Central Bank of Nigeria (CBN) says it has retained the Monetary Policy Rate at 11.5 per cent.
Disclosing this during a briefing after the first Monetary Policy Committee meeting for the year held in Abuja yesterday, the CBN Governor, Godwin Emefiele, also stated parameters left unchanged.
According to the apex bank boss, other parameters left unchanged are the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
While announcing the committee’s decision, Emefiele said, “after a careful balancing of the benefits and the downside risks of the policy options, the MPC decided to hold all parameters constant”.
He said this is “believing that a whole stance will enable the continuous permeation of current policy measures in supporting the recorded growth recovery and further boost production and productivity, which will ultimately rein in inflation in the short to medium term”.
“The MPC”, he continued, “thus decided by a unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
CBN Warns Against Borrowing From Loan Sharks
NARTO Urges FG To Complete Mile 2 Port Access Rd
Former President, Dr Goodluck Jonathan has hailed the community development efforts of Belemaoil and its Founder, Mr. Tein Jack-Rich.
Jonathan gave the commendation at the weekend, while unveiling a potable drinking water facility and 1,250KVA power plant for Idama community in Akuku-Toru Local Government Area of Rivers State.
The project is a joint venture partnership with Nigerian National Petroleum Company (NNPC) Limited and Belemaoil.
Jonathan, represented by Amb Godknows Igali, urged other oil companies operating in the Niger Delta region to emulate the Belemaoil model.
He said, “The former president has indicated strongly that this is a great model for all other oil companies operating in the Niger Delta region to emulate and show their footprints in their host communities, to bring more succour to the people.
“The Niger Delta host community story has always been that of neglect by oil operators
He (Jonathan) specially asked me to thanked Belemaoil for this project, and we hope it will be the model that will be emulated by other operators.”
In his remarks, President and Founder of Belemaoil Producing Limited, Mr. Tein Jack-Rich, commended President Muhammadu Buhari and NNPC for their continuous support to the company.
Jack-Rich announced that the company would commissioned other projects in the coming months, such as Kula electricity project, as well as other projects in Sokoto and Enugu states.
“I want to thank the President of the Federal Republic of Nigeria who has been so supportive to every idea and every opportunity that I have sought for. I also appreciate our former President Goodluck Jonathan, who calls me his son.
“I appeal to the people in our region we must come together, rally round what we have in order to produce what we need. Nobody will celebrate you if you fail to recognise who you are.
“The battle has moved from carrying of guns to intellectual warfare. If other operators can emulate the Belemaoil model, the host communities and the oil industry will be at peace”, Jack-Rich said.
Also speaking, the Group General Manager of NAPIMS, Mr Bala Wunti, represented by General Manager, Community Relations, Mrs Clementina Arubi, assured that they would continue to partner with Belemaoil, while also calling on other operators to emulate the Belemaoil model.
“We at NNPC are proud to commission another laudable and essential project which would provide succour to the people. This project is in furtherance of the government’s social investment initiative through its oil and gas sector.
“Our vision for social interventions is to operate in an ethical and sustainable manner and deal with the environment and social impact occasioned by our activities, hence the approval of various CSR projects by our operators across the country for maximal impact.”
Earlier, the Amanyanabo of Idama community, King Karibo Kariboye, had said the project signified the cordial relationship between Idama-emulate community and Belemaoil.
Similarly, the President of Ijaw National Congress, Prof Benjamin Okaba, commended Belemaoil for setting the pace and urged the oil firm to do more.
Meanwhile, the President of Ijaw Youths Council, Peter Igbifa has commended for Belemaoil for touching lives of Niger Delta people through its programmes.
Igbifa regretted that many oil firms have failed to prosper due to inability to be socially responsible to their host communities.
“Every Ijaw community is suffering from water. As the rivers get destroyed by oil pollution, so has our lands and underground source of water is polluted.
“IOCs should know that there is no room for excuses. The people of this region must not be tested of their patients. Belemaoil has shown that been socially responsible is possible,” he stressed.
By: Kevin Nengia
Three trans-border drug traffickers have been arrested by the National Drug Law Enforcement Agency (NDLEA).
They were trying to smuggle 48,000 tablets of 225mg Tramadol through Mubi in Adamawa to the Cameroon Republic.
Similarly, more than 1,200 packs of imported Loud weighing 1,500 kilogrammes were intercepted in raids across Lagos and Edo.
The suspected traffickers – Mohammed Hussaini (32), Adamu Bella (18) and Mohammed Umar (18) – were arrested at Tsamiya Junction, Madanya Road in Mubi, last Friday.
NDLEA spokesman, Femi Babafemi, announced the bust in a statement, yesterday.
The trio claimed the drugs were being taken to Bagira town along the Nigeria-Cameroon border to be delivered to some Cameroonians.
In another raid at Suru Alaba, Ajeromi-Ifelodun LGA of Lagos, operatives arrested Ibrahim Musa (25) with 18,530 tablets of Tramadol, Rohynol, Diazepam, Exol-5, and 138 bottles of Codeine.
At the Murtala Muhammed International Airport in Lagos, SAHCO operatives intercepted a consignment of 22 international passports of six countries concealed in a bag of Garri and other food items.
Nine of the passports were of the United Kingdom, France and Portugal (3 each); the rest were of Nigeria – 8; Ghana – 4 and Cameroon – 1.
Also seized were 12 parcels of cannabis weighing 4.95kg concealed in a carton of Golden Morn packaged for export.
In Plateau, NDLEA officers, last Friday, arrested Emeka Ezenwa (37) and Julius Akingbe (45), coming from Lagos, for the possession of 126.5grammes of methamphetamine concealed inside a DVD player.
However, a raid in Kampani Zera- Wase LGA of the state, last Friday, led to the arrest of Fatima Sadiq, 20, who was caught with 21.3kg cannabis.
Furthermore, an operation at a notorious joint, Bakin Kogi Ringim, Jigawa, led to the recovery of quantities of Cannabis, Diazepam, Exol-5 and some new psychoactive substances with a total weight of 8.680kg.
Weapons such as knives, cutlasses, Gora sticks, catapults and charms were recovered.
In Edo, operatives found 19 bags of cannabis weighing 144.10kg stored in a bush along Uromi Road, Esan North-East LGA, to be transported to other parts of Nigeria.
Eight bags of the same substance weighing 111kg were also discovered at a bush in Iruekpen, Esan West LGA.
NDLEA Chairman, Brig.-Gen. Mohammed Marwa (rtd) has commended officers and men of Lagos, MMIA, Adamawa, Plateau and Edo commands for their tenacity and vigilance.
The Nigeria Liquefied Petroleum Gas Association (NLPGA) has commended the Nigeria Liquefied National Gas Limited (NLNG) for committing 100 per cent of the company’s LPG production to the local market.
NLPGA President, Nuhu Yakubu, in a statement, said this is a major milestone coming just three months after the Company supplied its first Propane cargo into the domestic market.
This, he said, is in addition to developing a scheme to sustainably supply Propane for usage in cooking gas blending as well as in agro-allied, autogas, power and petrochemical sectors of the Nigerian economy to further deepen gas utilisation in Nigeria.
“The NLPGA applauded the announcement as it marks a strong commitment of NLNG to the continued growth of the domestic LPG market, which has over the years had far-reaching positive multiplier effects on the economy.
“Evidently, this approach will further increase the supply and utilisation of LPG in Nigeria.
“The Association shall continue to work with NLNG as it helps to build a strong economy, through its various domestic gas supply initiatives, in support of Nigeria’s quest for accelerated gas-based industrialisation with the gas resources that it is abundantly endowed with.
“Undoubtedly, this cements NLNG’s practical demonstration of sustained commitment to LPG supply into the domestic market, guaranteeing household energy poverty reduction”, he stated.
Yakubu noted that in the past months, Nigerians have had to pay significantly more to buy cooking gas owing to supply disruptions.
According to him, the supply intervention move by NLNG is expected to free up more volumes, and have some cushioning effect on the high price of cooking gas, subject, however, to its realistic production output as determined by other factors.
“The Association remains appreciative of the invaluable efforts of NLNG since its 2007 inception of the Domestic LPG supply programme till date, which stands tall above its peers in the discharge of corporate social responsibility.
“Clearly, the NLNG’s LPG supply intervention programme represents CSR at its best, because it directly addresses ‘stomach infrastructure’ imperatives of the average Nigerian.
“Affirmatively, no other company has done more to impact on millions of Nigerian households and families than the NLNG, through its various interventions, when it has been most needed”, he said.
China Tasks Nigeria On Trade Imbalance
CBN Warns Against Borrowing From Loan Sharks
NLPGA Applauds NLNG’s Commitment To Domestic Market
2023 And Emerging Challenges
Co-Operative Set To Empower 40,000 SMEs In Rivers
Women And Property Inheritance
PDP Lambasts Akeredolu Over N1.5bn Official Vehicles
NASS To Enforce Separation Of Powers
© Copyright © 2009-2021 The Tide Newspaper Corporation
CBN Retains Lending Rate At 11.5% – :::…The Tide News Online:::… – The Tide