FG Launches New Fiscal Incentives to Revamp Oil, Gas Sector, Aims to Attract $10bn Investment
Targets long-term oil production target of 4 million bpd, 12,000bpd Awoba Field resumes production
Emmanuel Addeh in Abuja
The federal government yesterday officially launched a new set of fiscal
incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the
next 12 months to 18 months. It was learnt that the presidential directives were developed and coordinated by the Special Adviser
to the President on Energy, Mrs. Olu Verheijen, to ensure a competitive framework for the Nigerian oil & gas industry.
This coming on the heels of announcement by the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint
Venture (JV) partner in the Awoba Unit Field, Newcross Exploration Continued on page 10
CBN Approves Fourth Tranche of FX Sale to BDCs at N1,021/$... Page 5 Wednesday 24 April, 2024 Vol 29. No 10605. Price: N400
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To Cushion Effect of Economic Hardship, Dangote Refinery Further Reduces Diesel, Aviation Fuel Prices... Page 10
Olukoyede: EFCC Went Above and Beyond to GiveYahaya Bello Fair Hearing Agency begins probe of contract awards in presidency, NASS, judiciary, others To arraign Hadi Sirika next week over alleged N8 billion fraud
Iyobosa Uwugiaren and Kingsley Nwezeh in Abuja
Chairman of the Economic and
Financial Crimes Commission (EFCC), Ola Olukoyede, yesterday, went the extra mile to clear insinuations surrounding
the impending trial of the former Kogi State governor, Yahaya Bello, saying he personally spoke to the ex-governor and assured
him requisite courtesies would be extended to him. Olukoyede spoke in Abuja while briefing journalists on the
innovation, restructuring agenda, and other developments in some sectors of the economy. The EFCC chairman, who
…Freezes over 300 Bank Accounts in Moves to Further Save Naira Says Nigeria accounts for 50 per cent of global cybercrime perpetrators
Chairman of EFCC, Ola Olukoyede, yesterday, disclosed that the commission had frozen more than 300 bank accounts since Monday to defend the naira against another fatal attack. Olukoyede, who spoke in Abuja while briefing journalists, said a report by the Nigerian Communications Commission (NCC) for the year ending 2022 indicated that Nigerian banks lost N8 billion to cybercrimes in the year. He added that the NCC report indicated that Nigeria was losing $500 million annually to cybercrimes. Olukoyede, while addressing the recent appreciation of forex, said apart from fighting corruption and financial crimes, the commission was also looking at working on areas that would stimulate the economy. He held that such efforts informed the recent decision of the commission to intervene in Continued on page 10
Incentives for oil and gas sector...
addressed extensively the ongoing trial of Bello, also said as a result of the commission’s reform agenda, it had created a Fraud Risk Assessment and Control Department through which it flagged off a probe of the presidency, National Assembly, the judiciary, and the Bureau of Public Procurement (BPP), among Continued on page 10
L-R: Executive Director, Oil Producers Trade Section, Mr Gwueke Ajifa; Coordinating Director, Large TaxPayers Group, Federal Inland Revenue Service, Mrs Amina Ado; Special Adviser to the President on Energy, Mrs. Olu Verheijen; Minister of Finance/Coordinating Minister of the Economy, Mr. Wale Edun; Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr. Farouk Ahmed; Chief Commission Executive, Mr. Gbenga Komolafe; and Programme Coordinator, Office of the Special Adviser to the President on Energy, Tajudeen Shobayo, during the launch of new fiscal incentives for Oil and Gas sector in Abuja … yesterday