- President Muhammdu Buhari has admitted that Nigerian roads are “dead” and required urgent attention.“The roads are dead,” Mr. Buhari said, “Those who drive between Lagos and Ibadan will have a lot of stories to tell you. Those who drive from Kaduna to Jebba may have more stories to tell. The same thing is applicable to the East West roads.” The President asked lawmakers to concentrate on the challenge of infrastructure confronting the country, including rail and power, then urged them to study the various agreements Nigeria entered into in the last six years with a view to detecting where the country had defaulted, especially in the area of counterpart funding.
- The NNPC will shut down state-owned refineries if they do not perform optimally by December. NNPC spokesperson, Ohi Alegbe, said the refineries are due for a comprehensive maintenance, and added that the NNPC was doing everything “within the ambit of the law” to meet the expectations of Nigerians. “NNPC has become more transparent by publishing our monthly reports. Our aim is to change the perception that we are opaque,” he said. “NNPC is a corporation funded with tax payers money and there’s no reason why Nigerians shouldn’t know what goes on here.” Alegbe also said that the NNPC was hopeful that the National Assembly will expedite action on the petroleum industry bill, even though some sections will have to be reviewed. Vice-President Yemi Osinbajo has said that the PIB would be broken down and forwarded to the national assembly in the first quarter of 2016, to ensure easy passage.
- The Naira strengthened 2.1 percent to 235 per dollar on the unofficial market on Thursday after the CBN moved to enforce documentation requirements on BDC operators prior to dollar sales. CBN had asked all BDC operators to submit accounts showing their dollar usage at the start of each week before they can access future sales, a move aimed at curbing speculation. The Naira fell sharply on Wednesday, a day after the CBN unexpectedly cut interest rates to stimulate lending.
- The Nigerian Maritime Administration and Safety Agency (NIMASA) has shut down Obat Oil and Petroleum Limited’s jetty in Ibafon, Apapa. This is based on security lapses at the jetty. NIMASA sealed the facility on Tuesday in fulfilment of its mandate as the Designated Authority (DA) for the implementation of the International Ship and Port Facility Security (ISPS) Code, and insisted that Obat Oil jetty was non-compliant with the provisions of the code. According to NIMASA’s spokesperson, Lami Tumaka, the closure was in exercise of the agency’s powers in line with provisions of Part VIII of the ISPS Code Implementation Regulations 2014.