Industries

Multinational oil giant Shell has revealed its intention to withdraw from Nigeria’s onshore oil sector. Making this known at Shell’s annual general meeting on Tuesday, the CEO, Van Beurden, said his organisation was in talks with the Nigerian government to work out how to exit its onshore licenses. Mr Beurden explained that Niger Delta oil is no longer suitable for its business, adding that the incessant cases of oil theft and sabotage and spillage don’t fit with the organisation’s risk appetite. “The balance of risks and rewards associated with our onshore portfolio is no longer compatible with our strategic ambitions,”…

The Federal Government has approved the extension of the deadline National Identification Number, NIN, and Subscriber Identity Module, SIM, integration exercise untill June 30. Recall that on December 15, 2020, the Federal Government declared that after December 30, 2020, all SIMs that were not registered with valid NINs on the network of telecommunications companies would be blocked. The December 30, 2020 deadline was later extended, following widespread opposition against the earlier announcement and gave three weeks’ extension for subscribers with NIN from Dec. 30, 2020 to Jan. 19, 2021. The Federal Government later gave six weeks’ extension for subscribers without…

The Federal Inland Revenue Service issued Dangote Cement Plc tax credit certificates, the second in two years. The tax credit certificates valued at N22.321 billion are for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States, The Nation reported. This implies that Dangote Cement will provide the funding for the federal roads to cover for the tax that it would have paid. The tax credit certificate for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion, while that of Lokoja-Obajana-Kabba is valued at N721 million. In 2019, FIRS issued a tax credit certificate valued…

Dr.Chidia wants foreign ministry partnership as global agencies seek investment in Nigerian Film Industry Kenneth Udeh, Abuja Managing Director of the Nigerian Film corporation (NFC), Dr. Chidia Maduekwe, Thursday advocated synergy between the NFC and the Nigerian Ministry of foreign affairs to stimulate growth and development in the nation's film industry. Dr. Chida made this disclosure following the expression of interest of foreign agencies to partner with the NFC to invest in the Nigerian film industry, according to Chidia, Nigerians current status as the 2nd largest film producer in the world has become attractive to foreign countries as an investment…

Kano elders reconcile Alhaji Aliko Dangote and Alhaji Abdul-Samad Rabiu The clash between two of Nigeria’s richest men, Aliko Dangote and Abdul Samad Rabiu, seems to be temporary over following the intervention of Kano state elders. The businessmen has had a dispute over who controls the sugar market in Africa’s biggest economy. While Mr Dangote accuses his competitor of attempting to appropriate undue advantage, Mr Rabiu says Mr Dangote, Africa’s richest man, wants to monopolise the market and manipulate prices. Mr Dangote denied the price-fixing allegation. In January, Dangote Sugar Plc, supported by Flour Mills of Nigeria Plc, accused rival…

The Petroleum Products Pricing Regulatory Agency (PPPRA) had earlier released a template increasing petrol price to N212 per litre but it was later deleted. The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari says Nigerians may likely pay more for petrol in April. The Petroleum Products Pricing Regulatory Agency (PPPRA) had earlier released a template increasing petrol price to N212 per litre but it was later deleted. Speaking with journalists at the Presidential Villa, Abuja, Kyari said the NNPC can no longer bear the burden. He also said the NNPC pays between N100 billion and…

Federal Government Increases Fuel Price To N212 Per Litre  President Muhammadu Buhari’s led administration on Thursday initiated an upward review of petrol price to N212 per litre, raising fresh economic concerns for the country’s impoverished households, TheWhisperer has learnt. The fuel pricing regulator PPPRA said in its template released on Thursday night that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February. The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against…

The National Inland Waterways Authority (NIWA) is to engage the services of Akewa Colmar Terminal Limited (ACTL) to move containers from Lagos Ports to Onitsha River Port via Burutu Port in Delta State, in an effort to make Onitsha River Port functional, and to decongest the Lagos ports. NIWA’s General Manager, Corporate Affairs, Jibril Darda’u, who disclosed this in a statement issued on Thursday said the idea of hauling containers via Burutu Ports to Onitsha River port was to avoid the two small bridges of Gbarekolo and Bumandi. “The two bridges are too tiny and shallow for sea-moving badges or…