All Posts in "Day: August 26, 2024"

Shiite Attack: Police Arrest 97 Suspects,Hunt For Killers Of Officers

Mohammed Shosanya

The Nigeria Police Force,has condemned attack by members of the proscribed Islamic Movement of Nigeria (IMN), commonly known as the Shi’ite group, on police personnel in Abuja on Sunday.

The incident occurred at Wuse Junction by the traffic light, where assailants targeted a police checkpoint and descended heavily on policemen on duty.

The attackers, who were armed with machetes, improvised explosive devices, and knives, embarked on several violent attacks which left two police officers dead instantly and three unconscious, currently receiving treatment in hospital.

Besides,three police patrol vehicles were set ablaze during the attack.

The progressive efforts of police operatives have led to the arrest of 97 suspects and the recovery of several weapons used in the attack,Olumuyiwa Adejobi,spokesman of Nigeria Police Force,said in a statement on Monday.

He quoted the Inspectator General of Police,Kayode Egbetokun,to have also reaffirmed the unalloyed zeal of the Force to arrest other involved persons and bring the killers to justice, emphasizing his commitment to maintaining law and order and resisting all sorts of anarchy and unrest in any part of the country.

The unprovoked killings of police officers in the line of duty are highly outrageous and unacceptable as those who murdered these policemen have murdered peace,the statement said.

The statement added:”As investigations unfold, the Nigeria Police Force is determined to uncover the full extent of this attack and prevent future occurrences of such violence against police officers. The IGP offers heartfelt sympathies to the grieving families of the fallen police officers, mourning their loss alongside them and also wishes a speedy recovery to those currently undergoing treatment, hoping for their swift return to full health.

“The NPF, therefore, seeks the support and understanding of the general public in its quest to maintain law and order even in the face of extremist threats and other forms of violent crimes across the country”.

admin by — August 26, 2024 in Crime/Metro 0
Custody Business:Ecobank Gets CBN,SEC’s Nod

Mohammed Shosanya

Ecobank Nigeria Limited has received approvals from the Securities and Exchange Commission and the Central Bank of Nigeria for the launch of its custody business operations in the country.

In a statement from the bank,the Ecobank Group explained that the custody business in Nigeria would be provided through Ecobank Nominees Limited, the special entity set up to hold clients’ assets separate from the bank’s assets.

The Ecobank Group, in its custody services in its other subsidiaries within the Central Africa, Francophone and Anglophone West Africa regions, has a combined asset size of over $4bn in Assets Under Custody.

Announcing the launch in Lagos, Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, stated that the new custody offering positions the Bank to offer more value-adding banking and investment solutions to its customers.

He said, “As a Pan-African Bank with a gateway into other African countries, there was an identifiable gap to offer custody services in Nigeria. We have therefore decided to provide a better way for Nigerian investors to protect their assets and to spread their business interests across the continent seamlessly, through our support.”

The Head of Custody/Managing Director of Ecobank Nominees Limited, Adebola Adedeji, also disclosed that the custody business has fully commenced operations, is now in the market for business and already signing on customers.

She added: “The custody business is set to position the bank as a one-stop shop offering premium financial services and investor solutions to our valued customers. Custody services are already being offered in some other countries where Ecobank has operations, and expanding into Nigeria will further serve as an inroad to the African and international markets for our customers.

“Ecobank custody offers an efficient post-trade service with the deployment of a world-class technology solution that will enhance the client experience at every stage of the investment cycle. Our comprehensive service offerings include settlements, fund administration, corporate actions processing, portfolio valuation, FX services, securities lending, cash management, escrow agency services, reporting, and multi-market access through Ecobank Group affiliates, amongst others.”

admin by — August 26, 2024 in Banking&Finance 0
Divestments: Agip,Equinor Get Ministerial Nod

Mohammed Shosanya

Ministerial approvals have been granted for the divestments of Nigerian Agip Oil Company (NAOC) to Oando Petroleum and Equinor to Chappal Energies.

A statement signed by Mrs Olaide Shonola,Nigerian Upstream Petroleum Regulatory Commission’s Head, Public Affairs Unit,confirmed the nods on Monday.

The agency also noted that Mobil Producing Nigeria Unlimited’s (MPNU) divestment to Seplat Energy is under review, following a resolution of a dispute with the Nigerian National Petroleum Corporation (NNPC).

NUPRC emphasized adherence to the Petroleum Industry Act’s regulatory framework throughout these processes, ensuring transparency and compliance with best practices.

The approval process for divestments is guided by the provisions of the PIA and clearly defined frameworks in the assignment regulations, following international best practices.

The process evaluates factors such as technical capacity, financial viability, legal compliance, decommissioning and abandonment, host community trust, environmental remediation, industrial relations, labor issues, and data repatriation.

Part of the statement said: “The Commission by a letter dated August 9, 2023, granted approval to NAOC to proceed to the commercial stage of the transaction.

“Consequently, NAOC, vide a letter of November 7, 2023, made a formal application requesting the consent of the Minister of Petroleum Resources to the NAOC’s divestment.

“In line with its processes, the Commission by a letter dated December 14, 2023, requested the information contained in the Commission’s due diligence checklist on the transaction and NAOC by a letter dated January 10, 2024, provided the information requested via the Commission’s letter dated December 14, 2023.

“Consequently, the process was conducted in compliance with the requirements of relevant legislations, regulations and guidelines including the Petroleum Act, Petroleum Industry Act, Petroleum Drilling and Production Regulations, and the Upstream Asset Divestment and Exit Guidance Framework.

“The Divestment Framework evaluated the divestments based on Technical Capacity, Financial Viability, Legal Compliance, Decommissioning and Abandonment, Host Community Trust and Environmental Remediation, Industrial Relations and Labour Issues, as well as Data Repatriation.

“Additionally, NAOC obtained a waiver of pre-emption and consent to the divestment from NNPC, their partner on the blocks.
To ensure due diligence, the Commission, working with reputable external consultants identified significant pre-sale liabilities inherent in the assets to be divested by NAOC and proactively devised measures to ensure that the identified liabilities are adequately provided for.

“Furthermore, the Commission’s thorough evaluation and due diligence process, anchored on the Seven Pillars of the Divestment Framework, ensured that potential assignees were capable and compliant with legal requirements and that all legacy liabilities were identified and appropriately managed.

“The Commission subsequently made recommendations to the Honourable Minister of Petroleum Resources based on comprehensive assessments which covered the timeline for review of application under the PIA and the Commission’s regulatory process.

“The Equinor-Chappal divestment followed the same regulatory process as for the NAOC-Oando transaction. On a comparative basis, MPNU through a letter dated February 24, 2022, notified the Commission of its intention to assign 100% of its issued shares to Seplat Offshore Energy Limited. The Commission did not consent to this assignment because MPNU failed to obtain a waiver of pre-emption rights as well as the consent of NNPC, its partner on the blocks to the divestment.

“It is worth pointing out that NNPC’s right to pre-emption and consent under the NNPCL/MPNU Joint Venture Joint Operating Agreement was the subject of Suit No: FCT/HC/BW/173/2022 Nigerian National Petroleum Company Limited versus Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., Mobil Exploration Nigeria Inc. and Nigerian Upstream Petroleum Regulatory Commission.

“In June 2024, NNPC and MPNU resolved their dispute with NNPC, and MPNU, by letter dated 26 June 2024 informed the Commission of the resolution of the dispute. Upon resolution of this dispute, the Commission communicated its no-objection decision to the assignment via a letter dated July 4, 2024 and requested MPNU to provide information and documentation required under the Commission’s due diligence checklist to enable the Commission conduct its due diligence as required under the PIA. MPNU by letter dated 18 July 2024 provided the information requested by the Commission.

“Accordingly, MPNU’s application to the Commission for consent is currently undergoing due diligence review, under the same Divestment Framework applied to the NAOC-Oando and Equinor-Chappal divestment. The Commission’s due diligenceprocess is ongoing and within the 120-day timeline required by the PIA.

“Given the above, the Commission wishes to assure the public that the process for approving divestment applications is guided by the provisions of the PIA and clearly defined frameworks in the assignment regulations, guided by international best practices.

“NUPRC, as an organisation guided by law and professionalism, will continue to pursue its statutory mandate in a legal, independent, technical, commercial, and professional manner, operating under the authority of the PIA”.

admin by — August 26, 2024 in Oil&Gas 0
Stop Harassing Journalists-MRA Warns

Mohammed Shosanya

The Media Rights Agenda,has condemned the incessant harassment and intimidation of journalists in Nigeria.

The group said the recent incidents of abductions, arbitrary arrests, detention and other forms of attacks against media professionals by security and law enforcement agencies have reached alarming levels and are posing a grave danger to media freedom and democracy in the country.

The group maintained the harassment and intimidation of journalists by the Police and other security agencies is relentless and worrisome.

It cited as latest examples of this trend, the cases of Ms Ayomide Eweje, Managing Editor of “Alimosho Today”, a community news outlet based in Lagos; a former reporter with the news organization, Mr. Wisdom Okezie and the Publisher, Mr. Oluwamodupe Akinola, who have been asked by the Nigeria Police to report to the office of the Assistant Inspector-General (AIG) of Police, Zone 2 Command in Onikan, Lagos, tomorrow, August 27, 2024 to “facilitate” an undisclosed investigation.

According to the group,the trio were invited through separate letters dated August 22, 2024, signed by Mr. Martin Nwogoh, a Deputy Commissioner of Police, on behalf of the AIG in charge of Zone 2 headquarters of the Nigeria Police, claiming that the office was “investigating a matter reported to the Assistant Inspector-General of Police” without saying who reported the matter or what information was required from those being invited to enable them prepare adequately.

The deputy police commissioner asked Ms Eweje, Mr. Okezie and Mr. Akinola to report to the officer in charge of the Zonal Monitoring Unit, stressing that “this is a fact-finding exercise in the interest of justice and fairness.”

In a statement issued in Lagos by the Head of its Legal Department, Ms Obioma Okonkwo, MRA said the failure of the Police to provide details in the letter of invitation was an ambush, adding that it had identified a pattern in numerous such invitations by the Police designed to lure journalists to the police station only to detain them when they report in response to the supposed invitation.

She said it was curious that the Police had become the weapon of choice for public officials and other rich or powerful individuals seeking to silence and punish journalists who publish negative reports about them.

She added: “It seems that the Police now consider journalism a crime such that anybody who is unhappy about any report published by the media is able to get the Police to hunt down any journalist involved with uncommon zeal even as real criminals go about their business unchallenged for the most part.”

According to her, it is also clear that whenever such complaints are made to the Police over media reporting, although the Police frequently claim to be investigating the complaints as their justification for summoning journalists, detaining them or charging them to court, no investigation is ever conducted to verify the truth or otherwise of the stories or articles published by journalists that resulted in the complaint made against them.

Ms Okonkwo implored the Inspector General of Police (IGP), Mr. Kayode Egbetokun, to put measures in place to stop the obvious abuse of Police powers noting that the consistent failure to check the practice in the past had created a climate of impunity as most Police officers now feel confident that there will be no negative consequences for them which has in turn emboldened many and resulted in an upsurge of unjustifiable harassment of journalists.

admin by — August 26, 2024 in Media 0
Niger Delta:Troops Intensify War Against Oil Theft

Mohammed Shosanya

Troops of the 6 Division,Nigerian Army, have intensified its crackdown against economic saboteurs and associated criminalities in the Niger Delta Region .

The troops also arrested over 21 suspected Vandals, deactivating over 43 illegal refining sites and confiscating over 120,000 litres of illegally refined products.

The troops and other security agencies arrested 12 pipeline vandals alongside a barge loaded with one swamp buggy, a tug boat and several vandalized Shell Production Development Company (SPDC) pipes in Ojobo Community, Ekeremor Local Government Area of Bayelsa State.

At Obotoro Creek and Babrogbene in Southern Ijaw LGA, the troops destroyed an illegal refining site and intercepted a wooden boat, as well as a reservoir with over 5,500 litres of stolen products.

Other items recovered from the site included two drums of Automotive Gas Oil, estimated to be 2,800 litres.

A statement signed by Lieutenant Colonel Danjuma Jonah Danjuma, Acting Deputy Director 6 Division Army Public Relations on Sunday, disclosed that ine illegal refining site was busted and deactivated at Diebu Creek in Southern Ijaw with over 8,000 litres.

According to him,the operations also yielded results around Binikurukuru axis of Igbomtoru and Tebidaba communities also in Southern Ijaw, where one wooden Canoe, loaded with over 2,000 litres was intercepted with one suspect arrested.

In Rivers State, the troops around Bille and Abiseni general area in Degema and Akuku-Toru Local Government Areas, deactivated five illegal refining sites, with large storage points containing over 28,000 litres of stolen crude.

Lt. Col. Danjuma, further noted that the troops while conducting pipeline surveillance around oil wellheads at Cawthorne Channel I, II and III general areas in Degema LGA intercepted a wooden boat loaded with over 5000 litres of crude.

According to Danjuma,the feat was in addition to the destruction of a large wooden boat hidden inside the creek, suspected to be used for criminal activities.

Troops on routine patrol, around Sama in Asari-Toru LGA, destroyed One illegal refining site, One Oven, 3 receivers and One reservoir. At Odioku and Okoh in Onne LGA, 2 illegal refining sites were destroyed, while over 2000 litres of stolen crude were confiscated.

Besides,two wooden boats hidden in the creeks, along Egi and Nkissa containing over 2,000 litres of crude were also recovered, while within Ogbogolo forest in Ahoada West, troops deactivated one illegal refining site with over 4,000 litres of stolen crude.

At the stretch of the Imo River, the troops scaled up operations that led to the deactivation of 12 illegal refining sites and several products confiscated.

For Delta State, one illegal refining site at Ikpemu Creek with over 5,000 litres of stolen products have been deactivated accordingly.

Besides,several illegal refining sites have been taken out with various products confiscated within the Division’s Area of Responsibility.

Danjuma further disclosed that the arrested suspects would be handed over to the relevant persecutory agencies.

Danjuma quoted the General Officer Commnading, 6 Division, Nigerian Army, Major General Jamal Abdussalam, as commending the troops for their relentless efforts, charging them to scale up operations against economic sabotage and sundry crimes, in order to put in place conditions necessary for exploration activities thrive in the region seamlessly.

admin by — August 26, 2024 in News 0
REA Commissions Two Solar Hybrid Mini-Grids In Edo Communities

Mohammed Shosanya

The Rural Electrification Agency (REA),has commissioned two solar hybrid mini-grids with total of 200kWp capacity for Oloyan and Sule camp communities in Ovia South West and Ovia North East Local Government Areas of Edo State respectively.

The Olayan community will be getting the 100kWp of electricity after 21 years,while the Sule camp community also gets 100kWp after 30 years of darkness.

At the commissioning at the communities, the REA Managing Director, Abba Abubakar Aliyu, said solar mini-grids was one of many, being developed across the nation through the Federal Government’s Rural Electrification Fund (REF).

He said the REF remains a key mechanism of the Federal Government, designed to enable developmental impact in rural communities through the provision of sustainable and renewable energy access.

Represented by Engr. Doris Uboh, Executive Director, REF, Aliyu noted that the rural communities were being held back across the nation due to the spate of energy poverty in rural communities, which deserved a new lease of life.

He said in siting the mini off grid, REA took into consideration the economic viability of the community , including the critical agricultural activities seen across the communities.

“It is evident that our interventions in unserved and underserved communities are serving as catalysts to true sustainable development, in line with the objectives of the Federal government.

The off-grid, renewable energy ecosystem in Nigeria will continue to be a driving force for the Nigerian economy,” he said.

Aliyu explained that the commissioning of the two mini grid in Oloya and Sule camp communities brought to three the total mini-grid in the state, as one was commissioned in Adebayo community last two years.

He said to ensure sustainability of the project, they have constituted a committee, comprising members of the communities where the project was cited to take responsibility and also provide security for the project.

Speaking,the Edo State Governor, Godwin Obaseki, commended the agency for its commitment to bringing sustainable energy solutions to communities in the state.

Represented by Engr. Ozigbo Esere, Permanent Secretary, Edo State Rural Electrification Agency, Obaseki said the innovative infrastructure such as the mini-grid were essential for the growth and prosperity of the great people of the state.

He said the initiative was a reflection of the visionary leadership of President, Bola Tinubu and the transformative 2023 Electricity Act, which has laid a solid foundation for a brighter energy future in Nigeria.

On behalf of the communities, Kolawole Olusegun, Baale of Oloyan community, and Asimiyu Kareen, Baale of Sule camp community said that the project would significantly improve their socio-economic activities.

They said: ” The installation of this electricity project has made us believe in the promises of the Federal Government. It is a sign that the government has not forgotten the rural people”.

admin by — August 26, 2024 in Power 0
NESG Advocates Revamp Of Manufacturing Sector

Mohammed Shosanya

The Nigerian Economic Summit Group (NESG),has advocated the need for the revitalisation of Nigeria’s manufacturing sector.

The group expressed this at a pre-summit webinar ahead of the 30th Nigerian Economic Summit, focusing on the theme: “Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.”

The event gathered key stakeholders to discuss solutions for halting the decline in Nigeria’s manufacturing industry and examining how current economic reforms impact the sector’s operations.

Speaking,Dr. Muda Yusuf, Thematic Lead of the Manufacturing Group, who represented Engr. Mansur Ahmed, Private Sector Co-Chair of the Manufacturing and Mining Policy Commission (MMPC) Steering Committee, highlighted the significant role of the manufacturing sector in Nigeria’s development.

According to him,despite its potential, the manufacturing sector faces numerous challenges such as inadequate infrastructure, fluctuating exchange rates, and poor access to finance.

He emphasised the import of industrialisation in driving economic growth, as seen in Europe and North America, and stressed the need for a thriving manufacturing sector supported by innovation, infrastructure, and strong economic policies.

In his remarks,Mr. Olakunle Alake, Vice President of Dangote Industries Limited and NESG Board member, said that Nigeria’s manufacturing sector, which contributes only 8% to the Gross Domestic Product faces stagnation due to issues like erratic power supply and inadequate infrastructure.

He stressed the need for collaboration between the public and private sectors to develop policies that stabilise and rejuvenate the sector.

He also noted that prioritising Sustainable Development Goal (SDG) 9, which focuses on building resilient infrastructure and fostering innovation, is crucial for achieving broader economic and social goals.

Lumun Amanda Feese, Facilitator of the Manufacturing and Mining Policy Commission, delivered a presentation on “Re-imaging Industrialisation: Leveraging Nigeria’s Natural Resources to Accelerate Industrialisation.”

Feese suggested that Nigeria could learn from countries like Sweden, Finland, Australia, and the USA, which have successfully used their natural resources to drive industrialisation through innovation and technology.

She underscored the need for robust public-private partnerships and collaboration among stakeholders to ensure the sector’s growth.

Soromidayo George, Director of Corporate Affairs and Sustainability at Coca-Cola Hellenic Bottling Company Plc and Chairman of the Non-Alcoholic Drinks Sector of the Manufacturers Association of Nigeria, discussed the impact of recent economic reforms on the Fast-Moving Consumer Goods (FMCG) industry.

She highlighted the sector’s potential to reduce poverty by creating jobs and promoting economic diversification.

She advocated the urgency of implementing effective strategies and policies that align with Nigeria’s cultural context and are backed by data.

Chijioke Uwaegbute, Partner & Tax Leader at PwC Nigeria, offered strategic recommendations to stabilise the manufacturing industry.

He advocated a temporary freeze on increasing levies and tax rates for one to two years to help the sector recover.

He also called for simplifying processes for accessing export expansion grants and other incentives, noting that some manufacturers currently face tax rates as high as 45%.

Afolabi Olorode, Acting Managing Director of FBN Quest Merchant Bank, spoke about enhancing financial resilience to mitigate risks associated with foreign exchange volatility, scarcity, and inflation.

He stressed the importance of better capitalisation for manufacturing companies to balance debt pressures and suggested that Nigeria’s relatively low labour costs offer an opportunity to develop a skilled workforce in technical production and manufacturing.

admin by — August 26, 2024 in Business 0