All Posts in "Day: October 20, 2022"

Nigeria Yet To Experience System Collapse This Year- Jedy-Agba

Nigeria had not experienced system collapse this year, but only grappling with system disruption and disturbance, Minister of State for Power, Goddy, Jedy-Agba has said

He told the House investigative Committee on Power in Abuja on Thursday.

The power disruptions was caused by either human, implements or political factors, while describing the blackout experienced in Sept. as a sabotage,he added.

He said:”Last month the country had a blackout for a short while, and social media young men were switching off the system as videoed and put on social media platforms that it was not a collapse, that it was deliberate vandalisation, infact it was a sabotage.How can young men go and switch off light thereby putting the nation in blackout just because of some grudges.”

Speaking, Managing Director, Transmission Company of Nigeria (TCN), Mr Sule Abdul’aziz, said that from 2017 to 2021 the incidences of total system disturbances had been on the decline

Abdul’aziz stated that there had been significant sustained improvement in grid stability with every year.

The Executive Secretary, Association of Power Generation Companies, Dr Joy Ogaji, attributed the problem to obsolete infrastructure and excessive load.

She said another reason for the collapse was weak infrastructure, adding that most of the equipment are over 25 years old couple with instability and unavailability of most transmission line.

She said one of the reasons for the improvement in power supply was that Genco machines were now been used to manage the grid, contrary to the grid code provision, adding that 97 per cent of the time the grid were in high frequencies

Speaking, Rep. Sada Soli (APC-Katsina), however,expressed dissatisfaction with the explanations of the various stakeholders who made submissions at the hearing.

He said that, none of them have made any suggestion on how to solve the problems in the power sector.

admin by — October 20, 2022 in Power 0
Strategic Capital Investment Acquires Polaris Bank

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

This is coming as the House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed laid down procedure and the relevant presidential approval.

admin by — October 20, 2022 in Banking&Finance 0
Yuguda Explains Benefits Of Markets Integration

Director General of the Securities and Exchange Commission Mr. Lamido Yuguda has explained that the aim of the West African capital markets integration programme is the creation of an enabling environment for cross-border securities transactions and the integration of all capital markets jurisdictions in the ECOWAS region.

Yuguda,who stated this during a meeting with the Director General of SEC Ghana Rev in Accra recently,said in view of the enormous potentials of cross border listings, capital markets in the region are expected to develop a tool of cooperation that enables them to effectively police their respective markets and ensure that the standards of regulation set out by IOSCO are sustained, and where possible, improved upon.

He said:“Without the readiness of all concerned, the lofty aims of the programme may as well continually remain a dream. It goes to say, unequivocally, that this goal can only be achieved seamlessly when all member states of ECOWAS come on board and actively commit to achieving the noble objectives of the enhanced collaborative structure that these nature of agreements enable.

“On this note, the SEC Ghana and SEC Nigeria, desirous of achieving these ideals, have taken the lead by example and by driving this project in the sub-region while hopefully aiming to someday expand its coverage beyond the sub-regional frontiers onto other parts of the continent of Africa”.

He said that the enduring relationship between thetwo jurisdictions is more amplified by the fact that Ghana and Nigeria both have the largest markets in the West African sub-region and it will only be good foresightedness that both countries seize the advantage of size and peculiarities, and explore viable areas of cooperation, even as we continue to work assiduously with other stakeholders to integrate our markets and provide greater opportunities for the economic prosperity of our peoples and our economies.

“We need to come closer and take deliberate steps to achieve bilateral co-operation. We are very keen on this relationship. There is a strong relationship between us so we need to continue to nurture and grow it and create institutions that will help our people have better living standards. I hope we can achieve a lot by bringing our capital markets together. We need to make our institutions stronger as well as our economic activities.

“We require this collaboration in a bid to make the process of accessing our markets as seamless as possible, easy for people to transfer assets, make investments and have confidence that the investments are protected in Ghana as they are in Nigeria and vice versa” Yuguda stated.

Speaking,the Director-General of SEC Ghana, Rev Daniel OgbarmeyTetteh,commended Yuguda, saying Ghana and Nigeria can push forward in ways that will bring about the mutual benefits of leveraging the capital market.

He added that the region needs to have their markets open to each other so that they can achieve more and then attain one big capital market.

He expressed delight on the collaboration and pledged the commitment of SEC Ghana to continue to support the initiative.

admin by — October 20, 2022 in Regulators 0
30m Nigerians Lack Access To Internet -NCC

Prof. Umar Garba Danbatta, Executive Vice Chairman of the Nigerian Communications Commission(NCC) says over 30 million Nigerians don’t have access to the internet.

Danbatta disclosed this on Thursday in Abuja at the Broadband Technical Awareness Forum for Governors organised by NCC, where he also explained that over 30 million Nigerians are not connected to the internet due to infrastructural deficit.

He explained that nations with leading broadband infrastructure are those with the highest Gross Domestic Product(GDP) per capita

He said:” When you take a look at the Global Broadband Infrastructure Ecosystem, you will find that the leading broadband infrastructure nations are those with the highest GDP per capita.They include Japan, South Korea, Sweden, Finland, France, Britain and United States of America. These countries have GDP capita between 50,000 to 60,000 dollars.

“With a GDP of over $500 billion, Nigeria has a GDP per capita of only $2,000.With $2000 GDP per capita, we are very close to the bottom in the broadband Infrastructure Ecosystem.”

Danbatta, who solicited the cooperation and support of the state governments in the provision of broadband infrastructure across the country, said broadband penetration cannot be achieved in Nigeria without the support of states.

He explained that with adequate broadband infrastructure, there will be efficient management, control and use of energy, delivery of health services to the citizenry, guarantee of best and quality education, streamline of transportation system, better management of environment as well as meeting the Sustainable Development Goals(GDP),among others.

Speaking, Prof. Isa Ali Ibrahim Pantami, Minister of Communications and Digital Economy, pointed out that broadband penetration is no longer a luxury but a necessity in Nigeria.

He noted that the deployment of broadband infrastructure would enhance the security, education and economic growth of States.

He urged the governors to cooperate with the Federal Government to deepen broadband penetration in line with the implementation of National Broadband Plan.

He implored the state governments to create enabling environment through the provision of Right of Ways as well as avoid multiple taxations to telecoms providers.

In his remarks, Governor of Edo State, Godwin Obaseki, said information and communication technology enables smarter governance system, adding that broadband penetration cuts down the cost of governance in the state.

Obaseki said through one of the initiatives of the state government tagged “Edo Best”, over 15,000 teachers have been provided with tablets for teaching.

He assured that before he leaves office, all the operations of the state will be automated.

admin by — October 20, 2022 in IT&Telecoms 0
Flood: Our Bonny Plant Still Operating -NLNG

The Nigeria LNG Limited (NLNG) says operations at its facilities are still in force despite recent declaration of force majeure therein on account of flood.

Andy Odeh,General Manager, External Relations and Sustainable Development of the company gave the clarification in a statement on Thursday.

According to him,company’s plant is in operation though at a limited capacity, due to reduced gas supply from some of its upstream gas suppliers.

He said that none of NLNG’s assets on Bonny Island or in any of its host communities are impacted by the flood.

He added:The Force Majeure is as a consequence of a similar notice by upstream gas suppliers due to the impact of flood in their production facilities. NLNG is working with all critical stakeholders on mitigating the impact on product deliveries. NLNG continues to monitor the situation with upstream gas suppliers and is evaluating the impact of the flood on its business”.

admin by — October 20, 2022 in Oil&Gas 0
500m People Risk Contracting Diabetes, Obesity -WHO

The World Health Organisation,WHO,has warned that about 500 million people would develop heart disease, obesity, diabetes, or other noncommunicable diseases (NCDs) between 2020 and 2030 on account of physical inactivity.

The warning was contained in the World Health Organization’s Global Status Report on Physical Activity 2022.

If governments don’t take immediate steps to encourage more physical activity among their citizens, this will end up costing them US$ 27 billion yearly,it said

It added:”Data from 194 nations demonstrate that, overall, progress is modest and that, in order to boost levels of physical activity, prevent disease, and lessen the load on already overburdened health care systems, countries must speed policy creation and implementation.Less than 50% of countries have a national physical activity policy, of which less than 40% are operational; Only 30% of countries have national physical activity guidelines for all age groups

“While nearly all countries report a system for monitoring physical activity in adults, 75% of countries monitor physical activity among adolescents, and less than 30% monitor physical activity in children under 5 years.In policy areas that could encourage active and sustainable transport, only just over 40% of countries have road design standards that make walking and cycling safer”.

Dr Tedros Adhanom Ghebreyesus, WHO Director-General said: “We need more countries to scale up implementation of policies to support people to be more active through walking, cycling, sport, and other physical activity. The benefits are huge, not only for the physical and mental health of individuals, but also for societies, environments, and economies.

“We hope countries and partners will use this report to build more active, healthier, and fairer societies for all. The economic burden of physical inactivity is significant and the cost of treating new cases of preventable non-communicable diseases (NCDs) will reach nearly US$ 300 billion by 2030, around US$ 27 billion annually. Whilst national policies to tackle NCDs and physical inactivity have increased in recent years, currently 28% of policies are reported to be not funded or implemented.

The report emphasized the need for countries to prioritize physical activity as key to improving health and tackling NCDs, integrate physical activity into all relevant policies, and develop tools, guidance and training to improve implementation.

Dr Ruediger Krech, Director Department of Health Promotion WHO said:“It is good for public health and makes economic sense to promote more physical activity for everyone.We need to facilitate inclusive programmes for physical activity for all and ensure people have easier access to them. This report issues a clear call to all countries for stronger and accelerated action by all relevant stakeholders working better together to achieve the global target of a 15% reduction in the prevalence of physical inactivity by 2030.”

admin by — October 20, 2022 in News 0
Flood: US Warns Of Cholera Outbreak In Adamawa, Yobe, Borno States

* Gives $1m To Flood Ravaged States

The United States has warned of an outbreak of cholera and other waterborne diseases in northeast states of Adamawa, Yobe and Borno following the flooding which has submerged communities there.

Its warning was sequel to the outbreak of the disease in August and September 2022, where at least 7,750 cases were recorded.

A statement by the Embassy on Thursday, in Abuja, also expressed concern that the current flooding disaster may worsen the situation, noting that already, unusual heavy rainfall resulting in flooding has affected nearly 2.8 million people across the country and “many homes have been damaged or completely destroyed, displacing millions of people.”

It added that:”The floods have exacerbated an already critical humanitarian situation in Nigeria, where ongoing conflict, especially in the northern region, has driven millions of people from their homes.In the same region,over 4 million people are projected to continue experiencing acute food insecurity amid the worsening global food crisis.”

Announcing a donation of $1million through the United States Agency for Humanitarian Development (USAID), the statement explained that the “will allow local partners on the ground to provide emergency shelter assistance, relief commodities, and hygiene kits to promote safe and healthy practices amid the ongoing cholera outbreak, and multipurpose cash assistance for people impacted by the devastating floods.”

The statement quoted the US Ambassador to Nigeria, Mary Beth Leonard,as saying that: “We are filled with grief for the flood victims who have lost so much – livelihoods, homes, and even loved ones.The United States continues to stand with the people of Nigeria during this extremely difficult time.”

“As experts expect heavy rainfall and flooding to continue through November, due in part to climate change and insufficient drainage infrastructure, USAID disaster experts will continue monitoring the situation in close coordination with humanitarian partners and the government of Nigeria to assess needs and determine if additional assistance is required.

“The United States maintains a long history of providing humanitarian assistance across the country. In 2022, USAID provided more than $356 million in humanitarian assistance to people most affected by conflict and food insecurity in Nigeria. This life-saving assistance is in addition to USAID’s annual $539 million development budget for Nigeria that supports economic growth, health, democratic governance, and education”

admin by — October 20, 2022 in Environment 0
Reps Okay Sale Of Polaris Bank

The House of Representatives has backed the ongoing sale of Polaris Bank,saying that the exercise followed due process and got presidential nod.

Chairman, Ad-hoc Committee investigating the sale of Polaris Bank, Hon. Henry Nwawuba gave the confirmation at a press briefing held at the National Assembly, Abuja, saying that investors need not worry about the status of the financial institution.

He disclosed that the Ad-hoc Committee during the scrutiny of various documents and extant regulatory process on the sale of the bank, discovered that there are evidences of substantial compliance in the process.

According to him,of the 35 companies invited to bid for the bank, the regulatory agency shortlisted the bidders to 15 and later seven and afterwards got Presidential approval to proceed with the sale of the bank.

He said:“On the last legislative day before we broke up from plenary sessions to work on the budget, there was a motion on the floor asking the CBN to suspend the sale of Polaris Bank and cutting up an Ad-hoc Committee to investigate the circumstances, and I happened to have emerged to chair that committee.

“The Committee has started work and we have looked at the documents and that is the beauty of investigations in Parliament. The beauty is that regardless of what comes on the floor, it is only when we started looking at the documents before us that we start getting clearer picture.

“So far, we have found evidence of substantial compliance in this process. We have seen that indeed about 35 companies were invited to bid and of course it went down to 15 and to 7 and ultimately a recommendation was made and a presidential approval given.

“We are happy so far, but as you know it is an investigation and hopefully, we intend to conclude this investigation and lay the report before we commence sitting.So far everything looks really good. We do not have any cause for concern for now. For the stability of the financial systems in Nigeria, we would call on Nigerians to know there is nothing wrong with Polaris Bank as a bank.

“What the House is looking at is the process of the acquisition or the sale and so far, we are confident from what we are seeing. Until we conclude this investigation, I would not be able to speak authoritatively on the matter, but from what we are seeing so far, particularly with the approvals and the steps taken so far there seems to be substantial compliance on the matter so far.

“Nigerians are enjoined to continue to relax and leave their deposits with the bank and continue their business with the bank.We feel that as a responsible House, we would look at the process and that is what we oversight the sector and that is what we are looking at. If it based on the investigation of the House, so far there is no cause for alarm and no cause for concern.

“The bank acquisition process seems to have complied substantially. I do hope customers would make their decision to deposit and withdraw money based on the prudential guidelines, liquidity ratio and other sound financial reasoning and thinking and not just hearsay in social media,” Hon. Nwawuba said.

On the state of health of the bank, Hon. Nwawuba said: “Technically, yes. Except if there is any emergency thing we would discover at the end. I don’t expect any fireworks.”

admin by — October 20, 2022 in News 0
Ban On Okada Still In Force, LASG Insists

The Lagos State Government has reiterated its decision to ban motorcycle operations in 10 Local Governments (LGs) and 15 Local Council Development Areas, (LCDAs) of the state remains effective.

A statement released by the Ministry of Transportation signed by the Commissioner, Dr. Frederic Oladeinde, stated that there has been peace and improvement in security in areas where the activities of Okada operations have been halted, restating that the security agencies are on alert to continue to enforce the ban without any compromise.

It said that the state government has noticed the gradual return of some recalcitrant Operators of Okada in some restricted areas which would not be condoned by the security agencies in the state.

Advising the general public to comply with the law on the ban of Okada, the statement maintained that both the rider and passenger are liable to 3 years imprisonment if apprehended and prosecuted in addition with the motorcycle impounded and crushed in the public view.

It added that statistics have shown that accident rates in the areas where activities of Okada riders have been put on hold has decreased by 76 percent, highlighting that the state government has ban the operations of Okada in 10 out of the 20 LGAs in the state which include: Kosofe, Oshodi-Isolo, Somolu, Mushin, Apapa, Ikeja, Lagos Island, Lagos Mainland, Surulere and Eti-Osa

In addition, the Local Council Development Areas (LCDAS) under the affected LGAs are; Apapa Iganmu, Ojodu, Onigbongbo, Lagos Island West, Lagos Island East, Yaba, and Coker Aguda.Others are; Itire-Ikate, Eti-Osa East, Eti-Osa West, Iru Victoria Island, Ikoyi-Obalende, Ikosi-Isheri, Agboyi-Ketu, Isolo, Ejigbo, Bariga and Odi-Olowo.

The state government reaffirmed that more sustainable alternatives are being provided for the motoring publics with the ramping up of the mass transit Blue and Red Lines Rail passengers operation which will commence text running by the end of 2022.

It urged both riders and passengers to move away from the fixed mindset of seeing operation of Okada as a means of commuting, adding that the ban will eventually take effect in all the remaining LGAs and LCDAs not yet affected.

admin by — October 20, 2022 in News 0