All Posts in "Day: March 30, 2022"

‘How FCCPC’s Investigations Reduced Shipping Cost Of Products In Nigeria’

The Federal Competition and Consumer Protection Commission(FCCPC), has raided five shipping companies as part of its efforts to nip in the bud  high cost of shipping products to Nigeria.
The shipping cost from China to Lagos has reduced from $14,000 to $10,500 per a container in the last six months says . Babatunde Irukera,Executive Vice Chairman of FCCPC, at a new conference on Wednesday in Abuja.
 
The huge cost of shipping products into Nigeria,he said is outrageous .
He said: “We have open large investigations into shipping companies. Before the COVID-19 pandemic, a container from China to Lagos was going for between $3,500–$5,000.Gradually, the shipping of the same container went up to $14,000. By the time we intervened in the shipping industry, it came down to $10,500.”
He said the  outcome of such investigations and interventions was not the ultimate, but the behavioural change such interventions would have on the country
He disclosed that the commission  has also frozen the bank accounts of over 30 illegal digital loan companies operating in Nigeria.
The  commission in a joint operation,he said, had on March 12, 2022, shut down the offices of some illegal online banks.
The Enforcement Team, according to him,  is made up of the personnel of the FCCPC, National Information Technology Development Agency(NITDA), and the Independent Corrupt Practices and Other Related Offences Commission, among others.
He expressed the  commitment of the commission to ensure  that consumers are treated fairly, adding that it would provide robust regulatory framework to protect over 200 million Nigerians.
He  said  the commission is developing business guidelines for them to ensure fair practice as part of measures to check the mode of operations of digital lenders in the country.
Irukera said the Commission had ordered Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications belonging to illegal online banks operating in Nigeria.
He disclosed that the FCCPC was currently engaging three major loan companies whose businesses had been affected by its raid.
According to him, “The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated.All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.
“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.
“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure they are modifying.It will take some time but I can assure you that the space is changing now.”
admin by — March 30, 2022 in Business 0
REA To Boost Electricity With Fresh $561m  Loan

The Rural Electrification Agency REA,has  obtained financing amounting to $550 million .
The agency said $350 million loan was obtained  from the World Bank and $200 million from the African Development Bank for financing the Nigeria Electrification Project, and an additional $11 million for financing the Rural Electrification Fund for the deployment of solar hybrid mini grids and solar home systems.
These funds will ensure that millions of Nigerians have access to clean, safe, reliable and affordable electricity,the agency added.
The agency further said  it held a roundtable meeting with Energizing Economies Initiative (EEI), a  private power fevelopers in order to identify implementation gaps, improve service delivery and strengthen the initiative to achieve the desired goal of providing constant and reliable electricity in economic clusters in Nigeria .
The agency explained that the Energizing Economies Initiative (EEI) is a Federal Government of Nigeria (FGN) initiative being implemented by the Rural Electrification Agency (REA).
The focus of the EEI is to electrify economic clusters in Nigeria – which include markets, shopping plazas/complexes and industrial clusters in line with the FGN’s goal of increasing electricity access.
The REA is mandated to implement the initiative through Technical Assistance to private project developers; this includes identification and audit of economic clusters, facilitation of engagement with key stakeholders and technical support for project development and operation.
Over 300 clusters have been identified for electrification across the country in different phases. So far, over 12,000 shops are now receiving clean, safe, reliable and affordable electricity supply.
At the  launch, the pilot phase of the Energizing Economies Initiative has commissioned the Sura Shopping Complex Independent Power Project in Lagos State powering 1,047 shops, as well as the Ariaria International Market (Independent Power Project), Aba, Abia State, powering over 4,000 shops. Also, launched were over 6,000 energized shops at Sabon Gari market, Kano State with more connections in the pipeline.
The EEI developers were sufficiently represented at the Roundtable, with representatives from Ariaria International Market Energy Solutions (AMES) Limited, Solad Integrated Power Solutions Limited, Rensource Energy Limited and Green Village Electricity (GVE) Projects Limited all present at the REA.
At  the roundtable, the setbacks faced by the Private Developers as stated by their representatives include; technical and legal solutions to customer bypass, funding constraints, gas unavailability, power shortage and system collapse due to system capacity, inadequate provision of metering, electricity vending system issues and challenges with customer service delivery.
Acknowledging the challenges faced by the Developers, the reiterated the need for them to deliver on their obligations as enshrined in their bilateral and tripartite agreements.
According to the agency, some obligations are not being met by the developers in view of the performance of their projects,adding that  some of these challenges are externally induced .
The agency advised the developers to strengthen their communication culture by proactively updating their customers on key information and/or technical issues in order to keep their stakeholders up-to-date, per time.
Responding to the challenges raised by the agency, the private developers agreed to step up towards ensuring the issues are addressed and services improved in all affected markets, while such efforts will further service as mitigation measures in upcoming EEI projects.
The Federal Government is keen on the success of the initiative and the REA plans to create an enabling environment where the Private Sector Developer handles all the project delivery steps from inception to conclusion.
Deployment is currently ongoing in markets under Phase 1 of the EEI. In 2019, a Tripartite Agreement between Abuja Electricity Distribution Company (AEDC), Green Village Electricity (GVE) and Wuse Market Association was signed for the development of 1MW Interconnected Mini-grid.
The Phase 2 rollout plans are currently in view and conversations have begun between the Developers, State Governments and other key stakeholders. Baseline Surveys and Energy Audits are currently being conducted for 98 Markets across the country. The Agency is also exploring ways to secure concessionary finance and Technical Assistance to further support EEI Developers.
admin by — March 30, 2022 in Power 0
Reps Uncover N300bn Trapped Funds In Banks

The House of Representatives has announced the discovery of over N300 billion trapped in the country’s commercial banks.
The House of Representatives Ad-Hoc Committee on the recovery of N1.2 trillion unclaimed funds in commercial banks, Ministries, Departments and other Agencies (MDAs), as well as Central Bank of Nigeria (CBN),said on Wednesday that it discovered the hidden funds  since the commencement  of its investigation
At a session with Citi Bank and officials of the Nigeria Investment Promotion Council (NIPC),the chairman of the committee,Hon.Unyime Idem(PDP,Akwa Ibom),disclosed that the funds trapped were in dormant bank accounts in local and foreign currencies, accounts without BVN, failed contracts, excess unremitted funds and others.
He earlier told the management team of Citi Bank that that it owes a total of N99 billion out of the N1.2 trillion being owed Federal government by about 500 entities which include Commercial Banks, MDAs and others.
He presented a list of accounts which he said were holding such funds in Citi Bank which he said officials of the bank need to explain.
Members of the committee who made observations specifically asked the officials to explain the status of accounts belonging to ABS Ltd, Global Offshore Ltd and Titan Energy Ltd which they said were holding funds in both Naira and Dollars.
But the Executive Director, Operations and Technology of the bank, Ngozi Omoke-Enyi said that, the letter sent by the Committee which was specific on what was required had been complied with.
The bank had  submitted seven accounts to the committee which were accounts without Bank Verification Number (BVN),she said.
The committee maintained that based on the documents submitted by the bank, they removed more than seven accounts which need to be scrutinized.
The Citi Bank officials were told to reconcile their accounts and appear again for clarifications.
Besides,the committee  disclosed that the Nigeria Investment Promotion Council (NIPC)  owes  the federal government N5.2 billion in unremitted revenue, operating surplus and other funds from 2015 to 2021.
The Director of Finance NIPC, Mr James Akwa who appeared before the Committee sought an extension of time to reconcile their accounts
He informed the committee that, they made only two remittances as stated by the Committee due to the issues they had since 2016.
The committee  granted the NIPC one week extension to reconcile and reappear before the committee next Wednesday.
admin by — March 30, 2022 in News 0
Presidential Aspirant Promises Constant Electricity, Quality Healthcare 

A presidential aspirant in platform of the Peoples Democratic Party (PDP),  Dr Nwachukwu Anakwenze , says he would ensure constant electricity if he becomes Nigeria’s president next year.
Anakwenze also said that he would ensure quality healthcare for all Nigerians, such that people would not need to travel abroad for medical treatment.
The aspirant stated this in Katsina state when he visited  the palace of the Emir of Katsina, Alhaji Abdulmumini Kabir Usman to get the traditional ruler’s blessings on his political ambition.
He said the country is blessed with more natural resources than Europe and Japan, and that if given the opportunity, he would harness same so that Nigeria begins to manufacture products for local consumption and exports.
He said that it was normal in other parts of the world for availability of 24-hour electricity supply, and that Nigeria could begin enjoying such once power is generated from various sources.
He said as medical doctor who lived for several years abroad, he would work to bring in the best foreign doctors into the country to revamp the secotr, and train local medical personnel.
Speaking, Anakwenze said, “I want to bring back all the things I learnt in America to help our people in Nigeria. I want to know what is your need so that if I take over power, I’ll give you the support you need for you to succeed.
“I want to bring the best healthcare, hospitals here so that you don’t have to go to Britain or India to get good healthcare. I’ll bring the best doctors, American doctors and train Nigerian doctors.
“We want to be able to have 24-hour electricity. We have gas in Rivers and Bayelsa. The gas they’re throwing away is that gst we’ll put in a machine and it’ll produce electricity.
“We have coal. We don’t need to depend on just Kainji Dam. We need to have many sources of electricity. It’s normal in the rest of the world to have electricity 24 hours a day. It’s not normal not to have it.
“It’s not normal for people to be dying from small things like having a baby, or like having surgery. It’s not normal in other parts of the world.”
He said that Nigeria is blessed with more natural resources than Europe and Japan, and that there was need to harness same to make the country manufacturer products for local and international consumption.
“We have coal, zinc, gold, diamond, and so on. Japan that produces Toyota and selling to us don’t have any,” adding that if he gets to become president, he would train Nigerians to manufacture items like cars, trains and planes.
admin by — March 30, 2022 in Politics 0
Cult War: Abiodun Orders Relocation Of Security Agencies To Sagamu

Ogun State, Governor Dapo Abiodun has ordered the relocation of security agencies to Sagamu following the killing of 15 people by cultists in the area.

Governor Abiodun’s Chief Press Secretary, Kunle Somorin,conveyed the directive in a statement.

He said the governor directed the State Commissioner of Police, the Commander of the 35 Artillery Brigade (of the Nigerian Army) and the Director, State Security Service (DSS) to relocate their operations to Sagamu.”

He explained that the job of the security agencies is to arrest hose involved in the recent cult activities in Sagamu, where eight persons were murdered on Monday morning.

He added that the governor had directed the security agencies to intensify efforts towards apprehending those who were behind cult killings in Abeokuta, the Ogun State capital.

Abiodun, who condemned the cult activities, instructed that no stone should be left unturned by the security agencies in their efforts to bring the culprits to book.

Confirming that the cult clashes left some people dead and others injured, the governor urged all peace-loving residents of Sagamu and Abeokuta to cooperate with the security agents in their efforts to rid the towns and environs of cultists and other criminal elements.

He implored the youths to shun all acts that could jeopardise their future and bring shame to their parents, saying his “administration has invested heavily in programmes and activities designed to equip our youths with the necessary skills and education that could make their future better.”

Abiodun warned youths not to endanger their future by getting involved in crime, telling parents and guardians to ensure their children and wards stay away from criminality.

“We have zero tolerance for any act that could disturb the peace we have been enjoying in Ogun State since the commencement of this Administration. We will deal decisively with anyone intent on disturbing that peace,” the statement added.

admin by — March 30, 2022 in News 0
Savannah Energy To Construct Niger’s First Wind Farm

Savannah Energy has signed an agreement with the Ministry of Petroleum, Energy and Renewable Energies of the Republic of Niger for the construction and operation of the country’s first wind farm
Savannah 29 MarchParc Eolien de la Tarka represents the first of several large scale greenfield renewable energy projects that Savannah expects to announce over the course of the next 12 months.
The aim is to install power generation capacity of up to 250MW on an independent power producer (IPP) basis in the Tahoua Region of Southern Niger,a statement said
According to the statement,the proposed wind farm project, Parc Eolien de la Tarka, is expected to be owned by a subsidiary of Savannah, Savannah Parc Eolien de la Tarka (SPET), and to consist of up to 60 wind turbines with a total power generation capacity of up to 250MW.
The project is expected to take advantage of the development of the West African Power Pool (WAPP), a high voltage interconnection network allowing power exchanges between countries in the region and increased grid stability. Niger is scheduled to be connected to the WAPP in 2023 via a 330 kV line financed by the World Bank, the African Development Bank (AfDB), the European Union and the Agence Française de Développement (AfD).
Subject to the planned feasibility study confirming the ultimate scale of the Project, Parc Eolien de la Tarka is expected to produce up to 600GW hours per year of electricity. The construction phase of the Project is expected to create over 500 jobs, while the Project has the potential to reduce the cost of electricity for Nigeriens and avoid over an estimated 400,000 tonnes of CO2 emissions annually.
Parc Eolien de la Tarka is also intended to be capable of exporting power to neighbouring countries at competitive tariffs and would significantly diversify Niger’s energy mix. The Project is expected to be sanctioned in in 2023, with first power generation in 2025.
admin by — March 30, 2022 in Power 0
Oil Theft, Vandalism May Collapse  Nigeria’s Economy – PENGASSAN

Unless urgent steps were taken to stop oil theft and vandalism,  the national economy which depends largely on petrol-dollars, risked impending collapse,the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN),has said.
Nigeria loses 90 to 99 percent of crude pumped into its Trans-National Pipeline (TNP) to vandalism and theft in the Niger Delta region,Festus Osifoo,president of the oil union told reporters in Lagos
The issues of crude oil theft have in recent times been exacerbated, making Nigeria to lose out from the gains of the current oil rally in the international market,he quoted a paper titled ,’state of the nation’
According to him,Nigeria  produces an average of 1.2 to 1.3million barrels of crude oil daily from a capacity of about 2 million barrels of crude oil per day.
He said between October 2021 and February 2022, between 90 and 99 percent of crude oil pumped into the Trans National Pipeline (TNP) by operators  was vandalised.
He said reconciliation/fiscalisation at Bonny terminal shows that between 5 and 10 percent of crude oil metered from the operators gets to the terminals.
He explained:“Another problem arising from vandalism is that companies are forced to go into curtailment when these assets/export pipelines are damaged as they cannot export what they produce, thereby incurring production losses”
He  disclosed that an operator loses an average of 10 days of production shut-in every month due to vandalism, adding that recent preliminary work showed that about 150 illegal tappings were used in siphoning crude oil from the TNP.
He said beyond  reduction in revenue to the operating companies and the national economy, this act of sabotage has caused serious environmental degradation to the host communities and region.
He added:“As a matter of urgent national importance, we hereby call on the Federal Government to work with stakeholders in the oil and gas industry as well as the national security architecture to find a lasting solution to this menace that is almost bringing the oil and gas industry to its knees.
“It is our expectation that the integrity of the pipelines will be sound enough to enable safe transportation of crude and products all over the country, while the government establishes a special force committed to strict enforcement of pipeline right of way”.
admin by — March 30, 2022 in Oil&Gas 0
Access Bank Explains Change To Holdco, Announces New CEO

The Chief Executive Officer of Access Bank Plc, Dr. Herbert Wigwe, has explained that the need to reposition the bank for global relevance informed its change to holding company structure.
At a news  conference in Lagos, Wigwe said: “First of all the Banking Act has established the fact that you rather be a bank place or you could simply choose a narrow licence. So in the past under Sanusi Lamido Sanusi as the Central Bank governor, we have chosen to pursue a narrow licence with Access Bank Plc, just a traditional aspect of the business. Now when we finished our five years plan we told ourselves that we wanted to create a different type of institution, we wanted to create an institution that gives premium position in an ecosystem that will be connected globally and all of that. Therefore the narrow licence could no longer be enough and sufficient. So we began another five years plan that culminated where we are to basically establish a holding company for this purpose”.
He said: “Now the existing shareholders of Access Bank were people we migrated to the holding company. Now we obviously had to delist the traditional bank from NGX and put it on the OTC platform where Access Holding PLC is the sole shareholders.
“The answer is we are creating a big business institution and there is no reason why, perhaps  in the next 15 years, when you are counting some of the top five African indigenous banks Access Bank will not be there”.
The bank had earlier appointed Roosevelt Ogbonna as its new  Managing Director/Chief Executive Officer of Access Bank.
The development was sequel  to the appointment of Herbert Wigwe as the Group MD/CEO of Access Holdings Plc, according to a statement from  the bank.
Ogbonna has since 2017 been Access Bank’s deputy managing director. Before  2017, he was appointed executive director, commercial banking division, in October 2013.
He  was described as “a thoroughbred and consummate professional with over two decades of banking experience having joined Access Bank in 2002 from Guaranty Trust Bank.
“Ogbonna has a very rich professional cum academic background. He is a fellow of the Institute of Chartered Accountants of Nigeria, an honorary member of the Chartered Institute of Bankers, a graduate of the Harvard Kennedy School of Government’s Senior Executive Fellow programme, an alumnus of Harvard Business School and a CFA charter holder,” according to the statement.
He holds a Master’s degree in Business Administration from IMD Business School, Switzerland; a Master’s degree (LL.M) in International Corporate & Commercial Law from King’s College, London; an Executive Master’s degree in Business Administration from Cheung Kong Graduate School of Business; and a Bachelor’s degree in Banking and Finance from University of Nigeria, Nsukka.”
Besides,the board of Access Holdings announced the appointment of Victor Etuokwu as Access Bank’s deputy managing director (Retail North) and Chizoma Okoli as deputy managing director (Retail South).
It announced the resignation of Adeolu Bajomo as executive director, information technology and operations with effect from September 30, 2022.
Etuokwu was appointed an executive director of the bank in 2012 and his appointment was renewed in 2022 following the expiration of his second term.
He has approximately three decades of banking experience cutting across operations, information technology, business development and retail banking.
It said the three appointments had been approved by the Central Bank of Nigeria and would be effective May 2, 2022.
The board further announced the resignation of Adeolu Bajomo as executive director, information technology and operations with effect from September 30, 2022.
The statement said this followed his decision to pursue other personal interests.
Access Bank, has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the regulatory authorities.
“The board would like to express its appreciation to Bajomo for his contributions to the bank,” Access Bank said.
Speaking  on the developments, Bababode Osunkoya, chairman of the board said: “The new appointments reflect the robustness of our leadership succession plan and our decision to considerably strengthen our retail business while harnessing the potentials of SMEs and financial inclusion towards the attainment of group’s strategy.
“The appointees have been selected based on their exceptionally rich, professional, academic, and corporate board experiences, which are all relevant to the needs of our board. We are deeply convinced that their skills will no doubt continue to add significant value to our bank’s quest to become Africa’s Gateway to the world.”
admin by — March 30, 2022 in Banking&Finance 0
Train Bombing: FG Don’t Know Number   Of  Missing  Passengers

Nigeria is yet to account for the number of people that were kidnapped on the Abuja-Kaduna train bomb blast on Monday night.
The  country’s Minister of Transportation, Rotimi Amaechi spoke on Tuesday during the on the ground assessment of the attack on train Monday night.
He said eight passengers were killed in the train attack.
According to him,398 passengers were on the train and the Nigerian Railway Cooperation is still trying to make contact with the passengers on the manifest,though there were staffs of the NRC and security officials who were not on the manifest.
He said the lives of Nigerians who died in the attack would have been if the  approval for the procurement of technology worth N3 billion was not delayed.
“ I had warned earlier that it is important they get us this approval because human lives would be involved. Since that warning till today, we have had two similar incidents”.
“The cameras in the train cannot pick what is happening outside. What we need is a camera that shows 100 metres away from the train.
“Then, we can take precaution but we have done all we need to do in the Ministry of Transportation and we have forwarded to them for approval but we have not gotten approval.
“If those items were here, drones alone will tell you that there are people around the rail tracks because there are drones, there are equipment that pick sensors if you touch the track but unfortunately the process has not been able to get us that approval for us to import those items.
On the figures persons missing during the incident, the minister said they don’t have all the figures of missing persons, kidnapped and those injured .
He said the numbers they have is that there are eight casualties. “There are 25 persons in the hospital and the total number of passengers are 398.
“So, we have to wait on the security and the Kaduna state government and the Nigerian Railway Cooperation ( NRC) are all trying to make contact with those on the manifest.
“There are few persons who are not on the manifest like the staff of the NRC, staff of the cleaning contractor, they are not on the manifest and we may not be able to completely account for them but those on the manifest, calls are being made to reach them.
He said the patrol vehicles are available but they cannot reach everywhere adding that they are  thinking about the possibility of employing natives until we get those equipment. “ Beyond the drones, we need helicopters.
“The solution is not in running away from the militants or the bandits. The solution is providing the technology that lets you know that they are around.
“Even if they get us approval, it will take some months to acquire them from overseas to install them. We need to do that to enable us see from Kaduna-Abuja, Itakpe-Warri and from Lagos-Ibadan railways, so that we don’t continue to lose lives because lives are important,” he said .
admin by — March 30, 2022 in News 0
300 Professionals To Benefit From 700MW Zungeru Hydropower Project 

Over 300 highly skilled professionals are to be engaged on completion of Zungeru Hydropower project,Minister of State for Power, Goddy Jeddy Agba, has said
According to a statement signed by Odutayo Oluseyi, Assistant Director of Press in the Ministry of Power,  Agba made this statement while witnessing the Non Load Test on Unit 1 of the 700MW Zungeru Hydropower project in Niger State on Monday, 28th March, 2022.
Speaking on the composition of the dam, Agba said “the dam is built of a new engineering technology utilizing the Roller-compacted Concrete (RCC) which has ensured the shortening of the completion of the core civil construction period by over 2 years while the Electro-mechanical components especially the 4-units Francis turbines are from the reputable world class Original Equipment Manufacturers, General Electric”.
He  explained that the implementation of the project is aimed to further enhanced the engineering and technical knowledge acquisition of the Nigeria engineers in line with the Presidential Order No 5 as signed by President Muhammadu Buhari, which has immensely transformed most of the engineers on the project to a world class specialists based on acquired expertise on the project.
Stating the economic benefits of the project for the people of Niger State to include: Water Supply Schemes for Community Use, Dry Season Farming and Irrigation, Flood Control Mechanism, Aqua-tourism opportunities, increased economic and social well-being of the host community, Agba said the leadership of President Muhammadu Buhari, is committed to working together with all  strategic partners in attaining the core objectives across the various energy reforms policies and will continue to promote and drives such initiatives.
He thanked the Chinese Government for the unique cooperation and synergy existing between China and Nigeria which has been pivotal to achieving the progress so far.
He  also thanked the Niger state governor, the good people of the state,promising that with the joint efforts of the Niger State government and the Federal government, all due compensations would be paid to affected communities.
In his remarks,the Project Consultant Engr. Dr. Johnson Bamidele Olorunsola Adewumi, FNSE Chairman, Decrown West Africa Company Ltd On behalf of the Decrown – Tractebel Joint Venture said on completion of the project, the Federal Republic of Nigeria will have delivered a world class project by every standard.
admin by — March 30, 2022 in Power 0