Friday, August 21 , 2020
‘Modular refineries not immediate solution to fuel problems’
Contrary to expectations, the coming up of modular refineries will not provide the much needed succour for Nigeria’s refining problems in respect of Premium Motor Spirit (petrol) in the immediate future. This is because the promoters of the projects may first of all target products that can give them quick returns on their investments. Read more
Beirut explosion heightens calls to decongest Lagos ports, relocate tank farms
As Nigeria’s ports in Lagos continue to grapple with persistent traffic congestion caused by high volume of articulated vehicles moving in and out of seaports as well as oil jetties in Apapa, industry experts say the country needs to learn lessons from the recent explosion that took place in Port of Beirut, Lebanon, by… Read more
6,000bpd Edo Refinery for commissioning September on DPR’s final approval
The 6,000 barrel per day (bpd) capacity Edo Refinery and Petrochemicals, a private modular refinery project that enjoys the support of the Federal and State government, is billed for commissioning next month pending approval by the regulator. During a tour of the project Thursday at Ologbo, Ikpoba Okha Local Government Area of Edo State by… Read more
NDPHC boss promises improved power supply as he gets 2nd term
Managing director/CEO of Niger Delta Power Holding Company (NDPHC), Joseph Chiedu Ugbo, has pledged the commitment of his administration to collaborate with other stakeholders in the power sector to improve electricity supply in Nigeria. He spoke yesterday while playing host to BusinessDay Editorial team in his Abuja office. The visit coincided with his reappointment by…Read more
Power generation sinks to 3,356MW after new 5,420.30MW peak
Power generation in the country fell to 3,356 megawatts on Thursday less than two days after a new peak of 5,420.30MW was achieved. The Transmission Company of Nigeria announced on Thursday that the nation’s power industry had achieved yet another all-time national peak of 5,420.30MW. Read more
Revenue rises by N19.26bn, FG, states, LGs share N676.41bn
The Federation Accounts Allocation Committee has shared a total of N676.41bn for July 2020 Federation Account revenue to the federal, states and local government councils and relevant agencies across the country. This was made known after the monthly FAAC meeting for August 2020 held through virtual conferencing and chaired by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse. The gross statutory revenue of N543.79bn was received for the month of July 2020. Read more
Food prices rose in July –NBS.
The National Bureau of Statistics disclosed on Thursday in its report on ‘Selected food prices watch’ for the month of July. Part of the report stated that, “Selected food price watch data for July 2020 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 1.24 per cent and month-on month by 0.27 per cent to N474.12 in July 2020 from N472.83 in June 2020.” Read more
Total pension assets rise to N11.08tn
Despite the effect of the coronavirus pandemic on different sectors of the economy, the total pension assets under the Contributory Pension Scheme rose to N11.08tn as of the end of June. The National Pension Commission disclosed this in its report entitled ‘Summary of pension fund assets as at 30 June 2020’, obtained by our correspondent on Thursday. Read more
‘Over 400% surcharge increase by shipping firms hurts Nigerian economy’
The Federal Government has taken a bold step to protest indiscriminate charges by multinational shipping firms, who have continued to slam huge surcharges on Nigerian-bound cargoes. The surcharge about 400 per cent increase from the regular charges, according to stakeholders, would cripple industries, claim jobs, and shrink revenue accruable to the Government. Read more
Report reveals over 2 million phishing attacks in Nigeria, others
A new spam and phishing report by global internet security firm, Kaspersky, has said security solutions detected two million phishing attacks in South Africa, Kenya, Egypt, Nigeria, Rwanda, and Ethiopia, just in the Second Quarter (Q2) of 2020. Read more
