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New ‘budget’ iPhone 5C disappoints target market China

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BEIJING — Apple has just saved Chinese men from their prying wives. The new fingerprint sensor that unlocks the latest iPhone model will foil Chinese wives who habitually check partners' phones for hints of infidelity, according to a joke popular online Wednesday.
 
Whatever the reason for purchase, Apple executives must hope Chinese consumers snap up the new iPhone 5S and 5C to stem slumping sales in the world's largest smartphone market. The brand has lost its luster in recent years thanks to cheaper but impressive products offered by major rival Samsung, and a clutch of domestic players such as Xiaomi.
 
But some less than enthusiastic reactions Wednesday suggest Apple still faces serious challenges in seizing wider market share in China, a crucial marketplace for the California-based firm, and its major manufacturing base.
 
At Apple's official store in Beijing on Wednesday, salesman Teddy Lu said customers were showing strong interest in the new models, which can be ordered online in China starting Sept. 17.
 
Browsing the older versions, Gary Chen, 51, said he's a fan, but many friends and colleagues prefer other brands including Xiaomi for their cheaper price, fast speeds and wide range of functions.
 
"Apple will have to adapt better to the market," said Chen, a music executive.
 
Jessica Ma, a Samsung Galaxy user visiting a nearby cellphone retailer, said Samsung's use of the Android operating system, by far the most popular in China, and its large screen, were key to her choice of phone.
 
"I used to have an iPhone, but I don't intend to switch back now," said Ma, 27, a business assistant in a Beijing company.
 
The latest iPhone launch highlighted the importance of China's already giant and growing smartphone market. For the first time, the product unveiling was near-simultaneous in both the USA and the Peoples Republic of China, and the two new phones will be sold in both markets on the same day, Sept. 20.
 
But the high price failed to impress many Chinese phone users who had been expecting the 5C, which lacks the computer reader carried on the more premium 5S, to be the long-anticipated budget iPhone, aimed at conquering highly price-conscious markets such as China and India.
 
Others complained that the screen size on the two new phones remains significantly smaller than the Samsung Galaxy.
 
The Apple website offered the 5C at $732 and the 5S at $863. Both can run on the networks of China Unicom and China Telecom. A cheaper deal may rest on whether Apple can seal a distribution agreement with China Mobile, the nation's largest network with over 700 million subscribers.
 
"Selling in China for $732, how is that a cheap price?" asked Xiang Ligang, an IT company employee, on Sina Weibo, China's hugely popular Twitter-like micro-blogging platform.
 
"No doubt this iPhone is still an excellent cellphone, but it will die from Apple being cocksure and impervious to criticism," he wrote Xiang, who predicts the 5C new color range won't persuade Chinese consumers.
 
Web entrepreneur Fang Xingdong, who has 430,000 followers on Weibo, took an even tougher line.
 
"In the smartphone field, Apple has turned from a leader to a follower to a drop-out," wrote Fang, who criticized the product launch for revealing "the least innovative content ever in Apple's history".
 
In central Wuhan city, college teacher Deng Shasha said she was proud her husband bought her a Chinese-made and designed Xiaomi cellphone, costing $300.
 
"I'm especially proud as the Xiaomi founder studied at the same college as me in Wuhan," she said. "It's fast and convenient to use, with many apps. I'm used to it now, and will probably buy another in the next 12 months."
 
Contributing: Sunny Yang

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Niger spends N10.7b on fertiliser

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The Niger State Government spent N10.7 billion on the implementation of some of its agricultural programmes in the past four years, Governor Babangida Aliyu has said.

Aliyu, represented by the Commissioner for Agriculture, Alhaji Ahmed Matane, at the opening of a stakeholders meeting of staple crops processing zones in Minna, the state capital, said his administration spent N7.5 billion on the procurement and sale of fertiliser at subsidised rates.

He said the government had ensured a hitch-free sale of fertiliser, adding, that had helped to boost farmers’ productivity.

He said the government also procured 241 tractors at the cost of N1.5 billion for sale to cooperative groups and large-scale farmers to enhance mechanised farming.

Aliyu said his administration expended N1 billion on the implementation of commercial agriculture scheme in the state.

He said the Ministry of Agriculture had procured and sold to the public, grains valued at N757 million, adding that grains were also distributed free-of-charge to indigent members of the society.

Aliyu said the state government had resuscitated the agricultural extension services to enable farmers adopt and improve on their productivity.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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How 21 banks defrauded FG through tax evasion, non-remittance of revenue

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ABUJA—The House of Representatives has accused 21 banks in the country of defrauding the Federal Government of money running into billions of naira through tax evasion, non-remittance of tolls and falsification of official financial records, saying the heads of the banks had queries to answer.
Chairman, House Committee on Finance, Dr. Abdulmumini Jibrin, who disclosed this  weekend, listed the banks to include, CitiBank, Stanbic IBTC, Standard Chartered Bank, GT Bank, Access Bank and Zenith Bank.
Others are, First Bank, Union Bank, United Bank for Africa, Diamond Bank, Unity Bank, Fidelity Bank, Mainstreet Bank, Sterling Bank, Heritage Bank, EcoBank, FCMB, Wema Bank, Skye Bank, Enterprise Bank and Keystone Bank.
Jibrin said the committee decided to embark on closer and thorough scrutiny of the banks due to suspected sharp practices.
He said since the inception of the seventh assembly, the Committee on Finance had been inundated with reports on cases of tax evasion and sharp practices in tax remittances by banks.
According to him, the exercise commenced with series of engagements with the commercial banks.
He said: “Pursuant to the statutory mandate of the House Committee on Finance and its oversight functions over the Federal Inland Revenue Service, FIRS, and tax matters, the Committee on Finance has been investigating tax remittances, tax assessments and payments by banks.
“Consequently, the committee decided to bring the banks under close legislative scrutiny.”
He announced that some templates were distributed to the banks to fill after holding meetings with the chief executives but expressed surprise that the banks falsified documents to protect past shady deals.
He said: “As a fallout of two separate meetings with Chief Executives of the banks, three different templates were distributed to all commercial banks in the country to complete and submit to the Committee.
“In the last few months, the Committee has analyzed volumes of documents submitted by the banks and is pleased to announce that it has enjoyed tremendous capacity support from the DFID, NABRO and reputable professionals in the industry in conducting its revenue generation and remittances investigations.
“Preliminary findings show a poor quality of returns by the banks, discrepancies in data submitted, outright refusal to present documentary evidence, blanket violations of existing laws, self exemption from existing rules, false declaration, manipulation and distortion of information among others.
According to Jubrin, the banks during the investigations submitted different audited monthly accounts to the Committee, aside from what were submitted to the CBN.
“For instance, balances reported in the published audited accounts of some banks show huge variance with the figures submitted to the Committee.
“The data submitted to the CBN in their monthly returns on the same issues were found to be different from what was tendered before the Committee.
“Even more embarrassing are the inconsistencies and huge variances in some data provided in different pages of documents submitted, thus leaving the committee to conclude that many Banks blatantly engage in the creative accounting technique of inflating their operating costs to reduce their exposure to taxes.
“Furthermore, some Banks have also created exemption rules for themselves in total disregard for the provisions of extant tax laws, particularly violations of the stamp duty, withholding tax and VAT acts.
“Some Chief Executives deliberately refused to sign the templates, obviously evading presentation of the document under oath in line with legislative procedure.
“Similarly, key information and data were omitted. Such data include details of staff PAYE and utilities with tax implications, etc.
“There are also many cases of late remittances or outright failure to remit money collected on behalf of Government.
“Generally, returns made so far by the Banks are incomplete as the order of presentation was contrary to the guidelines provided in the template.”
The Lawmaker said the banks’ actions was an attempt to deceive and derail the Committee from doing a thorough work, stressing that the Committee won’t take it lightly with the banks.
He said: “These despicable acts of gross misconduct clearly depict the unscrupulous and roguish character of some Banks and their Chief Executive Officers.
“Clearly, this is aimed at misleading the Committee. Documentary evidence requested was also provided in a haphazard manner. For the Committee on Finance, this is unacceptable.”
“Out of the 21 Banks under scrutiny only 6 have so far completed and supplied all the information requested for in the proper format, albeit with certain queries to answer.
“The banks are, CitiBank, Stanbic IBTC, Standard Chartered Bank, GT Bank, Access Bank and Zenith Bank.
“The other Banks, besides poor and incomplete documentation, have questions to answer. They include First Bank, Union Bank, United Bank for Africa, Diamond Bank, Unity Bank, Fidelity Bank, Mainstreet Bank, Sterling Bank, Heritage Bank, EcoBank, FCMB, Wema Bank, Skye Bank, Enterprise Bank and Keystone Bank.
“All templates that are not signed by the CEO and CFO of the various Banks are of no consequence and will not be treated by the Committee. Chief Executives of such Banks must sign the templates and complete their outstanding checklists within 48 hours to set the stage for the last round of engagement between the Committee and the Banks.
“Between the 23rd and 27th of September, the Chief Executive Officers of the banks must appear in person to defend their templates in a technical session before the Committee.
“This exercise is being conducted in the most transparent manner as all such appearances will be broadcast live on television for Nigerians to see very clearly what the Committee is doing.
“It is obvious that over the years Government has lost billions of naira in fraudulent and underhand dealings corruptly designed by some banks to evade tax. This is in addition to being massively and callously shortchanged by banks saddled with the responsibility of collecting and remitting taxes.
“At this point it is pertinent to note that since Government continues the yearly ritual of domestic borrowing to balance its budget deficit, it has become a bazaar for many Banks who provide such funds at outrageous interest rates and care less about the implication to the private and real sector, both of which continue to struggle to get the crumbs at a very high cost. Domestic borrowing by Government has denied the private sector access to affordable funds to grow their businesses and in the process generate employment and create wealth.
“Yet again, some reprobate Banks are involved in the criminal act of converting the huge funds in dormant accounts into profits, even with known and accessible next of kin. Why should they not pay their taxes in full and remit in full and promptly what they collect on behalf of Government?
The Committee on Finance expects maximum cooperation from the Banks in respect of this investigation. Anything short of this, the Committee will not hesitate to bring to bear the full weight of the law on such Banks. Government taxes all over the world are sacred and our tax revenues must be so treated through complete and timely remittances. Nigerians must know how well Banks are playing their role as tax collectors and how well they are discharging their responsibilities as tax payers.”
With the revenue challenges the Country is currently facing, it is imperative to look everywhere to plug all leakages in accruable Government revenue. The banking sector is one among other sectors that the Committee on Finance will be engaging. By all means at the end of this exercise, the committee will look at the various extant tax laws, introduce new clauses or make amendments where necessary in order to strengthen our tax system and block areas of leakage.
The general public and all well-meaning individuals are hereby invited and encouraged to assist the Committee in carrying out this crucial National assignment.”
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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NIGERIA: FMBN disburses 43% of approved NHF loans

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Federal Mortgage Bank of Nigeria (FMBN) has so far disbursed N39 billion out of about N90 billion that has been approved, representing just over 43 percent; while out of the N110 billion approves as estate development loan (EDL), only N62 billion representing about 53 percent have been disbursed.
Managing Director, FMBN, Mr. Gimba Ya’u Kumo, who disclosed this in Abuja, lamented the low capital base of the bank which is currently N5 billion, out of which only 50 percent or N2.5 billion being the Federal Government’s share has been paid up. He noted that the other shareholders, namely the Central Bank of Nigeria (CBN) and the National Social Insurance Trust Fund ( NSITF) have not paid up their 30 percent and 20 percent share respectively.
Ya’u Kumo noted that the National Housing Fund (NHF) presently only has 3,772,031 contributors, adding that it would require 50 contributors to contribute N500 monthly for 10 years before the bank can be able to provide a loan of N15 million for one individual. He called on the Federal Government to increase the bank’s share capital from its present N5 billion to N200 billion, to enable it address the housing deficit in the country. He asserted that the over 17 million housing deficit in the country would require aggressive injection of funds by the government.
According to him, the total number of houses delivered through NHF scheme is just 56,000 units, conceding that the number “is just a drop in the ocean when compared to the housing deficit we are confronted with in the country.” He however claimed that 46 to 52 per cent of the houses delivered so far were done by the current management of FMBN within the last two years, while a further N1.6 billion representing 1.58 per cent of total collections was refunded to retirees.
The FMBN boss also noted that the bank in partnership with some trade unions has been able to bring down the housing deficit for registered workers in the country to 4 million, while efforts are being made to clear the deficit within the next eight years. He commended state governments that are already part of the scheme, but urged them to provide infrastructure to help reduce the cost of housing delivery. “We also appeal to those states that are not yet in the scheme, about eight of them, to do so to enable Nigerians in those places to begin to derive the benefits of NHF and own their homes” he said.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Berger Paints N543m rights issue opens

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The Berger Paints’ 72.5 million ordinary issues of 50k per share at N7.50 to its existing shareholders has opened across the country following the completion board meeting held in Lagos recently.
The rights are being offered on the basis of one new share for every three held by members as at May 31, 2013
The net proceeds of the offer amounting to N543.42 million will enable the leading paints and allied company to finance the modernisation of its manufacturing operations.
Chairman, Berger Paints Nigeria Plc, Mr. Clement Olowokande, said the net proceeds of the rights issue estimated at N521.71 million would be used to finance the modernisation of the company’s factory operations.
According to him, the modernisation was the main thrust of a strategic plan to ensure that the company continues to operate at the forefront of paint technology by replacing its aging manufacturing infrastructure.
He said the modernisation of the company’s factory operations would lead to improved efficiency that would positively impact on turnover and profitability. Olowokande said that the company also plans to commit substantial investments on major improvements of its distribution channels.
He said the company has taken several initiatives and entered new partnership that would greatly enhance its products and services in the Nigerian paint and coating industry in the period ahead.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Nigeria’s revenues tumble 42 % in July due to oil outages

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Nigeria’s revenues plunged by 42 per cent in July due to oil theft and production outages, the accountant general said on Friday, underscoring how oil theft is damaging public finances this year. State revenues fell to N498 billion, the lowest monthly earnings this year and down from 863 billion naira in June. Oil theft has cut government earnings in several months this year, and by more than last year, and July was particularly badly hit.
Military in the restless Niger Delta say they are renewing efforts to catch oil thieves, while the Oil Minister Diezani Alison-Madueke says she is reaching out to foreign governments to help stop the buying of Nigeria’s stolen oil. “This was due to continuous theft of crude oil, leakages, pipeline breaks at various terminals, compressor failure and repair work,” Accountant General Jonah Otunla told reporters. Shell Nigeria shut its 150,000 barrel per day Trans Niger pipeline on July 11 after a leak was detected; barely a week after the company re-opened the pipeline following the repair of some crude theft points.
Criminal gangs frequently tap into exposed pipelines in the winding waterways and swamps in the Niger Delta, siphoning off tens of thousands of barrels a day. Nigeria lost out on $10.9 billion in potential oil revenues due to production losses caused by theft and sabotage between 2009 and 2011, an audit showed last month. A total of 715.8 billion naira was distributed to local, state and federal governments in July, down slightly from 718.1 billion in June, Otunla said.
The excess crude account, where Nigeria saves oil revenues over a benchmark price, holds $5.1 billion currently, compared with $9 billion at the end of last year, data showed on Friday. Nigeria is aiming to cut its budget deficit to 1.85 percent of gross domestic product this year, from 2.85 percent in 2012. Oil accounts for around 80 percent of government revenues and the crude savings account is often used to fund the budget deficit if oil revenues fall below target.
Meanwhile, Nigeria’s Bonny Light oil exports are projected to fall in October. Nigeria will export 95,000 barrels per day of the Bonny Light crude oil grade in October, a provisional shipping list showed on Friday, down from a planned 127,000 bpd in September. The Bonny Light grade, operated by  Shell , has been under force majeure since April. A force majeure relieves companies of their contractual obligations. A firm may opt to keep it in place if it can only partially meet commitments.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Nokia says India ‘least favourite market’

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NEW DELHI  (AFP) – Finnish telecom giant Nokia has told India’s government that the country is now its “least favourable market” to operate in and it makes better sense to export its products from China, a report said Friday.
Nokia, which is fighting a 20-billion rupee ($311 million) tax demand from Indian authorities, urged the government to “act quickly to correct the wrong perception of India as a place for business”, The Indian Express newspaper reported.
“The political risk of operating in India” has become “suddenly substantially higher and may inevitably influence future decisions to develop one’s operations in India”, Nokia said in a letter quoted by the daily.
The reported warning comes at a bad time for India when foreign direct investment has slowed to a trickle amid mounting domestic economic woes including a plunging rupee, a huge current account deficit, slowing growth and perceived government policy paralysis.
The Finnish group did not immediately respond to requests for comment on the message which The Indian Express said was dated June 19 and was received by the finance ministry last month.
Nokia said its tax problems made it “more cost-efficient for Nokia to transfer the manufacture of mobile phones to China and to import them to the Indian market rather than manufacture them in Chennai”.
Nokia, which has one of its biggest plants world-wide in the southern city of Chennai, is among a string of multinationals in tax disputes in India including Cadbury Royal Dutch Shell and Vodafone.
India has stepped up its pursuit of alleged tax delinquents to reduce a hefty budget deficit.
Nokia insists software downloaded onto its mobiles in India should to be taxed in Finland under a bilateral treaty between the countries, but India’s tax authorities view it differently.
“Nokia does not think India can override its international obligations,” Nokia was quoted as saying.
Tax claims against Nokia and other multinationals have “too great an impact on the predictability and certainty of Indian business environment to be ignored”, Nokia added.
India — one of the world’s fastest-growing mobile phone markets — is the second largest market for Nokia which began operations in the country in 1995 and employs 8,000 workers directly in Chennai.
Nokia which had been the country’s leading handset maker for 14 years recently ceded its crown to South Korea’s Samsung.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Nigeria’s Oily Economy

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AN erroneous belief that the relevance of oil approximates to the life span of Nigeria’s oil reserves partially fuels the contentment with which the authorities treat the diversification of the economy.
Concerns over the dependence of the economy on oil raged more than three decades ago, now the issue is total dependence on oil, yet the matter is discussed as one of several issues beleaguering Nigeria.
No, oil is about the only issue that makes and mars Nigeria with a rapacity that is lost on Nigerian leaders. Nigeria is mostly about oil and its depleting consequences on developing our national resources, some of which are in more abundance and could provide more multiplier effects on the economy than oil.
Oil devastates with a rapidity few enterprises impose on its surroundings. The billions of Dollars it heaves into national coffers kills thoughts for the perpetual penury its exploration ordains for the surroundings. Agitations for equitable use of oil resources fail too in securing renewal of the ruined environment.
Perhaps more frightening, with all the positions on laying more solid foundations for the economy, away from the volatility of oil, not much has been done in the more than 40 years oil assumed podium position in our economy.
Oil could become irrelevant quicker than the most optimistic predictions. Its damages to the environment, its unpredictable high prices that task planning even for the most advanced economies, the West’s inability to control the vital resource, are increasing the pace of searches for alternatives to oil.
Plans for the Nigerian economy are primed on oil. They would have been as simple as re-investing some oil revenue in other sectors of the economy. They have remained unimplemented.
According to the World Bank’s Nigeria Economic Report for May 2013, “Despite the recovery in oil prices, Nigeria expanded its fiscal stimulus significantly, increasing consolidated spending by an estimated 2.5 per cent of Gross Domestic Product, GDP, and drawing down the remaining balance of the Excess Crude Account at the same time that many other oil exporters were building back their reserves.”
Oil still accounts for 95 per cent of exports and 75 per cent of consolidated budgetary revenues. its mismanagement throws the economy into a spin. When the prices dip, or more thieves help themselves to the oil, as seems to be the case now, the economy wheels almost to a halt.
The annual conference of the Nigerian Guild of Editors themed ‘Nigeria Beyond Oil’ that began in Asaba yesterday is drumming more attention to the precariousness of oil-based economy.
Without a thorough planning of the economy, an indiscernible future awaits Nigerians. Our governments should rescue Nigerians from the blight of oil.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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FG, States, LGs share N715.8bn for July

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Abuja – The Federation Accounts Allocation Committee (FAAC), on Thursday shared N715.8 billion among the three tiers of government for July. The Minister of State for Finance, Dr Yerima Ngama, disclosed this to newsmen shortly after the committee’s meeting in Abuja. “The total revenue distributed for July, including Value Added Tax (VAT), is N715. 845billion.
“The distributable statutory revenue was N483.482 billion which was below what was budgeted for the month by N111.282 billion. “It was, however, less than what was collected in June, which was put at N140.285 billion.
 
“The sum of N115 billion, being part payment of the arrears of argumentation for June, was proposed for the month. “The sum of N7.6 billion was refunded by NNPC, while N35.5 billion was proposed for distribution under the SURE-P programme. `The Federal Government received N227.5 billion (52.68 per cent), states had N115.3 billion (26.72 per cent), while the local governments got N88. 9 (20.60 per cent)”, he said.
The minister added that N45.1 billion or 13 per cent Derivation Fund was paid to the six oil producing states. Ngama said the gross revenue of N497. 9 billion received for the month was lower than the N863.0 billion received in the previous month by N365.0 billion. “This was due to continuous theft of crude oil, leakages, pipeline breaks at various terminals, some machine failure and repairs.
“Also, downward review of some companies estimates and a judgment debt by the Tax Appeal Tribunal on Education Tax reduced PPT payable for the month,’he said. The minister said the mineral revenue collected for the month was N361.9 billion, adding that the amount was less than N550.3 billion received in June. He said the non-mineral revenue collected in May was N136.0 billion, showing a decline of N176.6 billion compared to N312.6 that was collected in June.
 
Ngama said N4.1billion was paid to Federal Inland Revenue Service (FIRS) and N2.3 billion to Nigeria Customs Service (NCS) as collection fee for the month. He said the balance of the Excess Crude Account was 5.1 billion dollars. Mr Timothy Odah, the Chairman, Finance Commissioners Forum, apologised to Nigerians for the late sharing of the revenue. He explained that the delay was due to the dwindling resources and late returns on the part of the collecting agencies. Odah said the National Council of Economic Development (NACOFED) conference which took place in Niger state last week and the CBN conference on small scale industries, also led to the delay.
He urged states to apply the money shared to revenue generating projects. (NAN)
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Chevron, Shell pull out of Olokola LNG project

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Four years after BG Group divested from Olokola LNG project, two other International Oil Companies, IOC, Chevron and Shell, have pulled out, a source has said.
Both companies have a combined shareholding of 39 per cent in the project, having 19.5 per cent stake each in the company.
According to the source, a senior official in the company, the pulling out of the oil majors is due to a number of factors, ranging from the lack of commitment on the part of the Federal Government to pursue the completion of the project and also the non-passage of the Petroleum Industry Bill, PIB
However, efforts to get the comments of the companies regarding the development, proved abortive, as Mr. Precious Okolobo and Mr. Kayode Adeboye, spokespersons for Shell and Chevron, respectively, refused to respond to enquiries put forward to them.
When contacted, both men promised to respond to the issue, but as at the time of going to press, their responses were yet to be received.
BG Group, the United Kingdom’s third-largest natural gas producer, had in August 2009, said it was pulling out from the LNG export project.
The Olokola LNG project was initiated in 2005, with the Nigerian National Petroleum Corporation, NNPC, as the major shareholder, with 46.75 per cent stake, while BG Group, which had earlier withdrawn, has 14.25 per cent.
The source said the project, which is the most cost-effective  LNG project in Nigeria, if allowed to come on stream, would have served as a major contributor to Nigeria’s economy development.
According to the source, a number of projects already undertaken at the site, risk being abandoned, such as the pioneer camp among others.
The source said, “The project was going ahead of schedule, all of a sudden, funding ceased.”
The Olokola Liquefied Natural Gas project is located between Ogun and Ondo States. The project was solidified in 2007 with the signing of an MOU between the shareholders. The plan of the project was for gas producers/owners to send natural gas to the facility where it would be converted to LNG for a fee and pumped into owner ships for sale.
The source said the frustration stems from the fact that many years after the memorandum of understanding (MoU) was signed, nothing concrete has been recorded.
According to the source, the MoU and shareholders agreement were signed in 2005 and 2007 respectively, Final Investment Decision was billed for 2007, while production was scheduled to begin in 2009; till date nothing concrete is seen.
“Presently, all the expatriates have left; the only people remaining are NNPC’s staff on secondment to the company and a few contract staff.”
 

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