All Posts in "Day: December 7, 2022"

eNaira Platform Has Come To Stay,CBN Insists

The Central Bank of Nigeria (CBN) says the eNaira application has so far recorded a total digital transaction valued at about N8billion as at the end of October, 2022.
The eNaira platform was launched on the 25th of October, 2021 by President Muhammad Buhari.
The Director of Information Technology of CBN, Hajiya Rakiyat Mohammed,disclosed this  in Abuja at the Presentation and Unboarding of e-Naira session, during the Second Africa Payment Systems Conference.
 According to her, customers who are currently on the eNaira platform will at the moment continue to enjoy seamless peer to peer transactions at no charge.
Represented by Abayomi Oyeleke, Deputy Director, Information Technology of CBN, the IT specialist said that Nigerians, who buy into the e-naira platform stand to gain a lot benefits including real-time transactions on a secured digital wallet with zero down time adding that the project is supported with a very resilient blockchain technology.
She explained that the eNaira was developed to broaden payment platforms in Nigeria, foster digital financial inclusion with a potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.
She said that the introduction of the eNaira has changed the business ecosystem, reduced cash transactions, eliminated the risks associated with cash transactions and opened more digital financial frontiers for bank customers.
She added that  eNaira also opens  business opportunities, enhanced financial inclusion as the teeming unemployed youths in Nigeria can cash into the opportunities by provide financial services to bank customers in remote, unbanked, and underbanked parts of the country.
She said that the eNaira platform will be expanded in the nearest future to include more financial products. She further hinted that several layers of security and transaction limits have been consciously put in place to ensure that the wallet of eNaira customers are not compromised.
“Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone,” she said.
In his speech, Director General of Nigeria Information Technology Development Agency (NITDA), Inuwa Kashifu Abdullahi said that the future of cash is now become bleak on daily basis.
He said that investing into cashless infrastructure will not only reduce the cost implication of cash maintenance, curb insecurity, reduce corruption, reduce financial losses but more importantly lead to more investment in financial infrastructure, job creation and ensure that financial services are available in all parts of the country.
admin by — December 7, 2022 in Banking&Finance 0
 Police To Recruit Ex-Militants In Niger Delta 

The Interim Administrator of the Presidential Amnesty Programme, Maj Gen Barry Tariye Ndiomu (rtd) has solicited the support of the Police High Command in the recruitment of ex-agitators to its rank and file and officers’ Corp.
He made the request when he paid a courtesy visit to the Inspector General of Police, IGP Alkali Baba Usman at the Police Headquarters, in Abuja.
Gen Ndiomu, according to a statement by Thomas Peretu, Special Adviser Media to the Interim administrator revealed that the PAP has over the years trained a lot of youths from the Niger Delta region who would fit into manpower needs of the Police.
He also expressed his gratitude and appreciation to the Police High Command for providing security services at its offices and facilities in Abuja and across the Niger Delta region.
In his remarks, the IGP expressed disappointment over the  low turnout of potential recruits from the region at recruitment exercises conducted in the past years.
Alkali Baba Usman assured the IA that the Police is ready to partner with the PAP in the recruitment of officers especially at the grassroots.
He said the police has put in place structures for better emoluments and career advancement.
 He stressed that the Police will assist the PAP in the area of criminal investigation when such cases are brought to its attention.
He added that the element of punishment in law enforcement will be brought into force to avoid recurrence of criminal acts in the organisation.
admin by — December 7, 2022 in News 0
NSA Raises New Special Panel To Investigate Oil Theft

The National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno,has  inaugurated 11- man special investigative panel on oil theft and losses in the country.
The Interim Administrator, Presidential Amnesty Programme, retired Maj.-Gen. Barry Ndiomu, chairs the panel and has seasoned administrators and retired top military and police officers as members with Mr. David Attah as Secretary.
 Inaugurating the panel,Mungonu lamented that Nigeria was currently facing monumental loss of revenue that ought to have accrued from the sale of crude oil, being the main source of its foreign exchange earnings.
According to him, “The escalation of acts of vandalism and theft of crude oil had led to significant decline in production, with associated impact on revenue.  The enormous losses are caused mainly by oil theft, orchestrated by unscrupulous elements.”
The NSA also disclosed that Nigeria had consistently failed to meet its daily production quota of about two million barrels per day, as provided by the Organization of Petroleum Exporting Countries (OPEC).
He added that the country’s current crude production struggles to meet even one million barrels per day, saying that recent interventions by the security agencies had revealed massive illicit platforms of stealing ranging from marine evacuations via Vessels, and load-outs from illegal operations platforms.
He noted that the level of the oil and revenue losses threatened the economy constraining the administration to revert to less popular monetary and fiscal policies to address revenue side constraints with dire implications.
He added:“Government has been briefed on the dwindling economic fortunes including, inability to replenish foreign reserves and reduction in revenue thereby, affecting accruals into the Federation Account.With the scale of the theft and losses and the alleged complicity of regulatory agencies/officials and security personnel as well as the involvement of international collaborators, the enterprise is deeply entrenched and would be extremely, difficult to exterminate without very stern and decisive action by government.
“The menace of oil theft/losses is completely unacceptable, considering its attendant impact on the economy, national development and security.It is an affront on government and its institutions, which must be tackled without further delay.
“It is in this connection that Government worried by the ugly trend, among other things, directed the setting up of a Special Investigative Panel on Oil Theft/Losses in Nigeria to investigate all aspects of crude oil theft, identify the culprits and submit its report for necessary action,” he said.
Monguno disclosed that  panel was expected to investigate oil theft and losses in all its ramifications and propose wide ranging array of implementable recommendations to enable this Administration take decisive action to end the criminal enterprise within the shortest possible time.
He stated that  members were appointed based on their proven integrity, track record of service, competence and dedication to the national course.
He urged them to work with a view to unravelling individuals and groups perpetrating the national economic crime, no matter how highly placed they might be.
The Terms of Reference (ToRs), according to NSA, are to ascertain the circumstances surrounding the illegal insertion into the Trans-Escravos Pipeline (TEP) around Yokri area in Burutu Local Government Area of Delta State.
“They are to establish the ramifications of crude oil theft/losses in Nigeria; ascertain the causative factors immediate and remote, of crude oil/theft/losses in the country and ascertain the extent of crude oil theft/losses in the country.With the widest possible amplitude, identify persons/entities whether public, private or foreign, involved in the criminal enterprise and establish the level of culpability of identified persons/entities in the enterprise.
“The panel is to also examine the specific roles of regulatory agencies; security agencies, tiers/arms of government and International Oil Companies (IOCs) in aiding and abetting the criminal enterprise.They are to also assess the efficacy of security architecture and arrangement in tackling crude oil theft and losses and associated petroleum products and recommend appropriate commensurate and sufficiently, deterrent sanctions on all those culpable,” he said.
Monguno also tasked the panel to recommend steps/procedures/processes to be taken by Government to eliminate the enterprise in the industry to prevent future occurrence; and make any other recommendations on any other issue incidental to the terms of reference.
He said the panel was expected to commence its assignment with immediate effect and to conclude as well as submit its report on or before Feb. 21, 2023.
The Permanent Secretary, Special Services, Office of the Secretary to the Government of the Federation, Aliyu Yerro, said the menace of crude oil theft had greatly impacted the nation’s revenue growth.
Yerro said the challenge had necessitated the setting up of the panel, adding that in spite of the huge amount of money spent by government to secure its maritime domain.
He said expressed confidence that the panel had the capacity to proffer solution to the issue of crude oil theft in the country.
The Chairman of the Panel, retired Maj.-Gen. Barry Ndiomu, said the expertise of each individual on the panel was sufficient to help them fulfil the objectives of setting up the panel.
He said the panel would leave no stone unturned by digging deep to unravel not only the incidences of oil theft/losses but, pre-disposition and causative factors as well as groups and individuals responsible for the criminal enterprise.
admin by — December 7, 2022 in Oil&Gas 0
AfDB Mobilizes $8.9bn For Africa’s Poor Countries

The African Development Fund (ADF) will commit a total package of $8.9 billion to its 2023 to 2025 financing cycle. It is the largest replenishment in the history of the Fund.
The $8.9 billion replenishment package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate Action Window.
ADF-16 core funding represents a 14.24% increase over ADF-15 of $7.4 billion. It is a strong endorsement of the African Development Fund and its impact in tackling the continent’s multiple development needs, including recovery from the Covid-19 pandemic, the effects of climate change, fragility, debt, and economic vulnerabilities.
Algeria and Morocco contributed to the Fund for the first time. They join Angola, Egypt, and South Africa on the list of contributing African countries. The Kingdom of Morocco hosted the fourth and final meetings of the new replenishment (ADF16).
 President of the African Development Bank Group, Akinwumi Adesina commended the impressive funding package.
 He said: “I am impressed by the huge commitment and efforts of the ADF donor countries in stepping up support for Africa’s low-income countries, especially at this time of great economic, climate and fiscal challenges. This is the power of global partnerships and effective multilateralism in support of Africa.”
This replenishment comes as the African Development Fund celebrates its 50th year anniversary since its establishment in 1972. The Fund is achieving significant impact and in the past five years alone, it has helped to connect 15.5 million people to electricity, has given 74 million people to access improved agriculture, and 42 million people access to water and sanitation. In addition, 50 million people have gained access to improved transport. The Fund’s resources are also helping to build and rehabilitate 8,700 kilometers of roads.
ADF-16 will support two strategic framework and operational priorities: developing sustainable, climate-resilient and quality infrastructure; and governance, capacity building and sustainable debt management in recipient countries. It will also focus on empowering women and girls as a condition for achieving inclusive and sustainable development.
The ADF-16 replenishment will deliver even more impacts over the next three years. It will help to connect 20 million people to electricity, 24 million people will benefit from improvements in agriculture, access to water and sanitation for 32 million people, and improved access to transport for 15 million people.
 Adesina said: “These are impressive development impacts. These expected impacts of the ADF will advance the Sustainable Development Goals and the Agenda 2063 of the African Union. They will allow the African Development Fund to build on its reputation as being ranked the second-best concessional financing institution in the world. We will deliver more, better, efficiently and in partnerships with bilateral and multilateral partners. We will foster a climate-smart, resilient, inclusive, and integrated Africa”.
“African low-income countries are the most vulnerable and least prepared to tackle climate change,” said Adesina. “The Climate Action Window and the commitment to provide 40% of the core financing of the ADF 16 replenishment towards climate finance will help to build climate resilience in Africa,” he added.
admin by — December 7, 2022 in News 0
Shell Leaders Take Local Content To Uyo

L-R: Chief Upstream Investment Officer, Nigerian Upstream Investment Management Services, Bala Wunti; Country Chair, Shell Companies in Nigeria and Managing Director, The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote; Executive Vice President, Gas and Power of Nigerian National Petroleum Company Limited, Abdulkadre Ahmed; and Managing Director, Shell Nigeria Exploration and Production Company Limited, Elohor Aiboni, at the Shell stand during the opening session of the 11th Practical Nigerian Content Forum held in Uyo… on Tuesday.
admin by — December 7, 2022 in News 0
Northern Cities To Witness Thick Dust Haze- NiMet

The Nigerian Meteorological Agency, NiMet has alerted Nigerians on the possibility of some northern cities in Nigeria to experience dust haze which can affect horizontal visibility adversely.

Muntaru Yusuf Ibrahim, the General Manager, Public Relations of the Agency,disclosed this in a statement on Tuesday.

The statement said weather reports monitored indicates that “stations in Niger (Maradi, Goure, Maine-Soroa, Agadez, Zinder and 61091) and Chad (Faya-Largeau) have reported Dust-Haze with poor horizontal visibility. Strong winds at 800m is expected to transport the dust to the country, particularly the North and North-central regions, in the next few hours”.

The release further disclosed that satellite images obtained indicates that In the next 24 hours, there are high prospects of thick dust haze (poor horizontal visibility, 1000m) over Katsina, Zamfara, Kano, Kaduna, Yobe and Jigawa; while other northern states are expected to report MODERATE DUST-HAZE (visibility of 2–5km).

NiMet expects that this weather condition is expected to persist for the next 3 days and that Day-Time Temperature (Max) is expected to fall as a result of this plume of dust coming into the country.

It said members of the public are advised to take necessary precautions due to dust particles presently in suspension over the atmosphere,adding that individuals with respiratory ailments are advised to protect themselves as the current weather condition is not good for their health.

It added that Night-time cold temperatures should be expected, hence warm clothes are advised for little children.

It further advised airline operators to avail themselves of weather reports from NiMet for effective planning in their operations.

admin by — December 7, 2022 in News 0