All Posts in "Day: November 4, 2021"

Death Toll In Lagos High Rise Building Now 36

Death Toll Rises To 36 – Channels Television | NAIJASURE
The National Emergency Management Agency (NEMA),says death toll at the scene of a high-rise building that caved in Ikoyi axis of Lagos State has risen to 36.
The agency says the revelation came  after fourteen additional dead bodies were recovered by the emergency rescue team under rubbles of the  crashed  structure.
Besides,the agency said no additional person has been rescued under the rubbles, leaving the number of victims that survived the disaster and rushed to a state-owned medical facility, Lagos Island General Hospital in Marina, for adequate medical care to 9 while two have been discharged.
NEMA Acting Coordinator, Lagos Territorial Office, Ibrahim Farinloye, confirmed that thirty-three of the fatalities were men while the three others were women.
He added“So far, 36 people – 33 males and three female — have been confirmed dead, while there were nine survivors”
Online Editor by — November 4, 2021 in News 0
Attah Makes Membership Of Technical Committee For Presidential Executive Order 

Why We're Holding Maiden Ajaokuta Steel Conference', -Mohammed Bougei Attah – Security Monitor
A civil society expert and procurement professional, Mr. Mohammed Bougei Attah (MBA), has been appointed into the Technical Consultative Committee of the Strategy Implementation Task Office for Presidential Executive Order 5.
He will serve  in the  committee both as a professional and CSO representative
The committee was inaugurated today at the Federal Secretariat by the Honourable Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu.
The inauguration was sequel to the inauguration of the “Presidential Monitoring and Evaluation Council” for full implementation of Executive Order No.5 (SITOPEO) by the President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR earlier in the year.
This is in line with Section 11 of the Guidelines for SITOPEO-5 signed into law on second day February 2018 by the President. The task of the Committee shall assist SITOPEO-5 to achieve the objectives of the Order 5 which include planning and execution of promotion of Nigerian content in procurement contracts, science, engineering and technology.
Mr. Attah is Executive Director of NGO Network and the National Coordinator of Procurement Observation and Advocacy Initiate, PRADIN, a select group of non-state actors, trained under the World Bank and Government of Nigeria Economic Reforms and Governance Project.
Online Editor by — November 4, 2021 in Next Level 0
Shell Introduces  New Energy Business Line 

Shell unveils new energy business line in Nigeria - Punch Newspapers

 

Shell has announced a new business line in Nigeria to expand natural gas marketing and sales to meet the rapidly growing energy needs of wholesale customers and provide more and cleaner energy solutions in the country.

 

Shell Energy Nigeria aims to deliver competitive and reliable energy for power generation and industrial users and to develop gas distribution to serve people in new regions.

 

“In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources,” said the General Manager of Shell Energy Nigeria, Markus Hector.

 

Shell Energy Nigeria’s gas solutions are designed to partner with other sources of energy – including renewables – to provide competitively priced and flexible energy, while helping the country to transition to a lower carbon energy system.

 

The new business will draw on the capabilities and experience of Shell Energy, a leading global provider of reliable, integrated and innovative energy solutions from a portfolio of natural gas, power and environmental products. It offers a comprehensive selection of energy solutions available from a single supplier and made possible by one of the industry’s largest trading operations.

 

Country Chair of Shell companies in Nigeria, Osagie Okunbor, said, “Shell Energy Nigeria demonstrates our ongoing commitment to powering progress by providing more and cleaner energy solutions in the country. It brings to Nigeria Shell’s decades of marketing and trading experience, a wealth of market knowledge and its ability to integrate energy solutions to support economic development in Nigeria.”

Online Editor by — November 4, 2021 in Oil&Gas 0
FG Requires  N7.4tr To Rehabilitate 854 Roads

FG To Rehabilitate 2km Road At UNIJOS For N89 Million
The Federal Government needs N7.4 trillion to fund 854 road projects across the six geo-political zones of the country.
It  further  defended the recent incursion of companies into the construction of federal roads under a policy known as  Credit Tax Scheme, saying it was to overcome the challenges of raising funds for the sector.
Minister of Works and Housing Babatunde Fashola disclosed this while defending the ministry’s  2022 budget before the House of Representatives Committee on Works in Abuja yesterday.
Fashola said: The total contract sum is N7.430 trillion of what we have in the works covering 854 roads across the six geopolitical zones. But that must speak to the need to contain our spending and our new commitments.
” Those projects are categorised into items one to four. One is the projects financed by the Presidential Infrastructure Development Fund managed by the NSIA, the highway projects financed by the Sukuk.
“We have roads financed by the Infrastructure Tax credit scheme and we have projects financed by Multilateral loans taken by the Federal government in the name of the Federal Republic.”
The minister also told the committee that the ministry’s  indebtedness to contractors stands at N420.6 billion
He also reaffirmed government’s promise to complete   Lagos/Ibadan Expressway and the Second Niger Bridge next year.
The minister disclosed that the ministry had decided on the completion of ongoing road projects rather than embarking on new ones.
He explained the adoption of the Credit Tax Scheme for road construction by some major companies, saying MTN, UNILEVER, Floor Mills and power generation companies had also indicated an interest in the policy.
Fashola said:  “The Lagos/Ibadan express road is scheduled for completion in 2022. At the moment, we have done cumulatively about 90 kilometers in sections one and two.
“For the Second Niger Bridge, the plan is to complete it in 2022 and it is on schedule. The contractors tell us that the bridges will be fully connected by the end of quarter one in 2022.
“So, by the end of the first quarter, you can walk on it from the beginning to the end. We lost some time during the COVID-19, but they are working to gain the time lost.”
The minister also explained why 21 roads across the six geo-political zones were selected for completion by the NNPC under the Credit Tax scheme. He said monies already budgeted for such roads in the budget would be used to complete other roads in the same zones.
On the tax credit scheme, he said: “This scheme was initiated by the previous administration. So, it is an inherited policy, but it was not implemented. It was in 2016/2017 when we were looking for how to fund the budget that I came across it and the first project was the Obajana/Kabba Road.
“The scheme had a sunset date and so, was going to lapse and we thought this was a useful way of finding money to fund some projects. We recommended it to Mr. President and he approved that we should continue with it.
“At the time the Executive Order was signed, a list of roads was recommended to the President because there were complaints that only two roads were benefiting. So, a set of roads were presented to the President and he approved those roads to create a balance across the zones.
“There have been subsequent requests which extend beyond the approval of the President and these explain how the roads are picked.
“Usually, it is the taxable entity who applies to say I want to do this road. What you often find is that all the roads that are chosen by those who want to use the credit have a business benefit for them and that is eminently sensible.
“The taxing entity pays the tax in advance. It is not the usual process where we wait for them to declare a profit, What tax credit means is that you are advancing tax to the government.
“Anybody who wants to provide the infrastructure that the public can use is eligible to use the tax credit.
“Beyond NNPC(Nigerian National Petroleum Corporation), there are other interested companies like Unilever, MTN, GLO, Flour Mills who are already showing interest.  We just received requests for three roads from one of the major power generation companies, saying they want to take on these roads.
“Over the last three years, we have been trying to find a way of solving this problem and NNPC now came up with this solution. Payment for these contracts will be paid by NNPC subject to condition.
“We have told the contractors that under this scheme, nobody is bringing variation or augmentation. If you can’t do it, own up and get out of the scheme.”
He explained that  N282.6 billion was set aside for the Ministry in the 2022 budget estimate, necessitating the prioritisation or projects for completion across the six geopolitical zones.
Lamenting the low budgetary allocation to the ministry, he said apart from the pressure to pay contractors for jobs already completed, there was the problem of inadequate allocation, where N100 million or N200 million is allocated for roads costing several billions of naira.
Fashola said there was the need by the ministry to concentrate on existing road contracts rather than embarking on new ones.
“Enough of new roads and new projects. Let us concentrate our limited resources to complete or progress what we have started,” he added.
Chairman of the Committee Kabiru Bichi said it was commendable that even in the face of existing financial constraints, the Federal Government is implementing over 800 road contracts.
Online Editor by — November 4, 2021 in News 0
CBN:eNaira More Reliable Than Cryptocurrency

eNaira more reliable than cryptocurrency, says CBN
The Central Bank of Nigeria has said the eNaira is more reliable than cryptocurrencies.
The CBN Director of Corporate , Communication,Nmandi Okwuosa, said this at the CBN Fair to sensitise stakeholders and the general public in Abia and Ebonyi States.
He described the eNaira as a legal tender issued by a sovereign nation and regulated by the Central Bank of Nigeria, whereas cryptocurrencies are unregulated.
He said, “Digital currency (eNaira) is more reliable than cryptocurrency which is not regulated.”
The fair themed ‘Promoting financial stability and economic development,’ provided an opportunity for stakeholders and the general public in the two states to understand the eNaira, consumer protection, currency operations, payment system management, and development finance initiatives.
He added that the CBN was constantly keeping an eye out for threats to Nigeria’s financial system, putting it in at a vantage point when providing reliable economic advice, adding that people “must listen to us.”
Okwuosa stated that losing money to scammers and unregistered financial institutions will be eradicated if people listen only to the bank and avoid unregulated institutions.
Online Editor by — November 4, 2021 in Banking&Finance 0
Exams Malpractices: ICPC Arrests  48 Lecturers, Security Officers

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Department of State Services (DSS) have arrested 48 individuals over their alleged illegalities in the conducts of the Joint Universities Preliminary Examinations Board (JUPEB).
The joint operation tagged “Operation Combo” conducted in collaboration with the Ministry of Education, led to the arrests of lecturers, security officers, workers and students from some of the participating universities in the examination,Azuka Ogugua, ICPC’s spokesperson,said in a statement.
He said: “Operation Combo was simultaneously carried out by the operatives of ICPC and DSS in seven states after extensive monitoring of tutorial schools allegedly known for notoriously compromising JUPEB examinations.
“This, has led to the arrest of the President of Tutorial School Owners (ATSO).”
The operation, a consequence of sustained period of surveillance and undercover investigations spanning several weeks, led to multiple arrests of suspects including parents of candidates of the exam.
Also arrested were lecturers and others involved in examination malpractices and other illegalities in the participating institutions.
The suspects were said to have been arrested from Wellspring University, Benin, Edo State; Christopher University, Mowe, Ogun State and Crown-Hill University, Ilorin, Kwara State.
The statement also said  the raid of tutorial centres by operatives in McPherson and Precious Cornerstone universities in Ibadan and Ilara-Epe, in Oyo State respectively, led to more arrests of suspects.
“Credible intelligence gathered during the operations showed active connivance of the parents of the students and the management of the universities.
“Three current Vice-Chancellors have been invited by ICPC for their roles in the unchecked and massive malpractices reported.”
It was revealed that syndicated social media platforms were created by the facilitators for leaking questions and circulating answers to students for a fee during examinations.
Investigation also revealed that candidates, who are mostly minors, allegedly paid between N350,000 to N500,000 each to the suspects in the various tutorial schools to engage in the illegalities.
The cartel, in connivance with the coordinators of the examination centres and other management staff of the institutions, deliberately allowed security lapses to enable the candidates go into examination halls with smart-phones and other electronic devices to send question papers to waiting groups online and subsequently, receive answers to questions thereby engaging in massive malpractices.
Online Editor by — November 4, 2021 in News 0
JAMB Remits N3.51bn To FG

The Joint Admissions and Matriculation Board(JAMB) has remitted the sum of N3.51b to the national treasury as part of its 2021 operating surplus.
Head of Public Affairs and Protocol Unit of JAMB, Fabian Benjamin, who disclosed this in a statement,noted that the 2021 remittance was in line with Prof. Is-haq Oloyede’s avowed commitment to prudent management of public resources.
It read, “This commitment to probity coupled with the adoption of international best practices make for cost-effective operational processes and attendant savings to yield those humongous remittances to government coffers. This has been the norm rather than the exception in the last six years beginning from 2016 when he remitted the whopping sum of N7b and repeated the same in subsequent years.
“It is pertinent to note
that one of  the direct  benefits of the sustained remittances by the Prof. Oloyede-led management  manifested in the reduction of the cost of the application documents (UTME and DE) by candidates from N5,000 to N3,500  in 2018 by President Muhammadu Buhari.”
According to him,the singular act has ensured the annual transfer of over N3b to the purse of parents and guardians of candidates as a consequence of the slash in the price of UTME forms.
The statement added, “The Board as led by Prof Is- haq Oloyede would continue to prune down the cost of governance and release resources for other needy national prioritized areas.”
Nigerian School Leavers Lack Productive Skills-NDE
Majority of the school leavers and graduates of tertiary institutions did not possess marketable and productive skills which would have enabled them to start a business on their own when opportunities for wage employment seemed to be diminishing”, he said.
Online Editor by — November 4, 2021 in Education 0
Chevron Nigeria Gets New  Communications Manager

Chevron Nigeria Limited (CNL), operator of the NNPC/CNL Joint Venture has appointed Victor Anyaegbudike  as new Communications Manager in its Policy, Government and Public Affairs Department (PGPA).
Mr. Anyaegbudike was until his current appointment the External Communications Coordinator for CNL.
He  holds a Bachelor’s degree in Mass Communication from Enugu State University of Science and Technology, and a Master’s degree in Mass Communication from the University of Nigeria, Nsukka.
According to a statement signed by the General Manager, Policy, Government and Public Affairs, Mr. Esimaje Brikinn, Mr. Anyaegbudike joined Chevron in 2007 as a Field Communications Representative, and has held positions of increasing responsibility in his Chevron career including Senior Communications Representative, Communications Coordinator (PGPA Field Operations) and External Communications Coordinator.
Mr. Anyaegbudike replaces the former Communications Manager, Sola Adebawo, who retired from the company recently.
Online Editor by — November 4, 2021 in Next Level 0
LASG Constitutes Panel To Investigate Ikoyi Building Collapse,As Group Seeks Compensation For Victims

Governor of Lagos State, Mr.Babajide Sanwo-Olu said constituted  a 7-man panel has been set up to investigate the cause of the building collapse within 30-days.
 He said the panel members who are thorough professionals in their field are drawn from the private sectors.
“I have set up a high power commission of enquiry and its consists of everybody but outside of government and they have been given a thirty day assignment to identify what has gone wrong on the collapsed building.
The members of the panel are: Town planner Tayo Ayinde is the current president of Town planner Institute of Nigeria, Doctor Akintilo Idriss Adeleke, the foremost structural engineer in Nigeria, Architects Yinka Ogundairo, Builder Godfrey O Godfrey and Mrs Bunmi Ibrahim, a lawyer and property developer and the secretary of the panel is Ekundayo Onajobi  and I am going to sign an executive order to give a legal backing to their composition and made their report known within thirty days.
Condoling with the family of those who lost their lives at the 21 storey building, Sanwo-Olu  said the incident was a clear national disasters , noting that mistakes were made from all angles and this were things that were not supposed to be happening in a modern day city like Lagos.
“I want to also thank and commend the first responders that are being here almost two days now to see  how they can bring out many survival possible and it has been a difficult journey for everyone of them and our Governmwnt appreciate their work and will would continue to ensure that whatever needed to be done to get to root cause of the issue.
“Since I came back from abroad where I was attending  event, active work has been going on at the site and we have created a camp where family members are to register the names of their missing love one and their contact phone number.
“It was also on record that we have asked the managing director of building control agency to go on indefinite suspension, we have to take from the head of the agency and we are rest assured that if there are other people culpable they would also face the full wrath of the law.
“We are still conducting a search and rescue operation. We are pumping in oxygen and water intermediately  into the debris so that those who are still under can survive.
We do not know when this will be completed, or how long it’s going to take. I can assure you we have enough resources and men who will continue to stay there until we can rescue all and the last person out of the rubble. Hope is all we required at this moment.
“We will continue to do the best that we can, this is not a typical search and rescue building collapse, it is a total floor by floor, all coming down, there is no pillar in any form, it is a total drop of floor by floor. It is a very really tough exercise that is being done.
We felt for the family , people are indeed upset and not comfortable. I can assure them that we are doing everything humanly possible.
“What we are going to do for the corpse that has been recovered, is to identify corpses, right now as we speak, we are conducting autopsy and we believed that before the end of today or sometimes tomorrow, the corpse should be ready for pickup for the family members.
Meanwhile,the Socialist Party of Nigeria,SPN,
has sought adequate compensation for all victims of the building collapse and their families.
The group in a statement also demanded comprehensive integrity tests on all high rise buildings in Lagos State including all physical structures suspected to have been built with substandard materials or in violation of approval in order to avoid a repeat of this tragedy.
It demanded immediate sack, arrest and prosecution of the General Managers of the Lagos State Building Control Agency (LASBCA) and the Lagos State Physical Planning Permit Authority (LASPPPA) as well as other Ministries and agencies that ought to have ensured strict compliance of the developer to the building approval issued as well as other standard procedures.
According to the group,the Lagos state government should arrest and prosecute the owners and officials of Fourscore Heights Limited as well as the contractors working with the company on the building project.
 It also demanded an independent and democratic probe panel comprising representatives of professional bodies like the Council of Registered Builders of Nigeria (CORBON), Nigerian Society of Engineers (NSE), Nigeria Institute of Surveyors (NIS) etc and trade unions like the National Union of Civil Engineering, Construction, Furniture and Wood Workers (NUCECFWW), NLC and TUC, civil society and community associations with a view to unravelling the factor behind this building collapse and the incessant cases of building collapse in different parts of Lagos State.
It said:”In conclusion, the incessant building collapse in Lagos state is no doubt a product of the domination of the construction sector by private capitalist developers who in a desperate search for profit do not mind cutting corners and bringing down costs by underpaying workers and using substandard materials thereby endangering the lives of members of the public. Instead of regulating them, it is these private capitalist developers who regulate the government as seen in how they readily and freely utilize the apparatus of the State especially the Police and the army for their own end including snatching the lands of the poor by demolishing their houses, shanties and shops.
“The SPN hereby demands an end to the unconscionable waste of workers and human lives on the altar of capitalist profit. We demand that the Lagos state government takes up its responsibility to provide housing for the people as done previously by Lateef Jakande government in the state. This is still achievable by overhauling and re-tooling the Lagos State public works department to carry out massive housing projects across the state to ensure that the enormous deficit in housing is addressed in order to end homelessness, slum-dwelling as well as the unconscionable waste of human lives by private developers cutting corners to make profit”
Online Editor by — November 4, 2021 in News 0
SEC Boss Assesses Prospects Of Non-Interest Finance 

The Director General of the Securities and Exchange Commission, Lamido Yuguda has stated that the Non-Interest finance segment holds great potentials in furthering the development of the capital market and the growth of the Nation’s economy.
He spoke at a one-day Webinar with the theme “The Imperative of Non-Interest Capital Market for Pension Industry, where he also said this product has been judged as one of the most appropriate for the funding of long-term infrastructure.
According to him,the pension industry is one of the fastest growing sectors in the nation’s economy with assets under management of N13trn as at the end of September 2021 adding that of this impressive amount, less than N80bn is invested in sukuk representing a little less than 1% of total pension assets under management.
“This calls for more innovative financial products to deepen our market and sustain the growth in the industry especially in the non-interest segment. We strongly believe that the capital market has a leading role to play in this regard by providing a variety of long-term investable products to service the needs of the pension industry as well
as other investors with similar focus.
“It is encouraging that the national pension commission has taken concrete steps to improve the regulatory framework for the investment of pension funds in the non-interest capital market by the introduction of operational framework for the non-interest fund.
“This will no doubt provide an additional opportunity for retirement savings account holders and retirees to invest their savings in financial instruments that are aligned with their lite goals and objectives. Indeed, the operationalization of the funds definitely accelerates the national financial inclusion agenda while increasing the quantum of investible funds by unlocking the untapped capital.
He added  that as at September 2021, the total assets stood at N7.79bn
constituting about 0.059% of total pension assets under management expressing the hope that the fund assets will grow with robust public awareness, education programs and capacity building of stakeholders through seminars, workshops and programs such as this.
“The SEC in realization of the potential of the noninterest segment of the capital market, has a veritable avenue for providing long-term capital launched its 10-year capital market masterplan with a very strong focus on the development of the non-interest capital market segment through awareness creation, capacity building, review of regulatory framework and development of non-interest projects and services.
“I am happy to report that a significant number of its strategic initiatives have been achieved as several sharia/ethical funds have been registered by the SEC. In addition, the SEC collaborated with the MO towards providing a framework for the issuance of the first FGN Sukuk in 2017 and two other issuances of sukuk have followed.
However, we believe that more work still needs to be directed towards achieving other critical initiatives of non-interest in our capital market plan.
‘At SEC, we have been approached by a number of potential corporate issuers of
scope and we have registered the first issuer of scope, we are aware that a number of corporate issuers are interested in issuing sukuk, but some of them have noted that they will like clarity on the neutrality of the sukuk vis-a-vis corporate bonds.
“The increased supply of scope will hasten the development of the non-interest capital market because I am confident that the non-interest finance experts gathered here today will invoke the interest and attention of participants and enhance their knowledge of the subject to eventually lead to the birth of promoters and on takers of non-interest products of the capital market”.
Speaking,Director General of the National Pensions Commission,
PenCom Haji Aisha Dabir Umar commended the SEC for organizing this webinar on the Imperative of non-interest capital market products for the pension industry.
Represented by Commissioner Administration, PenCom, Dr. Umar Farouk Aminu, the PenCom Boss acknowledged with appreciation, the collaborative efforts of Pencom and SEC which have over the years laid acceptable values and good governance standards in their investments of pension funds in the Nigerian capital market.
She said, “As you may be aware, Pencom, recently released a list of operational quidelines for non-interest funds. It is our belief that this singular act will promote financial inclusion in Nigeria, and particularly drive enrolment in the macro pension fund. It is my call that industry practitioners gathered here will come up with practical measures to facilitate the issuance of non-interest instruments in the market”.
Online Editor by — November 4, 2021 in SEC 0