Tag Archives: Unveil

FG To Unveil Four New Policies On Oil & Gas Sector- Kachikwu

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As Nigeria’s oil and gas sector awaits the passage of the Petroleum Industry Bill (PIB) to provide clarity on the terms of investments, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the federal government would finalise four new additional policies in the sector by the end of October this year.

 Kachikwu has also hinted that the proposed talks on output cuts by the Organisation of Petroleum Exporting Countries (OPEC) to ensure the rebound of oil prices would have limited influence on the prices as the cartel controls only 30 per cent of the global oil output.

Speaking yesterday in Lagos at a conference organised by the National Association of Energy Correspondents (NAEC), Kachikwu stated that the country’s oil and gas sector was faced with myriads of problems that required urgent solutions, stressing that the drop in oil prices was the least of the country’s problems.

Also speaking at the conference, the outgoing Managing Director and Chief Executive Officer of Nigeria LNG Limited, Mr. Babs Omotowa, disclosed that any tinkering of the Nigeria LNG Act of 2004 will violate bilateral agreements with international investors as well as cost the country a huge $25 billion in foreign direct investment (FDI) and fines running in billions at the international courts.

Kachikwu said the issue of cash calls deficiency had been his nightmare with $2 billion shortfalls, which had accumulated to arrears of about $6.2 billion.

 “Every year, we lose 10 to 15 per cent of the joint venture production. There have been no new projects in the last five years and most of the projects touted cannot stand the current economic realities as they were based on $90 per barrel oil price. We are losing investments to our immediate neighbours,” he explained.

According to him, the drop in oil prices is a global problem that is not peculiar to Nigeria, adding that the country has more pressing problems, arising from the renewed attacks on oil facilities by the Niger Delta militants.

Kachikwu, who spoke on the topic: ‘The Urgency of Now’, revealed that while 3,000 cases of pipeline vandalism were recorded in the country from 2010 to 2015, the country had recorded 1,600 incidents between January and June this year, representing over 50 per cent of the incidents that occurred in five years.

He said the incidents of vandalism that occurred in the previous years had led to the loss of 643 million litres of petroleum products, amounting to N51.28 billion lost in 2015.

Read More: thisdaylive

NCC To Unveil New Tariff For Fixed Transmission Services Soon

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The Nigerian Communications Commission (NCC), on Monday, said arrangement had been concluded to unveil new pricing cost for wholesale fix transmission service providers in the telecommunication industry.

The Commission expressed optimism that the new pricing will accelerate the broadband penetration through making transmission links competitive and affordable to end users across the country.

With the new pricing model, NCC said consumers will be able to afford data in the long run, adding that there is need for a level playing field for all operators in the segment.

Speaking at a stakeholders’ forum in Abuja, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said, research carried out by KPMG in conjunction with telecommunication operators revealed that the old wholesale fixed pricing has been excessively discriminatory and arbitrary among industry operators and users.

Danbatta also explained that investigation carried out by a project team constituted by NCC, which included MTN, Glo, Airtel, MainOne, Phase3Telecom and market operators, revealed that there was excessive pricing of fixed transmission link which has raised a lot of concern in the sector.

He said: “The study revealed that wholesale and retail customers in the transmission market capacity in the country were excessively high and not reflective of cost.

“Specific examples were situation in which bandwidth prices for route between Lagos and London was lower that between Lagos and Kano or Port Harcourt. Another issue that was identified was the issue of discriminatory prices of transmission links. It was observed that pricing was not based on cost, distance or any particular formula.”

According to him, statistical report by the International telecommunications Union (ITU), indicated that broadband penetration between 2014 and 2015 is still low, adding that modalities had been put in place to increase the penetration rate by 30 percent before 2018.

Credit: Thisday

Saraki To Unveil Senate Committee Chairs This Week

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The Senate is set to constitute its standing committees this week. The upper parliamentary chamber, as learnt, will increase the number of its standing committees from 56 in the seventh Senate to about 60.

Speaking  in a telephone conversation at the weekend, Senate Leader, Senator Ali Ndume, assured Nigerians that Senate President Bukola Saraki would announce the composition of the committees this week. He said even though the composition process had been tasking, the leadership of the Senate had ensured that it was fair to all.

He also said the Senate leadership had ensured that the composition process was balanced and transparent with a view to ensuring that every interest was adequately taken care of.

Credit: ThisDay

Buhari To Unveil Anti-Corruption Strategy

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To show his determination to rid Nigeria of corruption, the president elect, General Mohammadu Buhari, after his inauguration on Friday, will unveil his anti-corruption strategy, Vanguard learnt yesterday.

The Strategy will be such that will put Nigerians with corruption baggages on their toes and make them to return their loots back to the federal government coffers even less persuasion.

To realize this objective, Vanguard investigations indicated that

there is likely to be an establishment of a high powered anti-corruption panel with a mandate to investigate corrupt government officials and private individuals who had swindled the country.

The panel shall also have the responsibility of tasking the corrupt individuals on making valuable returns in the form of plea bargain.

A timeline, Vanguard learnt will be given for the returns and once it expires, there will be full probes of the persons who had returned their ill gotten wealth and also of others who refused to return theirs.

This, Vanguard learnt is to ascertain whether such returns were commensurate with history of looted money.

The investigations would also touch on all other government properties which included buildings.

It was not however known if the probe would be restricted to the outgoing government of President Goodluck Jonathan which would cease to exist on Friday.

A dependable source who is a close ally of Buhari both in military and civil politics confided in Vanguard that the president-elect is likely to shock most Nigerians immediately after he is sworn in.

According to him, Buhari is committed to stamping out corruption in Nigeria and would not relent.

The source who didn’t want his name in print said that though talks were ongoing on how best to approach the issue of corruption, the methodology was yet to be fully discussed.

He however stated that the conventional anti-corruption agencies like the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt Practices and Other Related Offenses Commission, ICPC, would be reorganized and reactivated to play the lead role in the fight against graft.

He said: “We have not discussed with the president-elect on how he wants to treat his anti-corruption policy. I know he has said he has zero tolerance for corruption. He is a structured man. He is a man of the system. So, to begin to go round the idea may not be correct.

“I believe he will used the structures that are available to fight corruption. That I know. And the modalities it will take, that will be determined by the time he is in office. He will look at the entire thing and then based on the inputs he will get from the experts, he will determine the methodology to go about fighting corruption.”

“Certainly, I know that that is one of the things on the table which he must face squarely. Corruption is everywhere in the country. It has eaten so deep in our psyche. So, it needs to be fought head on. There has to be an assault on it from every angle.”

Asked if the president-elect will quickly swing into action immediately after he is sworn in on Friday, the source who also has a rich military background said Buhari has since fathomed how best to make Nigeria work again.

“You don’t want him to start that day? This is a man who has been trying to be president for the last 14 years. So, if he has not made up his mind on how to govern this country all these years, then there is problem. So, he knows what to do and he knows how to do it. Just give him the chance”, he said.

Read More: vanguardngr 

 

APC To Unveil Buhari Govt’s Policy Direction

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Ahead of the May 29 inauguration of the All Progressives Congress-led government in the country, the roadmap for the policy direction of the Muhammodu Buhari–led administration would be unveiled during a two-day policy dialogue holding in Abuja on Wednesday and Thursday.

The Policy dialogue themed: “Implementing Change: From Vision to Reality” is being organised by the Policy, Research and Strategy Directorate of the APC Presidential Campaign Council.

Briefing journalists in Abuja on Monday, the Deputy Head of the Directorate and former Minister of Youth and Sports, Bolaji Abdullahi, said the President-elect, Mohammadu Buhari, would declare open the dialogue which would be chaired by Vice President-elect, Yemi Osinbajo.

Former British Prime Minister, Tony Blair, is the keynote speaker at the dialogue where input to the roadmap for the actualisation of the policies of the incoming administration would be made by experts drawn from different fields and members of the public.

Mr. Abdullahi identified the core areas of focus in the two-day dialogue to include the economy, governance, job creation and security in line with the APC manifesto for change.

He added that topics for discussion include: “Improving the National Economy for Shared Prosperity”; “Repositioning Agriculture for Job Creation and Economic Prosperity”; “Developing Infrastructure for National Development”; “Achieving Sustainable Reforms on Oil/Gas Sector”; “Reducing Inequality and Achieving Sustainable Human Development”; “Achieving Holistic and Sustainable Reforms in the Education Sector”; “Developing and Education System Relevant to Nigeria’s Developmental Aspiration”; “Achieving Qualitative and Affordable Healthcare”

Others include “Achieving Diversity and Inclusion in Public Life”; “Exploring Sports, Tourism and Creative Industry for Job Creation”; “Governance and Improved Efficiency in Public Service”; “Tackling Corruption in Public Sector” and “Foreign Policy and Agenda for Change.”

Some of the speakers and discussants expected at the dialogue include Ifueko Omogui-Okauru, former Chairperson of the Federal Inland Revenue Service; Dr. Rilwan Babalola, former Minister of Power; Dr. Tajudeen Umar, former Country Chair, Nigeria –Sao Tome and Principe Joint Development Authority; Prof. Niyi Ayoola Daniels, President International Institute for Petroleum Energy Law and Policy; Tunde Ahonsi, Resident Representative UNFPA, Ghana; Major-General Ishola William (rtd).

Others include : Prof Pai Obanya, Chairman WAEC; Dr Ayo Teriba, CEO, Economic Associates; Prof. Bolaji Aluko, Vice Chancellor, Federal University, Otuoke; Prof Mohammed Tabia of the Department of Islamic Law, Bayero University, Kano; General Abdulrahman Dambazzau , former Chief of Army Staff; Prof Ibrahim Gambari, former Nigerian Permanent Representative, United Nations; Fola Arthur-Worrey, former Solicitor-General, Lagos State; Bolanle Onagoruwa, former Director-General BPE; Wale Fapounda, of Legal Resources Consortium; and Prof Etannibi Alemika, Chairman, CLEEN Foundation.

The programme will also mark the winding down of activities of the Policy, Research and Strategy Directorate of the APC Campaign Council, Mr. Abdullahi added.

Credit: premiumtimesng