GOV. SANWO-OLU AT HARVARD: LAGOS IS INVESTORS' DELIGHT.(PHOTOS).#PRESS RELEASE

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 SANWO-OLU AT HARVARD: LAGOS IS INVESTORS' DELIGHT With a GDP of $259b, a 25 million population, four seaports, and friendly government policies, Lagos is an investor’s delight, Governor Babajide Sanwo-Olu has said.  “Lagos is a place where people come in without anything and become somebody. We are a business and commercial powerhouse,” he said on Wednesday.  It was another sales drive for the “State of Aquatic Splendour” at Harvard Business School where Mr. Sanwo-Olu spoke on “Building the Future: Lagos State Infrastructure-led Transformation”. He was a guest in Professor Hakeem Belo-Osagie’s course, “Understanding Africa: Business, Entrepreneurship, Political Economy and the Complexities of a Continent.” Belo-Osagie is a foremost Nigerian investment banker and businessman. For the Governor, it was an opportunity to share “Lagos’ bold vision and the tangible strides we are making in transportation, housing, innovation, and industrial growth”.  The students applaude...
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REPS COMMITTEE VOWS TO RECOVER $20B REVENUE FROM OIL SECTOR.(PHOTO).

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Reps Committee Vows To Recover $20B Revenue From Oil Sector 


House of Representatives committee on Petroleum Resources downstream has pledged to assist the Federal Government to recover over twenty Billion US dollars revenue from the sector. 


The committee also said it will review the implementation of Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the petroleum sector.


The chairman of the committee Mr Ikeagwuonu Ugochinyere, who made the remark during the Innaugural meeting of the committee, said they 

will legislate for energy security, professionalism in the petroleum sector, economic transformation, accountability, institutional reforms and revenue recovery and generation. 


According to him, the House has received in plenary the NEITI report that have far reaching recommendations both in the downstream, upstream and midstream sector, especially the issue of over $8.5 billion unremitted royalties and other oil revenues and the discrepancies that have to do with the quantity of PMS imported by the NNPCL. 


"The implementation of the PIA which has become a major concern to key stakeholders would be reviewed by this committee. What was done before the PIA. What they are doing after the PIA. 


"The assets that used to be national assets before the coming into effect of the PIA. Where are they? Who is with them? All these the committee would look into to ensure that the intention of the PIA is achieved.


Mr Ugochinyere said the committee is aware of the pains Nigerians are going through as the result of removal of oil subsidy, hence the committee will also undertake a comprehensive audit of the Subsidy regime which he said was done away with because it was corrupted.

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