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I’m not interested in kickbacks, Fubara tells investors
I’m not interested in kickbacks, Fubara tells investors
Rivers State governor, Sir Siminalayi Fubara, has said the economic growth and development of the State are his priority.
This is even as he appealed to investors to invest in the state, saying the state is ready for genuine business engagements that will benefit all parties involved.
Fubara spoke during the inauguration of members of the maiden Governing Board of the Rivers State Investment Promotion Agency (GBoRSIPA) at Government House in Port Harcourt on Monday.
He implored the six-man board to tailor their activities towards attracting real investors across critical sectors for the state to become self-sustaining, comparatively.
He disclosed that Rivers State was widely regarded for its productive economic activities, which attracted various business interests and made the state a choice ready-made investment destination.
He added that he was not interested in what he will personally gain from investors but a Rivers state that can hold its own among other sub-nationals
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The governor said: “We have waited for this moment for a long time. It is a moment we all have been praying for because we want to leave a state that will be remembered: Rivers State that can compete, and Rivers State that can stand the test of time as a proud state.
“People that are coming here would begin to know that Rivers State is now serious. Rivers State is not about coming here and saying “I want to take the side of maybe, I am not interested in 10 per cent or 20 per cent of what you are coming with that is not the purpose now”.
He insisted that investors desirous of gaining value from their stakes should boldly come to the state for partnerships that will work in the interest of all stakeholders.
He said, “The purpose is to build our state. The purpose is to grow this state economically in such a way and manner that even if we don’t get federal allocation anymore, for example, we can still sustain ourselves (as a state) with our IGR.”
Fubara acknowledged that in discharging its responsibilities, the board will encounter challenges and stiff opposition from those who abhor change but urged the members to brace up and be forthright in their quest to achieve their mandate.
The governor asked the board not to be preoccupied with people who are only interested in real Estate, which seemed to be the current drive now.
Fubara said: “Not just issues of people coming to build houses and other things. I want your concentration to be more on agriculture, (manufacturing).”
I’m not interested in kickbacks, Fubara tells investors
News
NNPC has no right setting price of Dangote petrol – Falana
NNPC has no right setting price of Dangote petrol – Falana
Human rights lawyer, Femi Falana, SAN, says the Nigerian National Petroleum Company Limited, NNPCL, do not have the power to fix the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Falana said the NNPCL action violated the Petroleum Industry Act, PIA, which stipulated that the price of petrol must be determined by the market forces
In a statement on Tuesday, the legal luminary said it was an aberration for the NNPCL to peg the price of petrol produced and refined in Nigeria at 950 per litre.
“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.
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“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.
“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.
“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.
Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.
You would recall that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno.
Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones
NNPC has no right setting price of Dangote petrol – Falana
News
Coffee prices double in Nigeria after global supply disruptions
Coffee prices double in Nigeria after global supply disruptions
Nigeria is feeling the impact of the global coffee crisis as futures prices surge by over 30% due to severe supply disruptions caused by drought in Brazil, the world’s largest Arabica coffee producer.
In Nigeria, coffee prices have doubled in 2024, with popular brands like Nescafe and TopCafe experiencing significant hikes.
For instance, “Nescafe 3 in 1” spiked to N34,000 per carton in August, up from N28,000 in May, and a steep rise from N18,000 last year.
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The rainfall shortage in Brazil, which began in April, has led to a sharp decline in coffee production, sparking a global rush to secure supplies.
This has driven up coffee futures, with U.S. Coffee Futures and Arabica Futures both soaring by more than 30% in 2024, impacting markets worldwide, including Nigeria.
Coffee prices double in Nigeria after global supply disruptions
News
UN donates $6m to support Borno flood victims
UN donates $6m to support Borno flood victims
The United Nations has announced the donation of a $6 million fund in support of the Maiduguri flood victims in Borno State.
In a statement on Tuesday, the UN’s Humanitarian Coordinator in Nigeria, Mohammed Fall, said a joint mission comprising UN agencies and non-governmental organisations (NGOs), alongside the Nigeria Red Cross Society, visited the main city of Maiduguri over the weekend.
According to Fall, the team met with people who had been impacted, many of them had already displaced multiple times by conflict and insecurity in the area.
The flood was caused by an overflow in the Alau Dam located just over 10 miles to the south of Maiduguri.
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“We and our partners are providing them with hot meals, we are facilitating air drops of food in hard-to-reach areas cut off by flood waters, and we are also trucking in water.
“We are also providing water and sanitation hygiene services and water purification tablets to stem disease outbreaks.
“This is in addition to supplying hygiene and dignity kits to women and girls, as well as emergency health and shelter services.”
He added that the staff of the UN Office of the Coordination of Humanitarian Affairs were also working closely with donors to secure additional funding.
UN donates $6m to support Borno flood victims
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