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Business

LCCI urges National Assembly to pass the PIB

LCCI has called on the National Assembly to hasten the passing into law of the Petroleum Industry Bill.

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 which they say will encourage future growth of production and make Nigeria an investment destination of choice.
This was disclosed by Mr Muda Yusuf, Director-General, LCCI, in a statement issued on Sunday in Lagos.
Mr. Yusuf said the LCCI supports the FG’s drive to industrial reform through the PIB which is currently sitting in the National Assembly.
  • “The Lagos Chamber urges the national assembly to put in place a law that will promote a more effective and efficient governance, administration, host community development and fiscal framework for the petroleum industry. A competitive bill will help preserve the integrity of the existing projects, whilst also encouraging future growth of production, and make Nigeria an investment destination of choice.”

READ: Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI

The LCCI said Nigeria still has untapped mineral carbon wealth, with the potential to boost industrialization through the gas-to-power schemes. However, the LCCCI noted Nigeria only received 4% of the $75 billion invested in Africa between 2015-2019 despite having Africa’s largest oil and gas reserves.
The LCCI stated that the PIB’s component includes institutional and fiscal framework reforms, also reforms to Nigeria’s gas sector. Yusuf said,
  • “However, some of these improvements appear insufficient to deliver the true value to Nigeria, which the bill aims to achieve. Some provisions in the bill could adversely affect the growth of the industry and the overall economy. We firmly believe that based on constructive co-operation between the Nigerian Government and other stakeholders, host communities and Industry, the objectives of reform can be successfully met.”

READ: Inflation rate to keep rising by 2021- LCCI

What you should know

  • Nairametrics reported that Nigeria’s Senate President, Ahmad Lawan, said the National Assembly will work hard to ensure the passing of the Electoral Act and the Petroleum Industry Bill (PIB), before the end of 2021.
  • The Lagos Chamber of Commerce and Industry (LCCI) also announced that Nigeria’s inflation rate, which has risen for 15 consecutive months so far, will continue its climb by 2021.

READ: #EndSARS Protest has cost Nigeria N700 billion in 12 days – LCCI 

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Business

FG declares Wednesday, Thursday public holidays

The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

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The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

This was disclosed in a social media statement issued by Dr. Shuaib Belgore, the Permanent Secretary of the Ministry of Interior, on behalf of the Minister, Ogbeni Rauf Aregbesola on Monday.

What the Minister said

The Minister of Interior, Ogbeni Rauf Aregbesola, while making the declaration on behalf of the FG today in Abuja, congratulated the Muslim faithful on this occasion and called on all Nigerians, at home and abroad to use the period of this year’s Eidul-Fitr celebration to pray for peace, stability and economic transformation in the land.

Aregbesola who believes that development cannot thrive in a rancorous atmosphere, urged all Nigerians to be law-abiding and embrace the spirit of love, self-discipline, kindness and tolerance, as taught by the Holy Prophet Mohammed (Peace Be Upon Him). He also called on all security agencies in the country to be more courageous and patriotic to surmount the ongoing battle against resurging insecurity and activities of criminal elements in Nigeria.

He assured that the resolve of the President Muhammadu Buhari-led administration to end the scourge of crime and criminality in the country and restore peace to every nook and cranny of Nigeria was sacrosanct.

“This administration will not be deterred in its efforts, until every Nigerian and resident of the country, is free to move around without fear of any threat to his/her life and property. We are therefore putting necessary measures and strategies in place to strengthen the stability of the country as well as ensuring economic prosperity of our dear nation,” he emphasised.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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