All Posts in "Day: April 1, 2022"

LASTMA  Boss To Officers: Stop Assaulting Motorists

Mr Bolaji Oreagba, General Manager, Lagos State Traffic Management Authourity (LASTMA), has told officers of the agency to desist from assaulting motorists in the state.
He advised  officers of the agency to make decorum and civility  their watchwords while discharging their duties on the road.
He spoke in his office against the backdrop
 of a video trending online where a LASTMA officer, Alabi Olanipekun was seen to have assaulted an alleged traffic offender within the  vicinity  of the agency at Ilasan, while trying to prevent him from making a video.
At a meeting with the complainant, Edenze Daniel Uchenna,the agency’s boss  assured  him that the officer would face disciplinary action in line with  the extant rules and regulations of the civil service.
He said henceforth any official found to have acted unprofessionally in the discharge of his duties would   face the music,because such action negates the training and retraining invested in them by the State Government.
Oreagba tasked  road users to always abide by the Lagos State Transport Sector Reform Law of 2018 in order to move the state to greater height.
  Edenze commended the agency’s boss for the gesture, noting  that he was not well informed that he could obtain redress easily from LASTMA.
admin by — April 1, 2022 in News 0
Heritage Bank Deepens  Financial Literacy In Nigeria

Heritage Bank Plc is deepening  financial literacy in the country  as it marks this year’s Global Money Week.
The bank explained that the gesture is in line with  the Central Bank of Nigeria’s (CBN) Financial Literacy Day,
The 2022 Global Money Week was scheduled to take place from the 21st – 27th of March 2022 and this year marks the 10th anniversary of the annual event with the theme, “Build your future, be smart about money.”
One of the activities to  mark the 2022GMW was the partnership with the Heart-to-Heart Foundation on building successful families by educating married couples, counselling teens and young adults and holding awareness campaigns and to enlighten them on Financial Literacy.
The bank’s Executive Director, Jude Monye reiterated Heritage Banks’ commitments to further entrench financial inclusion, seeing financial literacy as a key enabler in the bank’s quest to drive financial inclusion, which could also be achieved when young Nigerians are properly educated on the significance  of making sound decisions on money matters.
Speaking at the Heart-to-Heart conference titled, “The Cheating Mind,” Ozena Utulu, Ag. Group Head, Corporate Communications emphasized the importance of financial intelligence.
She explained that the development  would help  in securing the future of the young ones, enable them to make better financial choices, create a sense of responsibility with money which would in turn finance their skills in the future.
According to her, time management is imperative and should be well understood in order to make money.
Utulu advised the youths to “start saving now, make the right choices while spending money by creating a budget, identify the needs and wants and also imbibe the culture of savings, be smart about how money is spent and spend money wisely.”
She disclosed that Heritage Bank as part of engendering saving culture, Heritage Bank would assist commence saving with the various account opening packages like the Bud account for students and Tier 1 account for young adults.
Also speaking at the event, the Co-convener, Heart to Heart Foundation, Dr. Stephine Oarhe commended Heritage Bank for being at the forefront to instil financial knowledge and saving culture amongst the young generation.
She admonished parents not to entrust their responsibilities to children and allow them to grow before assuming the adult responsibilities
admin by — April 1, 2022 in Banking&Finance 0
CBN  Recovers N1bn Agric Loans From Cross River Farmers 

The Central Bank of Nigeria says it has recovered N1.065 billion guaranteed agric loans  from Cross River State farmers who benefited from Agricultural Credit Guaranteed Scheme Fund.
Chairman of ACGSF board, Stephen Okon, announced this  in Calabar during the board’s meeting and awards to the best farmers of the year 2021 in Cross River.
According to him:“In terms of loan recovery, 10,635 loans valued N1.065b were repaid under the scheme in Cross River State from the inception of the scheme.These records speak volumes of the level of commitment of the officers in the state as well as the determination of the farmers to utilize the opportunities offered by the scheme to empower themselves and improve their lot. We do hope that before long, farmers in your state will enjoy the benefits of the new Amended Act.”
He disclosed that  the scheme has proved relatively successful in de-risking the agricultural sector in Nigeria as evidenced in the number of loans guaranteed from inception to date,adding that a  total of 1,224,795 loans valued at N129.084 billion were guaranteed from inception to February 2022.
He added:“It is worthy to note that Cross River State from January to February 2022 has guaranteed a total of 73 loan beneficiaries under the scheme, valued at N24.300 million. This brought the total guaranteed loans in Cross River State from the inception of the scheme in 1978 to February 2022 to 18,406, valued at N2.305 billion.”
Speaking,the Branch Controller of the Central Bank in Calabar, Glory Iniuanam, said “The awardees are being encouraged and every other person who is a farmer in Cross River State seeing this will want to pay back when given a loan.
“Central Bank and the Federal Government are the initiators of the scheme. We guarantee the loans. In case of any default, the Central Bank pays 75% so that they (banks) could be encouraged to give out the loan. I want to encourage everybody to take the loan”
admin by — April 1, 2022 in Banking&Finance 0
Airtel Nigeria, Konga Ink Deal On Improved   Digital Retail Business

Airtel Nigeria, has entered a strategic partnership with Konga, an online and offline retail chain in Africa.
The purpose of the partnership is  to deepen the digital/online retail landscape and connect more Nigerians to  various opportunities that will enhance and enrich their lives.
Godfrey Efeurhobo, Chief Commercial Officer, Airtel Nigeria  explained that the partnership with Konga will revolutionize the digital retail landscape as Airtel is committed to inspiring a new wave that will offer customers more opportunities at their fingertips and delivered to their doorsteps.
The partnership,he said, affirms  his company’s resolve to make life better, more enjoyable and more fun for its  50m+ customers as the company  connect them to places, platforms, people, services, offerings and opportunities that can transform their lives.
He added:“Indeed, this move is an important step to making online and offline offerings ubiquitous – more accessible and more affordable for everybody.At Airtel, we are not only building a quality and prestigious network for voice and mobile Internet services. We are also pioneering and inspiring a new wave that will position us as the preferred partner for everything digital, e-commerce, entertainment, lifestyle, productivity, entrepreneurship, sports, etc”
Speaking,Chief Executive Officer, Konga, Nick Imudia, said:“At Konga Group, we pride ourselves on strong partnership that exposes great products and services to Nigerian consumers. We believe that with this partnership, consumers of both companies will have access to good quality products and services at unbeatable prices.”
The Konga e-commerce platform offers a plethora of services and offerings targeted at simplifying the everyday experience for customers and merchants, which aligns with Airtel’s philosophy of connecting and empowering its customers and stakeholders with services and offerings that leverage technology and innovation.
admin by — April 1, 2022 in Business 0
BOI Disburses N1.24trn To 4.2m Beneficiaries

The  Bank of Industry (BOI) disbursing over N1.24 trillion to 4.2 million beneficiaries drawn from the micro, small, medium and large enterprises.
President Muhammadu Buhari, who  disclosed this  at the  commissioning of  the Second Tower of the BOI building, in Abuja,also said that the bank  has created over nine million jobs in the last seven years.
He also  said the bank has continued to  execute its mandate as a policy institution of the Federal Government, extending single-digit interest rate loans to manufacturers.
He also commended the management of the Ministry of Industry, Trade and Investment and the BOI for  invaluable contributions to the economic development of the country and the wellbeing of Nigerians.
He added:“To further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market.
‘‘I am glad to note that the Bank has recently completed the transaction by raising 750 million Euros from international investors.The proceeds of this Eurobond will be disbursed to Large, Medium & Small Enterprises, and women entrepreneurs with bankable projects.
admin by — April 1, 2022 in Banking&Finance 0
Buhari Won’t Complete Ajaokuta Steel-Minister

 President Muhammadu Buhari‘s administration will no longer complete the Ajaokuta steel plant in 2022 due to COVID pandemic and the raging  Russia-Ukraine war
The twin-events have  frustrated  the project which was billed for completion this year, on several fronts,Olamilekan Adegbite, minister of mines and steel development, told reporters in Abuja.
According to him,the federal government had, before the pandemic,  convinced Russia to complete the steel facility but could not proceed with the negotiations due to the deadly disease
The government moved to continue the negotiations with Russia after the lockdown, but progress was  again  frustrated on account of  the conflict between Russia and Ukraine,he said ,adding that  the federal government would initiate irreversible processes to ensure the resumption and eventual completion of the steel facility after Buhari’s administration.
He said:“Where we are today, we may not be able to get Ajaokuta to work but I pray that we can start something permanent.I’ve said it before. When we came back from Russia, yes, I went to the public and said, ‘look we will deliver Ajaokuta before the end of this tenure’. And I pray that I’ll have a chance to go back and apologise and explain what happened to the people before I leave office.
“It is due to no fault of ours. Everybody was ready to go, but unfortunately, COVID came in. So, it is a force majeure.”
admin by — April 1, 2022 in News 0
Abolish N30,000 Borehole Permit,Group Tells Makinde

The National President of Association of Water Well Drilling Rig Owners & Practitioners (AWDROP), Engr. Michael Ale has implored  Oyo State Governor, Engr. Seyi Makinde to abolish N30,000 permit on borehole drilling in the state.
Ale,who conveyed  this in a statement, noted that government oughtb to make decision that will  potable water for the citizenry and  guarantee them affordable standard of living.
According to him, the cost of diesel has gone up by two hundred percent which had affected the cost of drilling boreholes and many Nigerian without access to safe drinking water had increased to seventy percent as against fifty five percent in 2020.
He said: “The disparaging scenario is mind boggling because so many subnational had abandoned water projects at the expense of road and other physical infrastructures which looks better and more acceptable to people. Several Nigerians are left to their faith when it comes to water supply, especially the good people of Oyo State in the South Western part of the country.
“The unfortunate scenario is the issue of taxes and the levies on citizen before they can access the natural resources graciously given by God, because government had failed in their responsibility to provide pipe borne water system.
“When permits are made by the law,  they are made to serve as an instrument for safety and not for financial inducement. The Oyo State Ministry of Environment and Natural resources through the respective consultant have perfected a means to make life unbearable for the citizen through their draconian law, which speculated that before anybody can draw water from underground through borehole drilling, a sum of N30,000 must be coughed out, this is outrageous and will make life unbearable for the good people of the state.
” Even in states where regulations works by the establishment of agency, nobody charges that amount of money in this hard time, this is a call to the Excellency, Engr. Seyi Makinde to temper justice with mercy and withdraw such law if it has been passed and or made public or reduce the amount drastically especially to citizen whose salary is just a take home and cannot even drill a well not to talk of borehole.
“Oyo State has the highest number of drilling rigs hence the need to regulate drilling operation is acceptable but this law should not be seen as a means of making money for the government at all cost.  Yes the government is looking for a mean of increasing revenue which is a welcome development, nevertheless, we cannot at the expense of many people whose life may be threatened, deprive them of their right”
admin by — April 1, 2022 in News 0
Union Faults 25% Deduction From NECO’s Account, Threatens Strike 

The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has accused the Federal Government of deducting 25% from the Treasury Single Account (TSA) of the National Examinations Council (NECO).
The union conveyed their displeasure to the act  in a petition written to the Minister of Education, Adamu Adamu.
It demanded  immediate halt of the deductions, saying that it may resort to industrial action to press home its demands.
NASU, in the letter signed by NECO branch Secretary, Comrade Reuben  Emdin and made available to journalists lamented that the deduction has taken a major toll on the finances of the examination body as well as staff welfare.
Saying the exam body  is not a revenue generating agency, the union implored  the minister to prevail on President Muhammadu Buhari  to approve the immediate stoppage of the 25 per cent deduction and ensure refunds to clear outstanding entitlement and allowances owed NECO staff.
The petition said : “As critical stakeholders in the National Examinations Council (NECO), we are compelled to notify you formally of a 25percent deduction currently enforced by the Federal Government on the Treasury Single Account (TSA) of the Council since the year 2021.
“Honourable Minister, we are not unmindful of the fact that this issue has already been brought before you by the Council and your effort towards a resolution which led to a presidential intervention on behalf of the Council that allowed for the release of the Senior Secondary Certificate Examination (Internal) 2021.
“Our position however is that the National Examinations Council (NECO) would not require any kind of intervention from the Federal Government if the 25 percent  deduction was not carried out in the first place. More so that this policy is clearly crippling the activities of the Council and its ability to carry out its mandate. As a Union, we are concerned about the survival of our institution and the welfare of our members, clearly this policy has become a threat to both.
“As such, we can no longer sit and remain silent in the face of an apparent danger to our source of livelihood. The fact that today we have a series of unpaid promotion arrears dating back to 2017, unpaid salaries as a result of migration to IPPIS between the months of March to August 2015, unpaid transfer allowances for a number of years, all of which the Council has not been able to pay, we see no reason why this policy should continue”.
admin by — April 1, 2022 in Labour/Human Resources 0
Stop Malicious Campaign Against Fossil Fuels, Sylva Warns

Chief Timiprye Sylva, the Minister of State for Petroleum Resources has expressed disgust over global campaign against fossil fuels,saying the act is malicious.
He said there was no need for such campaign because  most countries have ridden on the backs of the same fossil fuels to develop socially and economically.
To him,it is misleading to  equate energy transition to getting rid of fossil fuels.
Chief Sylva,  expressed these at the Society of Petroleum Engineers Nigeria Council (SPENC) Oloibiri Lecture Series and Energy Forum (OLEF) 2022, with the theme: ‘Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry’ .
He was represented at the event  by the Permanent Secretary of the Ministry of Petroleum Resources, Dr. Nasir Sani Gwarzo.
He explained that all energy sources are required to achieve the Sustainable Development Goal (SDG) energy goal, especially in the current face high level of energy poverty worldwide.
He added:”It is misleading to equate energy transition to getting rid of fossil fuels. It is malicious to give fossil fuels a bad name after most countries have ridden on the backs of the same fossil fuels to develop socially and economically. Energy transition is about providing clean energy, and not about discriminating between energy sources. In the face of the current high level of energy poverty worldwide, all energy sources will be required to achieve the SDG energy goal” he said.
He stated that energy is a critical enabler to achieving the 17 United Nations Sustainable Development Goals (SDGs).
“Energy is a critical enabler to achieving the seventeen (17) United Nations Sustainable Development Goals (SDGs). Access to affordable, reliable, sustainable and modern energy is prominently addressed in the 2030 SDG Agenda, and regarded as fundamental right.
“Energy sufficiency ensures energy security, which is a very high priority goal for nations all over the globe. Energy propels sustainable economic growth. It is a well known fact that no country can develop without sufficient energy.
“The implication is that the issues surrounding energy poverty, climate and sustainable development are not mutually exclusive. Consequently, the approach to attending to these issues should not be disconnected. It must be a win-win approach” stated Sylva.
Speaking,Engr. Gbenga Komolafe, the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said that despite the general impression that petroleum as a primary source of energy is being relegated in favour of the use of renewable energy  data on energy consumption however suggests otherwise.
 Fossil fuels,he said,still account for about 83% of the world’s primary sources of energy,adding that:”Fossil sources comprising coal, oil and natural gas still account for about 83% of the world’s primary sources of energy” he said.
He assured that fossil fuels are expected to continue to be a core part of the global energy mix well into the future, even beyond the 2050.
admin by — April 1, 2022 in Oil&Gas 0
Trapped Funds: Reps Direct CAC, JAMB, Banks To Remit N196bn To FG

The House of Representatives has directed the Corporate Affairs Commission (CAC), the Joint Admission Matriculation Board (JAMB), Stanbic IBTC and First Bank Plc, to remit a total of N195.9 billion trapped  funds to the government treasury.
The chairman, House Ad-hoc committee on the recovery of N1.2 trillion unclaimed funds of Ministries, Departments and Agencies ( MDAs) in commercial banks, and the Central Bank of Nigeria (CBN), Unyime Idem, gave the directive at an investigative hearing organized by the panel, yesterday, in Abuja.
He noted that after reconciling the documents presented to it by the affected organizations, it discovered that the cumulative sum to be paid into the government account by the four organizations stood at N195.9 billion.
He added:”We have taken five organizations, banks and Ministries, Departments and Agencies (MDAs) of government and we have directed them to ensure that some of those infractions, those amounts sitting in their coffers should be transferred  to government even though we still have some pending reconciliation between the secretariat and those organizations.
We have the balances that need to be transferred to the federal government, starting with Corporate Affairs Commission( CAC), they have N25 billion unremitted allowances.Then we have JAMB N64 billion unremitted allowance, then Stanbic IBTC bank, they have N3.2 billion, also intervention funds, about 84billion naira, though we are still going through reconciliation; but these amounts represent the outstanding that needs to be transferred to the federal government.
“Then lastly, First Bank of Nigeria, we have about N14.7billion that they need to remit to federal government,” Idem said.
admin by — April 1, 2022 in News 0