Wednesday, September 30, 2020
Government urged to create 10-year plan to build infrastructure, develop gas for local use
Nigeria has ridden on the back of oil for more than 50 years, and now is the time to fly on the wings of gas. If the country will achieve its potentials it must begin a decade-long plan to deepen gas for local use in industries, build infrastructure and commercialise gas. This is according to… Read more
NNPC to be limited liability company under new PIB
How IDSL is spearheading NNPC’S moves for $10 oil production cost
Nigeria’s petroleum Industry Reforms Bill just sent to the legislature proposes a number of strategic changes to structure of the oil and gas sector including a requirement for the NNPC to transform into a limited liability company to be registered within a period of six months. In two years, there must be a determination of… Read more
FMDQ Clear landmarks as Nigeria’s Premier CCP
The Nigerian financial markets recorded a ground-breaking and game-changing milestone following the successful registration of FMDQ Clear Limited (FMDQ Clear) by the Securities and Exchange Commission (SEC) on September 29, 2020, to become Nigeria’s premier Central Counterparty (CCP). As a critical and much needed Financial Market Infrastructure (FMI), this laudable achievement re-defines the landscape for… Read more
Sterling Bank gets CBN’s nod for holding company
Sterling Bank Plc has said it is considering a new subsidiary as it transforms into a holding company. The Managing Director and Chief Executive Officer of the bank, Mr Abubakar Suleiman, said this in a statement on Tuesday entitled ‘Sterling Bank starts restructuring, set to spin off multiple banks.’ Read more
Senators reject Buhari’s nominee as PenCom DG
The decision of the President, Major General Muhammadu Buhari, to seek the Senate approval for the appointment of Aisha Umar, as the Director General of the National Pension Commission, has caused a sharp division among senators. Some senators on Tuesday vehemently protested the nomination as soon as the Senate President, Ahmad Lawan, read Buhari’s letter, seeking Umar’s confirmation as the substantive DG of the agency. Read more
NERC issues order suspending tariff hike for 14 days
The Nigerian Electricity Regulatory Commission on Tuesday night issued an order suspending the September 1, 2020 hike in electricity tariffs for 14 days. Labour unions and the Federal Government had reached a truce on Sunday night to reverse the hike in electricity tariffs for 14 days, a development that prompted the halt of a nationwide strike by labour. Read more
Include Kano airport certification in 2021 budget, Reps tell FAAN
The House of Representatives has mandated the Federal Airports Authority of Nigeria and the Nigerian Civil Aviation Authority to include certification of the Mallam Aminu Kano International Airport in the 2021 Appropriation Bill. At the plenary on Tuesday, the House adopted a motion moved by a member from Kano State, Mr Haruna Dederi, titled ‘Urgent need to speed up the certification of Mallam Aminu Kano International Airport to world class standard’. Read more
Experts want SEC, CBN clear directive on cryptocurrency in Nigeria
Financial experts have stressed the need for the Securities and Exchange Commission (SEC), and Central Bank of Nigeria (CBN) to work together and chart a clear, articulated and progressive course on cryptocurrencies in Nigeria and avoid regulatory overlap. Read more
Heritage Bank, PWC, Deloitte seek tech adoption in tackling fraud, COVID-19
Heritage Bank Plc has called on internal auditors of banks to adopt the various digital technologies to tackle fraud and annul the adverse impact of the ongoing COVID-19 pandemic on the financial ecosystem. Read more
