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Business

FG receives report of Technical Committee on PMS Pricing Framework

The FG and Organised Labour have received the report of the Technical Committee on PMS Pricing Framework.

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FG warned bankDoctors are free to leave Nigeria, we have more than enough, FG receives report on Technical Committee on Premium Motor Spirit (PMS) Pricing Framework

The Federal Government has announced that it has received the report of the Technical Committee on Premium Motor Spirit (PMS) Pricing Framework alongside Organised Labour.

This was disclosed in a statement by the FG on Wednesday, after a bipartite meeting in Abuja between the Federal Government and Organised Labour.

The Minister for Labour and Employment, Dr. Chris Ngige, stated that the meeting had been adjourned to 22 February 2021 when the FG would deliberate on the report.

READ: Oil marketers give conditions to resume fuel importation

The Committee on Petroleum Pricing has finished their work and sent in their report. We have received and adopted the report.

“Labour asked for some time to subject the report to their various organs. It is a technical report, so they need further elucidation from their technical and research teams,” Ngige said.

The Minister added the report of the Technical Committee on Electricity Tariff would be ready in a week’s time, citing that the report would be reviewed alongside that of Petroleum Pricing on 22 February.

READ: MPC recommends CBN increase lending to government via Ways and Means

The President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, said Organised Labour unions need to implement a clear position that would benefit the masses.

“The whole essence of what we are arguing about is how to bring not only price stability but also affordability.

“Our pledge on the government side is that whatever decisions are reached, we will ensure that government honors its own part of the bargain so that we can maintain and sustain industrial harmony in our nation,” he added.

READ: Federal Inland Revenue Service hints at harmonised Tax Bill

What you should know 

Recall Nairametrics reported that the Federal Government inaugurated the Technical Committee on Pricing Framework for Premium Motor Spirit (PMS), otherwise known as petrol. The Committee was expected to work assiduously to come up with a viable framework for PMS price modulation.

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Business

SEC denies Oando’s shareholder court victory

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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Business

FG urged to sell-off “unproductive” Ajaokuta Steel Plant

The FG has been urged to sell the moribund Ajaokuta steel plant located in Kogi State.

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Ajaokuta Steel Plant: FG Spends N2bn Salary Every Year on Workers Doing Nothing 

The Federal Government has been urged to sell the moribund Ajaokuta steel plant located in Ajaokuta, Kogi State. The FG was advised to sell the defunct facility to the private sector, which would be more capable to turn the massive structural investment into a profitable venture.

The call was made by the Chairman and Managing Director of Energy Services Limited, Chief Sunny Onuesoke who spoke to newsmen in Warri after visiting the plant last week.

He lamented that no Nigerian would feel good about the country after visiting the $8bn structural investment which has never “produced a single bar of steel since reaching 98% completion as far back as 1994.”

On his visit to the plant, he reported that it was a very emotional experience for him.

“I went there, I cried and asked what exactly is the problem?” he said.

He reflected on the numbers associated with the moribund Ajaokuta steel Plant from its flag off in 1979 to date.

  • 3.9bn was budgeted for the resuscitation of the facility in 2016
  • 4.27bn was budgeted for the same purpose in 2017

Onuesoke said that successive governments have plunged about $8bn into the complex since 1979. He lamented that the FG has been wasting the huge sum of N2 billion for payment of staff salaries every year for doing nothing.

“Why would anyone continue to pump money into an unproductive enterprise? Why do government keep promoting, paying staff salaries, pensioning, and retiring them?

“Why does government spend an appropriation budget on the maintenance of a plant that is not working? How do you maintain a non-commission plant?” Onuesoke queried.

The Ajaokuta steel plant has been in a moribund state for four decades with no concrete plans on the ground for its full resuscitation.

What you should know 

  • Nairametrics earlier reported on the 3 key reasons why the Ajaokuta Steel Plant has remained moribund for more than 4 decades. You can find them here
  • The Ajaokuta steel company was constructed by the Soviet Union in 1979 under a cooperation agreement with Nigeria, the complex reached 98% completion by 1994.

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