CBN directs banks to start deducting cybersecurity levies from customers
Business
Subsidy: FAAC demands petrol consumption records from NNPC
The Federation Account Allocation Committee (FAAC) has asked the Nigerian National Petroleum Company (NNPC) to submit state-by-state consumption of Premium Motor Spirit (PMS), otherwise known as petrol, to its committee.
The directive is contained in the FAAC Post Mortem Sub-Committee (PMSC) final report submitted to the whole house at its July 2022 meeting in Abuja
The members noted: “Consumption of PMS has been a major concern to members and it was raised severally at the FAAC plenary.
“Therefore, in order to ascertain the consumption, the Sub-Committee also requested the relevant Agencies to submit the state by state consumption of PMS in the country for the year 2021.”
A FAAC member told The Nation: ”The state governments have had enough of NNPC’s shenanigans and arrogance in its handling of revenue meant for the Federation Account.”
The NNPC has not remitted a kobo into the federation account since the beginning of this year.
The company has reported to the committee that it cannot make the expected remittances because it spends all its revenue funding subsidy.
The Nation learnt that the last FAAC meeting was explosive as the state members took on the NNPC on the issue of subsidy.
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An ad-hoc committee was asked “to examine state by state consumption of PMS because of continuous deduction of the shortfall from the Federation Account; scrutinise Value Shortfalls (subsidy) deductions, and make appropriate recommendations to the FAAC Post Mortem Sub-Committee.
Before last month’s meeting, NNPC was asked “to furnish stakeholders with details of the Sinking Fund Account and to pay interest accruable on the amount withheld in respect of Miscellaneous, Gas, Ullage, Osubi and WHT inflows from 2014 to 2021 (if any)”.
The ad-hoc committee demanded to know from the NNPC why it kept revenue due to the Federation Account in a Sinking Fund Account for five years (2016- 2021).
In its response, the NNPC said: “In 2015, Mr. President approved the utilisation of dividend stream and all recovered outstanding legacy debt from the operations of AFAM IV and Okpai JV Independent Power Projects (IPPs) by NNPC Gas and Power Investment Company (NGPIC) for funding of future investments in other power projects.
“In 2016 She’ll Petroleum Development Company (SPDC) was advised with NNPC’s Sinking Fund Account pending the incorporation of NGPIC.”
The NNPC added that “all Proceeds from AFAM IV IPP being operated by SPDC were paid into this account in bulk.
“In the 2019 NEITI Audit exercise, it was realised that the proceeds received from AFAM IPP include other streams of revenue belonging to the Federation. After the Audit exercise, NNPC liaised and agreed with SPDC to segregate all payments made from 2016 into various streams.”
In 2020 NNPC said it “secured management approval and transferred what belonged to Federation Account.
NNPC advised SPDC to route all proceeds accruable to the Federation to the Oil and Gas Revenue Account with CBN while Power sales proceeds go into the NGPIC’s Account”.
It was also disclosed that “the National Economic Council (NEC) reviewed the impact of terminated Strategic Alliance Agreement entered into by Nigeria Petroleum Development Company (NPDC) in 2011 and 2013”.
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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