JUST IN: President Muhammadu Buhari Signs Petroleum Industry Bill Into Law

President Muhammadu Buhari has signed the Petroleum Industry Bill into law. The PIB contains 5 chapters, including, administration, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules. The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. Femi Adesina, Buhari’s presidential spokesman who revealed the above in a statement, said Mr President assented to the bill on Monday in his determination to fulfil his constitutional duty.

UAE Lifts Flight Ban On Nigeria, India, Others

The United Arab Emirates (UAE) has announced that it will lift the ban on transit flights from India, Pakistan, Nigeria, Sri Lanka, Nepal, and Uganda. The announcement was made in a statement by the National Emergency and Crisis Management Authority (NCEMA) via their Twitter handle, saying the travellers from the affected countries will be able to transit through its airports from August 5, 2021, as long as passengers present a negative COVID-19 test taken 72 hours before departure.

Oil Spillage: Shell Agrees To Pay N45bn Settlement to Ogoni Communities

 The multinational oil company, Shell Petroleum Company has agreed to pay N45.9 billion (about $110 million) as settlement to the people of Ogoni, Rivers state due to losses suffered by the communities as a result of oil spillage that occurred in 1970. This was disclosed by the oil giant’s lawyer, Mr Afam Ejelamo (SAN) to Justice Ahmed Mohammed of the Federal High Court, Abuja on Wednesday.

CBN Assures Bank Customers Of Sufficient Foreign Exchange

The Central Bank of Nigeria (CBN) on Monday assured anxious bank customers and the general public of sufficient foreign exchange to meet their needs such as basic travel allowance, PTA, medical, and tuition. Speaking with business correspondents in Abuja on Monday, the Bank’s Acting Director in charge of Corporate Communications, Osita Nwanisobi dismissed speculations that it planned to convert the foreign exchange in domiciliary accounts of customers into naira. This follows the apex bank’s directive to commercial banks to initiate the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance, and medical and tuition fees. He added that the CBN had received the commitment of the banks, through their chief executive officers, that customers with legitimate requests would not be turned back.

Federal Government Approves Tollgate On All Federal Roads

The Nigeria Government has made known the return of Toll gates on all Federal roads in the nation as approved during the Federal Executive Council (FEC) meeting on Wednesday, 11th August 2021. This directive was revealed by the Minister of Works and Housing, Babatunde Fashola who made the briefing at the press after the FEC meeting, the Policy and accompanying Regulations were developed after extensive consultations with various stakeholders within and outside Government, including Transport Unions like NURTW, NARTO, RTEAN.

The Central Bank of Nigeria (CBN) has directed that Deposit Money Banks (DMBs) should set up teller points in designated branches dedicated to the sale of legitimate Foreign Exchange (Forex) to customers.

FG to Collaborate With China On Harnessing Mineral Deposits

The Federal Government has stated her intention on collaborating with China's Railway Investment Group Limited (CRIG) so as to harness the versed mineral deposits across the country. The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, who made this known via a statement issued by Mrs Etore Thomas, the Director Press of the ministry, expressed government readiness while receiving the team of CRIG on Saturday in Abuja.

NNPC: AKK Gas Pipeline Will Revive 232 Industries, Create Employment

The 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project which is currently under construction is expected to revamp about 232 industries, create job opportunities, and will also lead to the development of three Independent Power Plants in Abuja, Kaduna, and Kano.

FEC Approves $11.17 Billion To Link All Nigeria’s Coastal Cities

The Federal Executive Council (FEC) on Wednesday approved $11.17 billion to link all Nigeria’s coastal cities by rail in six years. Minister of Information and Culture, Lai Mohammed, briefed State Houses correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. Mohammed said that the Minister of Transportation, Rotimi Amaechi, presented two memos that had to do with the federal government’s commitment to expanding and consolidating on the rail project. “The first one actually has to do with the Kano-Jibia rail and the other one has to do with the Port Harcourt-Maiduguri rail,” he said. “Actually what was approved today was funding to ensure that work starts immediately on those two rails. “And then, also another memo that was approved today was the ratification of the president’s approval for the award of contract for the Lagos-Calabar Coastal Standard Gauge.”

AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation

The Asset Management Corporation of Nigeria (AMCON) has announced that it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation over an alleged N69.4 billion debt by embattled businessman, Jimoh Ibrahim.