The Central Bank of Nigeria has taken over Skye Bank Nigeria Plc.
CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation, Godwin Emefiele disclosed this on Friday at a media briefing on Lagos
He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.
He said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria asked to commence sale process of bank from Monday.
The revocation of Skye bank follows the Central bank’s decision to pause it’s injection of funds processes in the lender.
The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.
Meanwhile, the share price of Skye bank on Friday gained 4.05 percent at 77 kobo.
The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.
NNPC increases gas supply to power sector by 19%
The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 19.14 per cent in the average daily natural gas supply to power plants in April 2020.
The Corporation disclosed this on its Monthly Financial and Operations Report (MFOR) for April released in Abuja on Thursday.
It said the increase translated to 788 million standard cubic feet of gas per day (mmscfd), an equivalent to power generation of 2,873 megwatts (MW).
It noted that a total of 226.51 billion Cubic Feet (BCF) of natural gas was produced in April, translating to an average daily production of 7.786 BCF per day.
According to the report, the figure indicates an increase of 3.73 per cent at 226.51 BCF, compared to the output in March.
It added that out of the figure, a total of 136.44 BCF of gas was commercialised, consisting of 36.99 BCF and 99.45 BCF for the domestic and export market, respectively
“Out of the 1.233 BCF per day of gas supplied to the domestic market in April, about 787.70 mmscfd, representing 63.88 per cent was supplied to gas-fired power plants.
“The balance of 445.31mmscfd or 36.12 per cent was supplied to other industries,’’ it said .
Similarly, the report revealed that for the period of April 2019 to April 2020, an average of 1.184 BCF per day of gas was supplied to the domestic market.
This, it said, comprised an average of 677.87 mmscfd or 57.24 per cent of total, as gas supply to the power plants and 506.42 mmscfd or 42.76 per cent, as gas supply to industries.
“For the period of April 2019 to April 2020, a total of 3.0823 trillion standard cubic feet (TCF) of gas was produced, representing an average daily production of 7.857 BCF per day during the period,’’ it said.
It added that from the period-to-date, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.57 per cent, 21.46 per cent and 8.97 per cent respectively to the total national gas production.
On the downstream sector, it noted that a total of 0.94 billion litres of Premium Motor Spirit (PMS) also known as petrol, translating to 31.37 million liters per day, was supplied for the month under review.
It added that the corporation had continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.
In the period under review, it revealed that 65 vandalized pipeline points were reported, a marked increase from the 19 points recorded in March 2020.
It said that the Atlas Cove-Mosimi stretch accounted for 55 per cent, while Mosimi-Ore recorded 22 per cent and other locations make up for the remaining 23 per cent.
The MFOR indicated that in April, NNPC remitted the sum of N219.16 billion to the Federation Account, reflecting the naira proceeds from the sale of domestic crude oil and gas.
“In terms of dollar receipts, an export receipt of 193.05 million dollars was recorded in April.
“The NNPC remains committed to sustaining effective communication with stakeholders through publication of its Monthly Financial and Operations reports on its website and in national dailies.
“This is in line with the concept of Transparency, Accountability and Performance Excellence (TAPE) agenda of NNPC Management.” It added. (NAN)
FG explains deregulation of oil downstream sector
The Minister of State for Petroleum Resources Chief Timipre Sylva says the deregulation of the downstream oil sector was to ensure economic growth and development of the country.
Sylva made this known in a statement in Abuja, on Thursday.
He said it was unrealistic to continue to subsidise the Premium Motor Spirit (PMS) also known as petrol as it had no economic value.
He urged Nigerians to ignore recent misguided comments and innuendos on the issue.
“It has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation.
“After a thorough examination of the economics of subsidising PMS for domestic consumption, the government concluded that it was unrealistic to continue with the burden of subsidising PMS to the tune of trillions of naira every year.
“More so, when the subsidy was benefiting in large part the rich rather than the poor and ordinary Nigerians.
“Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage private sector to takeover the role of supplying Petroleum Products,” he said.
According to him, market forces will henceforth determine the price at the pump.
This, he said was in line with global best practices adding that government would continue to play its traditional role of regulation; to ensure that this strategic commodity was not priced arbitrarily by private sector suppliers.
“A regulatory function not unlike the role played by the Central Bank of Nigeria in the banking sector; ensuring that commercial banks do not charge arbitrary interest rates.
“Petroleum Products are refined from Crude Oil. Therefore the price of Crude (the feedstock) for the refining process will affect the price of the refined product,” he added.
Sylva noted that when Crude Oil prices were down, government, through its regulatory functions ensured that the benefits of lower Crude Oil prices were enjoyed by Nigerians by ensuring that PMS price was lowered.
He noted that government at that time indicated that increase in Crude Oil prices would also reflect at the pump.
“This is a necessary action taken by a responsible government in the overall interest of Nigerians.
“Indeed, one of the reasons we have been unable to attract the level of investments we desire into the refining sector has been the burden of fuel subsidy.
” We need to free up that investment space so that what happened in the Banking Sector, Aviation Sector and other Sectors can happen in the Midstream and Downstream Oil Sector.
” We can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce Pump Price and keep it permanently low.
“Let us therefore ignore the antics of unscrupulous middlemen who would want status quo ante to remain at the expense of the generality of Nigerians.,” he added.
The minister noted that in addition to attracting investments and creating jobs and opportunities,the policy direction would free up trillions of naira to develop infrastructure instead of enriching a few.
He said that government was very mindful of the likely impact higher PMS prices would have on Nigerians.
“To alleviate this, we are working very hard to roll out the auto-gas scheme, which will provide Nigerians with alternative sources of fuel and at a lower cost, ” he said.
10,000 farmers get farm inputs support in Kaduna State
By Mustapha Yauri
The Agro Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project has commenced the distribution of farm inputs to 10,000 farmers in Kaduna State.
Dr Yahaya-Aminu Abdulhadi, the Project Coordinator, made this known during the delivery of the farm inputs to farmers’ cooperatives at Biye, Giwa Local Government on Thursday.
Abdulhadi said that the intervention in Biye Community was for 985 farmers, while the target beneficiaries in the state were 10,000.
He said that the intervention farm inputs were fertilisers, improved seeds and herbicides, among others, adding that the second intervention would be mainly equipment.
He said that beneficiaries would receive thrashers, combine harvesters and tractors, adding that the support was demand-driven.
Abdulhadi said that the two phases of interventions were decided by the farmers themselves with the aim of boosting their farming enterprise.
He said the interventions were to ensure that the farmers were empowered to enable them make judicious use of the support.
He said that the project was a World Bank supported initiative with the mandate of Kaduna State Government to support the farmers from production, processing and marketing.
“We want them to make use of the knowledge and the resources that was avail them under the APPEALS project, so that they can shift from being subsisting farmers to commercial and economically viable farming enterprises.”
The coordinator said the support was an end-to-end intervention, the farmers who are receiving the intervention now had already signed agreement with up-takers before they could go to the farm.
He added that the farmers already had market for the products.
The Kaduna State Deputy Gov., Hajia Hadiza Balarabe, said that the state had done a lot in improving agriculture productivity.
The deputy governor said that the state had also improved agriculture sector toward diversifying the economic base of the state.
Balarabe was represented by Mal. Sabiu Ismaila, the Permanent Secretary, Kaduna State Ministry of Agriculture.
She said that the state government was working tirelessly to support the development of agriculture as a business so that farmers would be able to feed themselves and supply the products for the use of industries.
“It is the wish of the state to see tremendous reduction in poverty, massive employment generation for the youths and women and general improvement in the wellbeing of the populace through the agricultural sector,” she said.
The deputy governor said that she was impressed with the turnout of women and youths for the programme.
“It also shows that Kaduna State’s policies and programmes on inclusion were working. A society cannot develop if half of its population was idle and are not included.
“The efforts of the state toward bringing women to be part of economic development by enhancing their skills in various fields of endeavor is a worthy cause.
“ I can see here that the people of this community have accepted it; we are also happy that the men were understanding and cooperating. I pray that this level of commitment will result into improve productivity,’’ she said.
The deputy government said that partners to the project were experts from National Agricultural Extension Research and Liaison Services (NAERLS).
Alhaji Adamu Shika, one of the beneficiaries, who spoke on behalf of others commended government’s efforts on the project and for the timely provision of the inputs.
Shika said that the beneficiaries were earlier trained on new and better farming methods and processing of the farm produce to boost production.
He pledged the commitment of beneficiaries to judiciously use all the farm inputs.
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