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Sep62024 by RareviewNo Comments

PMS PRICES ARE DETERMINED BY FREE MARKET FORCES -NNPC LTD

Energy

By PR The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). Speaking on TVC News' “Journalists' Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd, Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations re-calibrate and begin selling PMS.” He said Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by unrestricted free market forces. According to him, “The market has been deregulate...

Sep62024 by RareviewNo Comments

NCDMB DONATES WHEELCHAIRS TO ASSOCIATION OF PERSONS WITH DISABILITIES, PROMISES VOCATIONAL TRAINING

Energy

By PR The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Wednesday at the Nigerian Content Tower (NCT), Swali, Yenagoa, donated 52 wheelchairs to the Joint National Association of Persons with Disabilities, Bayelsa State Chapter. Addressing the Association Executives at a brief ceremony, Engr. Ogbe said the donation was in fulfilment of a pledge made last March at a meeting between the Management of the Board and leaders of the Association. “We are not turning our eyes away from your needs,” he assured the Association, adding, “We have to aid your mobility.” He urged members of the Association to eschew any tendency toward antagonism when seeking the attention of public agencies on any issue, stating that ...

Sep42024 by RareviewNo Comments

NNPC FACES FINANCIAL STRAIN DUE TO PMS SUPPLY COSTS, IMPACTING SUPPLY SUSTAINABILITY

Energy

By Ali Elias NNPC Ltd has responded to recent reports highlighting the company’s substantial debt to petrol suppliers, a situation that has raised concerns about the sustainability of the nation’s fuel supply. As financial pressures mount, NNPC Ltd reassures the public of its ongoing commitment to fulfilling its mandate under the Petroleum Industry Act (PIA) as the supplier of last resort, ensuring the stability of Nigeria's energy supply. The Statement, signed by Olufemi Soneye, the company’s Chief Corporate Communications Officer, reads: “NNPC Ltd has acknowledged recent reports in national newspapers regarding the company's significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel su...

Sep42024 by RareviewNo Comments

BUA FOODS INVESTS IN FOUR NEW MILLS TO STRENGTHEN NIGERIA’S FOOD SECURITY AND CREATE JOBS

News

By Ali Elias BUA Foods Plc has signed an agreement with Turkish milling equipment manufacturer IMAS to construct four new wheat milling factories with a combined capacity of 3,200 tons per day. Samad Rabiu In a statement signed by Director of Marketing and Communications Adewunmi Desalu and released on the Nigerian Exchange (NGX), the company revealed that these new mills will increase its milling capacity to 2.5 million metric tons annually, a nearly 400% increase from its 2022 capacity of 500,000 metric tons. The new factories are expected to enhance BUA's manufacturing capabilities, allowing for the production of more high-quality flour products to address food challenges in Nigeria. Chairman Abdulsamad Rabiu, who signed the agreement, emphasized that the expansion is ...

Sep42024 by RareviewNo Comments

ESN NEVER ATTACKED MILITARY, POLICE, OTHER SECURITY OPERATIVES — IPOB

News

The Indigenous People of Biafra, IPOB, disclosed, weekend, that its Eastern Security Network., ESN, has never attacked the military, police nor any other security operatives since its inception, adding that any claim to that effect was mere propaganda against the movement. Making this disclosure through its spokesperson, Emma Powerful, while reacting to the claim by the Enugu State Police that ESN Operatives attacked them at Four Corner, Enugu State, on the 18th of August 2024, IPOB described the claim as a fallacy and a figment of their imagination. “It is unfortunate that the Nigeria Police and their military have sustained their lies and propaganda against ESN Operatives to divert attention and justify the Nigerian State-sponsored crimes in Biafraland but ESN are too disciplined t...

Sep42024 by RareviewNo Comments

CPPE ACCUSES FCCPC OF INTIMIDATION, WARNS AGAINST TURNING INTO ‘PRICE CONTROL AGENCY’

News

By Ali Elias The Centre for the Promotion of Private Enterprise (CPPE) has cautioned the Federal Competition and Consumer Protection Commission (FCCPC) against what it describes as the “intimidation” of retailers across Nigeria. In a statement released on Sunday, CPPE Director/CEO Dr. Muda Yusuf expressed concern that the FCCPC is shifting from its core mission of consumer protection to what he perceives as price control. Yusuf argued that the FCCPC is increasingly acting like a “price control agency” rather than focusing on its mandate to protect consumer rights. “The disproportionate focus of the commission on the retail segment of the economy and pricing issues underscores this assertion,” he said. He emphasized that consumer protection should not involve direct price control a...

Sep42024 by RareviewNo Comments

NIGERIA’S HEALTHCARE REFORMS ATTRACT $4.8 BILLION IN INVESTMENTS, SAYS VP SHETTIMA

Health

By Ono Yima Vice President Kashim Shettima has revealed that the Federal Government’s healthcare reforms have attracted over $4.8 billion in potential investments, marking a significant step forward in addressing Nigeria’s healthcare challenges. Speaking at the commissioning of Sahad Hospitals in Abuja, Shettima outlined a strategic plan aimed at revitalizing the healthcare sector and emphasized the importance of unity and private sector involvement in achieving these goals. The event also highlighted the contributions of Alhaji Ibrahim Mijinyawa, Chairman of Sahad Group, whose new state-of-the-art hospital represents a vision for a healthier Nigeria. He emphasised the need for unity in the health sector, stating, “Our health sector calls upon us all to unite. The promise of this ...

Sep42024 by RareviewNo Comments

FCCPC SHOULD AVOID A PRICE CONTROL MINDSET

Opinion

By Muda Yusuf The Federal Competition and Consumer Protection Commission [FCCPC] appears to be unwittingly transforming into a price control agency rather than a consumer protection commission. The disproportionate focus of the commission on the retail segment of the economy and pricing issues underscores this assertion. Muda Yusuf, Founder/CEO ,CPPE The core mandate of the commission is the creation of a robust competition framework across sectors and protection of consumer rights and interests. Consumer protection is not about directly seeking to control price at the retail end of the supply chain. This is why the CPPE is concerned about the approach, methodology, targeting and the recent threats by the FCCPC to market leaders, traders and supermarket own...

Sep32024 by RareviewNo Comments

CHILDREN’S LITERATURE TAKES CENTER STAGE: FINALISTS ANNOUNCED FOR 2024 NLNG NIGERIA PRIZE FOR LITERATURE

News

Courtesy: The nation Three finalists for the 2024 Nigeria Prize for Literature, sponsored by Nigeria LNG Limited (NLNG) with a $100,000 cash award, have been announced. The shortlisted books are *A Father’s Pride* by Ndidi Chiazor-Enenmo, *The Road Does Not End* by Familoni Oluranti Olubunmi, and *Wish Maker* by Uchechukwu Peter Umezurike. These books were chosen from 163 entries, with this year's competition focused on Children's Literature. In July 2024, 11 works were longlisted and recognized by the Advisory Board. The three finalists were selected from this list by a panel of judges led by Prof. Saleh Abdu of Federal University of Kashere, Gombe State, and including Prof. Vicky Sylvester and Dr. Osarobu Igudia. Prof. Akachi Adimora-Ezeigbo, Chairperson of the Advisory Boar...

Aug312024 by RareviewNo Comments

NNPC SEEKS O&M PARTNERS FOR WARRI AND KADUNA REFINERIES: CALL FOR EXPRESSIONS OF INTEREST

Energy

By Ono Yima The Nigerian National Petroleum Company (NNPC) Limited invites reputable and credible Operations & Maintenance (O&M) companies to submit Expressions of Interest (EOI) for the provision of O&M services for its Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC). This combined tender aims to ensure the reliability and sustainability of these critical refineries, which are essential for meeting Nigeria's fuel supply and energy security needs. The tender process will be conducted in three stages—EOI, Technical, and Commercial—focusing on optimizing costs and efficiency in operations. Those interested should click here for full detail