Business - Abia ThinkTank News

Jun

2024

Crypto Is Like Air, Nigerian Government Can’t Cage It – SEC

Crypto Is Like Air, Nigerian Govt Can’t Cage It – SEC The Securities and Exchange Commission (SEC) says it controls and regulates cryptocurrencies and other digital assets but admits it is impossible to “cage” it, describing it as “air.” SEC director-general Emomotimi Agama said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja. Mr Agama described crypto assets as digital or virtual assets utilised by cryptography for security. He said over 15,000 cryptocurrencies were created, with Bitcoin being the most popular. The director-general said the regulatory landscape for cryptocurrency…

Jun

2024

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By Abia ThinkTank

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak

Business, Economy, Mishap, News Flash, Oil & Gas

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak A “minor fire” incident was recorded at the effluent treatment plant of the Dangote Refinery in Lagos on Wednesday. The fire was immediately put out as fire fighters and first responders swiftly rose to the occasion. In a statement, a spokesman for the company, Anthony Chiejina, said operations at the refinery was not affected in anyway. “There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty,” he said. The $20bn facility sited in…

Jun

2024

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By Abia ThinkTank

Tinubu Appoints New Consumer Protection Commission CEO

Economy, Business, FGN, News Flash, Presidency

Tinubu Appoints New Consumer Protection Commission CEO President Bola Tinubu has approved the appointment of Mr. Olatunji Bello as the new Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC). Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement disclosed that the appointment is subject to confirmation by the Senate. Mr. Bello is a lawyer, administrator, and renowned journalist. He is the former secretary to the Lagos State Government and holds a Master’s degree in International Law and Diplomacy from the University of Lagos. He also studied Law at the same…

Jun

2024

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By Abia ThinkTank

Dangote Refinery Reveals New Date To Kickstart Petrol Supply

Business, Economy, News Flash, Oil & Gas

Dangote Refinery Reveals New Date To Kickstart Petrol Supply Dangote Petroleum Refinery and Petrochemicals in Lagos State has moved the supply date for Premium Motor Spirit (PMS) popularly known as petrol from June to mid-July. The President and Chief Executive Officer of the refinery, Aliko Dangote, attributed the postponement to slight delay but assured the public that by second to third week in July, the premium commodity would be in the market. Dangote spoke when he received a Senate delegation led by Senate President Godswill Akpabio, on a tour of the $20 billion facility in Lagos on Sunday. He said,…

Jun

2024

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By Abia ThinkTank

Turkish Investors Visit Gov Otti, Positions ABIA As Hub For Organic Fertilizer Production, Sales

Business, Economy, Good Governance, News Flash

TURKISH INVESTORS VISIT GOV OTTI, POSITIONS ABIA AS HUB FOR ORGANIC FERTILISER PRODUCTION, SALES Abia State Governor, Dr. Alex Otti, OFR, has expressed excitement at the prospect of Abia being the hub for organic fertiliser production in Nigeria. Governor Otti said his administration would do all that is necessary to enable a group of investors from Turkey set up organic fertiliser production plants, which would derive its raw material from the sediments underneath rivers, lakes and swamps, saying that the State is open for business. The Governor spoke on Tuesday when he received the executives of Alliance Enterprises Limited, Turkey,…

Jun

2024

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By Abia ThinkTank

Petrol Price Can’t Drop As Low As N300/Litre – Major Marketers

Economy, Business, Oil & Gas

Petrol Price Can’t Drop As Low As ₦300/Litre: Major Marketers Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN), were reacting to a report (Not Channels Television), that the pump price of Premium Motor Spirit, will drop to about ₦300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular refineries. However, they pointed out that this would be achieved when the government ensured the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria. “A lot of companies today benefit…

Jun

2024

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By Abia ThinkTank

Nigerian Senate Leadership Visits Dangote Refinery, Fertilizer Plant, Truck Assembling Plant And Ports In Lagos

Business, Economy, National Assembly, News Flash

Nigerian Senate Leadership Visits Dangote Refinery, Fertilizer Plant,Truck Assembling Plant and Ports In Lagos "The impending availability of locally refined petroleum products remains the key to unlocking Nigeria's economic growth", Senator Dr. Ifeanyi Ubah, CON. Lagos, Nigeria - June 7- 9, 2024: The Nigerian Senate leadership, led by Senate President Godswill Akpabio, conducted a three-day visit to Lagos State, inspecting key projects in the oil and gas industry and exploring ways to enhance Nigeria's economic growth. Friday, June 7- Arrival and Presentation at Eko Hotel: The Senate leadership arrived in Lagos on Friday and attended a presentation at Eko Hotel,…

Jun

2024

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By Abia ThinkTank

Crude Oil Thieves, Illegal Refiners Are Enemies Of The State, Gov Otti Says, Urges Action

Abia State, Business, Crime, Good Governance, News Flash, Oil & Gas

CRUDE OIL THIEVES, ILLEGAL REFINERS ARE ENEMIES OF THE STATE, GOV OTTI SAYS, URGES ACTION Abia State Governor, Dr. Alex Otti, OFR, has described those who engage in the stealing and illegal refining of the nation's crude oil as enemies of the state and should be treated as such. Consequently, Governor Otti urged members of the Joint Task Force South South, Operation Delta Safe, to intensify their fight against oil theft and illegal operation of refineries in the State. The Governor expressed this view on Friday, when he received a delegation of the sector commanders of the Joint Task Force…

Jun

2024

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By Abia ThinkTank

Tribunal Fines Multichoice N150m, Order Free One-month DSTV, Gotv Subscriptions

Business, Judiciary, News Flash

Tribunal Fines Multichoice N150m, Order Free One-month DStv, Gotv Subscriptions Pan television service provider, Multichoice Nig. Ltd has been fined N150 million by the Competition and Consumer Protection Tribunal (CCPT) for disobeying its order on subscription rates hike for DStv and Gotv packages. The tribunal, sitting in Abuja, also ordered the PayTv operator to give a one-month free subscription to all its Nigerian subscribers on the DStv and Gotv platforms, for flouting its order. The three-member tribunal chaired by Thomas Okosun in a ruling, found Multichoice culpable of contempt, by flouting its earlier order restraining the PayTv operator from implementing…

Jun

2024

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By Abia ThinkTank

FGN Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents

Business, Economy, FGN, News Flash

FG Has Not Resumed Fuel Subsidy – Presidency Disowns Leaked Fiscal Policy Documents The Federal Government has reacted to leaked fiscal policy documents which suggested that the government had resumed payment of petrol subsidy. In a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Thursday, the Presidency dismissed the documents as unapproved policy proposals. He, however, said they are still subject to review and not official government documents. He said, “One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were…