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FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

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The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday.

It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.

He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.

Responding to a question on what would happen to DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law.

“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.

“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”

On what would happen to the chief executives and employees of DPR, PEF and PPPRA, the minister replied, “The law also provides for the staff and the jobs in those agencies to be protected.

“But I’m sure that that doesn’t cover, unfortunately, the chief executives, who were on political appointments.”

He stated that the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced, as the staff had to be rationalised.

Sylva said, “The authority has its staff coming from the defunct PEF, PPPRA and DPR. The commission has staff coming over from DPR and the process is going on for the next few weeks.”

Sylva stated that the inauguration of the boards on Monday marked the beginning of the successor agencies.

He said, “The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.

“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.

“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies.”

He further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.

“Today, the PIA has clarified the legal framework around the sector and the agencies are now in place. So I don’t see anything now stopping investors from coming,” the minister stated.

He said competent hands were now handling the business, adding, “Nigerians should brace up for exponential growth in the oil and gas sector.”

The Chief Executive, NURC, Gbenga Komolafe, said the commission would deliver on its mandate as captured in the new petroleum Act.

“Nigerians should expect massive deliverables in the sense that the PIA has ended the regime of uncertainty in terms of the governance of the industry,” he said.

He also said the commission would ensure that the country hits its OPEC quota in crude oil production, as the NURC would be an enabler of investments.

The Punch

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Naira Gains Against Dollar, Trades at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Global Money Week: MoneyMaster PSB Trains Students on Savings Culture

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2024 Global Money Week: MoneyMaster PSB trains students on savings culture

MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s leading payment service bank, is poised to train 5,000 students on the need to embrace savings and investment culture in commemoration of the 2024 Global Money Week.

Tagged “Catch them Young” experiential campaign, the programme aims to have the students drawn from schools in Nigeria participating in the week-long financial literacy training in the bank’s coordinating centres across 10 participating states of the Federation.

In the same vein, MMPSB will equally engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The 2024 Global Money Week with the theme “Protect your money, secure your future,” is billed for March 18 to 24, 2024.

MMPSB  disclosed in a press release that it was  committed  to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

“As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public,” the bank further said.

Global Money Week is an annual event which creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours pivotal to making sound financial decisions and ultimately achieve financial well-being.

This year’s edition is focused on safe money management, and the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.

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Fidelity Bank Shares 3000 Food Packs Among Residents of Zamfara Community

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Leading Financial Institution, Fidelity Bank Plc has distributed over 3000 food items to vulnerable households and less privileged families in Gusau, Zamfara State.

The donation is a gesture under the bank’s Corporate Social Responsibility (CSR) Initiative created to reach out to vulnerable persons and reduce the effect of hunger in the society.
Speaking at the event, the bank’s Regional Head, North West 2, Muhammad Ahijo, noted that “The Fidelity Food Bank Initiative is aimed at alleviating the hardship experienced by many in the face of current economic challenges in the country.
His words “At Fidelity Bank, we recognize the importance of supporting and empowering communities to grow and prosper and we believe that by investing in the well-being of the communities where we operate, we contribute to the creation of a better society for all.”
“We firmly believe that by addressing the root causes of poverty and alleviating hunger, we can make a meaningful impact on the lives of those in need. And in light of this, Fidelity Bank has donated 3,000 food packs to vulnerable families in the state, to help them get through these tough times.” He stated.
Applauding the initiative by Fidelity Bank, Zamfara State Governor, Dauda Lawal, represented by his Chief of Staff, Alhaji Mukhtar Lugga, noted that “We are grateful for the kind gesture from Fidelity Bank in providing support to vulnerable households and less privileged families in our community. This is coming at a time when people cannot afford a meal before and during the holy month of Ramadan”.
On his part, the Accountant General of Zamfara State, Alhaji Ali-Akilu Muhammad, thanked Fidelity Bank for its generosity and urged other banks operating in the state to emulate the Fidelity Bank gesture by providing succor to the less privileged families in the state.
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