All Posts in "Day: July 30, 2022"

Innoson Drags Imo Govt To Court Over N2.5b Debt

Innoson Vehicle Manufacturing Company has sued the Imo State Government over its failure to pay a N2.54 billion debt owed to the firm.

Head, Corporate Communications, Innoson Vehicles, Cornel Osigwe, in a statement explained that the lawsuit filed at Nnewi high court is also claiming a 10 percent interest.

It said the state government had purchased various IVM vehicles — including the parts which it manufactured, sold, and delivered — worth N2.54 billion and refused to make payment “despite repeated demands and appeals”.

“The lawsuit, which was filed by Prof. Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles, is coming against repeated attempts made by the chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to the governor urging him to pay the company on the vehicles sold, and delivered to the state government,” the statement reads.

For the avoidance of doubt, sometimes in April 2021, his excellency, the executive governor of Imo state, senator Hope Uzodinma, invited the chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo state Government House, Owerri, where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of vehicles to the state government.”

The vehicles include “70 units of Innoson 5-seater double cabin pick-up (IVM Carrier) 4WD, 10 units of Innoson 5-seater double cabin military pick up (IVM G12), 10 units of Innoson 5-seater single cabin military pick-up (IVM G12), 100 units of a complete siren with public addressing system, revolving light, and street police light, 2 units of IVM ambulance vehicles, 20 Units of IVM G12 MS11 and 20 sets of B. Canopy,” Innoson Vehicles said.

“The above vehicles, which were valued at over N2.5 billion ($6.3 million), were supplied in good faith to the Imo state government based on an understanding with the governor which arose after a special request that Innoson Vehicles grants the state the favour of paying for the vehicles after deliveries to them and which request was granted and honoured.

“The special and privilege request granted to the governor turned into a nightmare for Innoson Vehicles and its chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the governor and his conscience to make total payments or set up a payment plan that will offset the debt.”

Innoson Vehicles further disclosed that the situation has led to “difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry (BOI)”.

The company noted that the banks granted its credit facilities at the rate of 10 percent interest and other fees therein.

“More so, it has led to the loss of profit arising therefrom and the accruing interest,” the manufacturing company added.

‘It is also interesting to note that as of July 27, 2022, the over N2.5 billion worth of vehicles supplied to Imo state government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3 million is now worth $3.8 million.
“Even if the money is paid today, the value of the money has depreciated by over 40 percent.”

Innoson Vehicles said it was “slamming a lawsuit of over N2.5 billion with an interest rate of 10 percent on the entirety of the sum claimed at the high court of Anambra state, Nnewi division”.

admin by — July 30, 2022 in Law/Human Rights 0
Zamfara To Experience Black Out For One Month

Gusau, the capital of Zamfara state and environs will suffer a one month power outage from July 29th to August 28th, 2022,the Kaduna Electricity Distribution Company of Nigeria,has said.

The outage from 9:00 am to 5:00 pm daily is at the instance of the Transmission Company of Nigeria (TCN) in order for it to carry out maintenance work at the 132KV Gusau Transmission Station,the company’s Head of Corporate Communication, Abdulazeez Abdullahi, said in a statement on Saturday.

The statement said: “The Management of Kaduna Electric hereby informs its esteemed customers in Gusau and environs that there will be interruption of supply .The Transmission Company of Nigeria from Friday, 29th July, 2022 to 27th August, 2022, from 9:00am to 5:00pm daily.The outage is to enable the TCN engineering crew to replace existing glass insulators with new polymer insulators..We sincerely apologize for the inconveniences this would cause our valued customers while assuring that electricity supply would be restored as soon as work is concluded daily”.

admin by — July 30, 2022 in Power 0
FG’s Imported Mega Transformers Arrive Nigeria September

The first batch of the mega transformers ordered by the Federal Government under President Muhammadu Buhari’s Presidential Power Initiative (PPI) are expected to start arriving Nigeria from Italy in September 2022.

Already,the transformers successfully undergone factory acceptance test at Siemens’ transformers factory in Trento Italy.

The managing director of Federal Government of Nigeria Power Company (FGN-Power) Mr. Kenny Anuwe who lead a delegation that includes engineers from Transmission Company of Nigeria (TCN) witnessed the factory acceptance test conducted on 28 July 2022 in Trento Italy. The factory acceptance test paves the way for Siemens Energy to start delivering the transformers to Nigeria.

The development came after the Minister of Power Engr. Abubakar D. Aliyu led a delegation to Germany in April, where he paid visits to Siemens Energy factories in Berlin and Frankfurt, and held meetings with the senior leadership of Siemens Energy on the need to fast-track the delivery of the early orders that will kick start the transformation of Nigeria’s electricity.

“The successful factory acceptance test shows Nigeria’s engagement with Siemens Energy is on track. It also shows federal government’s commitment to addressing Nigeria’s electricity challenges,” said the minister.

In December 2021, the Minister of Finance Zainab Ahmed and the Minister of Power Engr. Abubakar D. Aliyu secured the approval of the Federal Executive Council of €63 million (Euro) for the procurement of equipment to boost power supply under the Presidential Power Initiative (PPI) — whose first phase will provide 10 mobile power sub-stations and 10 mega transformers that will be deployed across the country to boost and stabilize electricity supply.

In 2018 President Muhammadu Buhari initiated the Presidential Power Initiative (PPI) that will enable Siemens Energy to upgrade Nigeria’s electricity systems. The first phase of the PPI seeks to modernize, rehabilitate and expand the national grid by investing in the electricity value chain, including generation, transmission and distribution systems.

admin by — July 30, 2022 in Power 0
Edo: Police Detain INEC Commissioner For Forgery, Conspiracy

The Edo State Police Command has detained the Independent National Electoral Commission (INEC) Resident Electoral Commissioner in Edo State, Dr. Johnson Alalibo Sinikiem, over alleged forgery, conspiracy and unlawful assembly.

He was arrested following a petition by the Edo State Chairman of the Peoples Democratic Party (PDP), Dr. Anthony Aziegbemi, to the Police Command, wherein he accused the INEC REC of forging primary election results, which a faction of the party tendered in filing cases at the Federal High Courts in Abuja and Edo State.

In the petition dated 20th July, 2022, and addressed to the Edo State Commissioner of Police, Aziegbemi said: “I write this petition in my capacity as the State Chairman of the People’s Democratic Party (thereinafter referred to as the PDP) against Dr. Johnson Alaibo Sinkiem, the resident Electoral Commissioner (REC) of the Independent National Electoral Commission (INEC) in Edo State.

“In preparation towards the conduct of the 2023 general elections, political parties are mandated under the Electoral Act to conduct congresses and primaries. It was in consonance with the Electoral Act that the National Working Committee of the PDP set up various panels to conduct the delegates’ congresses and the actual primaries for the selection of candidates nationwide.

“In furtherance of the above assignment, my office formally wrote to Dr. Sinikem with my signature, intimating him of the respective dates, time and locations for the conduct of the delegates and primary elections across the State. Dr. Sinikiem in ignoring my correspondences and contrary to the processes set down by the National Working Committee (NWC)} of the PDP, purportedly monitored some primaries.

“Upon the conclusion of the Congress/primary election(s) exercise and after the respective panels set up by the NWC of our party had forwarded the results thereof to our national Chairman in Abuja, Dr. Sinikiem decided to appoint himself as the returning officer in respect of the primaries he conducted and monitored at unauthorized venues and accordingly forged the PDP primary election results in favour of aspirants who lost In the respective Constituencies and Senatorial Districts.The forged primary election results of the PDP are what enabled the aforesaid aspirants to file two separate actions in the Abuja and Benin Divisions of the Federal High Court. And this is what is currently fueling a new crisis within our state chapter of the PDP.”

He said that it is on the basis of the foregoing that “one cannot but submit that Dr. Sinikiem’s conduct of preparing, signing, stamping and executing primary election results of the PDP, without lawful authority or excuse is contrary to the provisions of the Criminal Code on forgery. We shall furnish the Command with credible evidence during investigation to buttress the allegations in this petition.

“In the interest of justice, adherence to the rule of law and to avoid the breach of public peace, I pray that the allegations in this petition be thoroughly investigated, and the suspect charged to court, if found culpable.”

admin by — July 30, 2022 in Crime/Metro 0
Annual Shooting: Nigerian Army Advises Ibadan Residents Against Panic

The Nigerian Army, 2 Division Headquaters, Adekunle Fajuyi Cantonment Ojoo Ibadan has notified members of the public about the scheduled Annual Range Classification Exercise slated for 1st -5th August 2022.

In a press statement signed by the acting Deputy Director Army Public Relations, lieutenant Colonel Charles Ekeocha, urged the residents of Ibadan metropolis, especially the neighbouring communities of the Division not to be panic when hearing the sound of gunshot.

It said: “In line with the Nigerian Army Forecast of events 2022, headquarters 2 Division and its affiliated formations and units will conduct 2022 Annual Range Classification Exercise from 1st -5th of August 2022 at the Major General OF Akintayo Shooting Range, Adekunle Fajuyi cantonment, Ojoo, Ibadan”

It also noted that the aim of the exercise is to enhance the practicalization of weapon handling lessons already taught, as well as assessment of marksmanship skills and to test and refresh the weapon handling proficiency of troops.

The statement further maintained that the communities living in and around Adekunle Fajuyi Cantonment are hereby informed not to panic on hearing the sound of firing during this period. Most importantly, those farming within the vicinity are advised to avoid the Range Area throughout this period.

 

admin by — July 30, 2022 in News 0
Chevron Not Recruiting-Official

Chevron Nigeria Limited (“CNL”), operator of the Nigeria National Petroleum Corporation (NNPC)/CNL Joint Venture, has dissociated itself from the circulation of false recruitment information posted in several media and online channels advertising job positions in the company and Chevron Corporation.

E. O. Brikinn,General Manager, Policy, Government & Public Affairs,who conveyed this position in a statement made available to PREMIUM NEWS,also hinted that fraudulent job offers have reportedly been sent through emails, text messages and phone calls by individuals purporting to be staff or representatives of CNL and Chevron Corporation, with the intent to defraud their victims.

CNL hereby dissociates itself from such false job recruitment information and job offers published in any newspaper, web site, email, poster, handbill or any other medium.

He disclosed that the multinational oil company did not make or authorize such publications

He added:”Members of the public are hereby notified that CNL does not and will not require applicants to make any payment towards processing any job application. Recruitment advertisements requesting candidates to pay money, at any point during the recruitment process, are not from CNL.CNL does not solicit job applications or initiate recruitment processes through emails, posters, handbills, text messages, social media, or phone calls”.

He advised job seekers to always check the company’s website at: http:/www.careers.chevron.com, and the national newspapers for job advertisements from CNL.

He said his company will not respond to enquiries about fraudulent advertisements and job offers.

admin by — July 30, 2022 in Labour/Human Resources 0
Nigeria’s Forex Crisis Will Soon Be Over -CBN

The Central Bank of Nigeria ,has expressed its commitment to resolving the foreign exchange issues confronting the nation in recent times.

The apex bank has been working to manage both the demand and supply side challenges, according to its Director, Corporate Communications at the CBN, Mr. Osita Nwanisobi .

He spoke in Abuja,where he also admitted that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles.

He expressed the bank’s concern about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

He noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country. According to him, the Bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as at June 2022. Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year.

He added that interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, Stimulating production and reducing foreign exchange demand pressure.

Nwanisobi therefore said that the Bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the naira, which he observed is fuelled by speculative tendencies.

Reiterating an earlier position of the CBN Governor, Mr. Godwin Emefiele, he urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges. He submitted that Monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange and admonished that: “It’s our collective duty as Nigerians to shore up the value of the Naira”.

admin by — July 30, 2022 in Banking&Finance 0
Oyo Stops PSPs from Door-to-Door/Commercial Waste Evacuation

The Oyo State Government has barred all former Private Sector Participants (PSPs) from engaging in any form of refuse evacuation in the state.

Governor Seyi Makinde,who gave the directive in a recent newsletter,allso said that the authorities were aware that some disengaged PSPs had continued to work within the state.

He advised that they should desist from further encroaching on the activities of the new waste managers.

He said,:“We are aware that some Private Sector Participants (PSPs), who have been disengaged by the state, are still evacuating waste from some residential and commercial areas. Let me use this medium to warn them to desist from further encroaching on the activities of the new solid waste managers.”

While identifying the only recognized solid waste managers as Mottainai Recycling Ltd, the Oyo State Governor said that he has directed “that action be taken against any PSPs and anyone who continues to do business with them within Oyo State.”

Soliciting the support of the people of Oyo State.,the governor said the new solid waste management structure would not work without the support of the people of Oyo State.

He also said the support would come in two ways: By registering for door-to-door/commercial waste evacuation with the new solid waste managers and stopping the illegal dumping of waste on the medians and street corners.

 

admin by — July 30, 2022 in News 0
Economy: Manufacturers Seek Removal Of 7.5% VAT On Diesel

Manufacturers Association of Nigeria (MAN) has advocated the need for the Federal Government to remove the 7.5% Value Added Tax on diesel.

President of MAN, Mansur Ahmed,who spoke at the 25th Annual General Meeting of the Kaduna State branch of the association,said the removal of VAT on diesel should be pending the normalisation of the international supply system as well as resolve the complexity surrounding the seamless implementation of the eligible customer initiative in order to enable manufacturers to take of the advantage of stranded electricity.

He lamented that the impact of the ongoing Russia-Ukraine war on the country’s economy is leading to the high cost of petroleum products, high cost of raw materials, inconsistent government policies, high regulatory compliance and inadequate infrastructure top the agenda for deliberations.

He further advised the government to create a national strategic response to the disruptive impact of the ongoing Russian – Ukraine war on the global supply value chain and its debilitating impact on Nigeria’s economy.

Ahmed explained that such a strategic response will help to identify viable options to ameliorate the negative impact of the disruption, assuage other pain points in the business environment and activate innovative solutions to familiar and emerging macroeconomic and Infrastructure challenges as well as provide a lead way for resilience in the economic ecosystem.

admin by — July 30, 2022 in Business 0
We’ll Drive Nigeria’s Attainment Of Zero Carbon Emission Goal

Chevron Nigeria Limited will take deliberate actions in ensuring that the country attains its net zero carbon emission goal by 2060,iCommunications Manager, Chevron Nigeria and Mid-Africa, Mr Victor Anyaegbudike, has said .

He spoke at the Nigerian-American Chamber of Commerce (NACC) breakfast meeting in Lagos,where he also revealed that Chevron had taken steps before Nigeria’s decade of gas declaration which resulted in achieving a 95 per cent reduction of gas flaring for environmental sustainability.

He explained that gas which would have been flared was now being gathered through a pipeline for purification and commercialisation purposes.

“Chevron has done a lot to reduce gas flaring and it is impacting the communities to achieve 100 per cent zero flaring soon and stop the associated health hazards,” he said.

He said that Chevron through its social investments programme would continue to effectively impact environmental, community and policy matters.

According to him, the company’s Global Memorandum of Understanding continued to provide a sustainable approach to stakeholders’ engagement, conflict resolution, reputation management and peacebuilding.

He added that the company has achieved 16 years of community development, with over 400 communities impacted and over 600,000 beneficiaries,adding that it was at the forefront of fighting HIV/AIDS and was very committed to the highest standard of environmental conservation practices in Nigeria and throughout its global operations.

In her remarks,NACC President, Dame Adebola Williams, said that Chevron had for several decades operated successfully as a joint venture partner with the Nigerian National Petroleum Corporation for onshore and offshore operations particularly in Niger Delta.

She said that the company had partnered the United States Agency for International Development and the Niger Delta Partnership Initiative (NDPI) to address socioeconomic challenges in the Niger Delta region.

“The Foundation for Partnership Initiatives in the Niger Delta is also incorporated in Nigeria to implement and support the programmes. In 2014, Chevron committed an additional $40 million in funding to the NDPI through 2019. Thus, Chevron has contributed significantly in its past and existing social investment efforts by focusing on one strategic objective; achieving a peaceful, enabling environment for equitable growth, particularly in the Niger Delta as well as human capacity building initiatives for Nigerians as a whole,” she said.

admin by — July 30, 2022 in Oil&Gas 0