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At least 346 persons have been reportedly killed within three months in eight local government areas of Plateau State, a human rights organisations, Gideon and Funmi Para-Mallam Peace Foundation, said in its report released on Thursday. The organisation said out of the number, over 200 lives  were lost to sustained violent attacks in the Mangu LGA alone as of Saturday, July 8 2023. The Founder and Executive Director of the Foundation, Rev. Dr. Gideon Para-Mallam, who gave the figures in the report obtained by journalists in Abuja, said the killings which took place between April 17 and July 10, 2023. He added that there were currently about 18,751 Internally Displaced Persons in 14 camps in Plateau State. Para-Mallam, a peace advocate, said 17 people were killed in Bokkos, Mangu, 234; Barkin Ladi, 39; Riyom 36; Jos North 5; Jos North 9; Mikang 5 and Bassa 01. He said 14 IDP camps are hosted by the Church of Christ in the Nations Local Church Councils, adding that a breakdow

Ten passengers escaped death while two others were injured in a multiple road accident that occurred at the Otedola area towards Berger on the Lagos-Ibadan Expressway on Thursday morning. PUNCH Metro  gathered that the accident that involved three Mac trucks and a bus loaded with passengers occurred around 10am on the expressway. The Lagos State Sector Commander, Federal Road Safety Corps, Mr Babatunde Farinloye, in a telephone interview with our correspondent, said emergency workers responded promptly to the accident. Farinloye said, “It’s a multiple accident involving four vehicles. They include three Mac trucks and a Mazda bus. Twelve people were involved and two persons were injured. It’s a serious accident but not fatal. “The rescue was done by our unit at Ojota in collaboration with the Lagos State Traffic Management Authority and the Lagos State Emergency Management Agency. The injured victims were taken to the hospital for medical treatment.” The FRSC commander adde

The  Federal Government, on Thursday, announced that the 11 power distribution companies in Nigeria have applied for the review of their various electricity tariffs in order to incorporate the changes in the macroeconomic parameters across the country. It disclosed this through a notice published by the Nigeria Electricity Regulatory Commission. It added that the Discos also stated their reasons for the rate review were premised on factors affecting the quality of service, operations and sustainability of the companies. In the notice, obtained by our correspondent in Abuja, the NERC stated the application for rate review by the power firms was in line with the rules contained in the Electricity Act 2023. Recall that some power distribution companies had announced in June that there would be a hike in tariff, projected to take effect from July 1, 2023. The Discos, however, backtracked the next day after widespread criticisms, as they stated that the Nigerian Electricity Regu

The Federal High Court in Lagos has granted some reliefs sought by Standard Alliance Investments Limited and its shareholders Standard Alliance Insurance Plc, against the National Insurance Commission over the notice of cancellation of registration of Standard Alliance plc. Other Plaintiffs in the suit NO. FHC/L/CS/1585/2022 were Dickson Odoko and elder Donatus Uba who sued for themselves and on behalf of the shareholders of Standard Alliance Insurance Plc. Apart from NAICOM, other defendants in the suit were a lawyer, Kehinde Aina (NAICOM –Appointed  Receiver/Liquidator of Standard Alliance Insurance Plc) Minister of Finance, and Awodiya Omotayo. The court also awarded N200,000 as the cost of action of the suit in favour of the plaintiffs against the defendants. The plaintiffs in their originating summons dated August 23, 2022, sought the court’s interpretation of the relevant provisions of  Sections 7 and 8 of the Insurance Act, 2003 and section 6 (6) of the Constitution

The total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System Plc. This was as the Central Bank of Nigeria planned to the close bank accounts without BVNs. According to the NIBSS, the increasing incidents of compromise on conventional security systems (password and PIN), had increased the demand for greater security for access to sensitive or personal information in the banking system. It stated that in recent times, biometric technologies havd been used to analyse human characteristics as an enhanced form of authentication for real-time security processes. It stated that BVN gave a unique identity that could be verified across the Nigerian banking industry (not peculiar to one bank), and ensured that customers bank accounts were protected from unauthorised access. It said, “It will address issues of identity theft, thus reducing exposure to fraud. The BVN will enhance

Nasarawa State Governor, Abdullahi Sule, has laid the foundation for the establishment of a Liquefied Natural Gas and Liquefied Compressed Natural Gas facility in Lafia, the state capital. The $2m investment which was spearheaded by Greenville LNG, is the first of its kind in the North Central region of the country. Speaking during the groundbreaking ceremony of the project on Wednesday, Sule, who explained that the project would have a 23 metric tonnes capacity of LNG and 1,500 standard cubic meter of LCNG, said the project was in line with his administration’s commitment to make Nasarawa a prosperous and economically developed state. The Managing Director, Greenville LNG, Ritu Sahajwalla, who was represented by the Director of Administration of the company, Joseph Oyadoyin, said the project would further crystalise the industrialisation drive of the governor and ensure rapid growth for the state. He said, “The partnership between the government and Greenville LNG aims to

The total inflows into the Investors and Exporters Window rose to $2.55bn in the months of May and June, according to data obtained from the FMDQ. The data indicated that total inflows into the 1&E window increased for the second consecutive month in June to $1.41bn from $1.14bn in May, following the unification of naira rates. A breakdown of the data revealed that foreign inflow was $298.8m in June but remained underwhelming relative to pre-pandemic levels when the monthly average was $1.56bn. Local inflows continued to sustain the market, hitting $1.11bn in June because of higher inflows from non-bank corporates ($597.10m) and exporters ($448.00m). Commenting on the development, Codros Securities said, “We expect the lingering reforms in the FX market to translate to improvements in FX liquidity conditions over the medium term as market participants’ confidence builds up. “However, we think foreign investors will likely adopt a wait-and-see approach in the near term a

Oil marketers have called on the Federal Government to suspend the Value Added Tax on diesel, as it would further increase the burden on Nigerians. The Chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer of Ardova Energy, Olumide Adeosun, made the appeal during an interactive session with journalists in Lagos on Tuesday. He suggested that temporarily exempting diesel from VAT would help alleviate the financial burden for the general population, especially amidst the petrol prices hike. He emphasised the need for a sustainable welfare package for citizens. Adeosun highlighted the importance of productivity in the country’s development and called on the government to address the issues of insecurity, productivity in the oil and gas sector, and the high cost of food and transportation. He urged the government to introduce subsidies on transportation and power and tackle the challenge of crude oil theft. According to him, MOMAN members have t

Nigerian oil and gas firms, including top international oil companies, have been ranked among some of the worst offenders in the implementation of the 2015 Paris climate deal, multinational nonprofit platform, CDP has said. According to a report by Reuters, Nigeria, Russia, the Arab Gulf, Algeria, Libya, Venezuela, Iraq and Iran are in the “lower ranks” of meeting their pledge to the zero gas emission targets. The CDP’s Oil and Gas Benchmark report, published together with the World Benchmarking Alliance, said its latest assessment showed the oil and gas sector “has made almost no progress towards the Paris Agreement goals since 2021”. It claimed none of the 100 oil and gas companies it assessed was set to cut its overall emissions “at a rate sufficient to align with a 1.5°C pathway over the next five years”. Former President Muhammadu Buhari 2021 pledged to attain net-zero by 2060, 10 years behind the United States target of 2050. The country had since stated that it was a

Businessman, Ken Etete’s company, Century Group, has acquired a floating production, storage, and offloading vessel from BW Offshore for $15m. The vessel, named Sendje Berge, according to Upstream, was purchased as part of Century’s strategy to focus on long-lived, higher-return projects by offloading non-core vessels. The sale allowed the Oslo-listed company to concentrate on more promising markets in Latin America, moving away from Nigeria. Sendje Berge (IMO: 7360057) is a floating storage/production vessel sailing under the flag of Singapore. Built in 1974, it has a carrying capacity of 274,333 DWT and a reported draught of 13.7 metres. The vessel has an overall length of 348.77 meters and a width of 51.87 meters. Etete, 48, serves as the chairman and CEO of Century Group, which is the first domestic energy infrastructure provider to fully own and manage two FPSOs, namely Tamara Tokoni and Tamara Nanaye. Additionally, the company operates three FPSOs, four flow stations,

INTELS Nigeria Limited has empowered a fresh batch of 81 women in host communities through its Women Empowerment Project Scheme Synergy. A statement by the firm said that the women who were trained in tailoring and fashion design were drawn from host communities in Onne, Ogu, and other parts of Rivers State, and the Niger Delta region. It stated that WEPSS was established by INTELS in 2013 to empower 5,000 community women over a 20-year period through training in fashion design and tailoring. Speaking at the graduation ceremony of the 2023 batch A at the Federal Lighter Terminal, Onne, Rivers State, the Managing Director of INTELS Nigeria, Mr. Pasquale Fiore, said the scheme was part of the company’s vision to support and empower Nigerian women. He said INTELS was committed to empowering women in and around its host communities to enhance their socio-economic status to empower them to generate sustainable income to support themselves and their families. He expressed delight

Logistics experts have said that for Nigeria to improve supply chain functions and drive down costs of logistics, the country must improve port infrastructure and rail transport.  The experts said this at the public presentation of the 2022 edition of the Nigerian Logistics and Supply Chain Industry Report and the 11th fellowship investiture and membership induction ceremony recently in Lagos. The Vice President of the West African Fertiliser Association, Innocent Okuku, said a country cannot have food security without an effective supply chain. While speaking on the theme ‘Supply chain disruptions and food security: Issues and Implications’, Okuku said that supply chain and food security were interwoven because farmers cannot achieve food security without an efficient supply chain system. According to him, the country needs to ensure that farmers can access inputs and the supply chain system must be able to move the inputs both imported and locally sourced from their locat

The Lagos Chamber of Commerce and Industry has urged the President, Bola Tinubu, to stop the revenue leakage of more than $5bn paid annually as freight to foreign shipowners. LCCI in a position paper on current matters of national economic developments signed by its president, Dr Michael Olawale-Cole, obtained by the PUNCH, said the move would help to address revenue leakages. The LCCI also frowned at the recent bid by the Federal Government to merge the Nigerian Maritime Administration and Safety Agency, Federal Inland Revenue Service, and Nigeria Customs Services into the Nigerian Revenue Services. Olawale-Cole advised the government to ensure that implementing the proposed merger did not impede the ease of doing business. He said, “While we commend the government on some of its recent measures to stop wasteful spending, we urge the administration to halt the revenue leakage of more than $5bn paid as freight to foreign shipowners. The chamber’s perspectives are in tandem

A Nigerian fintech company, Flutterwave, has launched a payment platform called ‘Tuition’ which it said will ease access to foreign currencies and also help address the exchange rates problem. Tuition, the firm said will also help international students to surmount the daunting challenge of paying their school fees. With the new platform, international students can now pay their school fees within 48 hrs using their local currencies, eliminating the time spent and anxiety associated with not meeting the tuition payment deadlines, Flutterwave said in a statement on Tuesday. Saturday PUNCH reports in 2021 that the lingering foreign exchange scarcity in the country is taking a heavy toll on foreign tuition payment, as many parents and guardians groan over the difficulty in paying their children’s school fees. The report added that it was tough to access forex from banks in good time to pay their children’s school fees abroad, with several dollar requests piling up in banks for

Nigeria has redeemed a $500m Eurobond, which matured on July 12, 2023, according to the Debt Management Office. In a statement published on its website, the DMO said that the bond was issued on July 2013 for a tenor of 10 years at a coupon of 6.375 per cent annually. The statement read in part, “Nigeria re-affirms its commitment to meeting its debt service obligations as it redeems a $500m Eurobond on its due date on July 12, 2023. “The Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of 10 years at a coupon of 6.375 per cent annum.” The DMO also assured bond investors of Nigeria’s commitment to honouring its debt obligation. “Nigeria’s successful redemption of its Eurobonds and diaspora bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning,” the statement added. It was further disclosed that Nigeria had previously redeemed a $500m Eurobond in July 2018, another $500m Eu

Leadway Assurance Limited said it is on course toward the implementation of the International Financial Reporting Standard. IFRS 17 (previously known as IFRS 4 Phase II) is an International Financial Reporting Standard developed by the International Accounting Standards Board, providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023, it said. The main objective of the IFRS is to standardise insurance accounting globally to help users of accounts make sensible comparisons between companies, their past performance, their current financial position and risk exposure. Speaking on ‘Navigating the new financial reporting standard’, at a one-day workshop organised by Leadway Assurance for the Nigerian Association of Insurance and Pension Editors in Lagos, the Finance Department, Mr Raphael Akomolede, gave insights on the position of Leadway regarding the implementation of the IFRS 17. He said the company “has co

A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday. It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable way in addressing the debts. Speaking during the inauguration of the Decade of Gas Secretariat in Abuja, the secretariat’s Coordinator, and immediate past President, of Nigeria Gas Association, Ed Ubong, said it was important for the government to clear the gas debts in order to boost investors’ confidence in gas investments. The Decade of Gas is an initiative of the Federal Government that seeks to deepen domestic gas usage across the country within a 10-year period, from 2021 to 2030, based on the enormous gas reserves in Nigeria that stood at

The Management of Ibadan Electricity Distribution Company has announced an upcoming upgrade for its Standard Transfer Specification prepaid meters to enhance efficiency and align with global standards. The upgrade, known as Token Identification Rollover, aims to ensure the continued seamless operation of prepaid meters while maintaining customer satisfaction.  A statement signed by the Managing Director of IBEDC, Kingsley Achife, said the upgrade scheduled to take effect from August 1, 2023, would involve the integration of a global software update into STS meters, making them compatible with the new TID Rollover protocol. “This upgrade is imperative as starting from November 24, 2024; all STS meters worldwide will cease to accept old credit tokens without the necessary meter upgrade. To facilitate a smooth transition, IBEDC will provide its prepaid meter customers with Key Change Tokens alongside their regular energy tokens when purchasing electricity,” Achife said. He fur

The rising repugnant passenger experience in Nigerian airports is threatening the growth of the country’s aviation sector, Funmi Fabunmi writes The recent surge in clashes between passengers and operators at Nigerian airports has raised concerns about the friendliness of the country’s aviation industry. The growing number of incidents involving travellers and airlines has highlighted the urgent need for enhanced customer service and improved operational practices within Nigerian airports.  One of the most recent of such cases was that of Mr Theophilus Akatugba, who posted a video accusing the managers of the Murtala Muhammed Airport 2, Bi-Courtney Aviation Services Limited, of clamping on his vehicle after he violated the ‘no pick-up rule’ that prohibits vehicles from picking  passengers from the drop-off zone. Akatugba also accused the towing company, a concessionaire to BASL, of charging him N32,800 twice after the firm’s Point of Sales machine declined the payment made a

The family of two brothers, Abdulmalik Abubakar and Ibrahim Abdullahi, who were allegedly shot by members of a vigilance group in the Bobota/Dabi Kwali Area Council of the Federal Capital Territory, have urged the police to probe the incident.  A sister to the victims, Jemilah, who spoke with our correspondent on Wednesday, said the family wanted justice, adding that the police had not done enough since her brothers were shot on Sunday.   PUNCH Metro  had reported on Tuesday that the brothers were sleeping in their room on Sunday, July 9, when members of the vigilance group invaded the premises and started shooting.  It was learnt that one of the bullets hit the two brothers in the leg and lap respectively and in a bid to rescue them, the duo were rushed to the hospital for treatment.  Contacted, one of the alleged culprits, identified simply as Abdulkareem, had said he was part of the vigilance members but denied being part of the team that shot the victims.  “I don’t know