All Posts in "Day: October 14, 2021"

Masquerades  Steal N370,000,Handsets In Ondo

Two masqueraders rob man of N370,000 in Ondo - Phenomenal
The Police in Ondo  have arrested two masquerades who allegedly robbed residents of Melege community in Owo Local Government Area of  the state.
The masqueraders identified as Sheriff Ojo and Muhammed Lukman were arrested after they allegedly robbed one Adinoyi Mohammed of N370,000 and his mobile handset,according to  spokesperson of the State Police Command, Funmi Odulami.
Odulami said:“The two suspects who paraded themselves as masqueraders, inflicted injury with cutlasses on one Adinoyi Mohammed, dispossessed him of the sum of ₦370,000.00, a handset valued ₦32,000.00 and a shirt valued at ₦2,500.00.”
“They also inflicted injury on the victim’s father, Saliu Ajayi before leaving the scene of the incident but they were apprehended by security agents within the town.Two cutlasses, charms and masquerade clothes were recovered from them and the two suspects had been arrested and will soon be charged to court while effort is ongoing to arrest the other fleeing masqueraders.”
Online Editor by — October 14, 2021 in Crime/Metro 0
Lafarge  Rewards Customers With Diamond Club

Lafarge Launches “Diamond Club” For Customers – Independent Newspaper Nigeria
Lafarge Africa Plc has launched  Diamond Club, an exclusive club created to reward and recognize its trade partners who have consistently delivered big volumes of the company’s products to customers and end-users.
The company said Diamond Club is exclusive to customers and trade partners designed and structured with tools and benefits that will boost customers’ efficiency.
Speaking at the launch in Lagos,the Chairman of Lafarge Africa, Prince Adebode Adefioye reinstated the company’s commitment to providing innovative and sustainable building solutions. “Lafarge Africa is committed to innovative and sustainable building solutions. Innovation and sustainability being at the heart of what we do drives our commitment to our stakeholders and our customers who are our partners.”
Lafarge’s CEO, Khaled El Dokani during the event remarked, “The Diamond Club which we are launching today is our way of showing our appreciation whilst deepening the partnership that has enabled us to reach and serve our customers with great efficiency.’
He further remarked: ‘For us at Lafarge Africa, our commitment goes beyond the numbers and making a profit. Our commitment to our stakeholders is to deliver our products and services in a manner that builds progress for people and the planet. To achieve this commitment, we need the right partners by our side. You have been with us through this journey.’
Lafarge also formally unveiled the lead retail app ‘Navendor’ which enables customers to order the company’s products and services from the comfort of their homes and monitor the progress of the delivery by tracking the trucks assigned to handle their orders.
The Commercial Director, Lafarge Africa Plc, Gbenga Onimowo stated that the launch of the Diamond Club is a major milestone in the journey the company began 6 years ago to greatly optimize market routes and create a suite of innovative products and services for its esteemed customers.
He added:“The Diamond Club reflects our value for the customer and we as a company are committed to delivering innovative and sustainable building solutions. This club is an innovative way of working with our partners, incentivizing and rewarding their commitment. It also demonstrates our commitment to people and sustainable partnerships and we look forward to welcoming even more of our customers into the Diamond Club.”
Online Editor by — October 14, 2021 in Brands&Marketing 0
Budget:Proposed Hike In Soft Drink Tax In Order-Group

2022: Nigerians To Start Paying Tax On Carbonated Drinks January Says Finance Minister - Rant HQ BLOG
The Diabetes Association of Nigeria, Nigeria Health Watch and civil society organisations have  commended President Muhammadu Buhari’s administration over the recent announcement of a proposed “pro-health” tax increase on soft drinks in Nigeria in the 2022 budget.
The  group conveyed the support in a joint statement  signed by Vivianne Ihekweazu, Co-chair NASR and Managing Director, Nigeria Health Watch, and Comrade Bernard Enyia
Co-chair NASR and Secretary General, Diabetes Association of Nigeria.
Coalition co-chair Vivianne Ihekweazu of Nigeria Health Watch said the proposed increase in the taxation of sugar-sweetened beverages was step in the right direction because it will enable revenue to be generated for public health programmes, especially those targeted at addressing the rising incidence of non-communicable diseases like diabetes and cardiovascular diseases.”
In his reaction, Comrade Bernard Enyia, the Coalition co-chair and Secretary General of the Diabetes Association of Nigeria, a type 2 diabetes patient, said, “I was particularly excited when I read that the Minister of Finance has made it clear that there will be higher taxation on carbonated drinks by 2022. This will make funds available for the national response to non-communicable diseases. I believe that her promise will come to pass.”
The  group said possible increase in soft drink taxes, which the Minister described as “work in progress”, aligns with the recently updated National NCDs Policy and Multisectoral Action Plan for the Control and Prevention of NCDs in Nigeria.
The revised National NCDs Policy includes recommendations to enact new laws to increase taxes and excise duties on carbonated beverages.
Leading research has called attention to the role that soft drinks play in raising the risk of diseases like obesity and type 2 diabetes. Recent evidence suggests that taxation is effective in reducing the consumption of soft drinks. To date, several countries have successfully implemented sugary drink taxes, including a health promotion levy in South Africa.
Researchers stress that taxation discourages the consumption of soft drinks and lowers the risk of diseases like type 2 diabetes, heart disease, stroke and high blood pressure. Such conditions produce a two-pronged difficulty in that they often cause a lifetime of ill health and a lifetime of healthcare spending.
It said,apart  from the economic benefits of the tax, it  recognizes the positive effect this will have on the health of Nigerians. NCDs account for the deaths of one in three Nigerians and present a significant cause of premature death.
Online Editor by — October 14, 2021 in News 0
Nigeria In Difficult Situation- NESG

The chairman of the Nigerian Economic Summit Group (NESG), Mr. Asue Ighodalo, says Nigeria is currently witnessing difficult situation in the annals of its history.
He disclosed this at a world press conference in Abuja,ahead of the Nigeria the 27th Nigeria Economic Summit tagged “Securing the Future: The Urgency of Now,”
He  said that it was on account of the current state of the nation that his group selected  this year’s theme to draw the attention of all and sundry on the need to address critical problems bedeviling the country.
He added: “We are in difficult times, and there is an urgent need to take decisive action in securing our future. This is why we will converge stakeholders in this year’s event who will participate in 28 Sessions under 5 plenaries.The COVID-19 pandemic has dealt a blow to the economy coupled with worsening insecurity, weak exchange rate unemployment among others and there is no other time to have discussions and act on them other than now,”
According to him Nigeria’s environment has remained unattractive to the levels of capital required to bridge deficits and infrastructure gaps in the country.
He added  that there is a link between  insecurity bedevilling the country and underdevelopment witnessed across all sectors of the economy.
He said: “There is a correlation
between all the causes of insecurity and the crises of underdevelopment in Nigeria, particularly in the areas of
unemployment, low productivity in the manufacturing and other sectors of the economy, low foreign investment, youth
restiveness, abject poverty, religious and social intolerance, decaying infrastructure, high number of children who are out of
school and poor healthcare facilities.
“Our country requires a major economic transformation. We possess extensive human and capital resources but we have not effectively leveraged our resources to catalyse economic growth and development. We need to strengthen our democratic
institutions, prevent conflicts, foster sustained economic growth, and combat external threats that come our way, especially the COVID-19 pandemic in its different variants and mutations, climate change, food insecurity, narcotics trafficking, imported
terrorism and maritime insecurity.”
He noted that the 27th Nigerian Economic Summit was coming at a time “when the underlying weakness of our economy are being clearly shown up.”
According to him,such underlying weakness,include devaluing currency, foreign exchange shortages, trade imbalances, budget deficits, mounting debts, high inflation especially food inflation, food insecurity, low manufacturing capacity, port inaccessibility,
and delays and high costs of moving goods and machinery through the  nation’s ports.
“Our environment remains unattractive to the levels of capital we require to bridge our deficits and infrastructure gaps. Nigeria exited recession with marginal GDP growth of 0.11% in Q4’2020 (NBS, 2021), and grew by 5.01% in Q2 2021 compared with the same period in 2020. Unfortunately, due to the weak correlation between output and key economic indicators, the recent GDP growth is accompanied by increased unemployment, underemployment and more people being sucked into poverty.
“Nigeria’s ranking on the Global Human Development Index remains unencouraging with indications of a further downward slide.In the wake of these painful realities, a profound sense of urgency is now required to effectively tackle all of these issues stunting our growth, economic viability, social stability, and national security.
“At the NESG, we remain undaunted and are confident that the platform created by these Summits over the years have fostered much
better understanding, trust and collaboration between both sectors and thereby ensured a better balancing and economic safeguarding process, regardless the circumstances of our times.”
Ighodalo commended the present administration for the bold initiatives taken to salvage the country amidst COVID-19 pandemic.
“Despite the difficulties of these times exacerbated by the COVID- 19 pandemic, I wish to commend the Federal Government of Nigeria led by President Muhammadu Buhari, for the timely interventions in managing the pandemic and stemming a worse economic fallout in the short term while planning for recovery and growth in the medium to long term.
“I also wish to commend the Federal Government for its ongoing infrastructural
development and economic diversification agenda. The government is implementing bold social programs to reduce the number of our poor through interventionist programs. Still, the fact of the matter is poverty eradication is not just about providing money.
“There is a need to prioritise investments in our youth by upskilling them for the jobs of the future and opening up the social
and political space for them to become a positive force for national development.
“As part of its further response, and a clear sign that our engagements are
working, the government has in its 2022 proposed budget increased its capital expenditure by 18% with increased sums for education and healthcare, indicated plans to grow revenue – to – GDP ratio by 7% in 3 years, seek creative ways of raising infrastructure financing and also strengthen the framework for public private partnerships,” he explained.
He  commended the Federal Government for taking cognizance of key recommendations from the previous summit especially in the area of infrastructure by increasing capital expenditure to 18% .
He  advocated the need for replication of such actions in healthcare, education, digitalization and the MSME Sector.
Earlier in his remarks,Prince Clem Agba, the Minister of State, Budget and National Planning, said the Federal Government is implementing key recommendations from the Nigerian Economic Summit Group (NESG) in order to build a robust economy.
Agba said the conference is taking place at a time that requires stakeholders from bother public and private sector to come together to build economic prosperity
He added:”It is pertinent to say the recommendations of 26th edition of the Nigeria Economic Summit has been forwarded to Federal Executive Council and subsequently to Ministries, Department and  Agencies of government for full implementation.Also, key recommendations from the summit formed a large part of our  the national economic plan.
“The theme of the for this year is crucial as it seeks to explore potential opportunities in the economy under it’s sub-themes which include ,high and sustained growth, political economy, digital transformation, quality of life among others”
Online Editor by — October 14, 2021 in News 0
COVID:19:Africa Faults Imposition Of Vaccine Passports For Air Travel

African Ministers of Aviation have described the much-touted proposal to impose vaccine passports for air travelers as unacceptable.
They said the development would translate  to discrimination against certain groups of population, especially on the African Continent which still has considerable number of its citizens who are yet to receive the vaccines.
The ministers conveyed their position in a statement signed by James Odaudu, Director, Public Affairs, in Nigeria’s Ministry of Aviation
The Ministers also described the proposal as going against the intent of the Chicago Convention on the need to preserve friendship and understanding, reduce threat to general security and establish international air transport based on equal opportunity, operated soundly and economically.
According to the statement, the African Ministers Delegation’s position was made known on Wednesday in a presentation to the ongoing International Civil Aviation Organization (ICAO) High Level Conference on Covid-19 by Nigeria’s Minister of Aviation, Senator Hadi Sirika.
Rather than imposing vaccine passports, the African delegation
They recommended that states party to the Convention on international civil aviation should continue to minimize the risks during travel by ensuring compliance with existing multinational treaties, international frameworks, guidelines, and recommendations.
Sirika, on their behalf, also recommended that Human rights, regional/continental/global health security, economic growth, social cohesion, and good international relations, and use of innovation and technology worldwide to harmonize requirements should be promoted, while transmission of critical information across borders related to public health issues such as COVID-19 and coordination among key players should also be considered.
He also stated that African nations frowned at States imposing unilateral measures of global nature related to public health and asked such states to refrain from such practices and instead take measures that would facilitate the reopening and reconnection of the world.
“There is a clear onus on both public and private stakeholders, to take full measure of the dire circumstances now facing the air transport sector, and to ensure sufficient operational sustainability. These actions are critical to make sure that the world is adequately reconnected, as aviation plays a critical role in the global economic recovery and achieve the realization of the goals of both AU Agenda 2063 and UN Agenda 2030 for sustainable development”.
On the general strategies for recovery, Sirika said: “the global distribution of emergency and humanitarian supplies including the vaccines will no doubt depend on an economically viable aviation system. Aviation is also capable of stimulating recovery and growth of global economy by acting as an enabler and multiplier of economic activity”.
“Considering that the global aviation industry operates as an interconnected ecosystem, it is therefore imperative that all the States of the world implement the ICAO Council Aviation Recovery Taskforce (CART) recommendations and guidance, which are based on the latest development of the COVID-19. ICAO, in collaboration with relevant stakeholders, is required to bring to maturity in short term a consensual modality for establishment and deployment of a global health passport as well as the specification of infrastructure (soft/hard) and training of professionals”.
“As well captured by the Preamble of the Convention on International Civil Aviation (Chicago Convention, 1944), there is an important need to develop international civil aviation to preserve friendship and understanding, reduce threat to general security and establish international air transport based on equal opportunity, operated soundly and economically.
“It is worth noting that the WHO Strategic Advisory Group of Experts on Immunization (SAGE) Roadmap for Prioritizing use of COVID-19 Vaccines in the Context of Limited Supply, acknowledges that there is still a limited supply of vaccines and puts forward seven key assumptions regarding vaccines. This further strengthens the fact that vaccines are still not widely available to all world regions, particularly Africa”.
“It is also important to note that the African Union-led initiative of safe reopening of borders to save lives, economies and livelihoods in Africa has conducted detailed work including a call to action that recognizes that the COVID-19 vaccine rollout will be uneven in all its member states, while conscious of the progress made in science on the same’.
Online Editor by — October 14, 2021 in Aviation 0
Reps  Fault $57 Oil Benchmark  

The House of Representatives have faulted the proposed oil benchmark of $57 per barrel in the 2022 appropriation bill.
The Lawmakers made this observation while debating the general principles of the budget estimate submitted by the president on Wednesday last week to the joint session of the National Assembly.
Leading this line of debate was the charman House Justice Committee, Onofiok Luke (Akwa Ibom) whose only concern was the oil bench mark of 57 dollars adopted by the presidency.
He also argued that 50% hazard allowance for medical practitioners was commendable as the country is still battling with COVID-19.
In his presentation,the minority leader, Hon. Ndudi Elumelu, commended the House for subjecting the budget to a rigorous debate, noting that Nigerians would see the House for what it stands for.
“I thank the House for living up to the expectation of Nigerians by committing the budget to debate, which means we are ready to move the country forward.”
He charged various committees to be up and doing by going to find out which projects were yet to be implemented by government agencies to enable the House do its work.
He added that their findings would inform what the lawmakers would do moving forward, just as he expressed worries about the mounting debt profile arising from numerous loans.
“My worry is the loan, but when loan is taken, it should be for good purpose. We should look at how to strengthen the power sector.
“The budget should be able to address abnormality to ensure that all our hospitals and infrastructure are up to date
“On issue of budget implantation, I want to say that the onus is on the committees. Because some agencies are refusing to implement the budget and I see no reason why we should patronise such agencies.
“I submit that NASS should not give one naira to any agencies that has not implemented the budget. Funds for such agencies who failed to perform must be moved to other areas like education,” he said
Debating the budget, Hon. Leke Abejide (APC, Kogi), lamented the level of borrowing in the present administration,saying : “This is why I have tremendous concern about borrowing because capital projects will achieve growth if properly implemented.”
He also raised concerns that “crude production per day of 1.8 billion per barrel is too ambitious. Price of 57 bench mark per price is too low. There is need to increase it above $60, exchange rate should also be considered.”
Online Editor by — October 14, 2021 in Politics 0
CBN To Parley Judiciary On Loan Recovery

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced plans  to engage stakeholders in the Judiciary to enforce the Special Tribunal for the Enforcement and Recovery of Eligible Loans.
According to the Asset Management Corporation of Nigeria (AMCON),said it still has 7,902 outstanding obligors with a total outstanding loan of above N3.1trn, while 350 obligors alone account for over N2.053trn, with more than 70 per cent of the total outstanding amount.
Emefiele ,who disclosed this  at a workshop for judicial officers on recent reforms of the banking financial services sectors in Nigeria held in Abuja,explained  that the Special Tribunal which is a provision of the Banks and Other Financial Institutions Act which  was introduced to accelerate credit recovery processes and enforcement of collateral rights.
He spoke on the benefits  of the BOFIA 2020, saying that the Act is expected to reinvigorate the Nigerian banking sector as it will engender a sound and stable financial system that will support sustainable growth and development of the Nigerian economy.
According to him,the BOFIA 2020 also strengthens the Anti-Money Laundering and Combating Financing of Terrorism Framework by mandating regulated entities to comply with AML/CFT and cybersecurity regulations.
He said that the BOFIA contains provisions to effectively manage unclaimed funds or abandoned property in dormant accounts maintained with banks, specialized banks and other financial institutions, as well as recovery tools for failing banks.
He added that BOFIA 2020 also provides enhanced recovery and resolution tools for failing banks, specialized banks and other financial institutions in order to prevent a systemic crisis, maintain the financial system stability and sustain depositor confidence, he explained.
Meanwhile,Osun State Government ,has commenced disbursement of N636.195,000.00 as soft loans to the citizens and residents of the State.
The initiative, which was actualised through collaboration with the Central Bank of Nigeria-supported Micro, Small and Medium Enterprises Development, was aimed at expanding the scope of businesses, trades, investments stimulating the economy and reducing the scourge of unemployment in the State.
The soft loans were disbursed through Osun Micro Credit Agency as part of efforts to ensure proper coordination.
Speaking at the flag-off ceremony held at Nelson Mandela Freedom Park, Osogbo, Governor Oyetola said the gesture was in furtherance of the Administration’s resolve to build a virile and healthy economy.
He said the initiative stemmed from the Administration’s Development Agenda that is focused on revitalising the economy for improved performance, noting that  by their enormous productivity and capacity for value and job-creation, MSMEs constitute a critical part of government’s diversification agenda.
Oyetola reiterated his Administration’s commitment to scaling up the ease-of-doing business in the State. He said the initiative would go a long way to resuscitate moribund businesses and investments in the State.
He  disclosed that over N6.5 billion  of the Central Bank of Nigeria and Osun intervention funds have  been disbursed to 31,888 beneficiaries in different categories.
He said the state had invested hugely in the economy as evidenced in the successes recorded so far.
Online Editor by — October 14, 2021 in Banking&Finance 0
Cooking Gas:Nigeria,Others  To Benefit From Sahara Group’s $1bn Investment 

 Sahara Group,says it will invest over 1billion USD to enhance access to Liquefied Petroleum Gas (LPG) in Africa and emerging economies in a bid to boost energy transition on the continent.
Temitope Shonubi, Executive Director, Sahara Group, announced  this at the  African Refiners and Distribution Association (ARDA) conference 2021 in South Africa.
He  spoke on the role of Liquefied Petroleum Gas in Africa’s energy transition.
He said:“Sahara, through its subsidiary, WAGL Energy Limited is already working towards investing $1 billion to ramp up its LPG fleet and terminal infrastructure over the next five years. In addition to the vessel fleet, Sahara is in the process of building over 120,000 metric tonnes of LPG storage in eleven  countries”.
The countries earmarked for the storage tanks which include Nigeria, Senegal, Ghana,  Cote d’Ivoire, , Tanzania and Zambia whose process has commenced and five others in the preliminary stage
He noted that Africa had become reliant on imports to meet its LPG demand as a result of low crude oil refining capacity and absence of adequate wet gas being processed
According to him:“Africa’s refining capacity of 3,343,000 barrels per day is limited to just 20 countries; utilisation rates have fallen from about 75 per cent in 2010 to 55 per cent in 2020. Only six African nations have combined LPG storage capacity greater than 50,000MT.”
“Economic progress is key to harnessing Africa’s latent LPG demand to boost economic performance.”
He lamented that Africa accounted for just four per cent of global LPG consumption last year.
LPG consumption in Africa is low compared to other markets. Africa’s consumption was 14MT (translating to 12 kilogram per person) in 2020, compared to Asia Pacific’s108MT ((27kg/person), North America’s 74MT (123kg/person), Europe & Eurasia’s 49MT (49kg/person), Middle East’s 38MT (60kg/person) and Latin America’s 34 MT (53kgs/person).
Shonubi attributed the low LPG consumption in Africa to the hurdle of affordability, absence of large-scale LPG storage infrastructure, minimal vessels dedicated to the region,  low set-up cost of firewood and kerosene stoves, as well as negative perceptions and fear of explosions due to poor safety standards, among other factors.
“While set-up costs may be high, LPG has higher energy efficiency when compared to kerosene and fuel wood and it has virtual zero sulphur content. LPG is key to achieving the UN SDG 7 – Sustainable Development Goal of Universal Access to Energy,” Shonubi said.
He said converting just 30 per cent of Africa’s vehicle fleet to run on LPG would result in $3bn annual fuel-cost savings and about 40 billion in CO2 emission reductions, while indirect cost savings from health and infrastructure would exceed $15bn annually.
Shonubi,who  spoke on the role of African governments in encouraging LPG adoption, advocated the need for an enabling policy environment to foster adequate private sector involvement and sustainability.
He said funding should be channeled into country-wide investment programmes while megaprojects and regional integration should be accelerated in order to efficiently serve a larger population and grow the economy for multiple countries.
He also advocated growing Africa’s LPG consumption, through investments in LPG infrastructure and financing of LPG use through credit schemes, Pay-as-you-use, penalty for emissions,  reward for global warming reductions, inclusion of bio LPG among others. He was very emphatic about protecting the environment today for a safer and more environmental friendly tomorrow.
 He added that although there is a myth that cooking with fire wood churns out more nutritious meals than cooking with gas,  most of such comparison remained in the mind as there are now seasoning variants that make meals taste the same.
Online Editor by — October 14, 2021 in Oil&Gas 0