The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the Solid Minerals sector requires a robust fiscal regime built on comprehensive reform to expand the revenue generation base for the nation. The Acting Executive Secretary, NEITI, Orji Ogbonnaya Orji, who stated this during a courtesy visit to Minister of Solid Minerals Development, Kayode Fayemi, called on the ministry to commence a comprehensive programme for the mining industry in the phase of the collapse of oil prices. Orji explained that from the scoping study conducted and series of independent oil reports by NEITI, the solid minerals sector had contributed poorly to national purse in recent years and therefore requires extensive reforms to bolster activities in the industry. According to him, the NEITI reports indicated that, “the sector reforms should include periodic review of royalty rates to conform with market prices encouraging companies to declare accurately what they ear...
• NNPC discharges 320m litres of petrol • Govt may adjust fuel price next month • Presidency dissolves task force on power sector reform “Hopefully by tomorrow (today) and Thursday, the fuel queues in Abuja should be over. Hopefully, the same thing will happen in Lagos, and thereafter by the weekend, we should see Kano, Katsina, Sokoto, Port Harcourt and Warri get off the queue list.” With these words yesterday, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, reassured the nation that the lingering fuel scarcity would be a forgotten hardship by the end of the week. An indication that the minister’s promise may come to pass was that a stock of 320 million litres of petrol was being distributed across the country yesterday. Meanwhile, the Federal Government has dissolved the presidential task force set up by the Goodluck Jonathan administration to drive the implementation of the reform in the nation’s electricity sector. But the reasons for this move we...
Godwin Emefiele President Goodluck Jonathan has nominated Godwin Emefiele, who is the Managing Director of Zenith Bank, as the new governor of Central Bank. Mr. Jonathan submitted Mr. Emefiele’s name to the Senate for confirmation on Thursday, a few hours after he suspended Sanusi Lamido as the CBN governor and announced t he CBN’s Deputy Governor, Dr. Sarah Alade as acting governor of the bank. Until his appointment, Mr. Godwin I. Emefiele serves as Chief Executive officer and Group Managing Director of Zenith Bank Plc. He served as Deputy Managing Director of Zenith Bank Plc. since 2001 and has also served as Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning of Zenith Bank Plc. He had been in Management team since inception. Mr. Emefiele has over eighteen years of banking experience. Mr. Emefiele serves as Director at Zenith Bank If confirmed by the senate, Mr. Emefiele will take over fully as...
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