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Court restrains NAICOM from action against Guinea Insurance
A Federal High Court sitting in Abuja has restrained the National Insurance Commission (NAICOM) from the purported suspension of Guinea Insurance Plc from writing new businesses.
A statement by Hanson Ufot, Guinea Insurance spokesman, explained that the court stopped the apex insurance regulator, NAICOM, from continuing with the suspension and ordered a status quo ante to be maintained.
Ufot stated that the ruling was delivered by Justice I. E. Ekwo, adding that the court had granted the order in a Suit No: FHC/ABJ/CS/151/2019, filed by the company against the Commission on February 6, 2019.
The spokesman said Ekwo had held that all parties should maintain status quo, pending the hearing and determination of the motion on notice before the court. He said the case was later adjourned till February 18, for motion on notice.
Guinea Insurance in the application said that NAICOM had on January 28, 2019, suspended the company from underwriting new businesses, but said it could maintain the existing businesses in its portfolio until some issues are resolved by the company.
“Some of the issues, according to NAICOM, included Guinea Insurance Plc’s failure to appoint a substantive Managing Director and not securing a re-insurance treaty, among others. It was on the basis of this we are constrained, as a company, to set the records straight.
We are informing the general public, business associates, shareholders, prospective investors and policyholders that the Board of Guinea Insurance Plc had on February 15, 2018, appointed Mr. Babatunde Oshadiya, as Managing Director and Chief Executive Officer of the company.
“The proposal for his appointment was submitted to NAICOM for approval since February 2018,’’ the statement stated.
News
Police on trail of man over homosexual practice


Men of the Nigerian Police Force are reportedly on a manhunt for one Mr. Okechukwu Andrew Ogbonna, of 2, Owoseni Street, Oshodi, Lagos State who has allegedly contravened the Same-sex Marriage Prohibition Act of 2013 by allegedly publicly contracting a same-sex marriage with one Mr. Joshua his alleged partner.
A source noted that the said Mr Ogbonna is now at large, and the police have turned to his aged mother and legal wife to ensure his re-arrest and prosecution.
The suspect was arrested on the 25th day of May 2022 after the duo were seen in a compromised position publicly and he was subsequently granted bail on the 27th of 2022.
News
Divestments by foreign companies presents opportunities for strategic partnerships, capacity building of indigenous players – FG


The Federal Government through the Minister of Petroleum Resources (Oil), Heineken Lokpobiri has argued that divestments by foreign companies in the oil and gas industry presents opportunities for strategic partnerships and capacity building of indigenous players.
The country has recorded International oil companies divesting i from Nigerian crude oil and gas, selling off their assets and seeking other revenue streams. Nigeria currently has five international oil companies still operating in the country: Shell Producing Development Company, Chevron, TotalEnergies, ExxonMobil and Eni.
Represented by the Permanent Secretary of the Ministry, Amb.Gabriel Aduda at the 12th Practical Nigerian Content Forum hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenogoa, he urged stakeholders to remain calm and not be alarmed by divestments hitting the oil and gas industry.
According to him, divestments come along with opportunities and this opportunities must be given attention.
“We recognize that divestment presents various challenges but also presents opportunities for local capacity building and technology transfer.” He said.
The Minister urged the industry to embrace challenges posed by divestments to promote diversification.
He identified that the stakeholders must forge ahead with a vision where the oil and gas industry serves as a catalyst for socio economic development.
The Minister also reiterated the commitment of the Government to foster local content development.
He reiterated the commitment of the FG to promoting decarbonization, cleaner and sustainable energy practices.
The Minister revealed that the government is investing heavily in technology and fostering innovation to reducing emissions.
“To achieve this goals, collaboration amongst local players and communities is paramount to promote clearer energy initiatives and investments.” The Minister stated.
News
IPPG seeks review of NOGICD act to promote competition, investments


The Independent Petroleum Producers Group (IPPG) has called for a review of some sections of the Nigeria Oil and Gas Industry Content Development Act (NOGICD) 2010 to promote competition and increase investments.
Speaking at the 12th Practical Nigerian Content Forum hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenogoa, Abdulrazaq Isa, Chairman of the IPPG and CEO of the Waltersmith Petroman Oil Limited said: “Our industry is witnessing a transformational shift and this continues to underscore the repositioning of our industry.”
“As an industry, we must remain focused and rapidly exploit our vast hydrocarbon assets for the economic development of our nation. It is therefore important that we look inward to develop the socio-economic landscape of our country.”
“The NOGICD act 2010 is capable of unlocking the economic potential of Nigeria and being an enabler for rapid industrialization.”
Abdulrazaq urged the NCDMB to ensure that local content policies are evaluated and fit for purpose and not counterproductive to the industry’s growth and cost targets.
The IPPG Chairman identified the human capital development requirement of the act as a case point noting that it amounts to multiplication of levies and invariably leads to higher project costs as the companies themselves don’t benefits from the funding dedicated to developing human capital.
He also explained that the multiplicity of levies though unintended to promote local content participation is contributing to low compliance with the act and divestment of investments by foreign operators.
Abdulrazaq noted that the oil and gas industry is a global market and thus as much as the government wants to priotize local content, it must also make the industry globally competitive.
He highlighted that the government must contijue to recognize foreign oil and gas companies as important as they have a part to play in technology transfer pending when local players improve their capacity to support offshore exploration.
The IPPG Chairman also praised the NCDMB ES for raising the bar in local content development.
He noted that the Practical Nigerian Content has always provided a platform for fostering key colloborations in developing the NOGICD for local content development.
The 12th Practical Nigerian Content Feoum holding in Yenagoa, Bayelsa State is themed “Deepening Nigerian Content amidst divestments, domestification and decarbonisation.”
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