Tuesday, December 11News That Matters

Business

CBN, OSGF, NIPOST, NIBSS, FIRS Fail To Account For N20trillion Stamp Duty Revenue

Business
This story is from a LEAKSNG investigation Details of the revenues from stamp duties estimated at N20 trillion still remain opaque as the federal agencies involved in the collection have refused to provide information, despite the Freedom of Information (FOI) request filed by The International Centre for Investigative Reporting (ICIR). The FOI request was sent on July 31 on behalf of LeaksNG to the Central Bank of Nigeria (CBN), Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and the Nigeria Inter-Bank Settlement System (NIBSS) PLC. Information requested include a report of stamp duty remittances by Deposit Money Banks and other financial institutions, the current status of the Stamp Duty Central Account domiciled in ...

EXCLUSIVE: Lack Of Aircraft Forces Dana Air To Suspend Flight Operations

Business
Barely two weeks after celebrating its 10 years of flight operations in Nigeria, Dana Air has suspended flight operations. The airline, which has over the past four years been struggling with two its two McDonnell Douglas MD-83 aircraft, suspended flight operations last week. A source close to the airline confided in our correspondent that the airline, which had a fatal crash on June 3, 2012, killing about 159 souls onboard and on the ground, is currently going through recertification of its Air Operators’ Certificate (AOC) with the Nigerian Civil Aviation Authority (NCAA). The recertification exercise is carried out every three years, but while the exercise goes on the airlines don’t necessarily suspend flight operations. It was gathered that the airline also suspended operations because

Nigerians Urge CBN to Stop Charges on ATM Transactions

Business
Nigerians have urged the Central Bank of Nigeria (CBN) to stop charges on Automated Teller Machines (ATM) transactions. Noting that the charges were "worrisome and fraudulent, they made the call in Abuja on Monday during an interview with NAN. The bank users noted that customers’ withdrawals with the ATMs of other banks had been unattractive because of the continued charge of N65 for every transaction, while commercial banks in the Federal Capital Territory had re-programmed their ATM. The customers also lamented that if they had cause to withdraw N100,000 or more through other banks’ ATMs, it meant they would be made to part with more cash under the guise of ATM charges. Godwin Onmonya, a Zenith Bank customer in Gwagwalada, said the ATMs of virtually all the banks in the nei

EXCLUSIVE: Jonathan Govt’s Dubious OPL 245 Contract With Shell To Cost Nigeria ‘Up To $5.8bn’

Business
Once the Zabazaba and Etan Integrated Development Project comes on stream in 2020, Nigeria will lose out on 30 per cent of all revenues from crude oil sales made from the field. This is thanks to the resolution agreement on the ownership of Oil Prospecting Licence (OPL) 245 proposed by oil giants Royal Dutch Shell and Eni S.p.A. in 2010 and signed by the Goodluck Jonathan administration. According to industry experts, the #0percent revenue loss will be $4.5billion at the minimum, and could be up to $5.8billion.   In new email leaks seen by Sahara reporters, discussions between executives in Shell Petroleum Development Company (SPDC), its subsidiary Shell National Exploration Company LTD (SNEPCO), its parent company Royal Dutch Shell, and Eni, identified the OPL 245 field as no longer...

NDE Trains 50 Bayelsa Youth On Environmental Beautification

Business
Fifty indigent Bayelsa Youth have emerged beneficiaries of the Environmental Beautification Training Scheme initiated by the National Directorate of Employment (NDE) for the unemployed. The beautification training scheme, which is under the Special Public Works of the NDE, is part of the Federal Government's effort to gainfully engage those who dropped out of school, as well as those who have senior school cerctificates, in soft and hard landscaping skills such as interlock making, POP designs, block making and other skills. The scheme will last for three months. Director General of the NDE, represented by Kenneth Okafor, dceclared open the orientation programme for the Environmental Beautification Training Scheme in Yenagoa last Friday. According to Okafor, the beautificatio...

INVESTIGATION: Nigeria’s N392m Waste Recycling Plants In Osun, Ekiti, Kaduna Are In Ruins​

Business
There, lie the ruins of multipurpose plastic waste recycling plant Minister of State for Environment, Ibrahim Jibril: He is unaware of the state of the plastic recycling plants, yet he told the world they were completed The moribund Ekiti State recycling plant Pet bottles take over everywhere in Ado-Ekiti Indiscriminate disposal of plastic waste is a comm practice in Lagos At Coker roundabout, Ikeja, plastic waste are not only environmental threats, they are also health risks INFOGRAPHIC: N392 million plastic waste recycling plant Abandoned: Kaduna plant has never been operated since it was first test run by the contractor Wasting away: The N15million plant that the state government keeps budgeting money for without operating it Failure: Osun State government failed to provide compleme...

Nigerians Lament Transfer Of TSA Transaction Cost To Payers

Business
Nigerians have deplored the announced plans by the federal government to make them bear the transaction cost of paying into government coffers through the Treasury Single Account (TSA). Bank customers have described the new TSA tariff regime in which the federal government said it would no longer bear the service charge on all payments to its ministries, departments and agencies  (MDAs) but that they will now be borne by the payer as a disincentive to Nigerians who struggle to pay into government coffers. Speaking with LEADERSHIP Weekend yesterday, the president of the Bank Customers Association of Nigeria (BCAN), Okechukwu Unegbu, said that passing the charges to customers would be an additional tax burden on Nigerians on behalf of the government. He asserted that ...

Sanusi Laments: We Have No Money For Power Or Infrastructure, But We Have For Subsidy

Business
The Emir of Kano, HRH Muhammadu Sanusi Sanusi 11 (CON), says the Nigerian government must get rid of petroleum subsidies and think more about investing in power and infrastructure, otherwise the crisis to come in the future will be far heavier than the current state of the country. The former Central Bank of Nigeria (CBN) Governor said this on Thursday during a courtesy call on Udom Emmanuel, Governor of the state, in his office in Uyo, capital of the state. He also acknowledged Akwa Ibom as a very peaceful state and has recommended it as a safe haven for investors into the country. Sanusi announced plans by his company, Qua Iboe Power Plant (QIPP), to invest $1.1billion in the exploration of gas in Akwa Ibom State. A statement by the Governor’s media team explained that Sanusi was full o

Nigeria Air To Gulp $300million From Now Till 2020

Business
The Nigeria Air project will gulp an estimated $300million between now and 2020, Hadi Sirika, Minister of State for Aviation, revealed on Thursday. According to NAN, Sirika made the revelation in Abuja while speaking at the Fifth Aviation Stakeholders’ Forum. He said the Nigeria Air project is currently at the procurement stage, awaiting the approval of the Federal Executive Council. Sirika also discredited claims that the government spent $600,000 on the design of the logo after the carrier was unveiled at the Farnborough Airshow in London in July. “In recent months, misinformation, factual errors, insinuations and fabrications have been peddled in both social and print media on the Nigeria Air project,” he said. “These include desirability, inadequate planning, non-consultation with sta

Fayemi Revokes Shop Allocations To Ekiti Traders

Business
Kayode Fayemi Kayode Fayemi Kayode Fayemi, Governor of Ekiti State, has ordered the immediate cancellation of the allocation of more than 800 shops at the multi-billion naira new Oja Oba Market in Ado Ekiti. The governor also ordered that those who had paid be refunded, as long as they showed proof of payment. This was disclosed in a statement by Olayinka Oyebode, Chief Press Secretary to the Governor, issued on Thursday. NAN reported that the market, adjacent to the palace of the Ewi of Ado-Ekiti, Oba Rufus Adeyemo, was reconstructed after the demolition of the old market that was razed by fire about three years ago. Construction works at the new market — the largest in the state — had reached about 80 per cent completion at the expiration of the tenure of former Governor