All Posts in "Day: April 27, 2023"

Expose Illegal Fund Managers, SEC Tells Investors

Mohammed Shosanya

The Securities and Exchange Commission has urged members of the public to report any fund manager operating without the registration of the commission.

Chief Economist, SEC Dr. Okey Umeano,who stated this in an interview in Abuja, said the battle against illegal fund managers must be tackled in all spheres.

He disclosed that the new Investments and Securities Bill has amended some of the provisions around Ponzi schemes, illegal fund managers, and certain unwholesome practice in the market to ensure that these practices no longer happen.

“This ISB is supposed to accommodate these new operators, these new instruments and new happenings in the market. The Act is now more up to date and in line with present happenings in Nigeria and the global level. This Act also protects the investors more because we have made certain provisions in that Act that strengthens the SEC to ensure that they are better able to carry out their investor protection activities.

“Among other provisions, the bill prohibits the operation of Ponzi/pyramid schemes and other illegal investment schemes while prescribing a jail term of not less than 10 years for promoters of such schemes. This will strengthen regulation on Ponzi schemes. We are going to go all out against the promoters of such Ponzi schemes.

He said,he has gone through the marketing literature of some of these Ponzi scheme operators where they promise investors 10%, 20% in a month, which he stated is unreasonable urging investors not to patronize them.

He said:”When it is too good to be true and it sounds too good to be true, it is probably not true. There is a simple way to find out as the SEC website has a list of registered capital markets operators. Go to the SEC website type in ‘CMO search’ and you will see a list of capital market operators that are registered and that are regulated. There is also another one that some of them started doing, the organization is registered but they now create a side product that is not registered. We register both the organization and the products, check properly before parting with your hard earned money.

“In the capital market, we do not allow capital market operators to promise fixed returns. Nobody knows what the market will give, people will make some efforts but nobody can for sure tell you I will make 10% or 20% every month for you. When people tell you if you bring in money, I will pay you this amount but you have to bring in other people, you have to register other people, they are most likely to be using the money of those people to pay you, using your own to pay the person who brought you in, and that becomes the pyramid in Ponzi schemes work.

He implored investors to be cautious when these juicy returns are sold to them, urging them to contact the SEC via email at sec@sec.gov.ng or through the telephone as well as social media platforms to ascertain the registration status of such entities.

admin by — April 27, 2023 in Regulators 0
Missing Enugu APGA Governorship Aspirant Found Dead

Musbau Babatunde

Former governorship aspirant in the last governorship election under All Progressives Grand Alliance (APGA) in Enugu State, Dons Udeh has been found dead.

He was reported missing last Saturday.

His lifeless body was found at the 9th Mile Area of Enugu State.His vehicle was also said to have been recovered.

Commissioner of Police, Enugu State Command, Ahmed Ammani, who confirmed the incident,ordered the Homicide Section of the State CID and Tactical Squads of the Command to combine efforts and conduct a full-scale discreet investigation to unravel the circumstances of murder of Udeh

He said in a statement,that:”“The lifeless and decomposing body of the deceased, identified as a 2023 Enugu State Governorship Election Aspirant under the All Progressive Grand Alliance (APGA), was found in a bush at 9th Mile Bypass in Udi Local Government Area, on 25/04/2023 at about 1100hrs, with marks of violence, which strongly suggests that he was murdered.

“The corpse was evacuated to the hospital, where it was confirmed dead and deposited in the mortuary for preservation and medical autopsy, by Police Operatives serving in 9th Mile Police Division of the Command.

“Meanwhile, preliminary investigation indicates that the deceased was reported to have been missing since Saturday, 22nd April 2023, at about 4pm, when he left his Enugu City home in a white-coloured Toyota Highlander Jeep, with registration number: ENU 800 NX, to an undisclosed destination.

“All efforts made to trace his whereabouts proved abortive, until his remains were found on the said date and location, while the vehicle was later found abandoned and recovered today, 26/04/2023 at about 10am, at Ngwo, along Old Enugu Road, Udi Local Government Area”

admin by — April 27, 2023 in Crime/Metro 0
FG Picks May 15 As Delivery Date Of Completed 2nd Niger Bridge Project

Mohammed Shosanya

The Minister of Works and Housing, Babatunde Fashola has said that the 2nd Niger Bridge project is fully completed and set to be handed over to the end users by May 15th 2023.

Fashola announced this through the Minister of Information and Culture, Lia Mohammed shortly after the Federal Executive Council meeting presided over by President Muhammadu Buhari at the Council Chambers on Wednesday.

Other national projects such as the Loko Oweto bridge, Kano-Zaria road, completed Federal Secretariats in Nasarawa, Akwa Ibom, Zamfara among others would be handed over to the end users by the government,he said.

Mohammed added: “The first memo he presented today was a memo seeking approval for revised estimated total cost of a contract for the completion of Phase 2 of Uto Bridge, 2.6 kilometer stretch in Ikenke, Delta State. This is an old project which we are committed to completing, I think the project was awarded in year 2006, but we are committed to completing it so today the FEC approved the sum of N1.398 billion to revise the contract from the N4.435 billion to N5.835 billion, inclusive of 7.5% VAT, to ensure that we’re able to complete this project before we leave.

“Also the Minister of Works brought approval for the ongoing bypassing, I think along the Lagos-Ibadan expressway, but the good thing about this project is that we can very confidently and proudly announce that the Kano-Zaria 137 kilometer and the Zaria-Kaduna, 73 kilometers, will be handed over to us on May 15. Ditto the Second Niger Bridge will be handed over to us on May 15, the Lagos-Ibadan 116 kilometers, with toll gates, will be handed over to us on April 30

“The Loko-Oweto Bridge is also completed, so also is the Ikom Bridge completed. Our Federal Secretariats in Nasarawa, Awka, Bayelsa and Zamfara State are also completed and the Zuba housing project, 700 apartments, they’re also already for commissioning”

admin by — April 27, 2023 in News 0
e-Naira Is Safe,CBN Insists

Tunde Sholanke

The Central Bank of Nigeria (CBN) has assured Nigerians of the safety of their money in banks through the operation of the e-naira.

Mr Chika Ugwueze, Assistant Director Payments System Management Department, CBN, Abuja, disclosed this in Nsukka on Wednesday when he paid a courtesy visit to the Vice Chancellor of the University of Nigeria, Nsukka (UNN), Prof. Charles Igwe,explained that the e-Naira currency was the digital version of the physical naira that could be used for all payments as part of the cashless policy of the CBN.

He said:“The only difference between the regular naira and e-Naira currency is that you can hold the physical naira in your hand but will not hold e-Naira, but two of them are used in all payments.

According to him, the greatest advantage of the e-Naira is that it has direct liability with CBN and money in the platform is 100 per cent secured.

“Like you open account in a commercial bank in e-Naira, you are operating directly with CBN, and there is no fear of your money security.In commercial banks, in the event of liquidation, payment of money to customers at time take time or even lost, but in e-Naira your money is secured any day, any time as long as Nigeria exists,’ he said.

He noted that e-Naira was an ongoing project which as time went on, certain peculiarities that were not captured now would be factored into.

He said that the visit was to inform the institution’s management on the two-day sensitisation seminar by CBN in partnership with Zenith Bank that would hold in UNN between Thursday, April 27 and Friday, April 28.

In his remarks, the Vice Chancellor, who was represented by the Deputy Vice-Chancellor, Administration, Prof. Pat Okpoko, commended CBN for choosing UNN for the e-Naira currency sensitization seminar.

He noted that the country always had good policies but the problems had been poor implementation.

admin by — April 27, 2023 in Banking&Finance 0
OTC: Experts To Dissect Opportunities For Africa

Mohammed Shosanya

African oil and gas executives and Small Medium Enterprises (SMEs) operators will discuss opportunities for investment in the industry at the forthcoming 2023 Offshore Technology Conference(OTC) in Houston, Texas,United States of America.

Mrs Jumoke Oyedun, Chief Executive Officer (CEO), New House international Limited,conveyed this in a statement on Wednesday,saying the indigenous events management company, would lead the delegation to this year’s event

She said the annual event would attract foreign investment and lead to partnership that would boost the regional oil and gas industry.

“The New House International Limited is an indigenous Events Management Company (EMC) registered also in the United States of America with a vision of supporting and promoting Small and Medium Enterprises (SMEs) from the African region to the global market.

“The company coordinates the exhibition, participation, and logistics of these SMEs in international conferences and exhibitions.OTC 2023 presents another unique opportunity for interested companies to showcase themselves,” she added.

The conference will afford participants the opportunity to meet with the best and latest technological development in the oil and gas industry worldwide.

She also said that the conference would also afford the delegate to tap into the opportunities available in the global energy industry.

“The African delegation comprising of chief executives of oil service companies and government officials from the following confirmed countries and national corporations: Nigeria, Ghana, Senegal, Uganda, Tanzania, Uganda, Gambia, Namibia, Mozambique etc.

“They will during the conference, make several presentations aimed at highlighting the opportunities for investment in their respective oil and gas industry and will explore opportunities to attract foreign investment and partnership to boost regional oil and gas industry.

admin by — April 27, 2023 in Oil&Gas 0
Axxela Emerges As Nigerian Domestic Gas Ambassador

Mohammed Shosanya

Axxela Limited, sub-Saharan Africa’s,has won an industry award as the ‘Nigerian Domestic Gas’ ambassador in recognition of its strong commitment and support for the advancement of the natural gas sector from the Nigerian Gas Association (NGA).

Speaking on the award, Chief Financial Officer, Axxela Limited, Timothy Ononiwu, who received the award on behalf of the CEO,explained that the award is a manifestation of the Axxela’s decades of pioneering innovative energy solutions and powering Nigerian and African businesses.

“We are honoured to receive this recognition from the Nigerian Gas Association (NGA) – Nigeria’s flagship voice for natural gas promotions – for our vast infrastructure investments that have enabled access to natural gas in the country. With 60% of Nigerians said to be in energy poverty, we understand the potentials of natural gas as the pivotal fuel that can take Nigeria into a revolutionary gas-powered economy,” he added.

He noted:”Taking into cognisance Nigeria’s enormous energy gap, we have elected to provide efficient and cost-effective fuel that aligns with today’s environmental concerns and assuages the astronomical energy costs that remained a pain-point for industries in the country. We remain poised to continue these efforts to promote the use of this clean and affordable energy source on the continent.”

With over 300km of gas pipeline infrastructure built, Axxela provides unique energy solutions through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Transit Gas Nigeria Limited, and Central Horizon Gas Company Limited.

admin by — April 27, 2023 in Next Level 0
Coca-Cola: Championing The Cause For A Better Earth

Humanity is blessed with the earth – one of the most natural resources ever known. This gift of nature is the magnanimity of elements such as air, water and fire. Earth otherwise known as Mother Nature is the keeper of what makes life so unique and special.

Thus,a thick ball strung together by the crust, the inner and outer core of races from different continents of the world. Every year, World Earth Day is celebrated on April 22nd as a day that raises awareness on the degradation and possible extinction of our planet.

This year’s theme, “Invest in Our Planet” suggests a more pragmatic approach towards the kind disposition with the environment and, purposefully, reaching out and collaborating with others in raising high the flag of advocating a safer environment.

According to Environmentalists and Climate Change experts, one of the rising concerns of the earth is the climate change phenomenon. This is attributed to the release of hazardous gaseous substances into the air and the indiscriminate disposal of industrial waste.

However, leading organisations around the world are now taking initiative to preserve the earth by advocating for energy and water reduction, pollution, and waste management.

Leading this charge is The Coca-Cola Company, who through its longstanding mission of making a difference in communities across the world, continues to deliver on this promise through its diverse sustainability commitments.

In 2022, Coca-Cola launched its Africa Sustainability Platform, JAMII, focused on three strategic pillars where it has made considerable progress to deepen its ESG impact; water leadership, women and youth economic empowerment and packaging waste management.

With its focus on water, climate, energy, and waste management among others, The Coca-Cola System in Nigeria comprising Coca-Cola Nigeria and its bottling partner, Nigerian Bottling Company (NBC), consistently displays its commitment to investing in our planet by supporting a better shared future for communities and minimizing its impact on the environment.

Sustainable Packaging and Environmental Sustainability

As one of the key players in the global business space, The Coca-Cola Company in 2018, announced its World Without Waste commitment to help collect and recycle the equivalent of a bottle or can for every one the company sells by 2030; to make 100% of its packaging recyclable by 2025; and to use at least 50% recycled material in its packaging by 2030.

This initiative has impacted the production and packaging of plastic bottles in ways that help curb the adverse effects of climate change. Following exact scientific procedure on the company’s Science-Based Target for climate, there has been an introduction of substitution of fossil fuel with plant-based outputs.

Other adopted strategies include lightweighting packaging bottles, production of refillables and encouraging recycling programmes to recover PET packaging. This objective is shared by the company and its local bottling partner in Nigeria, Nigerian Bottling Company, which as a pioneer in sustainable manufacturing, invests in strategies that significantly bolster its efforts in the areas of energy use reduction, water use reduction, emissions reduction, and waste output reduction.

As a result,50% of its production operations are now partially powered by solar energy, with photovoltaic cells delivering up to 3,640 Kilowatt peak power output (KWp) to its plants.

Over the years, The Coca-Cola System in Nigeria, in collaboration with other recycling partners, has co-created environmental sustainability programs that has helped to deepen the thrust of its sustainability agenda. Some of these programs include Recycling Scheme for Women and Youth Empowerment (RESWAYE) by MEDIC, RecyclesPay by African Cleanup Initiative, Waste in the City and the Green Campus Project by SWEEP Foundation, Tidy Nigeria by FABE Foundation, Cash 4 Trash by WASTE Africa, Project Revive and Project DORI by Recycle Points, Waste to Wealth by Do Good Foundation, Empowering Collectors Initiative by Growing Business Foundation and Cycleplast by Nigeria Climate Innovation Centre.

Over 4 billion plastic bottles have been extracted collectively, while also assisting in the scaling and establishment of 23 small to medium-sized collectors and aggregators, which are in turn producing thousands of employments in their local environments.

In addition to this, Coca-Cola Nigeria, through an industry-wide move facilitated the creation of the Food and Beverage Recycling Alliance (FBRA) – a coalition of forward-looking companies united by a shared concern for the environment.

The coalition has evolved from a four-member group to 30 big organizations with a commitment to build a sustainable recycling economy for food and beverage packaging waste. FBRA and its members have been able to shape public policy and take action that supports a circular economy and the evolution of waste management in Nigeria.

Water Leadership

The organization’s water leadership efforts supports its climate targets by not only helping to reduce carbon emissions through efficiency and reuse but also creating significant ecosystem and carbon benefits through nature-based solutions and replenishment.

The company in 2021, announced a holistic water strategy which aims to achieve water security across its operations, local watersheds and communities.

The goals related to the strategy’s key focus areas include:achieve 100% circular water use – or regenerative water use across 175 facilities identified as “leadership locations” by 2030.work with partners to help improve the health of 60 watersheds identified as most critical for the company’s operations and agricultural supply chains by 2030.aim to return a cumulative total of 2 trillion liters of water to nature and communities globally, between 2021 – 2030.

In driving goal 3, The Coca-Cola Foundation’s flagship program, Replenish Africa Initiative (RAIN) was introduced to address Africa’s water challenges through healthy watershed programmes and community water programs.

The Pan-African program aligns with the company’s global vision to replenish water in communities they operate and source ingredients through strategic partnerships in order to deliver sustainable projects, aimed at achieving the Sustainable Development Goal 6 which is Clean water and Sanitation for all.

The program which was managed by the Global Environment and Technology Foundation (GETF) ran in two phases. At the end of the second phase in 2020, it recorded a positive impact of over 7 million people across the continent.

The program replenished over 20 billion liters of water to communities and nature, improving access to water, health and sanitation which in turn improved hygiene behaviours, established and enhanced sustainable water management practices, improved environmental stewardship and community health and promoted efficient and sustainable use of water for economic development.

To further drive the goal of water replenishment, The Coca-Cola Foundation has provided over $1.3million to two NGOs namely the Rural Africa Water Development Project (RAWDP) for Disaster Risk Reduction and Urban Resilience in Imo state; and GETF who is partnering with WaterAid on an 18-month project targeted at improving access to safe water, sanitation, and hygiene services in four communities within and around the Maiduguri Metropolis of Borno State.

With its giant strides in areas of climate change advocacy and circular economy, The Coca-Cola Company has indeed proven its unshaken commitment towards preserving the earth for future generations and continues to take concrete steps to invest in our planet

admin by — April 27, 2023 in Opinion 0
Sudan: FG Hires 40 Luxury Buses To Convey Stranded Nigerians Home

The Federal Government has began the process of evacuating Nigerians stranded in Sudan, following the outbreak of conflict in the North African country.

Minister of Foreign Affairs, Geoffrey Onyeama and his counterpart the Minister of State, Ambassador Zubairu Dada confirmed the development, after the matter was deliberated upon at the Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday.

According to him, 40 luxury buses were already on ground in Sudan to pick Nigerian citizens in the country to Egypt.

He said once they are safely moved to Egypt, other arrangements would be effected to airlift them back to Nigeria.

Onyeama also disclosed that the evacuation efforts are being coordinated by the Nigerian embassy in Sudan as well as authorities of the Federal Emergency Management Agency (FERMA) whose Director General has been on ground in Egypt to receive the evacuees.

According to the Ministers, the buses conveying Nigerians were hired at a cost of $1.2million dollars, citing the risks associated with moving the people.

admin by — April 27, 2023 in News 0
Savannah Energy,Cameroon Ink Agreement On 75 MW Bini a Warak Hydroelectric Project

 

Savannah Energy Plc, the British independent energy company,has announced the signing of a Memorandum of Agreement (“MOA”) by Savannah Energy RCM Limited, a wholly owned subsidiary of Savannah, with the Government of the Republic of Cameroon for the development of the Bini a Warak Hydroelectric Project

The project is located in the northern Adamawa Region of Cameroon.

A statement from the company,said a signing ceremony was held Wednesday in Yaounde, attended by His Excellency Gaston Eloundou Essomba, Minister of Water and Energy for the Republic of Cameroon, His Excellency Dr Christian Dennys-McClure, British High Commissioner to the Republic of Cameroon and Andrew Knott, Chief Executive Officer of Savannah.

The 75 megawatts (“MW”) Bini Project is expected to provide clean, stable and affordable power to Cameroon’s northern region.

According to the statement,this is anticipated to support both existing local electricity demand and enable a number of energy-intensive industrial projects, principally in the cement and metallurgy industries, within the region. The Bini Project is expected to increase current on-grid electricity generation capacity in northern Cameroon by over 50%.

There is also the potential for power to be dispatched into Cameroon’s southern electricity grid, upon completion of the interconnection, financed by the World Bank, of the northern and southern electricity networks currently planned by the Government for 2026.

The statement said Bini Project involves the construction of a dam on the Bini River, together with an 82km2 reservoir and associated tunnels, powerhouses, substations and a 225 Kilovolt transmission line connecting the Bini Project to Cameroon’s northern electricity grid. It is intended to be developed on an independent power project basis with project sanction expected in 2024 and first power targeted in the 2027 to 2028 window.

It explained that jnder the terms of the MOA, Savannah plans to supplement existing feasibility studies and work with power industry authorities and development finance institutions to finalise the development, financing and resumption of construction of the Bini Project.

Savannah expects to fund the Bini Project from a combination of its own internally generated cashflows and project-specific debt.

Speaking,Gaston Eloundou Essomba, the Minister of Water and Energy for the Republic of Cameroon, said: “The Government is delighted to partner with Savannah Energy in order to deliver clean and affordable electricity to support our industrialisation plans for northern Cameroon. The Bini Project will address the current electricity shortages caused by the hydrology deficit of the Ladgo Dam and reduce the consequent reliance on expensive thermal generated power in the region.

“Our partnership with Savannah is in line with our long-term “Vision 2035″ Master Plan for increasing the electrification in the country and the National Strategy for Development 2020-2030. The decision to invest in the Bini Project is a clear indication of the confidence Savannah has in our country’s potential and our legal frameworks for investment. As a government, we will provide all the support needed to enable Savannah to deliver first power from this exciting project in the 2027 to 2028 window.”

Dr Christian Dennys-McClure, British High Commissioner to the Republic of Cameroon, said: “I am delighted that a British company, Savannah Energy, is making such a substantial investment in renewable energy in Cameroon. Cameroon has plentiful hydropower resources which, through investments like this, can be harnessed to develop the economy and improve the lives of millions of Cameroonians. This is a further example of the United Kingdom’s commitment to Cameroon.”

Andrew Knott, CEO of Savannah Energy,expressed delight on the development,saying the Bini Project is expected to provide clean, stable and affordable power to northern Cameroon that will support both households and industrial projects in the region.

He added:” It is exactly the sort of high developmental economic impact project that our renewable power division is seeking to deliver. I would like to thank the Government of Cameroon and, in particular, His Excellency Gaston Eloundou Essomba Minister of Water and Energy for the strong support we have received in relation to Savannah taking over the development of the Bini Project. We look forward to working with the Government of Cameroon and our intended developmental finance partners as we move this project through the development and construction phases towards the intended first power in 2027 to 2028.

“As a company, Savannah is seeking to continue to expand in Cameroon and we will continue to review other potential investment opportunities in the energy and sector. We expect the Bini Project will make a key contribution towards the attainment of Savannah Group’s targeted 1GW of renewable energy projects in motion by the end of 2023.”

admin by — April 27, 2023 in Oil&Gas 0
EKEDC Sustains War Against Vandalism,Drags Four To Court

Mohammed Shosanya

A magistrate court in Lagos has remanded four persons for vandalising properties belonging to Eko Electricity Distribution Company (EKEDC).

They were caught stealing, damaging, and vandalizing cables, transformers, and other equipment before they were arrested and charged to court,a statement signed by the EKEDC Head of Corporate Communications & Strategy, Mr. Babatunde Lasaki,said.

Mustapha Yusuf,the statement said,was arraigned on the 10th of March 2023 on a two-count charge of malicious damage to ladder, and assault.

The defendant pleaded not guilty to the charges then bail was granted to him in the sum of ₦100,000.In the same vein, Lawal Isah was arrested on 26th February 2023 for vandalizing 30 meters of 150mm (about 5.91 in) core electric cables servicing Bank Road, Ikoyi, and the transformer in front of No 1 Olumegbon Road, Ikoyi, Lagos.

He was arrested and charged with stealing and malicious damage. Lawal pleaded not guilty to the three-count charge and was granted bail in the sum of N500.000.00 (Five Hundred Thousand Naira). The defendant is to be remanded in prison pending his bail perfection.Puttu John Gongse was also arrested on the 17th of March 2023 at Ikoyi-Lagos.

He attempted to steal and damage 30 meters of 150mm single core armored cables servicing the transformer at Parkview Estate valued at N500,000 (Five hundred thousand naira only). He was arraigned on the 21st of March 2023 where he pleaded not guilty and was granted bail to the tune of N200,000

Abdullahi Sulaiman was caught stealing cables belonging to the Eko Electricity Distribution Company valued at N500,000 (Five hundred thousand naira only) on the 1st of March 2023 at Oropo Area of Ansaruddeen Badagry in Lagos Magisterial District. He was arraigned on the 3rd of March 2023 where he pleaded guilty.

Lasaki reiterated that vandalism was one of the leading causes of poor power supply within EKEDC’s operation network and assured customers that the electricity distribution company would continue to work with relevant authorities to ensure that perpetrators are brought to justice and face the full wrath of the law.

He further implored members of the public to report suspicious activity around its infrastructure to the nearest EKEDC office or through any of the company’s official complaint channels.

admin by — April 27, 2023 in Power 0