Our Servers Not Hacked, Data of Nigerians Safe—NIMC

By Adedapo Adesanya Twenty-two oil and gas companies have been selected as successful bidders for the gas flare commercialisation programme of the Nigerian Upstream Petroleum Regulatory Commission ((NUPRC). The 2022 Nigerian Gas Flare Commercialization Programme (NGFCP) auction process was for 49 Flare Sites put forward by the agency under the erstwhile administration of Mr Muhammadu Buhari. The immediate past government in December 2016 launched NGFCP to involve third-party investors or off-takers in harnessing gas released as a by-product of oil production, a crucial part of the seven big wins of the administration for the oil and gas sector. Launched by

By Precious Olisa Three persons have been confirmed dead due to the heavy downpour that happened in Genere, Rikkos, Bauchi Road and Eto-Baba communities of Jos North Local Government. It was said that the rain lasted for two days. The Zonal Coordinator of the National Emergency Management Agency (NEMA), Mr Eugene Nyenlong, who confirmed the incident, said his agency got a distress call that three persons had died as a result of the flood that occurred. “As I speak to you, we are moving to the scene with other stakeholders to have an on-the-spot assessment of the disaster and also

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has reiterated that his ministry would work with state governors to harness mineral resources for maximum socio-economic development of the country as the federal government seeks to explore all alternative revenue sources away from oil and borrowing. Mr Alake gave this assurance when the Governor of Nasarawa State, Mr Abdullahi Sule, paid him a courtesy visit in his office at the ministry’s headquarters in Abuja on Thursday. He noted that the ministry was determined and committed to harnessing the nation’s mineral resources, emphasising that Nasarawa State and other

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By Adedapo Adesanya Nigeria’s second-largest cement producer, BUA Cement, has gotten a $500 million financing package from the International Finance Corporation (IFC) to develop two new production lines in Sokoto State. In what is IFC’s largest-ever investment in northern Nigeria, the financing package, which saw input from African and European partners to BUA Cement Plc, will help the company part-finance and develop two new, energy-efficient cement production lines that will create up to 12,000 direct and indirect jobs. The funding includes a $160.5 million loan from IFC’s account, a $94.5 million loan through the Managed Co-Lending Portfolio Program (MCPP), and

By Dipo Olowookere The journey of the stop rates of treasury bills in Nigeria to the zero levels inched closer on Wednesday, November 11, 2020, when the Central Bank of Nigeria (CBN) auctioned some of the government’s debt securities to investors. The investment tool was offered for sale by the apex bank on behalf of the Debt Management Office (DMO) through the primary market auction (PMA). However, the strong appetite for the T-bills gave the central bank the confidence to further slice the stop rates deeper to as low as 0.04 per cent. Like in the previous exercises, the CBN

By Adedapo Adesanya The Bank of Industry (BoI) said in the 2020 fiscal year, it recorded a 9.6 per cent decrease in its Profit Before Tax (PBT) at N35.5 billion as against N39.3 billion recorded in 2019. The Chairman of the Board of Directors of BoI, Mr Aliyu Dikko, confirmed this at the 61st Annual General Meeting (AGM) of the bank held on Thursday, in Abuja. He blamed this on the slowdown witnessed during the year caused by the COVID-19 pandemic, as well as the various interventions and support initiated by the lender for its customers. It was, however, revealed

By Dipo Olowookere The Nigerian Stock Exchange (NSE) last Wednesday disclosed that the rules governing the listing of Sukuk and similar securities have been approved by the Securities and Exchange Commission (SEC). A notice released by the stock exchange to the investing public revealed that the rules were approved by SEC on March 17, 2016 and would take effect from Monday, July 23, 2018. Business Post reports that the draft rules were considered by the Rules and Adjudication Committee of Council (RAC) on October 21, 2014, and approved for exposure to stakeholders for comments from October 29 to November 12,

By Dipo Olowookere Minister of State for Aviation, Mr Hadi Sirika, has explained that work on the runway of the Nnamdi Azikiwe International Airport in Abuja will take six months to complete, but stressed that the airport would only be closed for six weeks. Mr Sirika made this clarification while addressing the Senate on Thursday. The Minister explained that the Abuja runway was constructed in 1982 and has only a lifespan of 14 years, indicating that it has already exceeded its usage. He warned that to continue to operate the airport would be unsafe and unreasonable as there is a

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has disclosed that it would engage stakeholders in the sector at an event slated for this week. A statement issued by the Service on Tuesday, August 23, 2016, stated that the programme is for stakeholders in the northern zone. Business Post also learnt that meeting will focus on the review of Customs and Excise Management Act (CEMA). Our correspondent gathered that the event is scheduled to take place on Thursday, August 25, 2016, at the Customs Area Command, Bompai, Kano. The time for the occasion, Business Post gathered, is 11am prompt. All

By Dipo Olowookere As part of efforts to boost revenue and subsequently make shareholders happier, the management of Med-View Airline Plc has announced the commencement of flight operations to Dubai in the United Arab Emirates (UAE). The official operations to Dubai will take off on Thursday, December 7, 2017. In a statement issued on Monday, December 4, 2017, the airline operator disclosed that this move was in its “quest to improve and expand flight operations to international routes.” “This new destination will generate additional revenue in terms of the volume of passengers who travel on that route,” Med-View said. It

By Dipo Olowookere Transactions at the Nigerian Stock Exchange (NSE) remained bullish on Wednesday following the 0.10 percent growth post at the session. Eighteen stocks listed on the local bourse sustained the positive momentum despite the market breadth finishing negative with 19 price losers. Apart from the insurance sector, which marginally grew by 0.05 percent and the energy index, which went flat, every other sector closed negative, with banking down by 0.58 percent, consumer goods down by 0.38 percent, while the industrial goods counter fell by 0.16 percent. Business Post reports that Presco was the highest price gainer yesterday, appreciating