Senate Confirms NMDPRA Board Nominees

Image

Senate Proposes 10% Tax on Use of GSM, Pay TV

By Adedapo Adesanya

The Senate has confirmed the appointment of four nominees as members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) board.

The confirmation was made during the plenary on Thursday, October 7, shortly before the presentation of the 2022 budget at the joint session of the National Assembly.

It also followed the consideration of a report by the Committee on Downstream Petroleum Sector.

The nominees are Mr Idaere Gogo Ogan – Chairman; Mr Farouk A. Ahmed – Chief Executive Officer; Mr Abiodun Adeniji – Executive Director, Finance and Accounts; and Mr Ogbugo Ukoha – Executive Director, Distributions System, Storage and Retail Infrastructure.

The committee led by its Chairman, Mr Sabo Mohammed, who presented the report, said their appointments to the NMDPRA board were in accordance with the provisions of section 34(3) of the Petroleum Industry Act, 2021.

He informed his colleagues that the committee did not receive any petition against their nominations, adding that they were cleared by security agencies and possess the Code of Conduct Acknowledgement Slips.

Last month, President Muhammadu Buhari asked the Senate to drop the Director of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu, who was initially nominated as the Chief Executive Officer of the NMDRPA board.

Mr Buhari’s request was contained in a letter dated September 28, 2021, and read by the Senate President, Mr Ahmad Lawan. He had said in the letter that he was replacing the DPR boss with Mr Farouk Ahmed.

President Buhari had in a previous letter dated September 16, 2021, requested the upper chamber to confirm Mr Auwalu alongside the three others as board members of the Authority.

However, the President, in the new request, sought the replacement of Mr Auwalu with Mr Ahmed as Chief Executive Officer.

He explained that the replacement request was duly in accordance with the provision of Section 34 (3) of the Petroleum Industry Act 2021.

Share
Related Stories
Image
13-February-2024

Access Holdings Selects Bolaji Agbede as Acting Group CEO

By Aduragbemi Omiyale Ms Bolaji Agbede has been appointed as the acting group chief executive of Access Holdings Plc, a statement from the organisation on Monday disclosed. Her appointment followed the death of the group CEO of the company, Mr Herbert Wigwe, in a helicopter crash in the United States over the weekend. Mr Wigwe died along with his wife, son, pilots, and the former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo. In the statement, Access Holdings emphasised that the appointment of the acting group CEO was subject to the approval of the Central Bank

Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
07-February-2024

Finverity Elevates Alex Fenechiu, Symmie Swil

By Modupe Gbadeyanka The co-founder and former Chief Operating Officer (COO) of Finverity, Mr Alex Fenechiu, has taken over as the Chief Revenue Officer (CRO) of the organisation. A statement from the firm on Wednesday said Ms Symmie Swil is the new COO and would be expected to provide the company with operational excellence with her impressive track record in business banking. It was disclosed that her promotion was in recognition of her invaluable contribution as Head of Operations since joining Finverity in 2023. She has an impressive history of driving significant growth, whilst instilling operational excellence, notably expanding Starling

Image
01-February-2024

Otedola Takes Over as FBN Holdings Chairman

By Dipo Olowookere Prominent Nigerian businessman, Mr Femi Otedola, has been appointed as the chairman of FBN Holdings Plc, the parent company of First Bank Nigeria Limited, a foremost lender in the country. He was picked for the position at the meeting of the board of the organisation held on Wednesday, January 31, 2024. He is taking over the post from Mr Ahmad Abdullahi, after he joined the board in August 2023 as a non-executive director. Mr Otedola, who has been described as a visionary entrepreneur, is also the chairman of Geregu Power Plc, a company also listed on the

More Stories
Image
08-April-2021

NGX Widens Traders’ Understanding of Derivatives Market

By Aduragbemi Omiyale On Wednesday, April 7, 2021, organisations interested in deepening their knowledge of the derivatives market were taken through the rudiments of the asset class. Participants were tutored on the application of the derivatives market and how investors can reap maximum value from the investment tool. The training was organised by the Nigerian Exchange (NGX) Limited in collaboration with NG Clearing (NGCL) Limited, the central counterparty clearing system for the NGX derivatives market. The free training focused on Derivatives Margining Process and Account Segregation Policy and was hosted by the Divisional Head, Trading Business, NGX Limited, Mr Jude

Image
16-March-2017

Hayatou Loses CAF Seat to Ahmad

By Dipo Olowookere President of the Confederation of African Football (CAF), Mr Issa Hayatou, has finally lost his position to Mr Ahmad Ahmad. At the CAF Presidential elections held in Addis Ababa, Ethiopia on Thursday morning, Mr Hayatou lost to his opponent by 14 votes. While Mr Ahmad polled 34 votes to clinch the seat, Mr Hayatou managed to rake 20 votes. The defeated Cameroonian has been in power since 1988, when he campaigned for change during the election then. But since assuming power, Mr Hayatou has won re-election into the office and was at a time the Acting President

Image
25-April-2020

COVID-19: NNPC, IPPG Donate Medical Items

In line with its commitment to the Nigeria oil and gas industry intervention initiative on the COVID-19 pandemic, being championed by the Nigerian National Petroleum Corporation (NNPC),  the Independent Petroleum Producers Group (IPPG) in partnership with NNPC has made an initial donation of 5,000 protective suits and goggles /eyewear; 2,500 -FFP2 / N95 face masks, 500,000 protective surgical face masks and four brand new and fully-kitted Toyota Hiace Ambulances to support the national  effort at mitigating the impact and curbing the spread of COVID-19 in Nigeria. The donation, which was made at an event held in Lagos, is the first

Image
22-November-2023

Senate Joins Reps to Pass 2024-26 Medium Term Expenditure Framework

By Adedapo Adesanya  The Senate has joined the House of Representatives to pass the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of N7.8 trillion for 2024, N9 trillion deficit, and federal government total expenditure of N26 trillion. The President of the Senate, Mr Godswill Akpabio, announced this on Wednesday, with an oil price benchmark of $73 per barrel of crude oil, 1.78 million barrels per day as contained in the MTEF/FSP documents, special intervention (recurrent) of N200 billion, special intervention(capital) of N7 billion and an exchange rate of N700/$1o. This is coming a

Image
31-December-2020

Queen of England Knights F1 Champion Lewis Hamilton

By Adedapo Adesanya Formula 1 world champion, Lewis Hamilton, has been knighted in the Queen of England’s New Year Honours list. The 35-year old race car legend will now bear the title Sir Lewis Hamilton, becoming the fourth F1 driver to be knighted after two fellow Britons, Sir Stirling Moss and Sir Jackie Stewart, and Australia’s Sir Jack Brabham. The Briton sealed a seventh drivers’ title at the Turkish Grand Prix in November, equalling the championships record held by Michael Schumacher. Hamilton won his first world title with McLaren in 2008, with further successes in 2014, 2015, 2017, 2018 and

Image
06-March-2021

Lagos to Shut Marine Bridge for Three Months

By Modupe Gbadeyanka The Marine Bridge would be closed for three months for emergency repairs, the Lagos State government has disclosed. The Commissioner for Transportation, Dr Frederic Oladeinde, explained in a statement that the action was necessary to maintain the bridge infrastructure, which includes removal and cleaning of the existing expansion joints to prevent further deterioration. He disclosed that the partial closure of the Marine Bridge, which affects the Apapa outward section, would take effect from Tuesday, March 9 to Monday, June 21, 2021. The Commissioner urged vehicle owners plying the corridors to be patient and bear with the state

Image
07-June-2018

N122b Debt: Court Convicts First Bank Chairman, CEO of Contempt

By Modupe Gbadeyanka First Bank of Nigeria Limited; its Chairman, Mrs Ibukun Awosika; and the Managing Director, Mr Adesola Adeduntan, have been convicted of contempt of court by a Federal High Court sitting in Lagos. The court on Wednesday found the trio guilty of refusing to release the N122 billion bond the bank allegedly guaranteed to pay the Ejama-Ebubu community in Eleme Local Government Area of Rivers State on behalf of Shell Petroleum Development Company of Nigeria Limited. Recall that 10 indigenes of Ejama community, in the substantive suit had sued Royal Dutch Shell Plc, Netherlands, Royal Dutch Shell Plc,

Image
06-October-2020

Former Defunct Skye Bank Director Joins Wema Bank

By Dipo Olowookere A former executive director of the defunct Skye Bank Plc, Mrs Ibiye Asime Ekong, has been appointed to the board of Wema Bank Plc. The operating licence of Skye Bank was revoked by the Central Bank of Nigeria (CBN) and then nationalised to Polaris Bank. Mrs Ekong served on the board of the financial institution until she retired. But Wema Bank intends to tap into the over 28 years’ experience of the financial professional, who is an expert in accounting and banking and finance with a passionate bias for retail banking. A statement issued by Wema Bank

Ad
Ad
Recent Stories
Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called