President Muhammadu Buhari is currently presiding over the 24th virtual Federal Executive Council, FEC meeting at the Council Chamber, Presidential Villa, Abuja. Physically present at the meeting are Vice President, Yemi Osinbajo, Secretary to the Government of the Federation, SGF, Boss Mustapha, and the Chief of Staff to the President, Prof. Ibrahim Gambari.
The Minister of Aviation, Hadi Sirika announced in a series of tweets that the Federal Government has given Lufthansa, Air France, and KLM approval to resume international flights into Nigeria. The tweet read, “We are working with the Ministry of Health, CACOVID, and The PTF to open Kano, Port Harcourt, and possibly Enugu airports before the end of the year. Also Lufthansa, Air France/KLM have been given go-ahead to resume. Qatar Airways is approved to start Abuja. Thank you for your patience.
The Minister of Mines and Steel Development, Olamilekan Adegbite has disclosed that the Federal Government is planning to establish solid minerals processing hubs in the six geo-political zones of the country. The minister made this known while presenting a topic "Formalising Artisanal and small scale mining: The urgent need to formulate adequate policies" during the 2020 Nigeria Mining Week, saying the hubs would be situated close to locations of artisanal miners. Adegbite also explained that will consult with several artisanal miner groups in a bid to understand their needs as well as reach an agreement on the type of processing hub they would require.
President Muhammadu Buhari has on Thursday signed the Banks and Other Financial Institutions Act 2020 into law. This was disclosed on Friday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu in a statement titled “President Buhari assents to Banks and Other Financial Institutions Act 2020”. Shehu said the new law repeals the extant Banks and Other Financial Institutions Act 1991 as amended. The statement read in part “The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last 2 decades.
The Economic and Financial Crimes Commission (EFCC) has arrested former Chairman of the Federal Inland Revenue Service, Babatunde Fowler over an alleged N5 billion fraud. According to reports, Fowler's arrest was in connection with the ongoing fraud case involving a tax consulting firm, Alpha Beta Consulting as well as the Lagos State Revenue Service (LIRS). He is also accused of poor governance structure, audit, diversion of funds, corruption awarding contracts to friends at FIRS. Details Later...
The Federal Government on Monday officially inaugurated a 22 member committee to sell of both movable and immovable assets recovered as a result of the anti-corruption efforts of President Muhammadu Buhari’s administration. The inauguration was presided over by the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami who urged the committee to be diligent in their duties. Malami said “Your mandate is to ensure the expedient disposal of all FGN Forfeited Assets and generate revenue for the Federal Government of Nigeria. I wish to implore the inter-ministerial committee to work as a formidable team with the relevant agencies in accordance with extant laws and regulations.”
Following a decline in oil demand and sales, multinational oil and gas corporation, Exxon Mobil has on Friday announced that it will be slashing its global workforce by fifteen percent, making it 14,000 jobs by the next 2 years, according to Nairametrics. In a statement, the American oil corporation says the job cuts are due to the impact of the COVID-19 pandemic on the oil and gas industry. The cuts include 1,900 at the Headquarters in Houston, Texas, U.S. Also, job slashes were announced in Europe and Australia as well as reductions of contractors.
The National Pension Commission (PenCom) has announced the flag-off of the Retirement Savings Account (RSA) transfer system, under the Contributory Pension Scheme (CPS) would be launched on November 16. This was disclosed in a statement on Monday by the Head Corporate Communication, PenCom, Mr. Peter Aghahowa.
The Federal government has promised to complete the Lagos-Ibadan rail project by December 2020 or latest January 2021. This was disclosed on Thursday by Rotimi Amaechi, the honorable minister of Transport during a program on Channels Television. Amaechi informed that he intends to meet with his Works counterpart, Babatunde Fashola, as well as the Lagos state government on how the rail project will be extended to the Apapa port.
Nigerians may be in for another round of fuel scarcity following the decision of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSON) to embark on an indefinite nationwide strike. Pengassan in a letter released yesterday title "Re: Breach in agreement on IPPIS Implementation and redundancy in baker hughes" and signed by Comrade Lumumba Ighotemu Okugbawa, General Secretary of the association directed its members to withdraw their services with effect from 12mid night on Sunday November, 8, 2020. The decision according to the association followed expiration of the seven days ultimatum given to the government.
Royal Dutch Shell has announced that it would focus its operations on Nigeria as it looks into developing its new project (Project Reshape) an to also reduce oil and gas production costs by 40%. The multinational oil and gas company revealed that it would direct the saved costs into more renewable energy investments. Project Reshape would be implemented in all three divisions of the company with the aim of saving $4 billion due to the effect of the COVID-19 pandemic on the industry.