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NNPCL Kicks Over Invitation By Senate

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The Senate on Wednesday clashed with Nigerian National Petroleum Corporation Limited over legal basis of not honouring invitation by its relevant committees.

The NNPCL in response to the invitation from the Senate said that since the agency was now limited liability company by virtue of provisions of the Petroleum Industry Act, the Senate has no legal backing to summon it for any form of appearance.

NNPC made this known to the Senate Committee on Finance through the Clerk to the National Assembly, Amos Olatunde

But in his reaction to the letter, the Chairman of the Committee, Senator Olamilekan Adeola ( APC Lagos West), said that NNPC is 100 percent owned by the Federal government and it can be invited at anytime to appear before the lawmakers for any explanation.

Adeola made the reaction when the General Manager, Public Affairs , NNPC, Garbadeen Muhammad, appeared before the Committee at the Interactive session on 2023-2025 MTEF/FSP projections .

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NNPCL defends 68m-litre daily consumption, backs forensic audit
He added that the law passed by the National Assembly only empowered the NNPCL to be active participant in the oil industry.

READ ALSO: Oil Theft: NNPCL Losses $700m Monthly

He said, “Your Liason Officer told the clerk of National Assembly that you are now limited liability company that you cannot be appearing before Senate.

“We will summon you and invite you at any hour we need your attention. You are limited liability company by our law. We change your status because we want you to be active participant in oil industry.

“Call your Liason Officer and correct impression by him. It is owned by Federal government and you remain accountable to Federal government. There are potent issue you need to address.”

PUNCH

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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