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No going back on deregulation of petrol price – FG

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The Federal Government has said no going back on the deregulation of petrol price, a policy introducing a market reflective pricing regime for determining the fuel pump price.

The government said it would no longer fix the pump price of petrol, which will now be determined by various variables, including the global price of crude oil.

Minister of Labour and Employment, Senator Chris Ngige, said on Monday at the inauguration of the 23-man Technical Committee on Premium Motor Spirit (PMS) pricing framework, in Abuja, that the technical committee would work to establish a more transparent method of arriving at the petroleum product price.

“Make no mistake about it, the Federal Government has taken a back seat and is no longer involved in price-fixing of petrol. It did not fix the current price because it was got from the commercials and other market-related factors,” he said.

According to him, it is expected that the committee will work to come up with a viable framework for the PMS price modulation.

Ngige said the move was aimed at bringing relief to Nigerians and consumers by bringing the pump price to N162.44k per litre.

He said that all the stakeholders – petroleum retailers, independent marketers and the Pipeline Product Marketing Company (PPMC) had approved the new price template.

The technical committee is expected to submit its report by January 25, 2021.

 

 

Auto

Photos: Coscharis rolls out new Land Rover Discovery Sport, Jaguar F-Pace

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Coscharis Motors on Wednesday unveiled the 2021 edition of the Land Rover Discovery Sport and Jaguar F-Pace at its Lekki-Epe Expressway head office, Lagos.
Detailed reports later…

 

 

 

 

 

 

 

 

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CBN fixes N1m application fee for payment service firm

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Anyone intending to set up a payment service holding company will have to pay a mandatory application fee of N1m, the Central Bank of Nigeria has announced.
This, it said, was part of the guidelines for the establishment and regulation of payments service holding companies in Nigeria.
Musa Jimoh, CBN’s director of payments system management department, stated this in a circular.
The guidelines require companies that intend to offer both switching and processing, and mobile money services to set up a PSHC structure.
“This arrangement would prevent commingling of activities, facilitate management of risks and enable the Central Bank of Nigeria exercise adequate regulatory oversight on all the companies operating within the Group (PSHC),” the circular stated.
The CBN said promoters of a PSHC would be required to submit a formal application for the grant of a licence.
But it said the application process would be in two phases: approval-in-principle (AIP) and a final licence.
According to the guidelines, the capital requirement to apply for an AIP is “a non-refundable application fee of N1,000,000.00 (One Million Naira only) or such other amount that the CBN may specify from time to time; payable to the Central Bank of Nigeria, through electronic transfer.
“Not later than six (6) months after obtaining the AIP, the promoters of a proposed PSHC shall submit an application to the CBN for the grant of a final licence.
“The application shall be accompanied with non-refundable licensing fee of N5,000,000.00 (Five Million Naira only), or such other amount that the CBN may specify from time to time, payable to the Central Bank of Nigeria by electronic transfer.”
The apex bank explained that a PSHC would be set up for the purposes of making and managing equity investment in two or more companies being its subsidiaries, which are payments service providers across three categories: mobile money operations, switching and processing, and payment solution services.
It said, “PSHC shall be non-operating, existing solely to carry out investment in approved subsidiaries without engaging in the day-to-day management and operations of subsidiaries.
“It shall have a board size of between 5 and 10 or as determined by applicable CBN Corporate Governance Guidelines.”
The CBN added that no PSHC is allowed to borrow from the Nigerian banking system for the purpose of capitalising itself or any of its subsidiaries.

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Aviation

UAE lifts ban on transit flights from Nigeria, others

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The United Arab Emirates has announced the exclusion of some countries from which entry has been prohibited, including India, Pakistan, Sri Lanka, Nepal, Nigeria and Uganda, as of August 5.
These categories of travellers named are those with valid residency permits who have received full vaccination doses in the UAE and 14 days have passed since receiving the second dose and who have vaccination certificates approved by the official authorities in the country.
Others are medical personnel working in the country will be excluded, including doctors, nurses, technicians from the vaccinated and non-vaccinated, and those working in the educational sector in the country who teach in universities, colleges, schools and institutes from the vaccinated and non-vaccinated categories.
Students studying in the country and humanitarian cases (vaccinated or not vaccinated) who hold valid residency, workers in federal and local government agencies, and cases of completing treatment in the country, whether they are catering or not, will be excluded.
All of these categories will be required to submit a request on the website of the Federal Authority for Identity and Citizenship to obtain the necessary approvals in addition to vaccination certificates certified by the concerned authorities in the country for the categories from which these certificates are required.
The excluded groups will be obligated to submit a prior (PCR) laboratory test within (48) hours from the date of departure, provided that the tests are from accredited laboratories, bear a QR Code, and conduct a quick laboratory test before boarding the plane.
In addition to applying precautionary and preventive measures to receive arrivals, including quarantine and PCR checks upon and after arrival, in addition to follow-up and health monitoring of arrivals.
Travel will resume for transit passengers from all countries from which transit passengers were previously suspended, provided that the traveler’s last destination is accepted and a laboratory examination is submitted within 72 hours from the time of departure, and the country’s airports will allocate special lounges for transit passengers.

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