14 Aug

Daily watch – More audits for NNPC, Edo gets help on rubber

  • The Nigerian National Petroleum Corporation is set to carry out another round of forensic audits that will run into 2015 accounts, to ascertain its true financial state. The audit is part of a three pronged approach, which includes pruning the workforce and reworking the business strategy in the ongoing repositioning of the nation’s oil corporation. Emmanuel Ibe Kachikwu, General Managing Director of the corporation also said that more NNPC staff might be laid-off in due course, as the right personnel must be in key positions. “At the end of the day, NNPC isn’t a public service, it is a corporation and it is going to be run like a company, generating money and profit for Nigerians, Kachikwu said.
  • Flour Mills of Nigeria (FMN) has announced plans to conduct a restructuring by merging five of its subsidiaries with its holding company under a Scheme of External Restructuring. Paul Miyonmide Gbededo, group managing director, FMN, said the company had obtained the approval-in-principle of the Securities and Exchange Commission (SEC) Golden Noodles Nigeria Limited, Golden Transport Company Limited, FMN Cement Industries (Nigeria) Limited, New Horizon Flour Mills Limited, and Quilvest Properties Limited, with Flour Mills of Nigeria. The aim is to streamline operations, reduce administrative costs, improve operating efficiency
  • The Edo state government has leased the state owned 4000-hectare Urhonigbe Rubber Plantation to the Rubber Estate of Nigeria (formerly Michelin) to manage and develop. Abdul Oroh, the Edo state commissioner of agriculture and natural resources said that the state had to take the decision because it could not manage the rubber plantation or do what is necessary to replant rubber trees that are old. Rubber Estate has indicated interest to invest about N1 billion in the development of the Urhonigbe estate within the next three years as well as establish a processing factory to boost its production. Oroh that the revitalisation of the moribund rubber plantation by the new management would positively transform the economic activities of the communities as well as become a major source of revenue and taxes to the state government.
  • Sokoto state governor, Aminu Tambuwal has said the state government would resuscitate its Livestock Breeding and Improvement Centres in Kebbe and Dogon Daji. The state government has built a state-of-the-art abattoir in Sokoto, veterinary clinics and hospitals, among others, to ensure consumption of healthy meat.