Economy

Baru Tasks Oil Workers to Solve Industry Problems

Published

8 years ago

26/02/2018

By Modupe Gbadeyanka

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has charged oil and gas workers across the country to work assiduously towards proffering viable solutions to the industry’s numerous challenges.

Dr Baru made the call during the closing ceremony of the 17th edition of the Nigerian Oil & Gas Industry Games (NOGIG 2018) held on Saturday at the Teslim Balogun Stadium in Lagos.

He also called upon the oil workers to get involved in sporting activities towards improving their productivity and service delivery.

“Without doubt, there are lots of advantages in getting involved in sports. People who participate in sports exhibit quality lifestyle both at home and in the workplace. Since they are more active, their brains proffer some of the most efficient and viable solutions to the challenges of the Industry today,” Dr Baru stated.

According to the GMD, a number of ailments are attributable to inactivity characterized by lack of exercise and a care-free lifestyle among people.

The GMD also tasked the participants to always make integrity and sportsmanship their watchword. “This is because at the end of it all, every one of you here is considered a winner.”

Congratulating the various sportsmen and women who participated at the biannual sporting showpiece, Dr Baru called upon them to go back to their respective companies and unleash their potentials towards maximum productivity and effective service delivery for the benefit of the entire Oil and Gas Industry.

He said NNPC remained committed to identifying with the lofty ideals of the games which he said were aimed not just at mere participation, but fostering unity and cordial relationships among the entire oil and gas workforce across the nation.

He commended the Local Organising Committee for its tireless effort towards ensuring “not only a successful tournament but one that everyone in the industry is proud of”

Earlier in her remarks, the Representative of the Minister of State for Petroleum Resources and the Director, Safety, Healthy & Environment at the Department of Petroleum Resources (DPR), Mrs Onyebuchi Sibeudu described sports as a unifying force among people which should always be encouraged.

She expressed satisfaction over the performance of the sportsmen and women, stressing that some of the talents on display today show that the Oil and Gas Industry has what it takes to take Nigeria to sporting stardom.

Several other chief executive officers of the International Oil Companies (IOCs) operating in Nigeria spoke on the attraction for sports to forge lasting friendship and strategic partnerships amongst oil workers in the country.

At the end of the week-long games, Shell Nigeria emerged the overall winners, clinching nine gold, 10 silver and eight bronze medals to cart home the 2018 trophy.

NNPC placed second with eight gold, 10 silver and 13 bronze medals, while the third place went to Chevron, which amassed seven gold, two silver and five bronze medals.

NLNG beat ExxonMobil to fourth place after winning five gold, five silver and five bronze medals with ExxonMobil, collecting two gold, five silver and six bronze medals. NAOC took sixth position with two gold, two silver and nine bronze medals.

While Seplat and OVH Energy failed to appear on the medals table, Total, NCDMB, DPR, Eroton and PTI placed 7th, 8th, 9th, 10 and 11th respectively.

The bi-annual tourney, which is the 17th in the series, featured 10 events namely: football, basketball, swimming, 8-ball pool, chess, scrabble, athletics, squash, lawn tennis and table tennis.

Economy

NRS Launches Unified Tax ID System

Published

25 minutes ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.