Nigeria Loses N470bn to Gas Flaring

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Modupe Gbadeyanka Minister of Oil in Kuwait, Mr Issam Almarzooq, has disclosed that Nigeria and Libya may be asked to put a limit  to their oil outputs having recorded stability in their countries lately. The two countries were exempted from the oil cut deal reached in Austria last November by members of the Organization of the Petroleum Exporting Countries (OPEC). The deal became effective from January 1, 2017 and by April this year, OPEC said the oil cut agreement was at 98 percent compliance level. According to Bloomberg, Mr Almarzooq disclosed on the sidelines of an energy conference in

By Modupe Gbadeyanka Senator Dino Melaye has been whisked away from his hospital bed by some masked security operatives believed to be police officers. The lawmaker, who is having a rough time with the Nigeria Police Force (NPF), was taken away on Friday afternoon. It was gathered that the masked law enforcement officials stormed the hospital and went away with Mr Melaye to an unknown location. Last week, after an eight-day siege to his Abuja residence, the Senator from Kogi State, surrendered himself to the police. He was then taken to police custody in Abuja, but collapsed on getting there.

The first commercial cable in service to deploy spectrum sharing capabilities guaranteed to deepen infrastructure sharing and lower the cost of delivering broadband services to West Africa has landed in Grand Bassam, Cote D’Iviore. This submarine cable was taken to the Francophone nation by Nigeria-based MainOne, which is making efforts to expand its network across the West African region. The Grand Bassam landing followed the recent completion of the landing in Dakar Senegal and will extend the reach of the cable into Cote D’Ivoire and neighboring countries. Following the landing at the Grand Bassam beach in Abidjan, the cable will

By Adedapo Adesanya  WhatsApp has introduced a new feature that allows users to delete a message for up to two days and 12 hours (60 hours in total). The Meta-owned service said this is being done so that users can remove an accidentally sent chat even after hours. The development is changing the previous limit which was 1 hour, 8 minutes and 16 seconds. WhatsApp first introduced the unsend feature back in 2017 with a time limit of just seven minutes but later increased it to one hour and eight minutes. WhatsApp is also introducing new privacy features to its

By Dipo Olowookere There are strong indications that the Nigerian National Petroleum Corporation (NNPC) is planning to propose to the Federal Government a new pump price of N150 per litre price for Premium Motor Spirit (PMS) otherwise called petrol against the N145 per litre it presently sells. This is as the embargo placed on price increase by President Muhammadu Buhari has worsened planned fuel price hike dilemma for the corporation. According to the New Telegraph, landing cost of PMS as at last weekend has surged to N122.03 per litre, about N4 increase from the specification in the pricing template of

Nigeria at the Olympics: Now and in the Past Nigeria has competed in the Olympics since 1952, but Africa’s most populous country has only a total of 25 medals to show for its efforts. Three gold medals, ten silver, and twelve bronze medals make up the total. Read on as we run you through some of the country’s 16 Olympics performances, in which 722 competitors were the proud recipients of these awards. Having all of the facts before you bet allows you to make an informed decision. Informed decisions give you all the ingredients for a better wager. So, when

By Modupe Gbadeyanka On Wednesday, January 31, 2018, the Central Bank of Nigeria (CBN) will carry out its second Primary Market Auction (PMA) of treasury bills in 2018. During the exercise, which holds tomorrow, the apex bank will offer N252.9 billion worth T-Bills to investors. A breakdown of the exercise showed that the CBN will offer 91-day bill worth N6.1 billion, 182-day bill valued at N69.6 billion, and 364-day bill worth N177.2 billion. Business Post expects the rates to decline further like the previous exercises. Treasury bills are short-term debt instruments issued by the Federal Government through the Central Bank

By Adedapo Adesanya The World Bank has approved additional financing of $700 million for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme to improve secondary education opportunities among girls in targeted states. The additional financing, according to the global lender, will improve project activities from the current seven states to 11 additional states and increase the targeted beneficiaries to include out-of-school (OOS) girls, those who are married, and those who have disabilities. Nigeria has over 12 -15 million out-of-school children in the school-age group, reportedly one of the largest, with the majority of them