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Author: Pride Team
Petroleum Technology Association of Nigeria (PETAN) has advised the Federal Government to allow the private sector run the country’s refineries. Mr Bank-Anthony Okoroafor, chairman of PETAN who gave the advice in Lagos said government should roll out a policy framework that would drive business activities in the downstream sector. According to him, Refinery business is a business on its own; governments do not run such businesses. It was good at the initial stage for government to kick-start such investments and be able to build capacity. Speaking further, Okoroafor said Nigerian government or any government for that matter has no capacity…
It was another bearish week for investors in the Nigerian equities market as the market remained southwards despite renewed interest in notable banking counters. Some traders believe last week’s performance was probably in response to potential delisting of Nigeria from MSCI index. At the close of trades, the NSE All-Share Index and market capitalisation depreciated by 2.40 per cent to close the week at 24,719.27 and N8.503 trillion respectively. Similarly, all other Indices finished lower during the week, with the exception of the NSE Premium Index, NSE ASeM Index, NSE Banking Index, NSE Insurance Index and the NSE Pension Index…
President of Lagos Chamber of Commerce and Industry (LCCI), Chief Mrs.Nike Akande has advised government to urgently explore alternative models of power provision which focuses on diversification of energy sources and decentralization of power supply channels in the country. Akande also lamented high dependence on gas pipelines from the Niger Delta which is fraught by high vulnerability risks which the economy and the citizens can no longer bear. She proposed the need for the review of the current framework/model with a view to finding a sustainable solution to the current challenges in the sector. According to her, The Lagos Chamber…
South Africa may lower its estimate for corn production this season for a third time to the lowest since 2006 because of damage from the worst drought in more than a century, a survey showed. Local growers will probably produce 7 million metric tons this year, according to a median estimate of nine analysts in a Bloomberg survey. That’s 0.9 percent less than last month’s forecast of 7.07 million tons by the Crop Estimates Committee and would also be 30 percent less than the 9.96 million tons produced in 2015. The range was 6.5 million tons and 7.07 million tons.…
South African inflation slows for the first time in seven months to 6.3 percent in March as fuel prices fell. The worst drought in more than a century is driving up food costs, adding to pressure on consumer prices caused by the rand’s 25 percent fall against the dollar in 2015. The Reserve Bank’s Monetary Policy Committee increased its benchmark repurchase rate four times since July to 7 percent and has said inflation will only return to its 3 percent to 6 percent target range in the final quarter of next year. Given the Reserve Bank’s inflation forecast and “hawkish…
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Socio-Economic Rights and Accountability Project (SERAP) has called on the leadership of the Senate to “immediately withdraw the unconstitutional summon for Justice Danladi Umar, Chairman Code of Conduct Tribunal to appear before its Ethics Committee, as the Senate can’t arrogate to itself the power to summon judges without violating constitutional safeguards.” The group said that “The summon represents a direct assault upon the principle of judicial independence as it undermines the constitutional principle of separation of powers and guarantee of a judicial system that is free from outside influence of whatever kind and from whatever source. The Senate of Dr.…
ADEKUNLE ADESUJI, ABUJA Deputy President of the Senate, Senator Ike Ekweremadu, has stated that the Economic and Financial Crimes Commission lied in their report that the Deputy Senate President never decorated as Anti-corruption ambassador. In statement issued by media Aide to DSP, Uche Anichukwu explained that the EFCC Liaison Officer to the National Assembly, Mr. Suleiman Bakari, and his team, applied for and subsequently paid a courtesy call on the Deputy President of the Senate in his Office on Tuesday, April 19, 2016. He added that the team solicited for support of National Assembly on fight against corruption presenting frame…