Connect with us

Business

FG to begin crude sales in naira to Dangote Refinery, others in October

Published

on

The Federal Government says it will begin crude oil sales in naira to Dangote Refinery and others in October.

This is according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mohammed Manga in Abuja on Monday.

Manga said that the inaugural meeting of the implementation committee to fast-track the transaction was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.

“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in naira to enhance Nigeria’s economic growth and development,” he said.

He said the committee reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting from October 1.

According to him, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Central Bank of Nigeria (CBN).

He said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the African Export-Import Bank (Afreximbank) were also assigned roles to ensure smooth implementation.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.

Meanwhile, Edun said that the transaction would mark a significant milestone in the country’s economic transformation.

He emphasised the need for transparency and directed the Technical Sub-Committee to finalise details as well as prepare a report for the president, confirming that his directives were on track for implementation from September.

“With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira.

“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.

“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,” he said.

Business

NCAA to address ticket refund issues within 24 hours as Keyamo launches portal

Published

on

By

Festus Keyamo, minister of aviation and aerospace development, has inaugurated the consumer protection portal of the Nigeria Civil Aviation Authority (NCAA).

The portal, launched in Lagos on Thursday, aims to provide easy access for travellers to lodge complaints online and track the resolution process.

Speaking at the launch, Keyamo directed the NCAA to address airline ticket refunds owed to passengers by airlines within 24 hours.

He said many passengers have struggled to reclaim funds for flights booked from airlines that are currently not operating.

Keyamo, on April 24, had asked the NCAA to suspend the operations of Dana Air after one of its aircraft veered off the Lagos airport runway.

“I am not unaware of the complaints of people whose money has not been refunded by certain airlines that have stopped operations due to safety concerns,” Keyamo said.

“I receive a huge number of such complaints in my emails, text messages, and direct messages. I have been a lawyer of the federal republic for over 30 years before I was called to serve my fatherland. People find a way to send these complaints to me and that is why I receive some of these complaints directly.

“For the airlines that have not refunded passengers’ money, there must be a public statement by the NCAA by the end of Friday latest.

“Let the public know what is happening to that money. I know you have resolved that. Let’s not pretend as if we are not hearing anything about this. People bought tickets before the airlines ran into troubled waters. What happened to their money? What plans do you have to refund them? This is part of consumer protection.

“The NCAA should come out with a public statement to show what they are doing about resolving the issue.”

‘CONSUMER PROTECTION PORTAL TO ENSURE EFFICIENCY’

On protecting travellers, Keyamo said the portal is expected to streamline the complaints process and ensure efficiency in the aviation sector.

He commended the NCAA’s leadership, particularly its consumer protection directorate, for the initiative, noting that passenger satisfaction is crucial for the industry’s viability.

“The final thing that we must achieve in the sector is that the person boarding the aircraft must have good experience, must feel the change either in terms of prices, environment or experience. Everybody is working for that final consumer, including myself,” he said.

“Let it be clear that we are all consumer protection officers and it’s not only for those gentlemen and ladies in uniform.

“As a frequent flyer myself, I have seen firsthand, the rage of passengers who are either disappointed by delayed flights, cancellations or some ugly experiences on those flights. I have seen the rage and this is a means by which they can ventilate that rage.”

On his part, Chris Najomo, acting director-general of the NCAA, praised the initiative as a vital step in protecting the rights of aviation consumers in Nigeria.

“In today’s rapidly evolving marketplace, consumers face myriads of challenges. From being unaware of their rights to navigating complex regulations to addressing poor services or unfair practices,” Najomo said.

“Hence, the need for a robust system to protect and empower consumers has never been more critical.”

Continue Reading

Business

Coca-Cola announces plan to invest $1bn in Nigeria

Published

on

By

Coca-Cola Hellenic Bottling Company says it will invest $1 billion in Nigeria over the next five years.

The investment commitment was made during a meeting with Coca-Cola’s global leadership team, including John Murphy, president and chief financial officer, and Segun Apata, chairman of Nigerian Bottling Company.

Reacting to the development in a statement on Thursday, President Bola Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for employing over 3,000 people across nine production facilities.

Tinubu said the investment highlights his administration’s commitment to creating a robust financial system and a business-friendly economy.

The president spoke in a statement signed by Bayo Onanuga, his special adviser on information and strategy.

“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,” the statement reads.

“We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.”

Tinubu said private sector partnerships are crucial to his government’s reforms aimed at improving the business environment.

He pledged to continue to support Coca-Cola for expanding its investments in Nigeria and addressing environmental issues, including climate change.

Murphy, speaking on Coca-Cola’s impact in Nigeria, said the company generates ₦320 billion annually through nearly 300,000 customers and contributes almost ₦90 billion in revenue to the Nigerian government.

“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians,” he said.

Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the company’s $1 billion investment pledge to its confidence in the Nigerian government’s policies.

“Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits,” the CEO said.

“That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.”

Bogdanovic said Nigeria’s potential is tremendous, pledging the company’s commitment to work with the government to realise it.

In November 2021, the beverage manufacturer had plegded to inject $1 billion into Nigeria’s economy.

Continue Reading

Business

NCC to deploy 6G spectrum to expand Wi-Fi access in Nigeria

Published

on

By

The Nigerian Communications Commission (NCC), says it is planning to deploy the 6G spectrum in Nigeria to expand access to Wi-Fi technology.

Aminu Maida, executive vice-chairman of NCC, spoke on Thursday on the efficient management and utilisation of spectrum resources at a consultative engagement forum on emerging technologies.

Tagged, ‘The Use of 6GHz (5925-7125) MHz for WiFi and IMT Applications in Nigeria’, the forum was held in Lagos to get stakeholders’ input and recommendations on how the new frequency can be used.

The NCC also said the forum, held annually, serves as a platform to get the support of stakeholders for its policies.

In his opening remarks, Maida, represented by Abraham Oshadami, executive commissioner of techincal services at the commission, said existing spectrums (5G and 2G) are becoming overcrowded, hence the need to introduce other frequency bands.

“The 6GHz band, spanning from 5925 MHz to 7125 MHz, offers a substantial increase in available spectrum, which is crucial for supporting the growing demand for high-speed internet and advanced applications. Wi-Fi plays a crucial role in the distribution of fixed broadband connectivity in homes, offices, and various other environments,” Maida said.

“The vast majority of home internet traffic is connected to the end-user through Wi-Fi. In enterprise settings, Wi-Fi is essential for handling large amounts of data and simultaneously connecting large numbers of devices with improved reliability, higher data throughput, and lower latencies.

“However, the 5GHz and 2.4GHz that are being used for Wi-Fi (Wi-Fi 5) at the moment are becoming overwhelmed due to an increase in demand for capacity. It is, therefore, imperative to identify other frequency bands to complement the 5GHz and 2.4GHz.”

Speaking on the benefits, Maida said the proposed frequency would increase capacity, allowing for the use of applications such as virtual reality, augmented reality, which existing spectrums “will not carry”.

“With Wi-Fi 6 introduction, you have more capacity opened up for people to be able to connect and have seamless access to Wi-Fi and remember, this is unlicenced, so it is free. In the long run, it’ll bring down the cost of connecting to Wi-Fi.”

Caroline Alenoghena, a professor of telecommunications engineering at the Federal University of Technology, Minna, said the introduction of a new spectrum is necessary to address the congestion in the present Wi-Fi frequencies.

The professor said opening up the 6G band would create “opportunities for start-ups to grow” in terms of providing digital services.

On his part, Tony Emoekpere, president of the Association of Telecommunications Companies of Nigeria (ATCON), said the 6G spectrum — if properly allocated — would allow more diverse technologies to be deployed.

Emoekpere said it would also democratise access to the urban, semi-rural, and rural areas.

“Foreseeable challenges are things like infrastructure requirements, the whole of investment that’s required, competing technologies, because some of these technologies are still being developed,” the ATCON president said.

He described the forum as a standard practice in the industry to ensure that stakeholders are consulted when new technologies, licences, and policies are being developed.

Continue Reading

Most Read...