Business

How PIA Will Affect NNPC – Mele Kyari

Published

2 years ago

August 17, 2021

NewTimes

NNPC Blames MRS, Oando, Duke, Others For Importing Adulterated Fuel

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari has explained how the Petroleum Industry Act (PIA) will affect the corporation.

Kyari who spoke with Arise TV on Monday said the national oil company would be transformed into a private company that would pay taxes and dividends to its shareholders.

He said the new company would be incorporated under the Company Allied Matters Act (CAMA).

On Monday, President Muhammadu Buhari signed the Petroleum Industry Bill (PIB) into law.

Kyari explained that all liabilities and assets of the NNPC will be transferred to the new company.

He noted that some toxic assets may be excluded.

“Coming back to the NNPC, the provision of the law clearly states that the corporation will be transformed into a CAMA company. The meaning of this is that the company will just be another privately owned company, in a sense,” Kyari said.

“This company will pay taxes, royalties and dividends to its shareholders. This isn’t the situation today because the corporation has no such obligation. This has stalled its development, its growth and its prosperity.

“According to the new Petroleum Industry Act, a new company will be incorporated within six months . That means all assets and liabilities of the NNPC will be transferred to the new company.

“Not all of them, by the way. The bill is very clear. Some toxic assets of the corporation may not be transferred. The federation or shareholders can decide to keep some of the assets and leave some with the corporation.

“Therefore, you are going to have a much more efficient, much more slimmer, much more commercial national oil company.”

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Business

BREAKING:Nigeria Air Launch A Fraud – Reps

Published

2 days ago

June 6, 2023

NewTimes

Nigeria Air

The House of Representatives on Monday faulted the purported launch of Nigeria Air in the last days of the administration of former President, Muhammadu Buhari.

The Chairman of the House Committee on Aviation, Nnolim Nnaji, declared the launch of Nigeria Air a fraud after the major stakeholders in the deal between the Federal Government and Ethiopian Airlines denied knowledge of the launch.

The Ministry of Aviation claimed Nigeria Air was only unveiled and not launched, which the committee dismissed as an attempt to divert the lawmakers’ attention.

Members of the committee were shocked when NAMA disclosed that the aircraft bearing Nigerian colours was on a chartered flight to Nigeria.

Other stakeholders who confirmed the disclosure noted that a chartered flight could be painted in any colour and with any inscriptions.

Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

1 week ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

1 week ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.