Business

We’re Satisfied With Progress At FIRS — Reps Committee On Finance

Published

2 months ago

November 6, 2024

We’re Satisfied With Progress At FIRS — Reps Committee On Finance

The House of Representatives Committee on Finance has commended the level of progress and achievements being made by the Federal Inland Revenue Service (FIRS), promising that it will not withhold any support needed by the agency.

The Committee members, who were on an oversight visit, held a meeting with FIRS management at the Revenue House in Abuja, on Tuesday, and also toured the agency’s permanent headquarters in the Central Business District currently under construction.

The lawmakers, according to a statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, were conducted round the 17-floor building by the Special Adviser on Infrastructure, Mr Kunle Ogidi.

Chairman of the Committee, Honourable James Faleke expressed satisfaction at the transformation in FIRS under the chairman, Zacch Adedeji, and the increased tax revenue, pledging continued support of the Committee for the initiatives of the agency.

“For us, we can only commend the staff and Management of FIRS and of course the contractors for a job well done. We have seen the quality work being done. They have designed it very well and where we asked them questions, they answered. We are satisfied. We say kudos to FIRS.

“We first went to the temporary building where the FIRS is using now and of course we met the Directors and everybody. Why we have taken time to come on oversight is to allow him to fully settle and we have seen the evidence that he has fully settled.

“His work is very smooth and we could see on the faces of staff. We decided to come to the proposed permanent site. We have seen the progress so far. Like the architect said, the project began 2011 and it will be completed next year.

“We expect that when that is done and the Nigerian Revenue Service bill is passed, it will be launched in this building. And we expect more revenue to come to Nigeria.

On if the Committee is encouraged to continue to support FIRS, Faleke said: “We have also supported FIRS. Our committee is the main committee. If we withdraw our support, there will be a collapse of the system. It isn’t about being encouraged, it is about us doing our job, to do what is right.”

The Executive Chairman of the FIRS, Zacch Adedeji thanked the Committee for their visit and support, stating that FIRS will continue to collaborate with the National Assembly to move Nigeria forward.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

8 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

15 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.