Category: Business

‘Lie Detected,’ Reactions As Port Harcourt Refinery Fails Delivery Deadline

ADEOLA YUSUF

▪️ $1.5 bn loan-funded rehabilitation: refinery delivers zero litre as minister, NNPC flaunt mechanical completion ▪️ Platforms Africa ends countdown amidst commendations     The 60,000 barrels capacity Port Harcourt Refinery is not ready as promised. The asset has not produced a litre of petrol as of 12:09 am, today, the first of January, 2024, minutes after the December 2023 deadline promised by the officials to deliver it, Platforms Africa reports authoritatively. This reputable media group flagged off on November 29, a countdown on the promised December 2023 deadine to…

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Nigerian Govt Okays 100% VAT Waiver on Cooking Gas, CNG

ADEOLA YUSUF

The Nigerian Government has approved a zero per cent Value Added Tax (VAT) waiver on Feed Gas for all processed, Compressed Natural Gas (CNG) and imported liquified petroleum gas, with immediate effect. The VAT-free waiver also extends to CNG equipment components, conversion and installation services, Liquified Petroleum Gas (LPG) equipment components, conversion and installation services, and all equipment and infrastructure related to the expansion CNG, LPG and the Presidential CNG Initiative, including conversion kits. In a circular, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, directed…

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Ill-Fated Plane That Flew Power Minister To Ibadan Violated Rules – NSIB

ADEOLA YUSUF

Here are findings by the Nigerian Safety Investigation Bureau as more questions are being raised on why Adebayo Adelabu, a Nigerian minister who escaped death by the whiskers, blatantly denied the accident   The Nigerian Safety Investigation Bureau (NSIB) has revealed that the plane crash involving Flints Aero conveying the Minister of Power Adebayo Adelabu from Abuja to Ibadan, Oyo State, last month violated the permit regulation of non-commercial flight. Platforms Africa, which broke the news reported that the minister denied the plane crash, tagging it “all lies.” Meanwhile in…

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Oil Firms, Banks Missing In 25 Best Places To Work In Africa List

ADEOLA YUSUF

Here is see-for-yourself list of top 25 best work places in Africa in 2023 released by Best Places to Work organisation. Number 20 may surprise you!   The Best Places to Work organisation has unveiled its highly anticipated list of the top 25 most outstanding employers in Africa for the year 2023. Platforms Africa reports that no oil company made the list while all major bank, with the exception of Ecobank, were conspicuously missing. The programme, known for recognising exemplary workplaces, conducted extensive evaluations encompassing over 500 organisations operating across the…

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Egbin Plant Shuts Down, Sinks Nigeria’s Power Generation by 676 MW

ADEOLA YUSUF

Why West Africa’s biggest electricity plant will be shut for three days – TCN   Nigeria’s electricity generation on Monday dropped by 676MW as Egbin power plant shut down for maintenance. Platforms Africa reports that a notice issued by the Transmission Company of Nigeria (TCN) read that the station was shut down as at 11:13 hours of 18th December 2023, to allow the Nigeria Gas Company (NGC) to maintain a linking gas pipeline supplying gas to Egbin Power Station. READ ALSO: TotalEnergies Ends Routine Flaring In Nigeria, Reiterates Fresh $6bn…

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Don’t Register Business Name Without Intention To Start — CAC

ADEOLA YUSUF

The Corporate Affairs Commission has advised Nigerians to desist from opening or registering businesses that they had no immediate intention of translating into action. The Director of Compliance, CAC, Mr Justine Nidia, made the call in an interview with the News Agency of Nigeria on Sunday. Nidia said the commission does not encourage people to go ahead and register companies when they have not developed any business idea that would translate into action. “It is not advisable to register a company and keep it in your briefcase because that is…

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Central Bank of Nigeria Suspends Processing Fees On Large Cash Deposits

ADEOLA YUSUF

The Central Bank of Nigeria has issued a new directive to all banks, other financial institutions, and non-bank financial institutions, suspending the processing charges previously imposed on large cash deposits. This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2019 (FPR/DIR/GEN/CIR/07/042), affects deposits over N500,000 for individual accounts and N3,000,000 for corporate accounts. Previously, these deposits attracted processing fees of 2% and 3%, respectively. Effective immediately, the CBN has put a hold on these charges. READ ALSO: CAC To Delist Over…

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National Grid Collapses, Plunges Major Cities Into Darkness

ADEOLA YUSUF

The Nigerian electricity transmission system, popularly known as national grid, has collapsed, plunging major cities in the country into darkness. Platforms Africa reports quoting sources at the National Control Centre Oshogbo in Osun State that the grid failure occured at 1.49 pm. . The sources provided no information on the cause of the system failure or when power is expected to be restored. Meanwhile, distribution companies hace taken turns to inform their customers about the developments. Aba Power Ltd has notified consumers in its ring-fenced area covering nine local government…

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Nigeria Rejects 328 Expatriate Requests From Oil Firms In 12 Months

ADEOLA YUSUF

NCDMB hits 83% 10-year roadmap target, gives reasons oil firms’ expatriate applications surge by 359 in one year   The Nigerian Content Development and Monitoring Board (NCDMB) has rejected 328 expatriate applications from oil firms just as it hits 83 per cent of its 10-tear roadmap target Platforms Africa reports that the Manager of strategy at the NCDMB, Mr. Olubisi Okunola, who reeled out these data at the capacity building workshop for media stakeholders in Lagos, maintained that the board received more applications for expatriates quota increase in 2023 than…

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22 Days: This Is The Only But To PH Refinery’s Deadline – Kyari

ADEOLA YUSUF

Here is what NNPCL GCEO told the Senate hours ago as Platforms Africa’s report until something happens (RUSH) gains momentum   At Budget Defence Session, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, told Senate that Port Harcourt refinery will start operations December, Warri Q1 2024 but declared security as the only imoediment to the success story. “The situation we have in Niger Delta in terms of security is a calamity. We don’t have that anywhere in the world. To engage non-state actors as…

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