the needed investments in the sector.

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He said, “Investors appear to have concluded that the Nigerian economy is rigged against all except the very well-connected and they are right. 

“By definition, the well-connected investors are few and so our Investment/GDP ratio is likely to remain low until we make it possible for all other investors to come back and partake in the task of baking a bigger cake on the basis of a level playing field.” 

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He said currently, only those that were “well-connected” could expect to have security of their lives and property, prompt dispensation of Justice, sanctity of contracts and non-harassment from multiple rogue regulators.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Appointments

MRS Oil announces resignation of its MD, appoints an acting MD

The disclosure was made in a notification by the oil marketing giant.

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MRS Oil Nigeria Plc, MRS Oil Nigeria Plc. Announces Board Meeting and Closed Period

Oil marketing giant, MRS Oil Nigeria Plc, has announced the resignation of its Managing Director, Mrs Priscilla Thorpe-Monclus with effect from August 5, 2020, and the subsequent appointment of Mr Marco Storari as the Managing Director in an acting capacity.

The oil firm also announced the resignation of one of its directors, Mr Christopher Okorie, also with effect from August 5, 2020.

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The disclosure was made in a notification by the oil marketing giant, which was sent to the Nigerian Stock Exchange (NSE) on August 7, 2020, and signed by its Company Secretary O.M. Jafojo.

The statement from MRS Oil Nigeria Plc reads:

At the Board Meeting of August 5, 2020, the Board of Directors of MRS Oil Nigeria Plc, considered and approved the resignation of Mrs Priscilla Thorpe-Monclus as Managing Director and Director of the Company, and the resignation of Mr Christopher Okorie as Director of the Company, effective August 5, 2020.

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“The Board of Directors also considered and approved the appointment of Mr Marco Storari as Director and Managing Director (Acting) of the Company.’

According to the statement, Mrs Thorpe-Monclus, during her tenure as the Managing Director, showed great commitment and dedication in her drive for the new MRS Brand, which resulted in the unveiling of three new retail outlets in Lagos, one in Owerri, two in Kano and two new outlets in Abuja. It also resulted in an overall business turnaround for the oil company.

The board commended the efforts of Mrs Thorpe-Monclus and Mr Okorie to the growth of the company and wished them the best in their future endeavours.

Mr Marco Storari, on the other hand, is a seasoned leader with more than 3 decades’ experience in the management, shipping, trading and terminal operations in the industry. He has held various high-level positions where he recorded business successes in companies in Italy, Monaco and Nigeria.

He was, until his appointment as Acting Managing Directors, the Group Executive Director, Storage and Terminal for MRS Holdings Limited. He has been a driving force in the transformation of the MRS Group over the last 10 years.

The Board of Directors of MRS has expressed its confidence in the ability of Storari to bring to bear his wealth of experience in the industry, to improve business efficiency.

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MRS Oil Nigeria Plc is a fully integrated and efficient downstream player, with leading positions in the Nigerian Oil Industry. The oil firm, with its head office in Nigeria’s commercial capital, Lagos, previously traded under the name Texaco Nigeria Plc. It has 3 business units namely sale of petroleum products at retail outlets, sale of aviation fuel, and blending of lubricants.

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Ogun State initiates tax relief scheme to cushion effects of COVID-19

Governor Abiodun urged taxpayers in the state to make use of the relief packages.

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Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has announced that its Internal Revenue Service would launch tax relief packages to cushion the economic effects of the COVID-19 pandemic on taxpayers in the state.

This was announced by the State Governor, Prince Dapo Abiodun, on Saturday morning through a statement that was issued via his official Twitter handle.

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Governor Abiodun urged taxpayers in the state to make use of the relief packages which include a 6 month extension of the 2019 income tax returns deadline for self-employed residents from March 31, 2020 to September 30, 2020.

He also granted an “8-month extension of filling of 2019 annual PAYE returns by PAYE operators/tax agents from January 31, 2020 to September 30, as well as complete waiver of interest and penalty for late filling for the extension period.”

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Other packages include a total waiver of interest and penalties for late remittances of PAYE for the extended period, and a waiver for late payment of Personal Income Tax, which would run from January 1, 2020 to December 31.

Finally, the state granted a waiver on weekly tax payments by operators of betting and pool businesses from April 1 to June 30, 2020.

The Governor said that the state’s Tax Audit Reconciliation Committee (TARC) would run its operations through video conferencing to “continue ensuring ease of doing business while maintaining physical distancing.

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COVID-19: World Bank approves $114 million response funds for Nigeria

FG is expected to provide grants from the CoPREP to the 36 states and the FCT.

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World Bank approves $2.2 billion loan for Nigeria

The World Bank has approved the sum of $114 million to assist Nigeria in its fight against the coronavirus pandemic.

The fund is to help Nigeria prevent, identify and respond to the dangers associated with the coronavirus disease with special focus on the various states and the Federal Capital Territory.

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This was disclosed in a statement from the bank on Friday, August 7, 2020.

According to the statement, the funds come in the form of $100 million credit facility from the International Development Association (IDA) and $14 million grant from the Pandemic Emergency Financing Facility.

It also states that the Federal Government is expected to provide grants from the COVID-19 Preparedness and Response Project (CoPREP) to the 36 states and the Federal Capital Territory.

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The World Bank Director for Nigeria, Shubham Chaudhuri, in a statement on Friday, said, “Nigeria has ramped up its efforts to contain the Covid-19 outbreak, but more needs to be done at the states level, which are at the front line of the response.”

He disclosed that the project would provide the states with the much needed direct technical and fiscal support in order to strengthen their position in the fight against the pandemic.

The World Bank Chief also pointed out that the project would finance federal procurements of medical equipment, laboratory tests and medicines to be distributed to the states based on their needs.

According to the World Bank, CoPREP would finance further support to all the 36 states and the FCT through the NCDC to implement the COVID-19 Incident Action Plan.

Nigeria has recorded about 45,687 confirmed cases of the coronavirus disease with 936 fatalities and 32,637 people discharged as at August 7, 2020. Some serious concerns have been raised about the country’s testing capacity, which though has improved is still regarded as inadequate.

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