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July 29, 2024 AKICORP Promises Transformation of Agency For Better Service Delivery

AKICORP Promises Transformation of Agency For Better Service Delivery

The Board of Akwa Ibom Investment Corporation (AKICORP) says it will undertake transformation of the Corporation for effective service delivery.

Chairman of the Board, IDE OWODIONG – IDEMEKO stated this during the inaugural meeting, which took place recently at the Corporation’s headquarters.

IDE OWODIONG-IDEMEKO said the transition is not merely about changing the processes, but about having an evolving mindset, culture, and approach to business.

He explained that the mandate of the Corporation which has been significantly expanded will bring immense opportunities, with substantial challenges, which he mentioned to include: Complexity of Diverse Sectors, Investment Oversight and Coordination and Efficiency.

On the Corporation’s Strategic Plan development, the AKICORP Boss said the Board will take decisive action to address emerging issues and develop a comprehensive strategic plan that aligns with their expanded mandate and the ARISE Agenda of the Pastor Umo Eno led administration.

The AKICORP chairman said to achieve these goals, there was need to build on solid pillars of transformation that reflect the core values of a modern, dynamic, and ethical organization.

He called on the members of the Board to embrace the journey with enthusiasm and determination. While noting that the path ahead of them requires robust managerial and leadership skills to guide the Corporation towards business success and positive returns on investment.

Present at the meeting were: Managing Director/CEO,Mr.Imoabasi Jacob, Commissioners for Trade and Investment, Finance Economic Development,  Agriculture & Rural Development and Attorney General / Commissioner For Justice, as well as the two Executive Directors and Non-Executive Director.

July 26, 2024 Senate to Summon CBN, NPA, NNPCL, Dangote and Others Over Economic Sabotage in the Petroleum Sector

Senate to Summon CBN, NPA, NNPCL, Dangote and Others Over Economic Sabotage in the Petroleum Sector

The Senate has revealed plans to summon the Central Bank of Nigeria (CBN), Nigeria Port Authority (NPA), Nigerian National Petroleum Company Limited (NNPCL), Dangote Group, and Minister of State for Petroleum, HEINEKEN LOKPOBIRI among others, for questioning over alleged economic sabotage in the country’s petroleum industry.

 This was disclosed in a media briefing by the Leader of the Senate and Chairman of the Senate ad-hoc committee on “Alleged Economic Sabotage in the Nigerian Petroleum Industry.

The chairman disclosed that the 14-member committee constituted on 23rdJuly would investigate billions of dollars spent on turnaround maintenance of the state-owned refineries in the last decade to address deep-seated challenges confronting the industry.

A public hearing scheduled for September 10 is expected to have the contractors handling the turnaround maintenance for the refineries in attendance as the ad-hoc committee prepares to visit Lagos, Port Harcourt, and Warri to engage with key actors in the petroleum industry.

The committee says there would be no room for sacred cows and it is ready to issue a warrant of arrest to any head of the agency that refuses to honor the invitation for appearance.

July 26, 2024 Manufacturers Association of Nigeria Warns Federal Government Against De-Marketing Local Content

Manufacturers Association of Nigeria Warns Federal Government Against De-Marketing Local Content

The Manufacturers Association of Nigeria, MAN, has cautioned the federal government against de-marketing local industries.

This came on a day civil society and religious groups demanded a probe into activities of the Nigerian National Petroleum Company Limited NNPCL, following allegations by ALIKO DANGOTE that some officials of the company operate a blending plant in Malta, from where they import low quality fuel into the country.

MAN’s Director-General, SEGUN AJAYI-KADIR has warned that government agencies providing regulatory oversight functions should promote an enabling environment for local investments to thrive.

July 17, 2024 Federal Government, States and Local Governments Share N1.3Trn from FAAC

Federal Government, States and Local Governments Share N1.3Trn from FAAC

the Federation Account Allocation Committee (FAAC) has shared a total of 1.354 trillionnaira to the three tiers of government.

A communiqué at the end of its meeting in Abuja indicated that the funds came from the Federation revenue earned in June.

The distributable revenue comprised statutory revenue of 142.5 billion naira, distributable Value Added Tax (VAT) revenue of 523.973 billion naira, Electronic Money Transfer Levy (EMTL) revenue of 15.692 billion naira, Exchange Difference revenue of 472.192 billion naira and Augmentation of 200.000 billion naira.

Total revenue of 2.483 trillion naira was available in the month of June 2024. Total deduction for cost of collection was 92.112 billion naira while total transfers, interventions and refunds was to 1,037.407 billion naira.

Gross statutory revenue of 1.432 trillion naira was received for the month of June 2024. This was higher than the sum of 1.223 trillion naira received in month of May 2024 by 208.773 billion naira.

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