APA – Lagos (Nigeria)
The report that the Nigerian National Petroleum Company Ltd has resumed oil drilling campaign at the Wadi-B located in Jere Local Government Area of Borno State in northern Nigeria is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the Nigerian National Petroleum Company Ltd has resumed an oil drilling campaign at the Wadi-B located in Jere Local Government Area of Borno State.
The NNPC resumed drilling after it stopped drilling in Wadi-B in 1995 because back then successes were weak and findings made during the period were not in commercial quantity, it was reported.
According to NNPC’s Group Chief Executive Officer yesterday, Mele Kyari, the company hopes to bring prosperity to the people through the elimination of energy poverty currently threatening Africa’s biggest economy.
Kyari made the commitment at the Presidential flag-off of Wadi-B drilling campaign by President Muhammadu Buhari in Borno State.
Kyari said, “We understood very clearly that we need to understand the basin very well. We need to have a different approach to exploration activities in this very basin and that is why NNPC and our partners, the Ministry of Petroleum Resources and the current Upstream Regulatory Commission decided to embark on massive revaluation of all the frontier basins in the country.
“Of course, our findings have been useful. The understanding of the rift system in Nigeria enabled us to have successful outcomes in the Kolmani Area.
“It also enabled us to mobilise to Nasarawa State. Now a drilling activity is going on. It also helped us to understand the geological basin of the Chad Basin which is why we are back here.
The newspaper says that the foreign airlines operating in Nigeria raked in around $1.1bn in 2022 despite foreign exchange challenges, The PUNCH reports.
In a conversation with our correspondent on Monday, the Chairman of the Airlines and Passengers Joint Committee of the International Air Transport Association, Bankole Bernard, quoting a report, he stated that the $1.1bn revenue generated from travel in Nigeria is expected to continue thriving due to the high demand for travelling within the country. He expressed confidence that the figures will remain steady in the near future.
The PUNCH had reported that the Senate passed a resolution calling on the Central Bank of Nigeria to release $717,478,606 of airline funds that were trapped in the country.
The upper chamber also urged the CBN to allocate $25m to airlines operating in Nigeria at its fortnightly dollar auction.
Responding, Bernard stated that the Senate may not intervene, adding that the CBN had already shown disregard for the law by only complying with a court order to release the old notes.
“The CBN is not going to do anything. We find ourselves in any environment that is full of anarchy. Anarchy is a state of confusion where there is a total disregard for the law. It took the court to summon CBN to comply with even releasing the old notes, and you now think the Senate will talk to them and they will listen. Let’s be sincere with ourselves and stop fooling around,” he argued.
When asked if some of the affected airlines might withdraw their services as a result of the trapped funds, he said,
“They cannot withdraw their service, unfortunately. They did not buy the aircraft for them to park. If they have somewhere more lucrative to take the aircraft to they will take it there. So, do not be deceived, it is because they still find our market viable irrespective of these challenges and that is the sincerity we must all face. Our market is viable that is why they are still coming. However, it does not mean that they do not have challenges.”
The Guardian reports that the Minister of Communications and Digital Economy, Prof. Isa Pantami, has inaugurated the National Committee on the implementation of the National Blockchain Policy for Nigeria.
The launch followed the approval and directive of President Muhammadu Buhari, earlier in the month. The President, while conveying his approval to the minister, directed that all relevant regulatory bodies, including the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC) develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.
He further directed that all relevant government agencies should, with immediate effect, commence the implementation of the Policy, along with stakeholders to ensure the creation of a Blockchain-powered economy that enhances innovation, growth and prosperity for all.
According to a statement, signed by the spokesperson to the Minister, Uwa Suleiman, the policy, initiated and developed under the supervision of Pantami, is in furtherance of the economic diversification agenda of President Buhari and primarily aimed at strengthening the nation’s Digital Economy to further enhance its unprecedented contributions to national development and economic growth as recorded in the last four years.
The National Blockchain Policy is developed to serve as a roadmap for Nigeria’s adoption and utilisation of emerging technology. The successful implementation of the policy, which lays out a comprehensive framework for integrating the technology into various facets of the economy, will ensure the growth of indigenous talent in blockchain technology solution development leading to a robust and globally competitive ecosystem, effectively addressing core issues including governance, security, interoperability, regulatory compliance, accountability and transparency.
It will boost innovation, improve government services, create job opportunities, drive economic growth, enhance public trust in governance and promote citizen engagement among others.
The membership of the Committee is made up of 29 institutions drawn from the public and private sectors, including academia. In a related development, 30, 000 Nigerians graduated from the blockchain technology training organised by the Federal Government to equip citizens with the requisite skills required to drive the policy.
The newspaper says that 132 microfinance banks in the country and four primary mortgage banks and three finance companies have lost their operational licenses.
The Central Bank of Nigeria stated this yesterday night.
The CBN gazette added: “the listed institutions cease to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
The apex bank’s governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.
Finance companies that the licenses were revoked are: HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.
The other institutions include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.
GIK/APA