The Nation Newspaper

Tag: deadline

  • Govt extends flared gas commercialisation bid deadline

    The Federal Government has extended the submission date for the first phase of the licensing round for uptake of flared gas to February 20,2019.

    Before now, the deadline for registration and submission of Statement of  Qualification for the Request for the National Gas Flare Commercialisation Programme (NGFCP) was January 20, 2019.

    According to Africa Oil+Gas Report, the new date has been fixed for February 28, 2019, quoting the NGFCP Programme Manager, Justice O. Derefaka.

    Departmnt of Petroleum Resources (DPR) said the government is working to utilise and commercialise flared gas. It noted that the Federal Government has come up with the National Gas Flare Commercialisation Programme (NGFCP) to harness the flared gas and put it into productive use.  Under the NGFCP, the Federal Government will seek for qualified investors with financial, technical and technological expertise to harness the flared gas.

    According to the DPR report, “National Gas Flare Commercialisation Programme (NGFCP) is key to Nigeria’s flares-out agenda with a target for zero routine gas flaring in Nigeria by 2020.

    The report said flared gas in Nigeria can attract $3.5 billion investments and enough to generate 2.5 gigawatts (Gw) of power or produce 50 million barrels of oil equivalent (boe). It also noted that flared gas in the country can produce 600,000 metric tonnes of liquefied petroleum gas (LPG) per year, produce 22 million tonnes of carbon dioxide (CO2), feed two-three liquefied natural gas (LNG) trains and generate 300,000 jobs.

    It further noted that although Nigeria’s gas flaring level is dropping, the quantity of gas flared last year was as high as 324 billion standard cubic feet (bscf), which is a worrisome volume. The report said about 888 million standard cubic feet of gas was flared daily in 2017. This is despite Nigeria’s efforts at increasing utilisation and commercialisation of flared gas over the years. It stated that Nigeria still ranks the world’s seventh highest gas flaring country, adding that there are about 139 gas flare locations spread across the Niger Delta both in onshore and offshore oil fields. Flared gas constitutes about 11 per cent of the total gas produced in the country, it added.

    Derefaka said other milestones of the NGFCP include the shortlist of qualified applicants, which was to end by March 31, 2019; Issue of Request for Proposal (RFP), which was limited to first quarter of 2019; Submission of Proposals and Selection of Preferred Bidders, both of which were not expected to last beyond the end of September 30, 2019.

    Would be bidders have been hoping for postponement of the submission deadline, largely because the first announcement of the licensing round came in during the last six weeks of 2018.

    The Nigerian Gas Flare Com-mercialisation Programme is the first auction targeted at licensing of subsurface hydrocarbon property in 11 years. It is not a conventional licensing round. It is for uptake of natural gas that is currently being flared in different sites in Niger Delta basin, he said.

    The government expects bid winners to take over the flare sites, monetise the gas and boost the micro and macro economy in the process. “The auction presents a significant opportunity for domestic and international developers alike to participate in the largest market driven flare gas monetisation programme undertaken on this scale globally.

    “Bidders will have flexibility of choosing which flare site (s) to bid for, determine the gas price, and their end-use market or gas product, as well as the technology to be deployed. Interested parties will need to demonstrate project development experience and proposed proven technology, which we expect to be in commercial application.

  • Firms get 24 hours deadline to submit third quarter reports

    Companies quoted on the Nigerian Stock Exchange (NSE) have up till the close of business tomorrow to submit their financial statements and reports for the third quarter of this business year. Companies that fail to meet the deadline will be sanctioned and flagged with a red alert of poor corporate governance.

    Several companies have not submitted their earnings reports and are, therefore, expected to submit the reports before the close of work tomorrow to avoid sanctions that range from N100,000 to N100 million.

    More than half of the companies expected to submit their third quarter reports have not submitted as at the weekend, according to the tally provided by the NSE. Thirty eight companies had rushed through the last week to submit their third quarter reports.

    Not less than 43 companies have been sanctioned so far this year with fines ranging from N100,000 to N35 million. Companies that delayed their financial statements and accounts also face threats of suspension and delisting in addition to the monetary fines. A total of 23 companies are currently under suspension for failure to meet earlier deadlines for earnings reports.

    Under the extant rules at the Exchange, quoted companies are required to submit interim or quarterly report not later than 30 calendar days after the end of the relevant period. Most quoted companies including all banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.  The deadline for the nine-month period ended September 30, 2018 is thus Tuesday, October 30, 2018.

    Quoted companies are also required to publish the earnings reports within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.

    Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the newspaper publication. Where the company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter.

    However, general waiver is usually given in the event of general disruption to industrial activities such as strike, national crises, many public holidays and other circumstances that in the judgement of the Exchange may significantly impact the 30-day timeline given to companies to prepare and submit the quarterly report.  There were no general disruptions during the period under review.

    Under the rules at the Exchange, late submission under the first instance of 90 days could attract N9 million, the additional period of 90 days will attract N18 million while such delay beyond the first 180 days to the next 180 days could attract as much as N72 million, bringing fines payable by a defaulting company within a year to N99 million.

    Meanwhile, investors traded 1.45 billion shares worth N15.26 billion in 16,682 deals last week at the NSE as against a total of 1.38 billion shares valued at N15.15 billion traded in 14,033 deals two weeks ago.

    The traditional most active financial services sector remained atop activity chart with 1.22 billion shares valued at N9.48 billion in 10,520 deals; representing 83.94 per cent and 62.11 per cent of the total equity turnover volume and value respectively. The conglomerates sector followed with 92.19 million shares worth N452.95 million in 719 deals while consumer goods sector ranked third with a turnover of 76.57 million shares worth N3.71 billion in 2,471 deals.

    The three most active stocks were First City Monument Bank Plc, Access Bank Plc and Sterling Bank Plc. The three most active stocks accounted for 695.4 million shares worth N2.0 billion in 3,494 deals, representing 47.83 per cent and 13.10 per cent of the total equity turnover volume and value respectively.

  • Unilorin: NYSC extends deadline for registration till tomorrow

    THE National Youth Service Corps (NYSC) has extended the deadline for registration of corps members at the various camps to tomorrow, especially for newly mobilised University of Ilorin (Unilorin) graduates.

    According to Mr. Kunle Akogun, Director of Corporate Affairs of University of Ilorin, the circular dated October 24, was sent to all state coordinators of NYSC.

    He said the memo was signed on behalf of the NYSC Director-General, Brig-Gen. Suleiman Kazaure, by Mrs. R. B. Ohakwu.

    The memo stated that the extension was as a result of a passionate request from the University of Ilorin, to allow prospective corps members from the institution attend their convocation ceremonies.

    “So, Unilorin graduates, who have been mobilised for the NYSC, still have up to Saturday, October 27,  to report at their various NYSC camps all over the federation,” it said.

    The 34th Convocation Ceremony of University of Ilorin took place on October 23.

  • Policeman gets deadline to settle marital difference

    An Enugu State High Court yesterday gave Kyrian Ibe, a policeman and his wife, Lilian, till May 28 to settle their marital differences.

    Lilian had urged the court to dissolve their eight-year-old marriage for alleged maltreatment of the husband.

    The petitioner also begged the court to award her custody of their four-year-old son held hostage by her husband.

    She told the court that her husband, a policeman and lawyer, was maltreating her, adding that he locked her up in police custody for six days for no reason and took their son.

    “My son is in the custody of his brother, Philip, and he also locked me up in police cell for six days without cause,” he said.

    Ibe, in his response, had told the court that his wife was not submissive.

    He said his wife had been having extra-marital affairs, adding that this led to her arrest and detention by the police.

    “She left my house for another man’s house and I led some police men and arrested her,’’ he said.

    The respondent said that he still loved his wife and was ready for reconciliation to ensure that his family got back to its original state.

    Justice Afamefuna Nwobodo asked Lilian if she was ready to let her matrimonial home go.

    Lilian told the court that she did not want to leave her matrimonial home but wanted the court to save her from the husband’s maltreatment.

    Nwobodo urged the respondent’s younger brother and wife, Philip, to do their best and resolve the couple’s differences before the next sitting.

    He adjourned the matters till May 28 for reports of the proposed settlement.

  • A deadline long overdue

    A deadline long overdue

    Truck drivers get 48 hours to vacate Lagos bridges”, ran The Nation lead headline of March 8.  That is an ultimatum long, long overdue — and in those unending snakes of containerized trailers, tankers and allied articulated trucks, you see in stark ugliness the toxic nature of Nigerian citizenship.

    Yeah, there is always the call that the “government” is irresponsible, useless and insensitive.  That might well be.  But that government has a merry partner in citizens, who though daily bawl and bark at “how useless” the government is, nevertheless, by their own daily conducts, demonstrate they can outbid the hated government in these hated traits.  Sad.

    Look over all Lagos, now experiencing a refuse crisis.  Yes, perhaps the Lagos government erred on its own part by not mastering its new waste disposal system before transiting from the old one.

    Still, is this an excuse for rational citizens — adults supposed to be responsible — to dump refuse bang on road medians? Does that also justify the alleged sabotage by lobbies bent on frustrating the new system, simply because they feel thrown out of their comfort zones?

    Indeed, under those refuse lay buried the humanity and rationality of many denizens of this teeming metropolis.  It is such mighty shame.

    Yes, over the years, subsequent federal governments, especially from the military era, had milked Apapa Ports for choice revenue.  But they have dismally failed to put in adequate investments, especially in rail, to transport those revenue-spinning imports, with relatively low sweat — rail.

    That grand failure had led to a progressive cannibalization of Apapa Roads, such that both the Tin Can Island axis, as well as roads leading in and out of the premier Apapa Ports complex have comprehensively failed.  The roads bear just too much weight, and the wear-and-tear is just logical.

    That crisis has come to a head these past three months or so.  Even then, it is matched by the ugliness of the Nigerian citizenry, particularly when the issue is the urban public space.  It is an utter jungle out there, just like a set of British public school boys, who got marooned on an island, and turned near-instant savages, in William Golding’s Lord of the Flies.

    Indeed, it’s an ugly urban jungle of metal and concrete, with a serpentine curve of endless trucks and trailers, parked over every available space, including aging bridges, snaking from Tincan to Mile 2, and from Apapa Ports, over the delicate Ijora Causeway, to Western Avenue, spanning the National Stadium, Surulere , to Ojuelegba and even threatening the Ikorodu Road-Western Avenue link flyover.  What madness!

    That is why the March 7 ultimatum, taking effect from today (February 9), couldn’t have come at a better time.  Even better: not only were  critical stakeholders consulted before handing down the ultimatum, two parking bays, one at Orile Iganmu that can take 3,500 tankers and another, that can take 2,700 containerized trucks, though the news story did not mention the location.

    After the deadline, the authorities should move in to clear any recalcitrant trailers parked at wrong places, especially those that have seized the bridges and holding bays, despite the very possibility of collapse and even, as the military authorities alerted, possible terrorist attacks.

    While the government must take its full share of the blame, citizens too must take responsibility — and get punished — for irrational actions.  That a country faces a crisis is no licence for its people to merrily descend into savages.

    That is the current situation is Lagos.  Sad.

     

     

  • SEC to extend deadline for e-dividend

    SEC to extend deadline for e-dividend

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) may today announce the extension of the deadline for the registration for the electronic dividend (e-dividend) payment system, providing opportunity for a large number of shareholders to register.

    SEC had extended the initial December 31, 2017 deadline to February 28, 2018 to encourage shareholders to embrace the initiative. However, the larger number of shareholders has not been able to register due mainly to poor harmonisation by registrars and low level of awareness.

    Sources in the know told The Nation yesterday that authorities at the apex capital market regulator have decided to extend the deadline in order to give room for shareholders to cross over to the new payment system.

    Many shareholders’ leaders had called for extension of the deadline, citing the need for an inclusive approach and mass mobilization for the success of the scheme.

    Stakeholders who spoke with The Nation were unanimous that SEC needs to improve on its sensitization and awareness programmes beyond the cities to cover the nooks and crannies of the country.

    According to them, there is the need to deepen the mobilization and awareness function of SEC as a core driver to encourage Nigerians to embrace the capital market. Less than seven per cent of Nigerian population is participating in the capital market.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said the e-dividend initiative is a commendable initiative that should be embraced by all shareholders, noting that direct payment of dividends will be beneficial to all stakeholders.

    He however called for extension of the deadline till the end of this year to ensure that more shareholders are captured under the scheme.

    “The e-dividend project has been very successful as all one needs to do is to walk into a bank and complete the form. With regard to the deadline, I think SEC should extend it to December 31, 2018, but shareholders may be asked to bear the cost,” Umar said.

    He noted that the cessation of dividend warrants and full commencement of e-dividend will help to address many issues that had bedeviled the dividend payment in the past including stealing of dividend warrants, delayed payment, problem of revalidation of warrants and the huge costs being paid by companies to process and post dividend warrants.

    Shareholder Activist and Co-Founder, Nigeria Shareholders Solidarity Association (NSSA), Alhaji Gbadebo Olatokunbo said SEC should reconsider the deadline and allow investors to continue to register without any hindrance.

    “SEC setting deadline on the right of investors was misdirection, because no rule can deny investors the returns on their investments.

    He noted that registrars were the major culprits hindering the success of the e-dividend scheme as they have perfected ways of engaging in selective execution of mandated accounts.

    “The registrars were in the habit of selective execution of mandated accounts, discriminating against stocks bought through Nigerian Stock Exchange (NSE). They will never treat such mandated-form despite due process on the account if the stocks were acquired through the secondary market. It will not be treated like that of primary offer and you have to get back to your stockbrokers for some documentation before it could be accepted unto the e-dividend scheme,” Olatokunbo.

    According to him, SEC should direct registrars to use shareholders’ Bank Verification Number (BVN) for e-dividend processing rather than the recourse to the archaic requests for signature verification and multiple processes.

    Former General Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr. Adebayo Adeleke, noted that adoption of technology and automation of the processes at the Nigerian capital market would bring the Nigerian market at par with other advanced markets.

    According to him, the world is now technology-driven and Nigeria has to move with the time.

    “SEC must endeavour to reach and enlighten all shareholders, not only in Lagos and other cities, but also in nooks and crannies of the country. I doubt if that has been achieved,” Adeleke said.

  • INEC gives parties Oct 7 deadline to pick presidential candidates

    INEC gives parties Oct 7 deadline to pick presidential candidates

    Political parties have been given an October 7 deadline to produce their presidential candidates for the February 16, 2019 presidential election.

    Governorship, National/State Assemblies candidates are also to have been picked on the same date.

    Independent National Electoral Commission (INEC) Chairman Prof. Mahmoud Yakubu released the time table and schedule of activities for the 2019 general elections in Abuja yesterday.

    He reaffirmed that Presidential and National Assembly elections will hold on February 16, 2019; Governorship/ state Assembly/ FCT Area Council elections are slated March 2, 2019.

    The parties have between August 18 and October 7 to pick candidates for all the elections.

    The Presidential election campaign will start on November 18 and end on February 14, 2019 while the governorship/state assemblies’ campaign will hold between December 1 and February 28, 2019

    Parties are expected to collect forms for all the elections at the INEC headquarters between August 17 and 24.

    All the duly filled forms for Presidential and National Assembly candidates are to be submitted latest by October 18 and forms for governorship and state assemblies to be sent in by November 2.

    Parties have between November 7 and December 1 to withdraw/replace candidates.

    INEC will publish the list of nominated Presidential and National Assembly candidates on January 17, 2019; Governorship and Assemblies elections January 31, 2019.

    The commission also fixed January 2, 2018 for the publication of notice for all elections while January 7, 2018 is fixed for the publication of official register of voters for the election.

    The political parties are also expected to submit names of their agents for the elections on February 1, 2019 for presidential and National Assembly eections.

    Prof Yakubu said INEC would be conducting elections for 1558 constituencies made up of one presidential constituency, 29 governorship constituencies out of 36 as seven governorship elections are staggered, 109 senatorial districts, 360 federal constituencies, 991 state assembly constituencies, 6 Area Council chairmen as well as 62 councilor ship positions for the FCT.

    The INEC boss urged all the political parties and all and sundry “to eschew bitterness and conduct their activities with decorum.”

    He also assured the country that the commission was determined to better the 2015 general elections which became a watershed in the history of the country’s democracy.

    “The commission is determined to build on this legacy by ensuring that our elections keep getting better,” he said, adding: “The decision of the Commission to fix election dates is to engender certainty in our electoral calendar and enable all stakeholders to prepare adequately for elections, as is the case in any mature and developing democracies.”

  • TUC gives govt six-month deadline on minimum wage

    TUC gives govt six-month deadline on minimum wage

    The Trade Union Congress of Nigeria (TUC) has given a six-month deadline to the National Minimum Wage Committee to come up with a new  minimum wage for  workers.

    The congress is also asking all  governors owing workers salaries to settle such arrears before the end of the first quarter of this year or face the full wrath of the workers.  The TUC also urged the  Federal Government to redouble its fight against corruption.

    In its new year message to  workers by its President, Bobboi Kaigama and General Secretary, Comrade Musa-Lawal Ozigi, the TUC said it could no longer accommodate this perennial fuel scarcity, especially during the yuletide or any other time.

    Urging the government to take immediate steps to address the perennial fuel scarcity in the land, the TUC warned that “If it happens we will  direct and mobilise our members all over the country to abandon their cars on major roads.”

    The message reads: “We wish to thank the Almighty God for the grace to see another year and equally appreciate all Nigerian workers for their endurance  and persistent quest for an egalitarian society.  Your tolerance and that of your wards is commendable. Truly the pain we bear is a needless one and we all shall work to correct the anomalies in 2018.

    “While we also laud governments at all levels for a number of successes recorded, it is instructive that the Trade Union Congress of Nigeria states here unequivocally that Nigerian workers have not only lost their jobs in millions, but many  even committed suicide when they could no longer fend for their families.

    “It is no news that pensioners (our senior servants) who served this country meritoriously die on a daily basis, even at verification locations throughout the country. Though their pension is not paid yet , they are burdened to feed their graduate children who are yet to get  jobs five years after graduation.

    “This is not the best of times in our country as Nigerians are subjected to various dehumanising conditions. How do we explain it, that in the midst of the gruelling fuel scarcity, many workers are still being owed up to six months salary.

    “Bailouts were given but unfortunately diverted by governors and the Federal Government seems not to be doing anything about it. Those governors involved in such irresponsible act should be brought to book. There is no milk of kindness left in our leaders anymore. They prefer state of the art monuments and houses as well as five star hotels to human life and the education of our children (the supposed leaders of tomorrow).

    “Families die on our roads, yet they tell us our roads are not as bad as some Nigerians claim. It is only in Nigeria people pay for services that they did not use.  If things remain like this the Congress may have no option than to hit the street.

    “We are worried by the astronomic rate factories close shop in Nigeria and the billions spent on medical tourism. There was a report recently decrying the spate at which our medical experts flee the country. Nigerians are brought back from Libya lame, blind and abused.

    “As an organisation we do not blame Libyans. We blame our leaders who have failed to provide the basic things of life. What about our young graduates who have now become prostitutes, political thugs, ritual killings and other criminal activities?

    The congress call on President Muhammadu Buhari to do the needful in putting the country on the path of progress, saying “we cannot continue to do the same thing and expect a different result. This is not how it is done in other climes.”

  • Ondo extends deadline for Expression of Interest

    The Ondo State government yesterday said it had extended the Expression of Interest (EOI), which would have closed on December 15, to December 22.

    A statement in Akure, the state capital, by the Office of the Permanent Secretary (PS), Cabinet and Special Services, noted that the extension became necessary because of the need to take the site measurement by prospective vendors.

    The statement by the department’s spokesman Morakinyo Adeniyi added that the opening of the EOI will take place at the Governor’s Office complex at Alagbaka in Akure at 1 p.m on the date.

     

  • Uniform: Bus conductors get Jan. 1 deadline

    The Bus Conductors Association of Nigeria (BCAN) said that its members in Lagos State will start wearing uniforms from January 1, 2018 for security and effective service delivery.

    Its National President, Mr Isreal Adeshola, disclosed this  in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday.

    Adeshola said the operational uniform would bring sanity to the service in the state and the country as a whole.

    According to him, the association has started training its members in Lagos State and educating them on the job procedures and attitudinal change while on duty.

    “The association has been able to train a reasonable number of conductors on behavioural change.

    “We started the registrations and training at Lagos State Drivers Institute for attitudinal and change in orientation of the members toward passengers and traffic rules.

    “By January 1, 2018, all our registered members will be in their operational uniforms for proper identification and effective service delivery,” he said.

    The president explained that part of the reasons for training its members was to ensure adequate security of passengers and good customer relationship with the people they relate  with.

    Putting on uniforms with identification numbers, he said, would ensure accountability and brought sense of responsibility among the members.

    Adeshola said the association was working towards eradicating the menace of using under-age as bus conductors across the country.

    He announced that persons from 18 years and above were qualified to join the association.

    The president added that any minor found operating as a bus conductor should be arrested.