Business Times Daily Times Nigeria
CBN sets new forex rate for school, medical fees
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Technical education, panacea for global unemployment – Experts Page B6
Shell International accuses Shell Nigeria of hiding data on spill hazards in N/Delta
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$184 million Crude Swap deal: NNPC pledges regular update
… As Aiteo settles $202m outstanding obligation
L-R: Mr. Kayode Lawal, Executive Director, Sterling Bank Plc; Mr. Harish Verma, Chairman Aarti Steel Group Africa; Mr. Grama Narasimhan, Executive Director, Sterling Bank Plc and Mr. Adeoye Paul-Taiwo, Business Executive, Corporate Banking Group, during a courtesy call on the Bank by the Executive Management of Aarti Group in Lagos ... Monday.
The Nigerian National Petroleum Corporation, NNPC has pledged to provide members of the public through the mass media with up-to-date information on the ongoing effort by the Corporation to sanitize the record books through the painstaking reconciliation of the transactions executed during the defunct crude for product swap regime. The NNPC in a release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu said in line with the ongoing reforms in the industry, the Management of the Corporation under the leadership of Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort. The NNPC affirmed that so
BUSINESS TIMES Head Business Azubike Nnadozie Asst. Business Editor Simon Ugwu Capital Market Editor Bonny Amadi
far, two of the companies involved in the reconciliation exercise namely: AITEO Energy Resources and Televaras Group of Companies have registered their commitment to settle all outstanding obligations. The Corporation further clarified that already Televeras has agreed to make a tranche payment of $17.2 million. It however noted that unlike AITEO and Televaras which have made
firm commitment to the recovery process, the NNPC is yet to obtain any such commitment from Ontario Oil & Gas Limited. Nonetheless, the NNPC said negotiation with Ontario remains in progress. The statement emphasized the determination of the NNPC Management to achieve full recovery of the outstanding $184 million crude-swap-product under-deliveries as well as the full
The Administrator of the National Judicial Institute (NJI), Justice R.P.I Bozimo, has reiterated the importance of the judiciary and all stakeholders in the financial industry to support the activities of the Asset Management Corporation of Nigeria (AMCON) and its debt recovery efforts because of the huge positive impact of that to the Nigerian economy and its ability to correct the economic flaws of the past, which led to the establishment of AMCON. Justice Bozimo, who spoke yesterday at an interaction conference of Federal High Court Judges, which held at the insti-
tute’s complex in Abuja said the call had become necessary because of the critical but difficult assignment of AMCON to recover huge debts as mandated by its establishment Act. The theme of the conference is “The AMCON Regime: A Paradigm Shift in Debt Recovery.” She informed that it was based on the importance of the Chief Justice of Nigeria, Hon. Justice Walter Samuel Nkanu Onnoghen, GCON attached to AMCON as an integral component of the financial safety net system that made him to graciously grant approval of the interaction. To this end therefore, Jus-
Tuesday, March 28, 2017
value of stock of its missing petrol in Capital Oil depot which currently stands at 82 million litres amounting to over N11 billion Following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62. The amount includes AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities. Aside AITEO, two other companies are involved in the crude swap under deliveries. They are: Televaras Group of Companies and Ontario Oil Gas Ltd. It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process. Already, Televaras has pledged to make a tranche payment of $17.2 million. However, the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement. The Corporation shall continue to provide further update on the recovery process.
AMCON needs effective judiciary resolution mechanisms –Bozimo
tice Bozime said acknowledging Nigeria’s critical economic status; acquiring the intellectual competence of promoting the financial system stability and ring fencing the integrity of the macro-economy from fragmentation, should be encouraged and supported especially by our Justices and Honorable Justices of the Appellate courts. Again she said, “My Lords, the relevant mechanisms and approaches inherent in complementing AMCON judicial and judiciously to accomplish its primary mandate in the area of liCONTINUES ON PAGE B2
Price of 5kg cooking gas increased 5% in February – NBS OpeOluwani Akintayo Latest monthly report released by the National Bureau of Statistics, NBS, indicates that average price for refilling of a 5kg cylinder for Liquefied Petroleum Gas (cooking gas) increased by 5.48 percent monthon-month, from N2,567.56 in January to N2,708.38 in February. Market report released on Monday, also stated that the highest average price paid for the refilling of a 5kg cylinder of cooking gas in Edo was (N3,030.00), Abia, Akwa Ibom, Bayelsa, Cross River, Zamfara, Rivers and Kebbi (N3,000) and Delta (2,984.62). According to it, states with the lowest average price were Osun (N2,393.75), Oyo (N2,376.47) and Ondo (N2,372.73). Similarly, average price for the refilling of a 12.5kg cylinder of cooking gas decreased by 2.95 per cent to N5,345.87 in February 2017 from N5,508.16 in January 2017. States with the highest average price for the refilling of a 12.5kg cylinder of cooking gas were Akwa Ibom, Cross River, Edo, Kebbi, Rivers, and Yobe (N6,000.00), Delta (N5,923.08) and Borno (5,833.33). States with the lowest average price for the refilling of a 12.5kg cylinder were Lagos (N4,797.22), Ogun (N4,777.28) and Oyo (N4,322.22). NBS report for January had stated that price of kerosene in Nigeria rose above 87% in January 2017 , as Kano, Oyo, Abuja paid more for gas. According to the report published on February, Nigerians bought kerosene at N434 per litre in January. As at December 2016, the product was sold at N231.85. The report titled “National Household Kerosene Price Watch (January 2017)’’, the average price per litre paid by consumers for Kerosene increased by 87.12 percent year-on-year, while it increased by 93.19 percent month-on-month to N433.84 in January from N231.85 in December, 2016. “States with the highest average price per litre of kerosene were Sokoto which sold for N647.62; Niger, N625.00 and Edo which sold for N560.19.