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Economy

NACCIMA Supports New Ambassadors to Attract Investments

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NACCIMA Attract Investments

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Friday pledged its support for the newly-appointed Nigerian Ambassadors to attract Foreign Direct Investments (FDIs) from their respective countries of accreditation.

The Director-General of the association, Ayoola Olukanni, after a three-day induction and training programme organised for the envoys in Abuja to ensure success in their assignment, stated that the relationship was necessary as it relates to the pursuit of economic diplomacy which is one of the foreign policy pillars of President Muhammadu Buhari’s administration.

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In a statement, the DG said, “NACCIMA is a veritable national chamber composed of 51 city chambers, four bilateral chambers, nine business associations and over 400 corporate members representing over 30,000 businesses spread across the federation.

“With such spread, NACCIMA and members of the chambers are well-positioned to help identify credible business partners on the Nigerian side to give practical meaning to the vision of the Nigerian diplomatic missions and their quest for investments.

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“Energy generation, distribution, agribusiness, mining and its value chain are areas eagerly waiting for investments. So, as envoys, bear this in mind as you scout around for willing investors.

“As a tradition, business and trade delegation from NACCIMA will work with you during visits by such delegation and through collaborative virtual business fora, trade exhibition and B2B meetings which are now the new normal.”

The NACCIMA boss, however, advised them to be part of the activities of the various bilateral business councils and chambers between Nigeria and their host countries.

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Responding, the envoys assured Mr Olukanni of their readiness to work closely with NACCIMA in pursuit of their assignments in the area of trade and investment at their respective posts, noting that their readiness was in recognition of the role of the organisation in its advocacy for greater support for the private sector as the engine of growth of the Nigerian economy.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Economy

NGX Delists Four Firms for Poor Corporate Governance

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ATS Training NGX

By Dipo Olowookere

Four companies trading their shares on the Nigerian Exchange (NGX) Limited have been removed over poor corporate governance.

The affected firms; Evans Medical Plc, Nigerian-German Chemical Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc have not been able to abide by the listing rules, including filing their financial results to the exchange.

The stock exchange requires companies trading their equities on its platform to regularly file their financial statements to enable shareholders and the investing public to have information that would enable them to make investment decisions.

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When organisations fail to submit their books for scrutiny, the exchange uses its big hammer, which usually comes in a form of sanction and when it becomes consistent, the firms are shown the way out.

As for the aforementioned four companies, they have failed over a period of time to adhere to the rules of the exchange, which necessitated the regulation action.

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In a regulatory document obtained by Business Post, the NGX disclosed that it removed the “entire issued capital” of the four organisations effective Monday, June 14, 2021.

It was stated that the delisting of the firms received the approval of the board of NGX Regulation Limited (NGX RegCo) on Wednesday, April 21, 2021.

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According to the exchange, the authorisation for the removal of the affected firms is in line with the regulatory delisting process of NGX.

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Economy

DPR Insists Petrol Marketers Must Submit Daily Stock Records

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Daily Stock Records

By Modupe Gbadeyanka

The Department of Petroleum Resources (DPR) has maintained that petroleum marketers in the country must submit daily stock records.

In a statement, the agency regulating the industry said this is one of the statutory requirements to be adhered to by the fuel sellers.

The DPR had requested licensed petrol stations to submit their daily transaction records, but the operators, through their group, the Independent Petroleum Marketers Association of Nigeria (IPMAN), threatened a strike action.

They alleged that officials of the agency were using the means to extort them, describing the request for daily transaction records from filling stations as unacceptable.

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“IPMAN has no other alternative other than instructing our members not to load from Suleja depot in Niger State to express our frustrations after all efforts to make DPR officials desist from unethical practices failed,” the Chairman of IPMAN in charge of Suleja/Abuja Unit, Mr Yahaya Alhassan stated.

But the DPR in the statement said the fuel marketers are not required to pay for filing the statutory report, urging them to submit the data via its website, www.dpr.gov.ng.

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In the statement issued by the Head of Public Affairs at the DPR, Mr Paul Osu, the agency explained that the reason for the request is to collate data on the consumption of the product in the country.

“We want to state for the records that request for daily stock of products supplied is a statutory regulatory requirement for any retail outlet license holder, which enables DPR to provide accurate petroleum products consumption data for the country. This regulatory oversight is at no cost to the retail outlets,” the statement said.

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According to the DPR, the provision of the daily stock report, which is also applicable to petroleum products depots, also enables DPR to provide investment guide to investors in line with its role as a business enabler and opportunity house for the oil and gas industry.

“The department wishes to inform all marketers that all applications and applicable statutory fees for retail outlet operations have been migrated online, www.dpr.gov.ng, in furtherance of the federal government’s ease of doing business policy,” it added.

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Economy

Joint Taskforce Destroys Sites Refining Shell Oil Illegally

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SNEPCo workers Shell

By Adedapo Adesanya

The Joint Military Taskforce operating in the Niger Delta, Operation Delta Safe, says it has conducted series of anti-illegal oil bunkering and raid operations, leading to the deactivation of several illegal oil refining sites across the region.

This was disclosed by the Acting Director, Defence Media Operations, Brigadier General Bernard Onyeuko after the raid.

He noted that several illegal pipelines connected to a pipeline operated by the Shell Petroleum Development Company of Nigeria Limited (SPDC) in Ibaa, Emuoha Local Government Area of Rivers State, were disconnected.

He added that troops, during the aggressive raids, conducted between June 3 and 16, 2021, recovered stolen items and sealed reactivated illegal oil refining sites, hence thwarting the activities of oil thieves in Rivers and Delta States.

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He further said some contraband vessels were also intercepted and confiscated by troops of Operation Delta Safe.

“These feats were achieved on 3rd and 4th June 2021, as troops conducted anti-illegal oil bunkering operations to deactivate illegal oil refining sites at Ibaa in Emohua LGA and Kumufari and Yalama Towns in Asari-Toru LGA of Rivers State.

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“During the operations, several barrels of illegally refined PMS and AGO were impounded and storage tanks immobilized.

“Relatedly, troops, while on patrol on 4 June, intercepted and impounded several wooden boats; some laden with large quantities of stolen crude oil, others loaded with vandalized pipes at DSC Roundabout in Udu LGA and Opuama Creek in Warri North LGA of Delta State.

“Additionally, troops on 5th June disconnected an illegal pipeline laid by criminals connected to SPDC pipeline around Ibaa in Emohua LGA of Rivers State.

“Troops also re-sealed some illegal oil refining sites reactivated by criminal elements at Koko Community in Warri North LGA of Delta State on 6th June 2021.”

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The Joint Military Taskforce was established across the Nigerian force and defence services to collaborate in tackling crude oil theft and attacks on oil and gas facilities across the nation.

SPDC had raised worries about the incessant theft of crude and the destruction of its pipeline facilities in Nigeria, a problem that has affecteded its profit turnover over the years.

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