Business
Buhari commissions first off-shore petroleum terminal in Lekki
Nigeria’s first off-shore petroleum products terminal would be commissioned this weekend by President Mohammadu Buhari.
Located in the Lekki Free Zone, the terminal, owned by Pinnacle Oil and Gas Limited, is an ultra-modern purpose-built products intake, storage and off-take facility conceptualised to revolutionise the Nigerian downstream oil and gas industry by enabling the direct delivery of petroleum products from large vessels which would otherwise have been unable to berth anywhere on the Nigerian coastline.
The project concept was set to improve the efficiency of the Nigerian downstream industry by eliminating the need for expensive vessel lightering, reducing the incidence of demurrage for visiting mother vessels, reducing the typical out turn losses which typically occur during lightering operations, among other strategic objectives.
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Speaking to journalists on the project, the Managing Director of Pinnacle Oil and Gas, Mr Peter Mba, explained the rationale for the project saying, “We noticed that the conventional operations of moving petroleum products from ships to tank farms were sub-optimal involving a lot of multiple handling.
“The procedures have been very inefficient, bringing in cargoes in large tankers, keeping that large tanker in the middle of the sea and then going with shuttle vessels to lighter (tranship) from the large tanker because we couldn’t take the large tanker to the port due to shallow draft restriction.
“To empty the mother vessel, it will require you to do a minimum of 32 days of such shuttling. So we then designed and created a liquid bulk terminal in an open sea, and with the new infrastructure the operation now takes just two days, because you just connect the mother vessel to our terminals directly.
“So it reduces the demurrage cost the industry was incurring on the mother vessel and the cost of hiring the shuttle vessel.”
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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