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Rivers youths protest grounds NPA, oil, gas zone operations

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National assets and operations at the Nigerian Ports Authority, including the Onne oil and gas free zone in Eleme local government area of Rivers State, are under threat following days of protest by youths in the area over alleged marginalisation by the companies there.

The Onne youths who began their protests on Monday had blocked the entrance of the free zone for two days, expressing dismay that despite hosting over 50 companies, the people have no jobs, while the area remains underdeveloped.

Scores of them who spoke to journalists said the NPA, Onne Ports, which houses the Federal Ocean Terminal had not impacted on their lives despite operating on their land for decades.

The youths said they were part of the ongoing protest against police brutality and an end to bad governance, even as they demanded a separate local government from Eleme.

They said Onne given its landmass, population and resources was viable enough to have a separate local government and called on the government to look into it.

One of them said, “We are not only saying EndSARS, we are also saying no to marginalization; no to unemployment. The NPA is here, look at all the land occupied by the FOT, the FLT (Federal Lighter Terminal) and all the companies, but we are not feeling their impacts.

“No jobs; no development. We cannot continue like this. If they don’t employ us, they will not operate here again. We are also asking for a separate local government out of Eleme.”

When contacted, an official of the NPA who pleaded anonymity said employment was controlled from the headquarters, adding that recently online recruitment was advertised for qualified persons to apply.

The official lauded the protesting youths for being peaceful since the protest began, adding that the authority was already looking into the demands presented to it.

The official stated, “What they are requesting, the Ports management has been able to do one or two. They are looking at the issues with them too and we are try to calm their nerves so that they can allow movement in and out of the ports.

“If they say they are not employed, it is a Federal Government issue because we don’t employ in the ports. But we are appealing to them not to take laws into their hands by not blocking the company’s entrance.”

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CBN raises commercial banks’ capital base to N500bn

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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

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Tinubu orders creation of single-digit tax system

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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.”

 

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Naira gains further against dollar

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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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