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PPPRA: Previous administrations spent N8.9 trillion on subsidy in 10 years
The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, disclosed that N8.9 trillion was spent on fuel subsidy by the Federal Government, mainly by previous administrations, between 2006 and 2015. According to data released to support the need for deregulation of the downstream petroleum industry, the PPPRA stated that the bulk of the sum was expended between 2011 and 2015, where N6.7 trillion, representing 74.8 per cent of the total were spent on subsidy. Giving a breakdown of the figure, the PPPRA disclosed that N257.36 billion, N271.51 billion, N630.57 billion, N409.31 billion, and N667.08 billion were spent on fuel subsidy in 2006, 2007, 2008, 2009, and 2010, while in 2011, 2012, 2013, 2014 and 2015, fuel subsidy gulped N2.1 trillion, N1.35 trillion, N1.32 trillion, N1.22 t...
NPA: 20 ships discharging petrol other items at Lagos port
Agence France-Presse The Nigerian Ports Authority (NPA) on Monday said that 20 ships at the Lagos ports were discharging petroleum products and food stuff. The NPA made this known in its publication, `Shipping Position’, a copy of which was made available to newsmen in Lagos. It listed the contents of the ship as general cargo, containers, bulk wheat, petrol, frozen fish, butane gas, bulk sugar, maize, bulk salt and automobile gasoline. It said that other 12 ships had arrived the ports, waiting to berth with containers, bulk wheat, and general cargo. The authority said it was expecting 13 other ships with petroleum products, food items and other goods from Sept. 21 to 30. It said that the ships contained bulk wheat, bulk sugar, petrol, bulk gypsum, frozen fish, maize, bulk salt and general...
NSE market indicators resume week with 0.01% growth
The market indicators of the Nigerian Stock Exchange (NSE) resumed transactions for the week on Monday with a marginal growth of 0.01 per cent, amid cautious trading. Speficially, the market capitalisation which opened the week at N13.364 trillion rose by one billion naira or 0.01 per cent to close at N13.365 trillion. Also, the All-Share Index appreciated by 1.78 points or 0.01 per cent to close at 25,574.35 from 25,572.57 posted on Friday. The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Presco, UACN, International Breweries, MTN Nigeria Communications and Guaranty Trust Bank. This week, United Capital Plc expected to see some buying interest in the equity market, ahead of third quarter 2020 financials. Also, analysts at Afrinvest Limi...
NCC mulls new pricing regime for mobile international termination rate
Fix Africa News Magazine The Nigerian Communications Commission (NCC) has embarked on a cost-based study to set the new pricing regime for mobile international termination rate (ITR) for inbound international voice calls in the country. The ITR is the rate paid to local operators by international operators to terminate calls in Nigeria. As part of the process for the rate determination, the Commission has organised a virtual stakeholder engagement forum with relevant industry stakeholders to intimate them with the ongoing cost-based study and the need to cooperate with Messrs Payday Advance and Support Services Limited, the consultants engaged to carry out the study. Addressing the stakeholders in Abuja recently, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said the study has b...
Cross River workers protest removal of names from payroll
Some civil servants whose names were removed from the payroll of the Cross River Government on Monday in Calabar picketed the state secretariat complex, demanding reinstatement. The protesters carried placards with various inscription such as “Ayade pay us our salaries, “No Trade Union in Cross River”, “We will protest until we are reinstated”, among others. It would be recalled that the state government in August 2019 removed the names of no fewer than 2,500 civil servants from its payroll. One of the protesting civil servants, Mr James Obeten, told newsmen that the situation had caused untold hardships in his families. “We were duly employed in 2015, and were given employment letters, it is very shocking that the government stopped our salaries since August 2019. “Without any reason, our...
ECOWAS Court set to resume from extended vacation on October 7
The ECOWAS Court will be resuming its activities on Oct. 7, after its three months vacation. This is contained in a statement issued in Abuja on Monday by the media office of the justices. The court will deliver judgment in nine cases filed against eight some member states. It added that the cases were also filed against Nigeria’s Cross River State and the ECOWAS Bank for Investment and Development (EBID) and listed in the latest course list released by the Registry of the Court for the period Sept. 25 to Oct. 28. According to the court, among those listed for judgment is a case filed by Counsellor Kabineh Muhammad Ja’neh, a former Justice of the Supreme Court of the Republic of Liberia against the government. “The former Justice is challenging his removal from office on the grounds that i...
Novak Djokovic wins fifth Italian Open title
Novak Djokovic claimed a record 36th Masters crown on Monday, beating Argentine Diego Schwartzman in the final of the Italian Open. The world number one won 7-5, 6-3 to break a tie with Spanish rival Rafael Nadal for most master titles. For Djokovic, it was a fifth title in the warm-up clay-court tournament for next week’s French Open. Nine-time Rome winner Nadal, the defending champion, fell in the quarter-finals to eighth-seed Schwartzman. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Inte...
Ukheshe Confirms Two Key Appointments
Ukheshe has announced the appointment of Victor Ndlovu as its new Vice President for Africa and Paul Opie as Head of Issuing for Ukheshe Africa. Both appointments come as the fintech innovator continues to branch out from its South African roots into Africa. Joining Ukheshe from Wirecard South Africa, where he was responsible for driving regional business development, Opie says he is looking forward to working on local solutions that meet local market requirements and expanding them more broadly. “The challenges in the African payment industry as well as current global trends presents an opportunity for us to provide cost-effective payment acceptance infrastructure, such as QR code or mobile, rather than POS. Increase in acceptance creates trust and limits the want to withdraw cash from AT...
Increase in China’s warplane activity starts to unnerve Taiwanese
The increasing number of air force incursions from China is starting to fray nerves among ordinary Taiwanese, who wonder if their heavily armed political rival finally plans to attack after decades of threats, polls and analysts say. The People’s Liberation Army Air Force has increased the frequency and number of flights over a median line between the two Asian neighbors in the past four months, according to reports from Taiwan’s Ministry of National Defense. Eighteen Chinese military aircraft passed through Taiwan’s airspace Friday followed by 19 on Saturday, the ministry said. Saturday the planes flew in a formation designed to attack from the front, rear and both sides. Some aircraft were sighted in Taiwanese airspace over waters about 80 kilometers from Taiwan itself, according to maps...
Edo election: APC’s loss is masses’ revolution against injustice – Senator Okorocha
Rochas Foundation A chieftain of the ruling All Progressives Congress, APC, and former governor of Imo State, Senator Rochas Okorocha, has described the loss of his party in the Edo State governorship election as people’s revolution against injustice. This was even as he said members’ respect for President Muhammadu Buhari was the reason the party is still intact, warning that there could be an imminent possible implosion in the party if the leadership failed to address some issues threatening its sustenance. The senator representing Imo West Senatorial Zone, reacting to the outcome of the just-concluded Edo governorship election, insisted that APC’s loss was the masses’ revolution against injustice. “If the report I am getting from Edo is not quite interesting when injustice comes into a ...
Major banks moved vast sums of illicit money – investigation
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations. “Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financi...
Manchester City name new captain after Silva departure
Getty Images Fernandinho will be Manchester City’s captain for the 2020-21 season, manager Pep Guardiola has confirmed. David Silva took the armband after the departure of long-serving skipper Vincent Kompany last season before the Spain playmaker opted to call time on his decade-long stay at the Etihad Stadium. It means the responsibility will now be passed to Fernandinho, another stalwart of City’s modern era, after the 35-year-old was voted captain by his team-mates and other members of staff. “He will be good [as a leader], as he always has been since I met him,” Guardiola said of the Brazil international who joined City from Shakhtar Donetsk for £30million in 2013 and is out of contract next June. “It doesn’t matter [whether or not Fernandinho has] the armband, he is always a guy who ...
