All Posts in "Day: December 14, 2021"

CBN,Heritage Bank Boost Wheat Farming With  N41bn 

The Central Bank of Nigeria, CBN, has set aside N41billion, to be disbursed by Heritage Bank Plc to farmers across multiple States for the expansion of wheat production project.
This is to consummate the expansion of Wheat Seed Multiplication Project, as part of the CBN’s Brown Revolution Initiative, an intervention programme to flag-off and support the commencement of dry season wheat farming across States in Nigeria.
The Governor of CBN, Godwin Emefiele,explained that the  move was part of the apex bank’s intervention to address the challenges in Wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap inherited in Nigeria agricultural space.
He said following the successes in the Anchor Borrowers’ Programme (ABP), the apex bank decided to extend the gains recorded in rice and maize value chains to wheat production.
He said the programme would benefit over 150,000 farmers.
According to him, the programme would be implemented in 15 states on about 180,000 hectares of land.
He also said the apex bank sought to save $2 billion spent on importing five million metric tons of wheat annually through the intervention.
“Wheat is the third most widely consumed grain in Nigeria after maize and rice. It is estimated that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria.This enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill.”
He said that unless the issue was addressed, the increasing demand would add more problems to the country’s reserves.
“Given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise. This can only intensify pressure on the country’s reserves unless we take a decisive step to grow wheat locally,” Emefiele said.
He said the programme was expected to add about 2,000 metric tons of seeds to the nation’s national seed stock and potentially add 750,000 metric tonnes of wheat to national output annually through rain-fed wheat cultivation in Plateau, Mambila Plateau and Obudu Plateau in the short-term.
MD/CEO of Heritage Bank, Ifie Sekibo that the Brown Revolution Initiative would help reduce the nation’s food import bill by increasing wheat production, create market linkages between smallholders farmers and Anchors/Processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholder farmers by developing credit history through the scheme and many more.
He said that as a bank it partnered with CBN to ensure wheat planting on wet and dry seasons.
What we want to achieve is to end importation of seeds and make Nigeria self-sufficient in wheat production.
“We are working with about 30 firms focusing only on seed production and also working with CBN to make sure we register all farmers. We believe working with LCFE will move Nigerian farmers from informal approach to a structured approach”, he said.
He further explained that whilst riding on the success of the wet season, “we decided to focus on the dry season which comes naturally to our people.
He added:”As a bank, we are working on two things; one is to ensure the continuous multiplication of seeds and the other is to focus on the grains”
Online Editor by — December 14, 2021 in Banking&Finance 0
Dangote Wins  Most Supportive Company Award

Dangote wins 2020 best company in infrastructure devt., CSR award – Newsdiaryonline
Kano State Chamber of Commerce  Industry, Mines  and Agriculture (KACCIMA) ,awarded Dangote Industries Limited as the most supportive company during the recent 42nd Kano International Trade Fair.
Alhaji Uba Tanko Mijinyawa, Chairman, Committee on Trade Fair, Kano State Chamber of Commerce Industry Mines and Agriculture (KACCIMA) who presented the award explained that Dangote Industries Limited won the award because it  has been consistent and supportive in its philanthropic activities.
Dangote Group was the major sponsor of the just concluded 42nd Kano International Trade Fair that attracted local, national firms and multinational.
In a speech at the ceremony, Representative of Dangote company at the Trade Fair, Alhaji Abdulsalam Waya said the company has recorded giant strides in the area of Corporate Social Responsibility.
Mr. Waya  explained that some of the philanthropic works it has carried out in Kano State include state-of-the-art Surgical and Diagnostic Centre within the premises of Murtala Mohammed Specialist Hospital, Kano.
Others, are construction of a Business School complex within the premises of Bayero University, Kano comprising of auditoriums, lecture theatres, offices, classes and library; as well as the construction of hostels and provision of other facilities at the Kano State University of Science & Technology, Wudil.
He revealed that Dangote Industries Limited is also the largest employer of labour in Nigeria outside the government.
Online Editor by — December 14, 2021 in Next Level 0
COVID-19: EFCC Denies Unvaccinated To Staff Entrance Office

The Economic and Financial Crimes Commission, EFCC, has denied members of staff of its Ilorin zonal command who are yet to collect their COVID-19 vaccine,  access to the office premises along GRA, Ilorin.
The agency explained that the action was sequel to  the directive by the Presidential Steering Committee on COVID-19, which mandated all Federal Civil Servants to be vaccinated or have evidence of negative PCR test for COVID-19, effective from Dec. 1, 2021 in order to access government offices.
The Chairman, EFCC, Abdulrasheed Bawa, had directed that the Federal Government’s directive be complied with, in all the Commands of the Commission, including its Head Office, Abuja.
Addressing staff on the reason for the enforcement, Atinuke Akinroyeje said the step was taken to ensure that staff of the Commission were safe and were vaccinated against corona virus diseases, following reports on the emergence of new variant of COVID-19 otherwise known as Omicron.
Displaying her COVID-19 vaccine card, Akinroyeje enjoined other staff that have not been vaccinated to visit the nearest designated health center and get themselves vaccinated against the deadly corona virus diseases noting that, “the vaccine is safe and effective”.
She added that, “henceforth only staff who are able to provide their COVID-19 vaccine cards will be allowed to enter office”.
She  also warned staff not to hide under the order to run from work unduly, adding that attendance and punctuality at work by staff would be strictly monitored.
Online Editor by — December 14, 2021 in News 0
Assets:Savannah Energy Signs SPAs With Exxon Mobil Corporation,PETRONAS (E&P) 

Savannah Energy has signed Share Purchase Agreement (“SPA”) with Exxon Mobil Corporation, ExxonMobil International Holdings, Inc. and Esso Exploration Holdings, Inc. (“Exxon”).
 It has separately signed an SPA with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS (E&P) Overseas Ventures”) relating to the purchase of each of their entire upstream and midstream asset portfolios in Chad and Cameroon (respectively, the “Exxon Acquisition” and the “PETRONAS Acquisition”).
Both SPAs both have an economic effective date of 1 January 2021.
The development was sequel to Savannah’s initial announcement on 2 June 2021 regarding the proposed transaction with Exxon, and Savannah’s earlier announcements today regarding the Exxon Acquisition and the PETRONAS Acquisition.
The company said the completion of both the Exxon Acquisition and the PETRONAS Acquisition would result in its acquiring a 75% controlling interest in the Doba Oil Project and an effective c. 70% indirect controlling interest in the Chad-Cameroon export transportation system.
It said the remaining 25% interest in the Doba Oil Project is held by the national oil company of Chad, SHT Petroleum Chad Company Limited (“SHT”). The remaining 30% interest in the Chad-Cameroon export transportation system is held indirectly by affiliates of SHT together with the Republic of Chad and the national oil company of Cameroon, Société Nationale Des Hydrocarbures.
Andrew Knott, Chief Executive Officer,said:
“I am delighted that we are announcing this afternoon the signature of SPAs to acquire control of the upstream and midstream assets of Exxon and PETRONAS in Chad and Cameroon. These assets have generated billions of dollars of critical tax revenues for their host countries and free cashflow to their owners since the onset of first oil production in 2003. Further, under our stewardship, we expect these assets in aggregate to generate positive free cashflow and fiscal revenues for Chad and Cameroon for a further twenty-five plus years.
“For Savannah, these deals are expected to see our production levels and reserve base more than double. Further, we see strong potential to significantly increase upstream production and midstream throughput volumes from current levels through incremental investments and look forward to providing more information around our forward plans for the assets, and their potential, upon publication of our AIM Admission Document and the Company’s restoration to trading on AIM on or around December 17.
“I would also like to this opportunity to welcome the incoming employees to Savannah and acknowledge with gratitude the support we have received from our stakeholders in government. Lastly, I would thank the ExxonMobil, PETRONAS and Savannah deal and advisory teams for the hard work that has been undertaken to get to this point.”
Online Editor by — December 14, 2021 in Oil&Gas 0
Kwara To Spend N4.7trn On  10-Year Development Plan 

PROFILE: AbdulRahman AbdulRazaq, Governor of Kwara State, Nigeria [2019 -]
Governor AbdulRahman AbdulRazaq  says Kwara state would spend N4.7trillion on a 10-year sustainable development plan
Speaking at its launch,the governor explained that  the plan is a demonstration of the bright future that the administration pursues for Kwara which is premised  on four pillars of governance and institutional reforms, economic development, social development, and infrastructural development.
He  said the SDP comprises in clear terms,the state’s plan for education, healthcare, security architecture, transport system, rural-urban development, waste management, youth engagements and women empowerment, safety nets, climate change and other environmental issues.
He said:“In January this year, we unveiled a five-year agricultural transformation plan which revolves around our comparative advantage as a state with vast arable land. That agribusiness plan was the first of its kind in our state in many years. However, it was just a standalone, one-sector-specific plan.Today, we are launching a 10-year sustainable development plan (SDP: 2021-2030) upon which hangs everything we need to do to place Kwara on the path of inclusive and sustainable growth,” he said.
“Kwara State had its first development plan in 1970 and it ran for five years. The second development plan ran between 1975 and 1980. This Sustainable Development Plan is the third of such comprehensive Kwara-specific blueprint which plans for the future of the state. The SDP draws from extensive bottom-up consultations with stakeholders. It is anchored on four core pillars: governance and institutional reforms; economic development; social development; and infrastructural development.
“The plan is estimated to gulp N4.7tr between now and 2030 — a long-term investment that is necessary for sustainable growth. The funding will come from public and private sector sources.
“The cross-cutting linkages of the sectors remain an important feature of the plan beginning with the robust sector diagnostic report and the practice-based results monitoring framework.
“The plan has been drawn with full involvement of the bureaucracy and various stakeholders. It also aligns with various high-level policy parameters such as Nigeria’s Sustainability Plan, the African Union Agenda 2063 and the United Nations Sustainable Development Goals.
“Our choice of a 10-year horizon is intentional. Despite its attention to local realities, it serves to benchmark and converge with the UN-SDGs as far as possible, given the 2030 close-out year for both policy instruments,” he said.
In his  remarks,Minister of State for Budget and National Planning Prince Clem Ikanade Agba,said the Kwara plan aligns with the national strategy to tackle various developmental challenges and commended the state government for being one of the few states to have come up with such a robust roadmap.
He  said the five-year national development plan (2021-2025) would require about N350tr to execute.
He said: “I am pleased to note that Kwara State has indeed become one of the first States to do this as the Plan being launched today is sufficiently aligned with the National Development Plan, 2021-2025 and indeed Nigeria Agenda 2050. The Kwara State Sustainable Development Plan, just like the National Development Plan, focuses on developing critical infrastructure, strengthening institutions of governance, developing human capital, addressing security challenges and leveraging on the power of the private sector as pivot of development.
Online Editor by — December 14, 2021 in News 0
NLNG Awards 11 Overseas  Scholarships

The Nigeria LNG Limited has awarded postgraduate scholarships to 11 Nigerians to pursue Masters’ degrees in leading universities in the United Kingdom.
The award offer was made known by the Nigeria LNG Limited on Monday in Port Harcourt, the Rivers State capital.
NLNG offers post-primary, undergraduate and postgraduate scholarships to students in her host communities and across the country.
The  company said Postgraduate Scholarship Scheme was launched to grow a pool of dedicated professionals to bridge specialist skills gaps in line with the Company’s vision of helping to build a better Nigeria.
The scholarship is fully funded and administered by the NLNG.
Eyono Fatayi-Williams, General Manager External Relations and Sustainable Development, NLNG, in her keynote address at the event, remarked that the postgraduate scholarship scheme was designed as part of NLNG’s Social Investment in education.
She said: “As a global LNG company determined to constantly improve its local community, its business and the country at large, through human capital development, NLNG is offering you this opportunity as an investment in you trusting that when you graduate and return to our country, you’ll contribute to the development and advancement of our nation.”
Also present at the event was Godson Dienye, Manager, Community Relations and Sustainable Development.
He stated that since its inception, Nigeria LNG, in line with the United Nations Sustainable Development Goals, has made education a key focus of its human development pursuits.
According to him, the postgraduate scholarship scheme was “one of the most outstanding of our scholarship schemes because of its important role in national development.
“The importance of research in the development of any company or country cannot be overemphasized.
“And the level of education that offers the window into research is unarguably the postgraduate level of education.”
The scholarship covers tuition, accommodation, living expenses and travel and is valued at around 30,000 pound for each scholar.
Particular focus is given to select professional courses, which include Engineering, Geosciences, Environmental Studies, Management Sciences, Information Technology, Law, and Medicine, all at Masters degree level.
A total of 89 Nigerian students have been awarded postgraduate scholarships since the programme started in 2013.
The NLNG Scholarships Scheme is one of NLNG’s interventions in education.
NLNG built and equipped the Bonny Vocational Centre, which helps to bridge the gap in technical education in the country.
To date, the BVC has trained over 400 Nigerians in a range of vocational and related occupational skill-sets.
The Company also funds the NLNG Youth Empowerment Scheme.
Over 1,200 youths from Rivers State are participating in different short-term entrepreneurial skills in 2021.
Online Editor by — December 14, 2021 in Education 0
5G:FG  Rakes  In N227bn  From Sales Of Licenses To MTN, Mafab 

 MTN Nigeria and Mafab Communications have emerged winners of the two slots of the 3.5GHz spectrum auction for the Fifth Generation (5G) network licenses for a total fee of $546m or N226.6 billion .
Professor Umar Danbatta, Executive Vice-Chairman, Nigerian Communications Commission,who  oversaw  the auction,said the bids ended at $273million for each.
This came after nearly eight hours and 11 rounds of auctions which began at $199.37 million as against the reserve price of $197.4 million.
MTN Nigeria, Airtel Nigeria and Mafab Nigeria Communications Ltd participated in the live auction held at Hilton Transcorp Hotel, Abuja.
The surprise bidder was Mafab Nigeria Communications Ltd, a  new entrant in the telecommunications sector in Nigeria.
Mafab Communications, led by Alhaji Musibau Bashiru, was licensed in July 2020, as an International Data Access (IDA) by the NCC.
Each auction in the first six rounds lasted 20 minutes and none of the bidders backed down as the price steadily moved up using the ascending clock auction format.
In the second five rounds, the bidders were given 10 minutes each to put up their bids.
At the end of the 11 rounds which ended at 7.20 pm, the bid per slot was $275, 904,886.25.
In  his speech before the beginning of the auction, the Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami said the government of President Muhammad Buhari had already made a number of giant strides in the development of digital economy and the deployment of 5G networks will further support our efforts.
He said the World Health Organization (WHO) and International telecommunications union issued their verdict confirming the safety of 5G and that it has no health implications.
According to him,the pronouncement  provided the grounds for nations to be proficient in 5G deployment
He added:“Nigeria has the largest digital economy in Africa, largest telecommunications and broadband subscribers. By 2022 we will have the largest 5G coverage in Africa.
“We tried to study the 5G and see how we can maximize the benefit. It will go a long way to support the solution towards the security challenges in Nigeria because Will provided avenue for the security institution to leverage the technology.
“You need big data analytics, internet of thing, robotic. All these is not possible without 5G
At the top of our agenda is to support our security institutions
He said in today’s world,  digital technology is not about socialization but the key enabler of other sector. It sustain the financial sector.
The NCC board chairman, Prof Adeolu Akande, said the main objective of the auction was not just the offer of a premium frequency, it was also aimed to support the deployment of 5G in Nigeria, which has been identified as a critical factor for the growth of the national digital economy.
Akande said the two sloth of spectrum will be offered based on the highest valuation of the spectrum on offer through a transparent and competitive process.
He said 5G is a critical factor for the growth of  a nigerian digital economy.
The Executive Vice Chairman of NCC, Prof Umar Garba Danbatta said the auction was based on the powers bestowed on the Commission by Section 121 of the Nigerian Communications Act 2003 as well as the Licensing Regulations 2019.
Danbatta said the auction  will herald a new era of mobile technology deployment.
Online Editor by — December 14, 2021 in Oil&Gas 0
Nigeria Regains Weight In Africa,Produces ‘47,000 Barrels Per Day

The Organisation of Petroleum Exporting Countries (OPEC),has declared that
 Nigeria has regained the top spot in Africa, producing an average of 1.27 million barrels per day last month.
The cartel announced  this in its Oil Market Report for December 2021
The new OPEC report showed an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in October 2021.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.72 mb/d in November 2021, higher by 0.29 mb/d Month on Month,” the report reads.
”Crude oil output increased mainly in Saudi Arabia, Iraq, and Nigeria, while production in Angola, Libya and Congo declined.
The report said the improvement in oil prices still supported the economic recovery but was hindered by the elevated inflationary and labour market pressures.
The report showed that the inflation eased to 15.99 percent in October 2021, from 16.63 percent in September, marking the lowest rate since last December, largely due to a sustained moderation in food prices.
It added:“On a monthly basis, consumer prices increased by 0.98 percent following a 1.15 percent rise in the previous month, it added.
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index reflected a solid expansion in business conditions despite the ongoing overall prices increase as it rose to a four-month high of 55 in November, up from 54.1 percent in October.”
Online Editor by — December 14, 2021 in Oil&Gas 0
Nigerians To Pay More Taxes Next Year

Amidst hardship, Nigeria's finance minister hints at additional taxes in 2022
The Federal government  says Nigerians would pay more  taxes across board  next year  through the provisions of the new Finance Bill.
It is also seeking to empower the Federal Inland Revenue Service (FIRS), to collect all Trust Fund levies from companies and agencies in the country through the provisions of the bill.
The minister of Finance, Zainab Ahmed while speaking at the public hearing on the bill in the House of Representatives .
She explained that  the bill was drafted with inputs from relevant government agencies including the Federal Inland Revenue Service and the Debt Management Office in line with global best practice with intention to increase revenue and reposition SMEs with several reforms to boost the economy.
 The finance bill,she added, is expected to guide the implementation and execution of the 2022 budget.
She said:”It was done in line with global best practices to increase revenue and reposition SMEs with strong reforms to boost the economy.We prepared this draft bill along with five reform areas, the first is domestic revenue mobilisation, the second is tax administration and legislative drafting, third is International taxation, fourth is financial sector reforms and tax equity and fifth is improving public financial management reform”, she said.
She emphasized the  need to revisit the antiquated stamp duties and capital gains tax for holistic reform by the parliament.
“The provision in the draft bill is proposing to amend the Capital Gains Tax Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp Duties Act and Tertiary Education Act, Value Added Tax, Insurance Police Trust Fund and the Fiscal Responsibility Act.
“This is also to amend the Police Trust Fund Act and the Nigerian Trust Fund Acts, the purpose is to empower the FIRS to collect the Nigerian Trust Fund levies on companies on behalf of the fund itself.
“As I speak, there is no such provision, the FIRS is unable to start collecting on behalf of the fund. Also, it is to streamline the tax and the levy collection from the Nigerian companies in line with Mr President’s administration ease of doing business policy.
“So we do not have NASENI going out to collect that tax, the FIRS will collect on their behalf during their collection process and it will be passed through to them,” she stressed
James Faleke, while welcoming stakeholders to the public hearing assured that their contributions to the finance bill was important for the success of the 2022 budget implementation.
He said the finance bill comes with the yearly budget to enable a full and comprehensive execution to meet the aspiration of both government, the citizens and the economy in general.
Online Editor by — December 14, 2021 in News 0