All Posts in "Day: October 13, 2022"

Oil Theft: NNPC,PTI To Install Anti-theft Integrated Monitoring Systems On Pipelines

The Nigerian National Petroleum Company Limited and the Petroleum Training Institute have concluded plans to install anti-theft integrated monitoring systems on pipelines to monitor the facilities against crude oil theft in the country.

Mele Kyari, the Group Chief Executive Officer of NNPC Limited has disclosed this at the Petroleum Training Institute’s 50th Anniversary in Abuja on Thursday.

According to him, both organisations are already in talks to partner on a number of things including expansion of capabilities in the areas of modern technology, energy transition, pipeline protection among others.

He said the oil company was pleased to hear what the institute had done in terms of pipeline monitoring,adding that the NNPC would work with the institute to deploy the technology to further boost the monitoring its pipelines to address crude oil theft in Nigeria.

Kyari added:”We need to produce oil and gas. We are trying to address the massive oil theft. We will overcome it, but clearly it is something we also need to work together to resolve.That is why I’m happy to hear the PTI coming up with solutions that will be able to monitor pipelines.”

He hinted the NNPC was collaborating with security agencies of the Federal Government to arrest and deter people from having access to Nigeria’s crude.

“On additional capacity for detection, we will talk with the PTI to see how we can activate those systems,” Kyari stated.

On why energy was vital for Nigeria, the NNPC boss noted that millions of Nigerians were still lacking electricity and clean cooking fuel.

In his remarks,the Principal/Chief Executive, PTI, Henry Adimula, said that institute had developed an oil anti-theft integrated monitoring system to effectively monitor pipelines.

He added;”We’ve produced an oil anti-theft integrated monitoring system for pipeline monitoring, and an air quality monitoring systems”

The PTI boss explained that the primary objective of the founding fathers was to train Nigerian National in order to increase the local content in the oil and gas sector.
He added that the Institute also is engaged in research to improve the growth and development of the sector.

According to him, “in the country today over 50,000 technologists and Technicians have been trained and they are of very good use to the oil and gas industry, which have reduced the rush to train offshore personnel, however, the ultimate goal is to end the training of personnel outside the country.

“Several of the oil company workers and owners in the industry have been trained in the Institute and that underscored the contribution to the local content of the PTI, which have indeed fulfilled the dream of the founding fathers that established the Institution.”

He also said that plan is in the offing to deepen capacity building and growth of of the sector through research and development of the PTI. He added that the Institute wants to build dive center of excellence in order to take Nigerian divers to international standards.

He stated that the Institute opened fire fighters academy that would partner with Nigerian Navy and Fire service operators to support the efforts of the federal government.

admin by — October 13, 2022 in Oil&Gas 0
 Nigeria Will Be Among  Top Economies In Three Years -FG

The Federal Government says Nigeria is one of the most attractive investment destinations in Africa.
Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, stated this in her keynote address at the Maiden Conference of Nigeria-Egypt Trade Conference and Exhibition with the theme  “For Africa – By Africa” taking place in Cairo ,Egypt.
She  said: “As you are aware, Nigeria is a country blessed with huge natural and mineral resources in commercial quantities, favourable climate conditions and high potentials for industrial development.  We are one of the most attractive investment destinations in Africa today”.
Katagum  noted  that Nigeria is the largest African country by population and size of the economy which the global consulting firm-PwC has projected that Nigeria will be among the top economies by 2025.
She  explained that “At the onset of the COVID-19 pandemic, the government made tremendous efforts towards sustaining Micro,Small and Medium Enterprises(MSMEs), which are the engines of economic growth in any economy.
Katagum  disclosed  that the MSME Survival Fund and the Guaranteed Off-take Schemes which is within the framework of the Nigeria Economic Sustainability Plan, were approved by President Muhammadu Buhari on July 1st, 2021.
She noted that the main task of the N75billion MSMEs Survival Fund was to sustain the livelihood of vulnerable MSMEs and self-employed individuals mostly affected by COVID-19 pandemic.
She added that, to cushion the effect of the hardship, ensure sustainable production and minimise job losses, the Federal Government in 2021 approved a N50 billion Export Expansion Facility Programme (EEFP) as part of its effort to boost non-oil exports, thereby increasing the country’s foreign exchange earnings.
The Minister also disclosed that the Government of Nigeria through the Federal Ministry of Industry, Trade and Investment and the Nigerian  Export Promotion Council (NEPC) launched the first Export Trade House (ETH) in Egypt on the 21st March, 2022 in Sadat City.
She explained that the choice of Egypt was deliberate, as Egypt is the gateway to North Africa and to boost the trade relations between Nigeria and Egypt.
She explained that  through the ETH, the visibility of Made in Nigeria products and Nigeria’s market share in Egypt and North African Countries will be enhanced.
“The Nigerian Egyptian Cultural, Social and Economic Forum was launched here in Cairo.In addition, the Ministry also participated actively at the Intra-Africa Trade Fair held in Durban, South Africa in November 2021. All these are meant to expose Made-in-Nigeria products in the international market,” she stated.
Amb. Katagum noted  that the Ministry is actively involved in the implementation of the National Quality Policy (NQP) which is meant to guide Nigeria as a country to build a sustainable quality infrastructure in order to make Nigeria products competitive in both the domestic and international market.
She stated  that Commerce 44 is an Export Strategy designed to develop and promote the export of (11) Agricultural Commodities, (11) Manufactured Products and (11) Solid Mineral Products with high export potentials, which will translate to an increase in job creation, income and wealth creation, revenue generation, poverty reduction, increase in volume of export for processed products, improved market access through enhancement of quality and packaging of the identified products to (11) target countries/regions of the world.
Amb. Katagum also disclosed  that, “According to the United Nations COMTRADE database on international trade, in 2021, Nigerian Exports to Egypt amounted to US$2.96 million, while in sharp contrast, Egyptian Exports to Nigeria was US$138.4 million”.
She expressed optimism  that the  event would help stimulate a more favourable balance of trade between both nations and the two countries  would leverage the Conference as a catalyst to strengthen and develop Nigeria- Egypt collaboration, trade and investments in strategic sectors.
admin by — October 13, 2022 in News 0
Why Investors  Must Explore Opportunities In Capital Market

Director General of Securities and Exchange Commission, Mr. Lamido Yuguda,has implored investors in Nigeria to explore the various opportunities available in the capital market in a bid to grow their businesses, create wealth and improve their standards of living.
He stated this at the Maiden Gombe State Investment Summit with the theme “Industrialisation: The Pathway to Innovation, Transformation, and Development of Gombe held in the state capital.
According to him,the capital market can play an enormous role in the growth of businesses as they could approach the market for primary offers as well as the secondary market which smaller companies can also access due to the less stringent disclosure requirements.
He said:”The capital market is available to provide funding to businesses. With crowdfunding, a small business can raise money based on certain principles as the SEC has approved this to happen for a certain number of investors and certain amount at a time.
“There are also huge opportunities available for businesses especially the agro-allied businesses. They can use the commodities market to access high calibre customers that require Agric produce in large quantities. We have licensed six commodities exchanges in Nigeria snd they are very active”
He  expressed delight that the private sector has ventured into areas like railways, power, communication among others that were hitherto dominated by the government.
He commended the state government on the resuscitation of the state owned Gombe State Investment and Property Development Company Limited to serve as a one-stop shop for all investment-related issues in order to facilitate ease of doing business, adding that small firms can be prepared to access the capital market by such outfits.
He expressed the commitment of the Commission to working with the state government and other stakeholders to create the necessary awareness.
Speaking,Governor of Gombe state, Alhaji Muhammadu Inuwa Yahaya said that the state has been committed to human capital development and is working to leverage on digital skills to develop Gombe.
He disclosed that his administration is also working to provide solid infrastructure to serve as a catalyst for industrialisation and growth.
He said:” We realized that in order to put our state on the path of sustainable progress and long-term prosperity, we must strategically invest in both human capital and infrastructural development. On one hand, human capital development will enable us to equip our teeming youth with the requisite skills, knowledge and expertise to succeed in our rapidly changing digital world.
“To this end, we are working to leverage on digital skills and opportunities to develop Gombe into a regional ICT hub in order to harness the creative energies of our youth. On the other hand, solid and resilient infrastructure is being put in place to serve as catalyst for industrialization and growth, unlock opportunities and deliver sustainable prosperity to the people.
“For businesses to thrive, we need collaboration with relevant stakeholders, innovation, risk reduction, as well as sound regulatory framework and sustainable wealth creation. We are harmonising taxation, improving efficiency, stamping out corruption, ensuring security of lives and property and empowering the judiciary to work better
Yahaya expressed satisfaction with the responses from investors and the business community as Hundreds of investors have expressed interest to operate from the Muhammadu Buhari industrial park, and many  are willing.
“In the course of this summit, we will sign memoranda of understanding with some leading local and international brands to further demonstrate the success of our efforts. I want to thank all investors and partners for your trust and confidence in us, and for taking the bold steps to tap into the amazing potentials abound in our state.Investments are guaranteed in Gombe and we hope to serve as a model to the rest of the country and a source of pride to the nation. We are committed to delivering on our promises” he stated.
admin by — October 13, 2022 in News 0
Senate Threatens To Arrest  252 Agencies Over N5tr Service Wide Votes 

The Senate has moved to issue warrant of arrest on Heads of Agencies who benefited from N5 trillion Service Wide Votes (SWV) between 2017 to 2021.

The development was  sequel to the  commencement  of investigation into 252 government agencies reported to have taken part in the disbursement without notifying the National Assembly Panels that is mandated by law to oversight the agencies.

A Service Wide Vote (SWV) which is also known as the Consolidated Revenue Fund Charge is more or less the country’s contingency fund in the annual budget.

The Chairman of the Senate Public Account Committee, Senator Mathew Urhoghide, explained that the Investigation has to do with disbursement of Service Wide Votes between 2017 to 2021 adding the Service Wide Votes has become major component of nation’s budget considering amount budgeted annually for it in the budget.

He noted that the Committee has to see how the money collected from Service Wide Votes is being expended because there are confusion on the approval of the Votes, as he noted that the lawmakers “want to see how this money is being expended. There are confusion on approval, we want to really get to know what is going on.”

He added that any agency who fails to appear the Committee will not hestitate to issue warrant of arrest on the head of the agency because it has been discovered that many agencies collected this fund without informing the National Assembly Committee saddled with responsibility to overnight the agency.

He emphasized  that the committee will not tolerate the absence of Galaxy Backbone, Ministry of Interior, Budget Office, State House, NBET who are scheduled to appear before the committee.

He added that Sustainable Development Goals (SDG) collected N180 billion from the votes, NBET collected N2.9 billion and Ministry of Humanitarian, received N445 billion from the Votes.

Among the 252 Ministries, Departments and Agencies expected to appear in the ongoing Investigation of Service Wide Votes between 2017 till 2021 are Ministry of Information and Culture, Defence, NHIS, Police, Ministry of Power, Bank of Industry, Water Resources, National Assembly, Public Complaint Commission (PCC), Directorate of State Service (DSS) and Presidential Amnesty Programme.

admin by — October 13, 2022 in News 0
Kogi, Dangote Feud Threat To Investment -NESG

The Nigerian Economic Summit Group(NESG)says the ongoing geud between Kogi State Government and Dangote Cement Plc constitute serious threat to investment in Nigeria.

The group also said the dispute is unwarranted and may spur both domestic and foreign investors to halt investment in the land.

Mr. Asue Ighodalo, Chairman, Board of Directors of NESG, who conveyed the group’s displeasure in a statement that the recent dispute between Kogi State and Dangote Cement Plc as well as action taken by the state government gives erroneous impression that such a commercial dispute cannot be amicably settled using the existing dispute resolution mechanisms.

He warned that the inability as a nation to give the right signalling to investors will lead to subdued investment flows and capital flight which has a number of consequences,including inability to sustain the growth and development of the non-oil sector which is expected to reign in needed revenues to finance the 2023 budget and remain so for the next foreseeable future.

It will also cause dip in foreign exchange earnings through limited capital inflows will lead to continued devaluation of the Naira as well as underdevelopment of the financial and capital market with very limited financial instruments and investable assets,he said

He added:”The lack of investor confidence also implies that the cost of borrowing for both the government and corporates will increase. Furthermore, the Nigerian government will be under pressure to service its debt and this could either constrain future budget non-debt expenditures or result in more borrowing”

Ighodalo lamented that Nigeria has experienced low foreign investors’ confidence arising from a number of issues ranging from insecurity, foreign exchange scarcity, entrenched capital controls and an unfriendly business environment.

He said in spite of these challenges, Nigerian entrepreneurs have continued to exhibit faith in the economy by investing in the country.

He noted that President Muhammadu Buhari, recently submitted the 2023 Appropriation Bill to the National Assembly, adding that “budget which shows a huge deficit, that relies on the country’s ability to attract and mobilize both foreign and domestic capital in Nigeria.

He added:”It is important to note that the Nigerian delegation to the ongoing Annual meetings of the World Bank/International Monetary Fund would be expected to seek some support and attract the much-needed foreign investments into the country. This is in addition to what the private sector is doing towards mobilizing foreign investments.

“This therefore re-enforces the need for the Nigerian government to ensure that the signalling to both foreign and domestic investors is not only right but friendly and appropriate to attract investments into the country”

He said that following the constrained fiscal space faced by the Nigerian government, that investment in critical sectors is what will drive economic recovery and sustain the growth momentum in the medium term.

He acknowledged the effort of the government towards improving the business environment, adding that there is room for improvement.

He added:”Thus, it is imperative for both the federal and state governments to work together towards ensuring improved ease of doing business and good governance practices.There is no better time to build investor’s confidence than now. We, therefore, admonish His Excellency, Mr President to ensure that the right signalling and conducive business environment are provided to attract both foreign and domestic investment”

admin by — October 13, 2022 in News 0

Old Students of Fagba Grammar School, FGS, iju-Ishaga Lagos state, have advocated the need for institutional synergy to broaden intervention in education system in Nigeria.

The president of the schools alumni, Jegede olatunbosun, who made the call when they joined the rest of the world in the celebration of the 2022 world teachers day, urged stakeholders to channel funds towards provision of better learning environment in schools, describing education as the bedrock of societal development.

Olatunbosun, observed that true education is that in which learners are equipped with the ability to perceive accurately, think clearly, and act effectively.

This equipping, he explained is accomplished through the three domains of education: cognitive, affective and sensory.

He explained that education is said to be effective when learners acquire knowledge, develop skills, and adopt values, and stressed that education that fails to address these three domains cannot bring about significant development either for the individual or the society at large.

He added that the continuous downward trend in the quality of education have been a major concern for stakeholders for decades and the deficiencies of the Nigerian education system could possibly be attributed to a faulty understanding of the components, goals and essence of education because the overriding perspective of education held by each society and culture determines the approach, plan and policies put in place to facilitate the educational process.

He said:”As we all know today is *world teacher’s day* where all teachers across the globe are celebrated.In light of the above, the *Millennium Set of FGS* decided to extend our heart of appreciation to our teacher who gave us the foundation we all built upon, the knowledge, chastisement, discipline, and corrections contributed to the path we threaded on as individuals.We tried so hard to get as many as possible of our heros, however, we were able to get across to just 5 of them.:

The alumni gave cash reward to some teachers,including;Mr Adeliyi, VP Academics, Mr. Apantaku, Maths Teacher, Mr. Ekpo,Physical Education, PE Teacher, Mrs. Olodude, Fine Art Teaacher and Mr. Smith, Account Teacher.

Olatunbosun added: “It’s an understatement to say they were excited hearing from the millennium set of Fagba Grammar School,and we are glad to see them hale and hearty”

Fifty thousand naira cash reward was extended to all beneficiaries.

admin by — October 13, 2022 in Education 0