All Posts in "Day: October 12, 2023"

Norrenberger Launches N500m Entrepreneurship Fund For Corps Members

Mohammed Shosanya

Nõrrenberger,a financial services group,Thursday launched N500million Nõrrenberger entrepreneurship fund (NEF),to support young individuals Youth Corps members in actualizing their entrepreneurial dreams.

At a brief ceremony organized to mark to birth of Fund, Mr. Tony Ede, Group Managing Director Norrenberger, explained that the programme was aimed at impacting 5000 Corps members this year alone, and also to create 10 million jobs for Nigerians youths in the next five years.

He disclosed that NEF is not a loan but a grant which is meant to funding innovative ideas, technologies or products for startups with groundbreaking concepts.

He added that,after the selection which promises to very stringent, the first place winner of the NEF grant would go home with N7. 5 million, second place winner, N5.5 million, while the third place winner would be supported with N3.5 million.

To qualify, he said,one must be first a National Youth Service Corps (NYSC) member, must express interest by applying for the the fund at Nõrrenberger.com/nef, must have an entrepreneural ideas, stressing that the selection would be stringent.

He said successful candidates would not only be supported with capital but also with knowledge and skills that will help them succeed in making their ideas come to life.

“We are here to launch Norrenberger Entrepreneurship Fund (NEF). It is a fund is targeted at empowering young entrepreneurs across the nation.
“We are looking at N500,000 million to start with and we are also going to put in place a very stringent selection process. We are looking at impacting 5000 Corps Members this year. And every other year going forward. We are not just doing this alone.

“We have our partners, both multi lateral and national partners, supporting us to reach this goal. We envisage that in five years, we would have impacted one million Nigerian youths and we would have created 10 million jobs.
“It is not all about funding there needs to be some form of knowledge impactment and skills acquisition for these young entrepreneurs” he said.

Speaking, Mr Ibrahim Aliyu Bala, the Chairman, Board of Directors of Norrenberger, noted that entrepreneurship is, in many ways, the lifeblood of progress and the driving force behind economic growth and societal transformation hence the floating of the fund.

He said: “Today, we come together not merely to exchange greetings or pleasantries, but to spark innovation, creativity, and enterprise in us as a people.

“Entrepreneurship is, in many ways, the lifeblood of progress and the driving force behind economic growth and societal transformation. It represents the spirit of audacity, the courage to question the status quo, and the relentless pursuit of solutions to the world’s most pressing challenges.

“As we announce the launch of the Norrenberger entrepreneurship fund today, we must recognize that it is not just about allocating capital; it is about investing in human potential. It is about nurturing the ideas that have the power to reshape industries, disrupt the norm, and redefine what is possible. It is about creating an ecosystem where innovation thrives, where risks are taken, and where failures are learning points and stepping stones to success”.

admin by — October 12, 2023 in Labour/Human Resources 0
Terrorists Now Eating Their Victims-DHQ

The Defence Headquarters (DHQ),says its troops have uncovered activities of extremists operating in their safe havens in Aku Forest in Okigwe Local Government of Imo State.

The DHQ accused the militants of slaughtering and feasting on their victims adding that own troops in their operations in the past one week killed 50 terrorists while 114 of them were arrested.

Director, Defence Media Operation (DMO), Major General Edward Buba, who briefed newsmen on Thursday at the Defence Headquarters, Abuja at the biweekly press briefing on troops operational activities across the country,said these extremist are cannibals.

“The military has identified several of these safe havens and operations are targeted towards ensuring that they are completely dismantled.

“One of the safe havens in Aku Forest in Okigwe LGA of Imo State in the South East was invaded. Troops found unspeakable and unprintable activities going on in the camp. These extremist are cannibals feasting on fellow humans and slaughtering them for other devilish acts.”, he said

According to him,among the central issues on the ground in terms of setting security conditions and overcoming instability are the “safe havens” of some of these violent extremist groups that have existed for many years.

These safe havens, he stated provides a support base for insurgent activities.

He added:”These safe havens provide the flow of funding, material, weapons, fighters, command and control that supports terrorism and insurgency confronting us.

“There are safe havens that spread across various theatres ranging from the tumbuns in the North East to other locations such as national parks, game reserves and forests across the country.”

He disclosed that operations of the last one week, resulted in “50 neutralized terrorists while 114 of them were arrested.

“Troops also arrested 19 perpetrators of oil theft and rescued 49 kidnapped hostages. In the South South, troops denied oil theft of the estimated sum of N968,160,050.00 only.

“Furthermore, troops recovered 65 assorted weapons and 400 assorted ammunition. The breakdown are as follows: 25 AK47 rifles, 4 locally fabricated rifles, 4 pistols, 6 pump action guns, 12 dane guns, 3 AK47 rifles loaded with 50 rounds of 7.62mm special ammo among others.

“Troops in the Niger Delta area discovered and destroyed 54 dugout pits, 66 boats, 138 storage tanks, 253 cooking ovens, 2 pumping machines, 8 speedboat, 17 hoses, 18 drums, 2 cylinders and 53 illegal refining sites. Troops recovered 983,350 litres of stolen crude oil, 144,980 litres of illegally refined AGO and 71,650 litres of DPK

“It is clear that some of the the safe havens from which these insurgents and terrorists operate from often extend across the borders with other countries, thereby making it a regional issue. Nevertheless, the objective of ongoing operations is to ensure these safe havens are completely destroyed within the shores of the country.”

He assured that the military will continue to fine tune its operations to ensure maximum protection of citizens and restore security across the country.

He added:”We are getting it right and continue to encourage citizens that know something to say something, so that we can do something about it. Together we win the fight.

“The armed forces is constantly restrategizing and modifying its operations to overcome the changes in tactics of the extremist operating across the country.

“Accordingly, the ongoing counter terrorism and counter insurgency operations are designed to ensure that uncertainty is replaced with certainty.”

admin by — October 12, 2023 in News 0
ICPC To Track N500bn Constituency Projects

Mohammed Shosanya

The Independent Corrupt Practices and Other Related Offences Commission (ICPC),will next week commence Phase 6 of the tracking of constituency and executive projects which started in 2019.

The 6th phase, which will commence on the 16th of October 2023 across 24 states of the 6 geo-political zones of the nation, follows the massive success of the 5th phase which took place in November 2022.

The 6th phase will have teams tracking 1,932 projects valued at N500billion,Mrs. Azuka Ogugua, the Commission’s Spokesperson in a statement to newsman on Thursday.

She added:”The focal states for the exercise include Nasarawa, Benue, Kogi, Niger, Kwara, Plateau, Adamawa, Borno, Bauchi, Taraba, Gombe, Yobe, Kano, Katsina, Kebbi, Sokoto, Anambra, Ebonyi, Imo, Akwa-Ibom, Bayelsa, Edo, Ekiti, Lagos, Ondo States and the FCT.

The objectives of the exercise, she said include “improved service delivery to the people by investigating fraudulent procurement practices in the award of public contracts; full execution of all public funded projects; execution to specification of all projects funded by government; ensuring compliance with all regulatory requirements and ensuring that government gets value for monies spent on projects.”

“The Commission will also be focusing on special intervention agencies and captive funds projects handling and execution of North-East Development Commission, Presidential Amnesty Program, Niger Delta Development Commission, Nigeria Social Insurance Trust Fund (NSITF), Ecological Fund Office, National Health Insurance Authority (NHIA), and Hydro-Electric Power Producing Areas Development Commission (HYPPADEC) amongst others.

“As usual, the exercise will be carried out by ICPC in collaboration with relevant stakeholders such as Nigerian Institute of Quantity Surveyors (NIQS), the media and civil society organizations.”

admin by — October 12, 2023 in News 0
NDIC Boss Urges ICAN To Consider Deposit Insurance System Courses

Mohammed Shosanya

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has implored the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the Deposit Insurance System (DIS) into its educational programs and modules.

Bashir Nuhu, the Director, Communication and Public Affairs Department,disclosed this in a statement on Thursday.

He quoted Mr. Hassan as making the call during a courtesy visit by the Governing Council Members of ICAN, led by the President of the Institute, Mr. Innocent Iweka Okwosa, to the Corporation’s Management in Abuja.

He explained that including DIS courses within ICAN’s training programs would enhance the understanding of DIS not only within the banking sector but also among professional accountants.

According to him, it as critical to bridging the knowledge gap on the mandate and achievements of DIS, its critical role in protecting depositors and its contribution to financial system stability.

He said that it would also address misconceptions of the benefits and limitations of the deposit insurance system.

He emphasized the import of public awareness in maximizing the impact and reach of the deposit insurance system throughout the general public and the financial sector as a whole.

He stated that given the novel nature of the scheme in Nigeria and globally, collaboration with ICAN and other stakeholders had become imperative to strengthen the effectiveness of the Corporation’s operations to fully implement its mandate.

Hassan congratulated Mr. Okwosa on his assumption of office as the 59th ICAN President, and encouraged him to ensure that chartered accountants uphold the Institute’s values of accuracy and integrity in all aspects of their work.

He also reassured the Institute of the Corporation’s unwavering support and partnership in furthering the practice of accounting in the country.

He also extended condolences to the Institute on the recent passing of the first chartered accountant in Nigeria, Mr. Akintola Williams who left a legacy of excellence and professionalism that has paved the way for the growth of the profession in Nigeria.

Mr. Hassan commended ICAN’s commitment to maintaining zero tolerance for professional misconduct, asserting that this stance would continue to provide confidence to the Corporation and other stakeholders in relying on the work of accountants in fulfilling their mandates.

In his remarks, Mr. Innocent Iweka Okwosa praised Mr. Hassan for his exemplary leadership and the professionalism he has instilled in the Corporation’s operations.

He noted that under Mr. Hassan’s leadership, the Corporation has made substantial contributions to ensuring the safety and stability of the Nation’s financial system, a crucial element for the growth and prosperity of the Nigerian economy.

admin by — October 12, 2023 in Business 0
CBN Removes Forex Restriction On Cement, Rice,41 Other Items

Mohammed Shosanya

The Central Bank of Nigeria, Thursday, announced the suspension of restriction on importation of 43 items into the country.

Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market, Isa AbdulMumin, the Director, Corporate Communications, said in a statement made available to Premium News.

The statement also quoted the apex bank as declaring that it will boost liquidity in the Nigerian Foreign Exchange Market by the interventions from time to time in order to ensure price stability in the nation’s economy.

The interventions will gradually decrease as market liquidity improves, the statement said, adding that the CBN will also continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

“The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

“The CBN has set as one of its goals the attainment of a single FX market. Consultation is Ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above”.

admin by — October 12, 2023 in Banking&Finance 0
PIA:NUPRC Grants First Petroleum Exploration License

Mohammed Shosanya

The Nigerian Upstream Petroleum Commission (NUPRC),Thursday announced that it granted a Petroleum Exploration License (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD).

Engineer Gbenga Komolafe, the Commission’s Chief Executive Officer,who conveyed this in a statement, said that the license is in compliance with the provisions of Section 71 (1) – (10) of the Petroleum Industry Act (PIA) 2021.

The PEL is the first under the PIA 2021 and is under the license agreement which the Commission and TGS-PD executed for a Geophysical Survey Project for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data,he quoted in the statement.

Data acquired under the PEL is not proprietary but speculative/multi-client survey data acquired in partnership with the NUPRC.

The license therefore authorises TGS-PetroData Offshore to carry out non-exclusive Petroleum Exploration Operations on a multi-client basis within the licensed area and permits the use of the acquired 3D seismic and gravity data by exploration companies.

As a result of the specialized nature of the Geophysical Survey Vessel to be used for the acquisition of the 3D seismic and gravity data, the Nigerian Content Development and Monitoring Board (NCDMB) granted no objection to TGS-PD to deploy the facility. The acquisition of the 3D seismic and gravity data commenced on July 17, 2023, and the processed data will be available for use by mid-2024.

The scope of the Geophysical Survey Project includes: “Phase 1 acquisition of about 11,900 sq. km of new 3D seismic and gravity data in water depth ranging from 30m to 4000m offshore Niger Delta. Acquiring seismic and gravity data at the same time will improve the correlation of identified structures and reservoirs.

“Record length of 14 seconds. This is the first of its kind in Nigeria. This will image deeper reservoirs that have not been imaged offshore Niger Delta before now.

“The acquired seismic and gravity data will be processed using the latest TGS proprietary technology.The acquired data will be licensed to exploration companies.

The statement said that the benefits that Nigeria will derive from the new 3D seismic and gravity data acquisition include:”Availability of new regional 3D seismic and gravity data in deep waters ranging from 30m to 4000m offshore Niger Delta.

“The Commission has the sole right and title over the acquired raw and interpreted data to be obtained by the licensee (TGS-PD) under a petroleum exploration licence. Therefore, the 3D seismic and gravity data belongs to the Nigerian Government.

“Based on section 71(7) of the PIA, the Commission and Federal Government of Nigeria shall benefit from the revenue that will be generated from the data use licence that will be granted to interested exploration companies by TGS-PD.

“The new 3D seismic and gravity data being acquired will further provide an opportunity for understanding the regional petroleum system of the ultra-deep waters of Nigeria and unlock the hydrocarbon prospectivity of Nigeria’s frontier basins (Ultra-deep offshore).

“The 3D seismic and gravity data when acquired will be useful in future deep water licencing rounds which will attract Foreign Direct Investments (FDIs) into oil and gas exploration in Nigeria.

“Create opportunities for increasing oil and gas reserves and production.Create opportunities for Nigerian Content Development and employment of Nigerian professionals”.

admin by — October 12, 2023 in Oil&Gas 0
Chevron Promises To Upscale Business Interest In Nigeria

Mohammed Shosanya

Chevron International Exploration and Production has expressed its commitment to sustain and grow its business in Nigeria.

The multinational oil company also promised to strengthen partnerships to ensure safe, reliable, and efficient operations in the country.

A Chevron team led by Clay Neff, President, Chevron International Exploration and Production and Rick Kennedy, Chairman/Managing Director, Chevron Nigeria Mid-Africa Business Unit, gave the assurances when they met with President Bola Tinubu at the United Nations General Assembly meeting in New York.

Esimaje Brikinn,General Manager,Policy Government and Public Affairs,Chevron Nigeria Limited,said the meeting discussed issues of mutual business interests between Nigeria and the multinational oil company.

The statement added that other Nigerian government officials including the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri,attended the meeting.

admin by — October 12, 2023 in Oil&Gas 0
We’re Not Recruiting-OYOSUBEB

Mohammed Shosanya

The Oyo State government has refuted news by a blog, about purported recruitment into the Oyo State Universal Basic Education Board, saying it is untrue.

The Ag. Executive Secretary, Oyo State Universal Basic Education Board, Mrs. Olaide Ladipo made the clarification in a statement signed on Thursday in Ibadan, the State’s capital.

Mrs. Ladipo said :”for the umpteenth time, the Oyo state government wishes to inform the teeming public that Oyo State Universal Basic Education Board is not recruiting into any position in the board yet”.

She urged members of the public to disregard any information about recruitment, and also report fraudulent activities by any imposter using the name of the state government to the appropriate authorities.

“Please disregard any information circulating on social media or other platforms about recruitment by the Oyo State Universal Basic Education Board. It is false”, she said.

“The Board is yet to recruit into vacant positions and will announce such through the appropriate quarters”, she said.

In another development, the board has inaugurated the School Based Management Committee (SBMC), at the Oyo State Model Smart School, Sogunro, Akinyele, Ibadan.

Mrs. Ladipo said it was aimed at improving governance and effective educational systems at the basic level of education in the state.

She urged the committee members to collaborate with the Oyo State government in achieving the desired goals.

She said the SBMC is a governing body consisting of 10 statutory members drawn from the host community of the school.

According to her, SBMC was a resolution of the National Council of Education (NCE) in 1995, aimed at improving governance of basic and secondary schools, as well as providing a sustainable platform for stakeholders’ participation and non-government support to the schools

———- Forwarded message ———
From: Oyo state Ministry of Info
Date: Thu, Oct 12, 2023, 1:51 PM
Subject: OYOSUBEB Refutes Recruitment Rumour
To: OYOSUBEB

Good morning dear colleagues, The statement below is a reaction to a story by topnigerianjobs.com stating that OyoSUBEB is recruiting.

Press Release

OYOSUBEB Refutes Recruitment Rumour

…Inaugurates Management C’ttee into Smart School

The Oyo State government has refuted news by a blog, about purported recruitment into the Oyo State Universal Basic Education Board, saying it is untrue.

The Ag. Executive Secretary, Oyo State Universal Basic Education Board, Mrs. Olaide Ladipo made the clarification in a statement signed on Thursday in Ibadan, the State’s capital.

Mrs. Ladipo said “for the umpteenth time, the Oyo state government wishes to inform the teeming public that Oyo State Universal Basic Education Board is not recruiting into any position in the board yet”.

She urged members of the public to disregard any information about recruitment, and also report fraudulent activities by any imposter using the name of the state government to the appropriate authorities.

“Please disregard any information circulating on social media or other platforms about recruitment by the Oyo State Universal Basic Education Board. It is false”, she said.

“The Board is yet to recruit into vacant positions and will announce such through the appropriate quarters”, she said.

In another development, the board has inaugurated the School Based Management Committee (SBMC), at the Oyo State Model Smart School, Sogunro, Akinyele, Ibadan.

Mrs. Ladipo said it is aimed at improving governance and effective educational systems at the basic level of education in the state.

The Ag. ES urged the committee members to collaborate with the Oyo State government in achieving the desired goals.

She said the SBMC is a governing body consisting of 10 statutory members drawn from the host community of the school.

According to her, SBMC was a resolution of the National Council of Education (NCE) in 1995, aimed at improving governance of basic and secondary schools, as well as providing a sustainable platform for stakeholders’ participation and non-government support to the schools.

admin by — October 12, 2023 in Education 0
OPEC Maintains 2024 Oil Demand Growth Forecast

The Organisation of Petroleum Exporting Countries,OPEC on Thursday stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024,due to signs of a resilient world economy so far this year and expected further demand gains in China.

World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report.

Both forecasts were unchanged from last month.

A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has consistently forecast stronger demand growth for next year than other forecasters such as the International Energy Agency.

“In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption,” OPEC said in the report.

The report also said that demand in the rest of this year and next could take a hit in some parts of the world and trimmed its forecasts for total world demand in the current quarter and the first three months of 2024.

“Looking ahead and despite the usual seasonal rise in heating oil demand, ongoing uncertainty and economic developments in OECD Europe and other areas are expected to impact oil demand in the remainder of 2023 and in 2024,” OPEC said in reference to Organisation for Economic Co-operation and Development nations.

The OPEC report also said OPEC oil production rose in September despite pledged OPEC+ supply cuts, driven by increases in Nigeria, Saudi Arabia and Kuwait.

admin by — October 12, 2023 in Oil&Gas 0
NGA Seeks Review Of PIA

Mohammed Shosanya

The Nigerian Gas Association (NGA) has called for an immediate and critical review of the Petroleum Industry Act (PIA) after wide stakeholder engagement and consultation in order to address impediments hindering investment and ease of doing business.

The President of the Association, Akachukwu Nwokedi, who made the call during a media parley with Energy Correspondents in Lagos, acknowledged PIA’s enactment in 2021 as a welcome development that provides regulatory clarity for the petroleum sector and specific provisions for the gas industry.

He also commended the fiscal aspects of the law for its potential to transform the gas sector.

He emphasized the need for a swift review of the PIA to address gaps currently hindering the gas sector’s growth.

He expressed concerns over the multiplicity of taxation within the Petroleum Industry Act.

He noted that such taxation requirements increase the cost of doing business and, in some cases, result in higher end-user gas prices, reducing the attractiveness and rapid adoption of natural gas.

He lamented the requirement to pay royalties, fees, penalties, licenses, and permits in US Dollars without providing a Naira payment option.

He added:”While the oil and gas industry is internationally denominated in dollars, the NGA suggests that allowing payments in Naira equivalent would help alleviate pressure on the Nigerian currency, especially in this period of extreme foreign exchange fluctuations.

He emphasized the need to develop Commercial & Fiscal terms for Gas development (offshore and deepwater), to propel competitive investment. There is also the need to review the fiscal Incentives and develop commercial and fiscal terms for gas development (offshore, deepwater and across the value chain), to propel competitive investment.

He explained that this will boost and sustain gas supply to meet the nation’s needs.

Aka Nwokedi emphasized the crucial role the NGA plays in advocating for the Nigerian gas industry, promoting new investments, protecting industry interests, and facilitating a just energy transition.

He said the NGA aims to advocate for its members and the entire industry, promoting new investments and supporting the transition to cleaner energy sources in two years

It will actively participate in and coordinate the DoG initiatives, ensuring their successful and speedy implementation as well as deliver industry events and training on gas-specific and broader energy sector topics to enhance the knowledge and skills of industry professionals, he said.

According to him, the NGA will foster improved communication between the association and its members through an integrated online membership ecosystem and engage in technical roundtables and other initiatives to enhance communication on industry governance and safety standards.

He hinted that the body will fully implement a resource centre providing credible data and information about the Nigerian gas industry.

The NGA will launch an annual training program for energy editors to ensure accurate reporting and knowledge dissemination within the sector.

He said the body will advocate for and promote investment opportunities within the Nigerian gas industry globally, leveraging its membership in the International Gas Union (IGU) and continue to promote greater Nigerian involvement in the gas sector across the entire value chain.

Nwokedi noted that the parley’s objective was to inform about industry issues and solutions while establishing strong partnerships with the media. By working together, the NGA and the media aim to ensure accountability and disciplined delivery of proposed initiatives, unlocking Nigeria’s potential to become a gas economic powerhouse.

admin by — October 12, 2023 in Oil&Gas 0