Business
Business registration: CAC vows to block fraudulent applications
The Corporate Affairs Commission says it is ready to block suspected fraudulent applications aimed at registering new companies similar to existing ones trying to take over land belonging to others.
The CAC, in a statement issued on Sunday in Abuja, by its Head of Media, Mr Rasheed Mahe, said that high incidence of applications with names closely similar to existing ones were recorded recently.
The statement quoted the Registrar General of CAC, Alhaji Garba Abubakar, as stating this at a Customers/Stakeholders’ Forum held in Lagos.
Abubakar pointed out that the measure was to further boost the Federal Government’s fight against corruption.
According to him, the commission will continue to remain vigilant to ensure that fraudsters don’t take over other people’s land.
“The commission had upon the commencement of the implementation of CAMA, 2020 invoked the provision of Data Privacy and Protection Act to eliminate incidences of presenting cloned signatures to the CAC for registration purposes.
“In view of the provisions of the law, the commission discontinued the issuance of certified true copies of some documents. Certified extracts had replaced CTCs in accordance with provisions of the law,’’ he said.
Abubakar expressed concern that in spite of the provisions of the Data Privacy and Protection Act, some customers were still yet to accept the new arrangement which was invoked to amongst others check fraud.
On the ongoing reform initiatives, the Registrar General said the commission was reviewing its checklist for some services, adding that it would deploy Customer Relationship Management (CRM) system toward resolving customer challenges real-time.
While cautioning accredited agents against sharing their access to CAC portals with others to guard against fraud, he revealed that the commission had completed work on the insolvency framework.
The commission, he sadi, would soon expose the regulation to the public through its website.
Abubakar appreciated the support and cooperation of stakeholders, particularly the Nigerian Bar Association and enjoined customers to continue to cooperate with the Commission as it continues to deliver better services in accordance with global best practices.
In a goodwill message, the Vice Chairman of the NBA-SBL, Dr Adeoye Adefulu, applauded the commission’s resolve to organize the forum and urged it to sustain the tempo.
Adefulu emphasised the need for the Commission to ensure regular and continuous engagement with stakeholders as well as enhance its communication strategy for the benefit of both parties.
Speakers at the interactive session include Amb. Ayoola Olukanni, Director General Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA) and Monturayo Elegberum from Manufacturers Association of Nigeria (MAN).Others are Ilori Saburi Daniel from Association of National Accountants (ANAN) and Seun Olaseni of Institute of Chartered Accountants of Nigeria (ANAN) Lagos and District.
Business
We will sell fuel at N935/litre from today – IPMAN
We will sell fuel at N935/litre from today – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday, following a new arrangement by Dangote Refinery.
Newstrends reports that Dangote Refinery recently slashed its fuel price by 7.27 per cent, reducing it from N970 per litre to N899.50k per litre for oil marketers.
IPMAN attributed the price reduction to a decrease in Dangote Refinery’s fuel ex-depot price and a uniform pricing structure, which will enable marketers nationwide to sell at the new rate.
Alhaji Maigandi Garima, IPMAN’s National President, disclosed the development during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He commended Dangote Refinery for the initiative, describing it as a timely intervention.
He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.
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“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery and the refinery is saving us in this festive period.”
He added that the new arrangement reflects a significant drop from the previous ex-depot price of N970 per litre at Dangote Refinery.
Garima noted that deregulation of the downstream sector has fostered healthy competition, paving the way for a steady decline in fuel prices.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon, more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he added.
Reflecting on the 2023 yuletide period, Garima recalled that petrol was sold at N2,000 per litre in parts of the Northern and Eastern regions due to reliance on imported fuel.
He noted that prices in those areas are now capped at N1,100 per litre due to the functioning refineries in the country.
We will sell fuel at N935/litre from today – IPMAN
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
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