Clubstardom

25/05/2025

K1 DE ULTIMATE REDEFINED CLASSICAL TUNES IN ABUJA, REVEALED THE FULL MEANING OF 'GANUSI'

21/05/2025

K1 DE ULTIMATE REDEFINED NEW MUSIC, DAZED FOLASHADE TINUBU WITH GEN Z VIBES

01/04/2025

08/10/2024

Oando, two others shortlisted to purchase Trinidad’s refinery

Nigerian oil company, Oando Plc, has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, Petrotrin.

The defunct company is a state-owned oil company in Trinidad and Tobago.

The Trinidadian Finance Minister, Colm Imbert, disclosed this during a presentation of its national budget held on September 30. Our correspondent obtained the minister’s speech on Monday.

He noted that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

The bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of US-based Scotia Capital to oversee the refinery’s procurement by inviting “expressions of interest.”

Imbert noted, “A formal selective Request for Proposals process will now be initiated to determine the winner among these three companies, with a view to restarting the refinery, if found feasible.”

He explained that the proposals received were evaluated based on five criteria which were, a clear restart plan and timeline by the proposing company.

This restart plan and timeline had to include an asset integrity assessment, utility requirements such as power, natural gas, and water, as well as sources of crude supply.

29/02/2024

CBN increase of MPR to 22.75% will worsen the economy – Peter Obi

Peter Obi, the presidential candidate for the Labour Party in the last general election, has expressed concern that raising the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to 22.75% and 45% respectively will adversely affect the economy.

In a statement on Thursday, the former governor of Anambra State, said the sharp increase in MPR and CRR will result to job loss in the productive and manufacturing sector.

Obi mentioned that the increase in rate is counterproductive, adding that the policy will not address money supply challenges in the country.

Obi noted,

“I am of the strong opinion that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5% and the Cash Reserve Ratio, CRR, to 45% will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector, especially manufacturing and other sectors that rely on bank loans and credit facilities for their funding needs.

“Tightening liquidity in the financial system does not improve productivity, ie food production, which is the major cause of inflation in Nigeria.

“Moreover, only about 12% of N3.6 trillion of the total money in circulation is in the banking system which means that 88%, about N3.2 trillion is outside the banking system.

“So, this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply.

“These new measures will worsen the fragile economy as the supply of funds would dry up for the real sector, and the new MPR rate hike will push the interest rate on loans to above 30%, which would be very difficult for the real sector operators especially manufacturers and SMEs to repay; resulting, obviously, in increased bad loans, and worsening the nation’s economic situation.”

A Different Approach to Address Inflation

According to Obi, the CBN should have adopted a different approach to address the soaring inflation rate in the country.

Obi emphasized that the inflation challenges in the country is caused by insecurity targeted at food production and crude oil production in general.

Accordingly, he suggested that the federal government provide an “overall” security in the country, adding that this measure will increase production as well as foreign portfolio investment (FPI) in the country.

“The most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

“This way we would increase our productivity as well as restore the confidence of FDIs and FPIs to come back to the country.
“I must caution that what the Nigerian economy needs now is hardheaded practical originality and results.

“Tinkering with classical economic theories can only deepen our crisis,” Obi added.

Credit: Nairametrics

20/02/2024

‘You’ll Be Dealt With’ — FG Threatens Civil Servants Leaking Sensitive Documents

In a bid to stop the leakage of sensitive official documents, the Federal Government has taken punitive measures.

Recently, leaked memos containing official information involving the presidency has caused public outrage, with citizens, society groups, the organised labour and opposition faulting the manner at which the President Bola Ahmed Tinubu-led administration is being run.

One of the leaked documents was a memo from the Office of the Secretary to the Government of the Federation, George Akume, which revealed plans to allocate N500 million for launching the Tripartite Committee on Minimum Wage set up by the Federal Government as against N1 billion.

To curb this, Head of Civil Service of the Federation, Folashade Yemi-Esan, issued a memo on February 19, warning all civil servants against leaking and circulating official information and documents.

The memo, posted on the website of the Office of the Head of Civil Service of the Federation, noted that any officer caught engaging in such acts would be severely punished in accordance with the Public Service Rules and other relevant laws.

Tagged HCSF/3065/VI/189, the memo further instructed all Permanent Secretaries to fast-track the migration to the digitalised workflow system and ensure the effective deployment of the Enterprise Content Management Solution.

“It has been observed with dismay, the increase in the cases of leakage of sensitive official documents in Ministries, Departments and Agencies. This is very embarrassing to the government and therefore unacceptable.

“As part of the efforts to curb this undesirable development, all permanent secretaries are to fast-track the migration to the digitalised workflow system, and ensure effective deployment of the Enterprise Content Management Solution.

“This will reduce physical contact with official documents thereby checking the increasing incidence of leakage and circulation of same. Furthermore, permanent secretaries are advised to strongly warn all staff against leaking and circulating official information and documents.

“Any officer caught engaging in such unbecoming act will be severely dealt with in line with the relevant provisions of the Public Service Rules and other extant circulars.”