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FEC approves $1.5bn for Port Harcourt refinery repairs

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The Federal Executive Council has approved $1.5bn approved for the rehabilitation of the Port Harcourt Refinery, one of the four refineries in the country.

Minister of State for Petroleum Resources, Timpre Sylva, disclosed this to journalists on Wednesday at the end of the weekly FEC meeting at the State House, Abuja.

He said a memo for the rehabilitation of the refinery was approved at the meeting presided over by President Muhammadu Buhari.

The minister said the rehabilitation of the refinery would be carried out in three phases over a period of 44 months.

He said the contract was awarded to an Italian company, Technimount SPA, who are experts in refinery maintenance, adding that the funding has three components from the Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR), budgetary allocations provisions and Afreximbank.

The minister said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5bn and it was approved by council today.

“So, we are happy to announce that the rehabilitation of the refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.

“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved. And I believe that this is good news for Nigeria.”

Sylva said the other three refineries in Onne, Warri and Kaduna would also be rehabilitated before the end of the present administration in May 2023.

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FG Not Aware Of $875m Arms Deal With US – Lai

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The Federal Government says it is not aware of any $875 million ammunition deal with the US.

 

Daily Trust had reported how Foreign Policy highlighted the action of US lawmakers on the proposed sale of 12 AH-1 Cobra attack helicopters and accompanying defence systems to the Nigerian military.

Reuters had quoted three sources as saying the deal was blocked over concerns about possible human rights abuses by the Federal Government.

 

But speaking with the News Agency of Nigeria (NAN) on Friday, the Minister of Information and Culture, Alhaji Lai Mohammed, described the reports as “fake news”.

 

The minister said there was no contract of such nature between Nigeria and the US.

“There is no contract of arms between the Federal Republic of Nigeria and the United States of America today apart from the 12 Super Tucano Attack Helicopters of which six had been delivered.”

 

“We are quite satisfied with the progress and cooperation that we received from the government of the US on this issue.

 

“As a matter of fact, six of the Tucano helicopter will be launched on August 3, this year.

 

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NCC, telecom firms agree on 5G deployment

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All appears set for the deployment of 5G as the Nigerian Communications Commission and major telecoms companies have agreed on the guidelines.
The instruments are the Annual Operating Levy Regulations and the Frequency Spectrum (fees and pricing) Regulations.
The agreement came after a public inquiry organised by the NCC on the two key instruments at its headquarters in Abuja on Thursday, which was attended by Executive Vice Chairman of NCC, Prof Umar Danbatta and representatives of major telecoms companies such as Airtel Nigeria, MTN Nigeria, Glo Mobile Network, 9Mobile, and other stakeholders.

The 5G wireless technology is meant to deliver higher multi-Gbps peak data speeds, ultra low latency, more reliability, massive network capacity, increased availability, and a more uniform user experience to more users.

While Airtel Nigeria agreed with key issues regarding the instruments, MTN Nigeria pleaded for extension of timeframe.
But Danbatta assured all stakeholders that frequency spectrum would be assigned and managed in a way that ensures fair pricing and efficient deployment of attendant services.
According to him, the two instruments were not only tailored to meet the challenges of the industry but ensure that all stakeholders are carried along as the country prepares for deployment of 5G technology.
Danbatta said, “More importantly, this Public Inquiry is precursor to the Commission’s current drive to ensure efficiency in spectrum management and the unveiing of next generation services through varied enablers.
“It is in that regard that the Commission issued a Spectrum Trading Guidelines in 2018, to ensure frequency spectrum is readily available to licensees through an effective process.
“Furthermore, the commission has commenced the process for deployment of Fifth Generation (5G) Technology in Nigeria and is driving the provision of such ubiquitous services on making Frequeney Spectrum available to its licensees.
“The efficacy and reliability of these initiatives will be hinged on proper market valuation of the frequency spectrum and fair assessment of levies.”

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Inflow of foreign capital drops by 54% to $875.62m

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The total value of capital importation into Nigeria dropped to $875.62 million in the second quarter (Q2) of 2021, the National Bureau of Statistics has said.
According to the NBS, the figure represents a 54.06 per cent drop compared to the $1.91 billion in the first quarter (Q1) of 2021.

It stated this in its latest report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’.
In 2020, Nigeria’s capital importation plunged by 59.65 per cent at $9.68 billion – the lowest level in four years.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97% ($551.37m) of total capital importation,” the report stated.
“It is followed by other investments, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021.”
Capital importation into the banking industry dominated in Q2 reaching a total of $296.51 million, followed by financing with $205.88 million and shares with $194.59 million.
In both Q1 and Q2, brewing, fishing, hotels, tanning and weaving sectors had no record of capital imports, the report added.
Similarly, only Lagos, Ogun and the federal capital territory (FCT) recorded capital inflows across Nigeria in Q2.
Lagos emerged as the top destination of capital investment in the second quarter with $780.06 million, Abuja had $95.26 million, while Ogun had $0.3 million.
By banks, foreign firms emerged as the top capital investment in Nigeria in Q2. Stanbic IBTC recorded $310.21 million, Standard Chartered was second with $282.37 million, then Citibank ($94.15 million).
The report also stated that “the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m.”

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