All Posts in "Day: July 17, 2024"

Access Bank Raises N442bn Capital Through Syndicated Tier II Facility

Mohammed Shosanya

Access Bank Plc,has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO).

The occasion marked the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades.

Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria. This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to the deep-rooted trust and synergy between the two institutions.

This historic agreement is the largest syndication in FMO’s history. This substantial investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector.

The syndicate includes names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.

This financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.

The ceremony,attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government, saw Roosevelt Ogbonna, MD/CEO of Access Bank PLC, express profound gratitude to FMO for their unwavering support and emphasise the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.

“Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.

“This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.”

In his remarks, Michael Jongeneel, CEO of FMO, stated: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”

Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this agreement.

admin by — July 17, 2024 in Banking&Finance 0
Wrong Applications Of Procurement Process Heightens Corruption In MDAs-PRADIN

Mohammed Shosanya

The National Coordinator of Procurement Observation and Advocacy Initiative, PRADIN, Mohammed Bougei Attah,is worried that due to inappropriate applications of the procurement process by unqualified personnel, corruption has been on the increase instead of reducing in the Ministries, Departmentsand Agencies of government

He spoke at the Public Hearing by the House of Representative Committee on Public Procurement, on a Bill to amend the CIPSMN Act 2007.

He informed the audience that as against the common practice by the BPP, the law as contained in Section 5 (k) of the PPA 2007 only mandate the Bureau to organize training for would-be procurement officers and not to conduct training for them.

They will then issue certificates of attendance to qualify them as procurement officers in the ministries, departments and agencies,MDAs of government,he added.

Premium News reports that,the Chairman, House of Representative Committee on Public Procurement, Rt. Hon. Uyime Idem led 15 other members to the event which had the government, private and the nonprofit sectors in attendance.

In addition to the change in name, the Public Hearing reviewed and discussed the grey areas hindering the efficient and proper implementation of procurement process in Nigeria.

It seeks an amendment to the CIPSMN Act 2007 to change the word in the name “purchasing” and replace with the word “procurement” to align with current realities in the practice of procurement across the globe.

Supported by about 15 members of the Committee and other stakeholders in attendance, they frowned at the unhealthy developments over the years in the management of procurement process in the country that has been responsible for it’s poor implementation, low capacity and uncontrolled corruption on the part of public officers.

Other key stakeholders that spoke in favour of the Bill include the Bureau of Public Procurement, BPP, Strategy Implementation Office for Presidential Executive Order 5, led by its National Coordinator, Engr. Ibiam Oguejiofo, Prof. James Akanmu of the University of Lagos and representative of the National University Commission, NUC.

Others from the government and private sector include representatives of the Nigerian Society of Engineers, NSE, Federal Ministry of Finance and a team of professionals from the Institute led by the President and the Registrar.

Leading the voice for five civil society organizations, CSOs in attendance, the National Coordinator of Procurement Observation and Advocacy

The bill,which received overwhelming support of participants at the Public Hearing is for “an Act to amend the Chartered Institute of Purchasing and Supply Management of Nigeria Act 2007 to be in tandem with what obtains in the procurement professional practice across the globe and for other Related Matters”, HR 346 of 2024.

Sponsored by the Deputy Minority Leader of the House of Representatives, Hon. Ali Madami passed the second reading on February 28 this year.

admin by — July 17, 2024 in News 0
Court Bars PDP From Conducting Congress In Rivers

Mohammed Shosanya

A Rivers State High Court sitting in Port Harcourt,Tuesday restrained the Peoples Democratic Party (PDP) from conducting its forthcoming Congress in the state, billed for July 27, 2024.

Justice Sobere Biambo, issued the interim order against the PDP, it’s National Chairman, Financial Secretary and National Organising Secretary, who are defendants in the suit after hearing the submission of the applicants’ counsel, Eberechi Adiele, Esq. (SAN).

The applicants in the suit marked PHC/2282/CS/2024, includes; Hon. David Chinedu Omereji, Hon. Prince Solomon Abel Eke, Isoboye Tobin, Goddy Manfred Pepple, Okuah Precious Chigozirim and Hon. Orolosama Peter Amachree.

Others are; GoodFriday Nweke, Alfred Letem, Hon. Wechie Ndubisi Raymond, Mrs. Eberie Michael and Hon. Ogenma Idalunimulu.

The applicants in an originating summons and a motion ex parte, urged the court to restrain the defendants or their proxies from carrying out the party’s congress in Rivers State.

The order reads: “That an order of at interim order of injunction be and is hereby issued restraining the defendants and each of them, either by themselves servant, agents, assigns or otherwise howsoever from holding or carrying out the People Democratic Party (PDP) Congress in Rivers State scheduled to hold in Rivers State on the 27th day of July, 2024 or be rescheduled to he held on any other date or any other location pending the determination of the notion on notice already filed.

“That an order interim is hereby issued stopping or suspending the People Democratic Party (PDP) Congress in Rivers State scheduled to hold in Rivers State on the 27th July, 2024 or to be held on any other date or any other location pending the determination of the motion on notice already filed.

“That an order interim is hereby issued restraining the defendants by themselves, servants, agents or otherwise howsoever, from taking any decision or giving any directive to further extend howsoever the already expired tenure of the last State, Local Government and Ward Executive Officers of the People Democratic Party(PDP) in Rivers State.”

admin by — July 17, 2024 in Politics 0
FG,States,LGCs Share N1,354.371trn In June

Mohammed Shosanya

A total sum of N1,354.371 billion June 2024 Federation Accounts Revenue was shared to the Federal Government, States and Local Government Councils in the country.

Bawa Mokwa, the Director of Press and Public Relations, Office of the Accountant General of the Federation, (OAGF),said in a statement that the revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC),stated that the N1,354.371 billion total distributable revenue comprised distributable statutory revenue of N 142.514 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion and Augmentation of N200.000 billion.

Total revenue of N2,483.890 billion was available in the month of June 2024. Total deduction for cost of collection was N92.112 billion while total transfers, interventions and refunds was N1,037.407 billion.

Gross statutory revenue of N1,432.667 billion was received for the month of June 2024. This was higher than the sum of N1,223.894 billion received in the month of May 2024 by N208.773 billion.

The gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.665 billion available in the month of May 2024 by N65.020 billion.

The communiqué stated that from the N1,354.371 billion total distributable revenue, the Federal Government received total sum of N459.776 billion, the State Governments received total sum of N461.979 billion and the Local Government Councils received total sum of N337.019 billion.

A total sum of N95.598 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion and the Local Government Councils received N19.142 billion.

The sum of N49.591 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N78.596 billion, the State Governments received N261.987 billion and the Local Government Councils received N183.391 billion from the N523.973 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.354 billion was received by the Federal Government from the N15.692 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.846 billion and the Local Government Councils received N5.492 billion.

From the N472.192 billion Exchange Difference revenue, the Federal Government received N224.514 billion, the State Governments received N113.877 billion and the Local Government Councils received N87.794 billion. A total sum of N46.007 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N200.000 billion augmentation, the Federal Government received N105.360 billion, the State Governments received N53.440 billion and the Local Government Councils received N41.200 billion.

According to the communiqué, in the month of June 2024, Companies Income Tax Oil (CIT) and Value Added Tax (VAT) increased significantly while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases.

admin by — July 17, 2024 in News 0
ASCSN Faults Bola-Audu’s Forceful Attempt To Return As President

Mohammed Shosanya

The Association of Senior Civil Servants of Nigeria (ASCSN),has rejected the recent National Industrial Court of Nigeria (NICN) judgement reinstating Mr Innocent Bola-Audu as the President of the union.

Dr Tommy Okon,ASCSN President,who said this while addressing newsmen on Tuesday in Abuja,explained the appeal and stay of execution obtained from the Appeal Court prevents Bola-Audu from taking over the leadership of the union.

The union had earlier filed an appeal and stay of execution from the Court of Appeal to restrain Bola-Audu from taking over the helm of affairs of the Union.

According to Okon,the leadership and members and the organs of the Association of Senior Civil Servants of Nigeria decided as its fundamental rights, to appeal the judgement and also apply for stay of execution.

He added:”By virtue of that, it therefore means that Innocent Bola-Audu has not been reinstated because of our appeal and stay of execution.

“We are also aware of the clandestine move to take laws into his hands by threatening to reinstate himself either at night or day with some hoodlums.

“It is proper to put on record that Nigeria is not a banana republic where you have the certified copy of the true ruling and you feel that is execution order.

“You are aware that appeal is our fundamental right and for you to execute the court judgement you must have the certificate of judgement and it has to be through the sheriff of the court but not an individual in court,”he said.

He implored security agencies of government to take note that ASCN as a union was law abiding organization,adding that it decided to go for an appeal of the judgement to create peaceful environment.

“Any attempt by individuals or group of individuals that attempt or attempted to try to bring crisis into the union, we are not going to fold our arms and look at it.

“This is a clarion call for government to take note of the character, of the person with emphasis, that Bola Innocent Audu has not been reinstated.

“He can spread the certified true copy of the said judgement but that is not a guarantee that he has taken over,”he said.

admin by — July 17, 2024 in Labour/Human Resources 0
National Assembly Supports NNPC To Boost Crude Oil Output

Mohammed Shosanya
                                                     

The National Assembly,has supported  Nigerian National Petroleum Company Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves,saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.

This was disclosed when the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos, on Tuesday, a statement from the company’s spokesman,Femi Soneye said.

They were jointly led by the Committee Chairmen from both chambers, Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa.

The legislators,according to the statement,described the menace of crude oil theft and vandalism of critical oil and gas infrastructure as major challenges to Nigeria’s revenue generation and budget targets, which must be curtailed.

Speaking,Senator Williams said it was imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.

He said from what they found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government to achieve its set targets in the oil and gas sector.

In his remarks,Hon. Alhassan Doguwa said by virtue of their duties as a legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedevilling the nation’s oil and gas sector.

Doguwa,who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increase Nigeria’s crude oil production and grow its reserves.

He said the legislature will consider deploying the stick and carrot approach towards addressing the issue, but where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumbrance standing in the way of Nigeria’s economic growth and development.

Earlier in his detailed presentation to the lawmakers, the Chief Upstream Investment Officer (CUIO) of NNPC Ltd, Mr. Bala Wunti described NUIMS as a trustee of Nigeria’s upstream investments which ensures the country maximises returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC) and Service Contracts (SC) operating partners.

Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.

“We are here to see how the NASS will help us produce more barrels and deliver value to our shareholders. Increasing production is the new narrative and your support is needed to enable us achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed the legislators.

He said so far, the industry-wide security collaboration against crude oil theft and vandalism of Nigeria’s critical hydrocarbon infrastructure through the four-way strategy of “Detect, Deter, Respond and Recover” have been instrumental in the recent restoration of some of the nation’s lost barrels.

admin by — July 17, 2024 in Oil&Gas 0
FG Repatriates 190 Nigerians From UAE

Babatunde Solanke

The Federal Government has repatriated One Hundred and Ninety (190) Nigerians from the United Arab Emirates.

The returnees were received at the Nnamdi Azikiwe International Airport, Abuja on Tuesday at 05:57am by a combined team of government officials led by the National Emergency Management Agency (NEMA).

They were profiled and documented by the relevant agencies and sensitized to behave with decorum and responsibility on their return to Nigeria.

Zonal Director of NEMA North Central, Bashir Idris Garga on behalf of the Director General of NEMA called on Nigerians to be true ambassadors of Nigeria wherever they find themselves.

The government urged all Nigerians, wherever they may be, to act as exemplary ambassadors of their country, upholding the fundamental values of patriotism, rule of law, decency, and integrity.

admin by — July 17, 2024 in News 0
Oyo Government,Shell Nigeria Gas Huddle With Customers On Gas Project

L-R: Member, Corporate Affairs Committee, Manufacturers Association of Nigeria (MAN), Sunday Aboriomoh; Managing Director, Shell Nigeria Gas, Ralph Gbobo; Commissioner for Energy and Mineral Resources, Oyo State, Temilolu Ashamu; General Manager, Shell Energy Nigeria, Markus Hector; Coordinator, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Niyi Olowookere, at an SNG stakeholders’ forum on Wednesday in Ibadan…… on Wednesday July 10, 2024.
admin by — July 17, 2024 in News 0
FG Seeks Fresh $50m W’Bank Loan For Prepaid Metres, Solar Projects

Babatunde Solanke

The Federal Government is seeking the assistance of the World Bank to provide funding worth $50 million to support state governments for the installation of solar plant pilots and infrastructure upgrades.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun spoke on the initiative when he met with a World Bank delegate on Monday in Abuja,a statement signed by the Director of Information and Public Relations, Finance Ministry, Mohammed Manga,said.

According to the statement,the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.

The minister explained that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation and the Distribution Sector Recovery Programme, aimed at improving power distribution and management systems to ensure economic growth and development in the nation.

He disclosed that the programme would ensure the rollout of 3.5m prepaid metres to enhance power distribution and support tariff frameworks, market reforms and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.

He said: “In its renewed determination to drive economic growth and development in the country, the Federal Government has continued to engage with relevant stakeholders to boost power sector investments as a major priority area for achieving the desired objective.

“The initiative will strengthen plans to roll out 3.5 million prepaid metres to enhance power distribution.

“$50 million funding for state solar plant pilots and infrastructure upgrades, with measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.

“This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access, promoting economic growth and development, improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration”.

He reaffirmed the commitment of President Bola Tinubu’s administration to reposition the nation’s economy.

admin by — July 17, 2024 in Power 0
We’ll Deliver Our Mandate With Effective,Professional Workforce-NDDC Boss

Mohammed Shosanya

The Managing Director of the Niger Delta Development Commission, NDDC, Dr Samuel Ogbuku,has emphasized the import of an effective and professional workforce duly equipped with skills and well-motivated by sustainable wages to drive the Commission’s efforts to deliver on its mandate.

He stated this during a two-day workshop on Wage Administration, Policies Implementation and Revenue generation in Public Agencies, organised for executive management, Directors, salary related desk officers and staff union executives of the Niger Delta Development Commission in Port Harcourt.

Seledi Thompson-Wakama
Director, Corporate Affairs,quoted the NDDC boss,as noting in a statement that an effective work behavior could only be achieved through motivation of staff that are critical components of governance.

He maintained that since inception of the present NDDC board, the Commission had not relented in giving priority to its staff in line with its mantra of transition from transaction to transformation.

To ensure a good condition of service and conducive working environment which would in turn serve as catalyst for high level productivity, Ogbuku said the NDDC was collaborating with institutions that had the requisite expertise in wage administration, policies implementation and revenue generation.

He added: “While we are determined to give staff a very good remuneration package and conditions of service, we are also conscious of the needs of other stakeholders of the region.
There is therefore the need to strike a delicate balance in ensuring that both the needs of stakeholders including staff are met.”.

Speaking,the NDDC Executive Director, Finance and Administration, Alabo Boma Iyaye, said that the theme of the workshop was timely and critical, “as the Commission confront the challenges of attracting, retaining, and motivating top talent in today’s fast-paced business landscape.”

He stated: “Wage administration is a make-or-break issue for organisations. It’s a delicate balancing act between compensating employees fairly and maintaining financial sustainability. But we can’t afford to get it wrong. Effective wage management is the key to unlocking employee satisfaction, productivity, and ultimately, organizational success.”

He implored the staff to see the workshop as a valuable learning experience which required their active participation.

In his presentation,the Chairman National Salaries,Wages and Incomes Commission, NSIWC, Mr. Ekpo Nta who went down Memory Lane to trace the origin of NDDC, told staff that there is need for them to live up to expectations so that the agency will not fizzle away due to non-performance.

He challenged the participants not to allow personal interest override the vision of the organization *but* rather to add value to themselves and the agency.

He noted that achieving the goals of any organisation was tied to the efficiency of the workforce.

admin by — July 17, 2024 in Labour/Human Resources 0