Nothing Can Stop PIB Passage, Lawmakers Insist
Ȋ •ŽŽȱœž™™˜›ȱ˜›ȱ Š—˜Žȱ›Žę—Ž›¢
Members of the Senate and House of Representatives have said they are working round the clock to ensure the eventual passage of the Petroleum Industry Bill (PIB) this year, assuring Nigerians that nothing can stop the passage of the legislation.
The two chambers of the National Assembly also expressed their support for the deregulation of the downstream sector of the Nigerian oil and gas industry, particularly the pricing of petrol.
Members of the National Assembly Joint Committees on PIB led by their Chairmen, Senator Sabo Mohammed (Senate) and Hon Mohammed Monguno (House of Representatives), respectively, who toured the Dangote Refinery, yesterday in Lagos, equally pledged the support of the legislature to the Dangote Group to ensure the successful completion of the refinery. Speaking to journalists after the tour, the Chairman, Senate Committee on Petroleum (Upstream) and member of the PIB Committee, Senator Albert Bassey, said no challenge would make them not to pass the bill as planned.
He said the executive and the legislative arms as well as other stakeholders in the bill were all on the same page, adding that the legislature was engaging with the operators under the aegis of the Oil Producers Trade Section (OPTS) to make them come to terms with the need to have a good law for the industry.
“No challenges absolutely, because both the executive and the legislature and the stakeholders are on the same platform this time around. So, nothing can stop it. This is the only way to go for our country.
“We are engaging them (the OPTS) and at the end of the day, everybody will come to terms with the fact that we have a good law”, Bassey said.
He said the PIB was the only way to go for the country and for the industry, pointing out that the National Assembly wanted to make the oil and gas industry very competitive.
He noted that such law was needed to bring about massive investments in the industry with huge economic benefits to the nation as being displayed by the Dangote Group with the construction of the refinery.
According to him, the Dangote refinery showed 100 per cent local content in action and that, “for the first time, we can tell the whole world that Nigerians can do it even much better.”
Also speaking to journalists, Mohammed said they were working seriously to ensure the PIB was laid on the floor of the Senate and have it passed in the next two months, adding that their visit to the refinery was also connected to the bill.
“This PIB, we are going to do everything within our power to see that we lay it on the floor of the Senate in the next one and half month. So, give and take, we are looking at two months before we pass the PIB, maximum of two months. It could be less. But we are working day and night and definitely, we are going to
The stock market sustained its positive performance for the second day as the Nigerian Stock Exchange (NSE) AllShare Index (ASI) rose 0.14 per cent to close at 40,221.30, while market capitalisation added N29.5 billion to close at N21.043 trillion.
The gain recorded followed increased buying interest in Lafarge Africa Plc, Zenith Bank Plc and
Guaranty Trust Bank Plc. A total of 22 stocks appreciated compared with 20 that depreciated. Market operators said bargaining hunters are positioning for dividends that are being declared for the 2020 earnings season. United Capital Plc and African Prudential Plc had last week announced dividends of 70 kobo and 50 kobo last week.
Leading financial institution, Zenith Bank Plc on Tuesday announced a final dividend of N2.70 per share after reporting an improved audited results. Details of the results showed that Zenith Bank posted net interest income of N299.682 billion, up from N267.031 billion in 2019, while net fee and commission income stood at N79.332 billion as against N100.106 billion in 2019. Impairment charges rose from N24.032 billion to N39.534 billion.
Profit before tax (PBT) grew by 5.2 per cent from N243.294 billion to N255.861 billion, just as profit after tax (PAT) rose by 10.4 per cent to N230.565 billion from N208.843 billion in 2019.
Based on the performance the board announced a final dividend of N2.70 per share, to bring the total dividend to N3.00 having paid an interim dividend before now.
Analysts at Cordros Securities had said Zenith Bank’s performance was above their performance. According to them, they had had expected that the combination of a slowdown in business activities due to the pandemic and continual sterilisation of funds by the Central Bank of Nigeria (CBN) would result in weak income generation.
“However, the bank was resilient during the period, with this positive performance ultimately propelled by the strong balance sheet management and muchreduced tax expense,” they said.
The shares of Zenith Bank rose from N26.00 to N26.30 to be among the price gainers. But Oando Plc led the table with 10 per cent, trailed by ABC Transport Plc with 9.3 per cent. Japaul Gold and Ventures Plc chalked up 9.2 per cent.
Conversely, LASACO Assurance Plc led the price losers with 9.4 per cent, trailed by Consolidated Hallmark Insurance Plc with 8.3 per cent. Cornerstone Insurance Plc and Flour Mills of Nigeria Plc 7.8 per cent and 6.9 per cent respectively.