All Posts in "Month: October 2024"

Stop Begging Our Officials To Release Seized Fake Products,NAFDAC Warns S/East Elite

         Mohammed Shosanya
The National Agency For Food, Drug Administration and Control (NAFDAC), has expressed dismay over the activities of some elites who approached the agency to release some seized  products.
Director of NAFDAC in the zone,Mr Martins Iluyomade,who disclosed this while briefing journalists on the operational successes recorded by the agency since one year that he assumed office,decried mob action on his operatives who went after a banned hard drug recently in one of the Southeastern states.
He said the agency is currently investigating an unregistered firm that deals on herbal products, stating that most of the products have expired.
He explained that under their law, any unregistered product remains fake and urged people to only patronize registered products.
He warned those who have been impersonating NAFDAC to retrace their steps,reminding them that the issue of drug regulation remains under the exclusive list.
He emphasized the need for collaborative efforts to reduce circulation of banned and fake drugs in the Southeast zone.
He noted that on assumption of office, he commenced work with a press briefing to announce his arrival in the zone.
He commended security agencies in the zone especially the police and the army for partnering with the agency in various operations they carried out in the zone within the year under review.
He disclosed that the agency carried out many operations with the army and the police in Onitsha and other places in the zone since he assumed office.
“We need the collaboration of everybody in the Southeast to reduce the circulation of the banned products” he added
Online Editor by — October 16, 2024 in Health 0
Ekiti Pensioners Will Enjoy New Minimum Wage-Oyebanji

 

 

 

     Mohammed Shosanya

 

 

Ekiti State Governor, Mr Biodun Oyebanji,says no segment of the public service would be excluded in the implementation  of the new minimum wage.

 

 

 

 

The governor,who gave this assurance at the 2024 Public Service Forum and Award ceremonies added that pensioners would not be left out in the new wage deal.

 

 

 

 

Oyebanji reassured workers that they will smile at the end of the day because he believes in the rule of law and since the minimum wage was a function of the law already passed by the  National Assembly and assented to by the President.

 

 

 

 

He added that it has become mandatory  for him to abide by it because he swore to uphold the laws of the Federal Republic of Nigeria.

 

 

 

He reiterated his commitment towards ensuring that the state civil service becomes the envy of others in the comity of states of the Federation with reforms aimed at improving their efficiency, capacity and capability to drive the activities of government.

 

 

 

The governor  commended labour centers in the state for showing understanding with government which has brought remarkable conducive working relationship between government and labour in the state.

 

 

 

Affirming that strike and conflicts should always be the last option,Governor Oyebanji promised to strengthen the Civil Service to respond to the needs of all citizens to enable it continue to render quality services adding that in the following years, training and retraining of workers will become a regular feature of the public service.

 

 

 

 

 

 

He further said that his government will lead a number of reform initiatives, which include the development and adoption of specific service goals that will make civil servants alive to their responsibilities.

.

Online Editor by — October 16, 2024 in News 0
TCN Says Cause Of Sixth Grid Collapse Unknown

 

 

 

Mohammed Shosanya

 

 

The Transmission Company of Nigeria (TCN),says the cause of the sixth grid collapse this year which threw the nation into blackout on Monday, is still unknown.

 

 

 

 

Investigation into the cause of the incident will be carried out as soon as the grid is fully restored,Ndidi Mbah, the General Manager, Public Affairs,TCN said in a statement on Tuesday.

 

 

 

 

 

 

 

She said recovery is almost completed on the reported a partial disturbance in the national grid which happened on October 14, 2024, around 6:48 PM, leading to widespread outages.

 

 

 

 

 

She declared that currently, 90% of substations are operational, and power has been restored to major areas, including Abuja.

 

 

 

 

 

She reaffirmed that the Ibom Gas generating station remained unaffected, supplying power to parts of the South-South region, adding that an investigation into the cause of the disturbance will commence post-recovery.

 

 

 

 

She added:”The Transmission Company of Nigeria hereby states that the national grid experienced a partial disturbance, on Monday, 14th October, 2024 at about 6:48pm and notes that efforts to fully recover the grid is still ongoing.

 

 

 

 

“Although the recovery of the grid commenced immediately, with Azura power station providing the blackstart, grid recovery reached advanced stages at about 10.24am, today when it encountered a challenge that caused a slight setback in the recovery process.

 

 

 

 

 

“The slight setback notwithstanding, TCN continued with the grid recovery process, which has reached an advanced stage, ensuring bulk power availability to about 90% of its substations nationwide. Supply has  been restored to the Abuja axis and other major distribution load centers nationwide.

 

 

 

“The partial disturbance did not affect the Ibom Gas generating station which was islanded from the grid yesterday, and continued to supply areas in the South Southern part of the country such as Eket, Ekim, Uyo, and Itu 132kV transmission Substations during the period.

 

 

 

 

 

Meanwhile,the President of Nigeria Consumer Protection Network, Kunle Olubiyo has said the reoccurrence of national grid collapses which leave the nation in darkness typifies the inadequacies of the Transmission Company of Nigeria.

 

 

 

 

Reacting to the incessant grid collapses in the country, Olubiyo said TCN’s trademark in the past years is paying lip service to the challenges facing the grid.

 

 

 

 

He criticized the TCN for its lack of sincerity in dealing with the problem of incessant grid collapses.

 

 

 

 

He added:“The repeated occurrences of system collapses and challenges of national grid’s stability and reliability are largely due to a lack of sincerity of purposes and paying lips services to a broad spectrum of issues and misplaced priorities over the years by the management of Transmission Company of Nigeria.

 

 

 

 

“Inadequate investment in Network Improvement strategies,dearth of system protective scheme/ system protective devices,near zero vegetation control and all other recurring decimal and  already identified challenges which have received little or no attention”, he said

 

Online Editor by — October 16, 2024 in Power 0
Family Announces Final Rites Of Late Ogbuefi Dominic Nweke

Mohammed Shosanya

 
 
 
 
 

The funeral rites of renowned community leader, late Ogbuefi Dominic Udegbunem Nweke, have been announced by the family in memory and celebration of his life after 91 years sojourn on earth.

A statement by the family endorsed by the son and Group Executive Editor, ITREALMS Media group, Sir Remmy Nweke, indicated that his late father’s final funeral rites would commence on Thursday, October 24, 2024, with a wake at the family compound, Umuokpe village, Awba-Ofemili in Awka North Local Government Area of Anambra State.

On Friday, October 25, 2024, he said, the main funeral day would start with a requiem mass by 10am at St. Paul’s (Anglican Church) field Oye-Agu, beside the Central School, Umuokpe Village, Awba-Ofemili to be led by the Parish Priest of St. Paul’s Catholic Church, Rev. Fr. Joseph Nwilo, with condolence visits thereafter by religious groups, in-laws, friends, well-wishers, and associates.

Nweke also said October 26, 2024, has been dedicated for condolence visits by the Ndi Nze n’Ozo, Lolos and Age Grades, whereas on Sunday, 27th October would be for the thanksgiving mass at St. Paul’s Catholic Church, Awba-Ofemili by 10am.

He recalled that his late father, also known as Ozo Sopuluchukwu of Awba-Ofemili, passed on Friday, August 9, 2024, at the age of 91 years at the Regina Caeli Hospital Awka, in Anambra State.

Sir Nweke said that until his late father’s death, Ozo Sopuluchukwu was the patriarch of Ozo Nweke kindred of Umuosite village, Awba-Ofemili.

Reputed for his hardwork and frankness to matters, Ogbuefi Dominic Udegbunem Nweke adopted his Ozo Sopuluchukwu title in reverence to God Almighty in all that concerned him with peaceful disposition.

Until his demise, Ogbuefi Dominic Udegbunem Nweke was the famous sibling of the direct Ozo Nweke dynasty.

Late Ogbuefi Dominic Udegbunem Nweke is survived by his wife, Princess Christiana Nweke, sons, daughters, in-laws, grandchildren and great grandchildren.

Online Editor by — October 16, 2024 in News 0
Access Bank Reinforces Commitment To Nigeria’s Anti-Money Laundering,Illicit Drug Trafficking Crusade

 

Mohammed Shosanya

 

 

 

 

Access Bank Plc,has reinforced its dedication to the fight against illicit drug trafficking and money laundering, committing to a closer partnership with the National Drug Law Enforcement Agency (NDLEA).

 

 

 

 

The bank made this commitment at the formal decoration of its Group Chief Executive Officer/Managing Director, Roosevelt Ogbonna, and Group Chief Conduct and Compliance Officer, Femi Jaiyeola, as partners in the War Against Drug Abuse (WADA) by representatives of NDLEA at Access Bank’s headquarters in Lagos,a statement said.

 

 

 

 

 

Speaking at the event,Abraham Aziegbe, Group Head of Retail Operations, who represented Roosevelt Ogbonna, Managing Director of Access Bank PLC, reaffirmed the Bank’s strong stance against financial crimes that enable illicit drug trafficking and drug abuse.

 

 

 

 

“We are grateful to the NDLEA for this recognition, and as one of Africa’s leading financial institutions, we acknowledge our responsibility in ensuring our financial systems are not used to facilitate illicit activities. This is why our compliance framework is strategically designed to detect and deter illicit financial activities. We will continue to work closely with the NDLEA and other law enforcement agencies to ensure that drug traffickers and their associates cannot exploit the financial sector. This partnership is critical to our shared goal of strengthening national security,” Aziegbe stated.

 

 

 

 

 

The statement quoted that the ceremony was chaired by Dr. Ibrahim Abdul, Deputy Commander General of Narcotics and Director of Assets and Financial Investigation at NDLEA, who praised Access Bank’s proactive stance in fighting money laundering and supporting enforcement actions.

 

 

 

 

 

Also present at the ceremony were Omolade Fagboyegbe, Deputy Commander General of Narcotics and Director of Seaport Operations and Marine Services,  along with senior officials from Access Bank including Omobola Faleye, Group Head, Internal Audit;  Robert Imowo, Group Head of Corporate Counsel, and Daniel Patrick, Unit Head, Regulatory Compliance.

 

 

Online Editor by — October 16, 2024 in Banking&Finance 0
Economic Summit:Shettima Visit Shell’s Booth,Acknowledges Contributions To Nigeria’s Growth

 

 

  Mohammed Shosanya

 

 

 

 

Vice President Kashim Shettima,has been told the economic impacts of Shell to Nigeria’s growrg

 

 

 

He and other dignitaries learned about the company’s value  when he visited the Shell booth at the 30th Nigeria Economic Summit.

 

 

 

 

 

He listened to Chidi Nkazi, Shell’s Business Value Manager explain Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development, a statement by the company Gladys Afam-Anadu,the company’s Media Relations Manager, said.

 

 

 

 

Chidi,the statement quoted,presented key achievements of Shell Companies in Nigeria (SCiN) to the Vice President, underlining Shell’s role in fostering economic growth through tax contributions, job creation and support for local businesses.

 

 

 

 

 

He noted that through collaboration Shell Companies in Nigeria are powering Nigeria’s progress with significant contributions to the economy. Chidi highlighted SCiN collaboration with co-venture partners to foster knowledge sharing, resources pooling and risk mitigation leading to more efficient and sustainable operations.

 

 

 

 

He told the Vice President of Shell’s technical expertise and resources and how Shell has leveraged it’s strength to support its Nigerian operations contributing to technological advancement and improved efficiency.

 

 

 

 

Last year, lShell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government, a vital contribution to national revenue.

 

 

 

 

 

This included $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo),the company’s statement disclosed.

 

 

 

Besides,the companies awarded contracts worth $1.98 billion to Nigeria-registered businesses, reflecting a 3% increase from the previous year.

 

 

 

“Shell is committed to contributing positively to the Nigerian economy and the communities in which we operate,” said Nkazi. “Our investments not only support government revenue but also empower local economies and create employment opportunities”.

 

 

 

 

Beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities. In 2023, SCiN invested $42.2 million in various social programs, focusing on health, education, road safety, and entrepreneurship.

 

 

 

 

Shell’s commitment to education has seen it support thousands of students through scholarships since the 1950s. More than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships have been awarded since 2016.

 

 

 

 

 

“The partnership between Shell and Nigeria reflects our dedication to sustainable development and community empowerment,” Nkazi said, adding: “We will continue to seek innovative ways to support economic growth and improve the livelihoods of Nigerians”.

 

 

 

 

 

 

 

Online Editor by — October 16, 2024 in Oil&Gas 0
Lack Of Transparency In Public Procurement Albatross To Infrastructure Devt In Nigeria-Stakeholders

Lack Of Transparency In Public Procurement Albatross To Infrastructure Devt In Nigeria-Stakeholders
          Mohammed Shosanya
Stakeholders in the infrastructure ecosystem have identified lack of transparency in the public procurement process as one of the major bottlenecks hampering private sector investment into infrastructure development.
They spoke om Tuesday at the sideline event on Infrastructure Acceleration at the on-going 30th Nigerian Economic Summit in Abuja,
They alled on government at all levels to open their processes and maintain transparency and derisk the system to attract private sector funding to build the desired infrastructure  development.
An Executive Director at the African Development Bank (AfDB), Oyebode Oyetunde, said one of the key things that is needed is to connect  the ecosystem, noting that collaboration between the private and public sectors is required to achieve greater results in execution of any meaningful infrastructure project.
Oyetunde said good governance and transparency in all government processes is inevitable for  the private sector to trust the system and invest their money into infrastructure development.
“I think for me one of the key things to do to accelerate infrastructure development is, that we need to have an ecosystem.We have systems in different places, but when you connect them you create an ecosystem.
“And if you connect them enough, then you can see real transformation. But if you don’t have sufficient connections and the parts of the systems are not strong enough, you won’t see transformation, even though you have almost everything.”,he added.
He said for Nigeria, the solutions are not simple because the problems are complex. “We need to bring in good governance, good frameworks, as well as discipline,” he said.
“Again, when you collaborate development partners like us, African Development Bank, they can catalyse funding to fill in that space between private sector finance, which is equity and very high expensive, and government finance, which is simply inadequate.”
The Chief Executive Officer of Stanbic IBTC Capital Limited, Dele Sotumbo, said for Nigeria to solve her infrastructure problems, government at all levels must ensure there is transparency in all their transactions.
He argued that lack of transparency has over the years scared investors away and insisted that until government muster the will to build trust and transparent process, the private sector funding will not be unleashed for infrastructure development.
He said: “It’s clear that for us to solve the infrastructural problem or challenges that we have in Nigeria, the Federal or States, and of course, Local Government Areas, lack the financial muscle to push this through.
“Hence, we have been asking the government over the years to show that the processes are transparent and they can attract the private sector funding into infrastructure development in Nigeria.”
He said whatever happens, government remains the major driver. Creating an enabling environment is very key to solving these problems.
“But when it comes to implementing those plans that we put together, then we begin to cut corners.”
Speaking, the Director General of Infrastructure  Concessions Regulatory Commission (ICRC), Jobson Ewalefor,  said for Nigeria to accelerate infrastructure development, private sector funding is needed to help government achieve its set objectives.
Accordingto him, “We do know that private sector funding will assist the government in unlocking the infrastructure gap that we have in Nigeria.
He added:”Maintenance is key, y”es, if you don’t build the roads, you cannot maintain the roads. So can we do it as government? Well, in some areas yes, in some areas no. Can the private sector play a role? Yes, they can.”
He said the ICRC has modalities and structures that will fill options of public,  private partnerships (PPP) where both the government and the private sector can work together not only to build, but alao to sustain, “they are there to maintain, they are there to improve the infrastructure and also optimise it for public and service delivery.”
Online Editor by — October 15, 2024 in News 0
Minister Reveals Benefiaries Of FG’s Social Intervention Programmes

 

 

 

Mohammed Shosanya

 

 

 

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Tuesday, announced that four million households have been reached under the present administration’s social intervention programmes.

 

 

 

 

 

Edun, who was one of the panelists at a panel session entitled, “Fiscal Reforms for a More Secure Future,” at the ongoing 30th Nigeria Economic Summit in Abuja, explained that the interventions include direct cash transfers targeting 20 million households.

 

 

 

 

 

He revealed that Nigeria’s revenue recorded increase in the 2024 fiscal year, adding that such revenue is being channelled into social intervention programmes.

 

 

 

 

 

Edun said the increased revenue is primarily being used to finance social programmes aimed at mitigating the impact of essential but challenging reforms that have affected the cost of living in the country.

 

 

 

The minister also highlighted other initiatives taken by the present administration such as the Student Loan Scheme and Consumer Credit which has been provided to workers to enable them to purchase household goods as well as convert their vehicles to cheaper, cleaner Compressed Natural Gas (CNG) fuel.

 

 

 

 

 

Commenting on the some of the initiatives in the agricultural sector, he said the Federal Government is providing grants and loans worth up to N75 billion to support one million small and medium enterprises in Nigeria.

 

 

 

For bigger companies, Edun explained that an additional N75 billion is being disbursed in tranches of N1 billion per company at a single interest rate of nine percent, adding that the loan is assisting these companies to manage the cost of production and operations, particularly in light of the recent foreign exchange adjustments impacting their profit margins.

 

 

 

“This is how President Tinubu and his government are spending the increased revenue, which has been driven by improved oil production and macro-economic reforms that are expected to save the country five percent of Gross Domestic Product(GDP).

 

 

 

“There is a broad array of social investment initiatives where these funds are being directed,” he explained.

 

 

 

 

Also speaking, Ndiamé Diop, World Bank Country Director to Nigeria, acknowledged the country’s significant revenue increase, noting that its revenue-to-GDP ratio is expected to improve.

 

 

 

Diop pointed out that in 2022, Nigeria spent 12.9 percent of its GDP, but revenue covered only 7.6 percent, leaving the country with a substantial fiscal deficit funded mainly through debt.

 

 

“This trajectory could have led to a crisis,” Diop warned.

 

 

 

 

The ongoing reforms, he suggested, are essential to stabilising Nigeria’s fiscal position and ensuring sustainable economic growth.

 

 

Online Editor by — October 15, 2024 in News 0
Police Arrest 10,852 Suspects In Three Months-IGP

 

Mohammed Shosanya

 

 

 

The Inspector General of Police, IGP Kayode Adeolu Egbetokun has disclosed that operatives of the Force have arrested 10,852 criminal suspects across Nigeria in the last three months. 

 

 

 

 

 

He also revealed that the Nigeria Police Force has successfully rescued 369 kidnapped victims, recovered 416 firearms of various makes, retrieved 178 vehicles, and seized 3,672 rounds of ammunition of different calibers.

 

 

 

 

 

He said there has been reduction in crime rates in key areas..

 

 

 

He stated this, on Tuesday, in an address at the Goodluck Jonathan Peacekeeping Hall, Force Headquarters, Abuja during a meeting with senior Police officers from the rank of Commissioners of Police above and the Force managers.

 

 

 

 

 

He said:”We must build on the progress we have made in addressing security concerns across our nation. Over the past few months, the force has significantly enhanced the safety and security of the country.

 

 

 

 

“Our tactical operations, intelligence-led policing, and community engagement strategies have yielded impressive results.Today’s meeting serves not only to reflect on our recent accomplishments, but also to decisively plan our next steps.

 

 

 

“As we continue our efforts to combat crime and criminality across Nigeria, it is imperative that we remain proactive and visionary. Our role in the country’s internal security framework is vital.

“Recent statistics indicate a substantial decrease in crime rates in key areas, including significant strides in combating violent crimes such as banditry, kidnapping, armed robbery, and cybercrime.

“From July to October this year, the Nigeria Police Force successfully rescued 369 kidnapped victims, recovered 416 firearms of various makes, retrieved 178 vehicles, and seized 3,672 rounds of ammunition of different calibers. Additionally, a total of 10,852 suspects were arrested across the country.

“On 1 October 2024, the Anti-Kidnapping Unit of the FCT Police Command, acting on credible intelligence, apprehended four notorious kidnappers who had been terrorizing the FCT.

 

 

 

 

“The individuals arrested were Yaw Sonu, aka Baba, an ex-convict, Nubu, aka Giwa, Kagebu Mohammed, and Yusuf Hassan. They were captured at their criminal hideouts in Sawka, Abuja.”

 

 

 

The items recovered from them during this operation, the IGP said included 4 AK-47 rifles, 13 AK-47 magazines, and 162 rounds of 7.62mm live ammunition.

 

 

The suspects were also said to have confessed during interrogation to multiple kidnappings within the FCT and surrounding states.

 

 

Their arrest was timely in thwarting another kidnapping operation which was targeted at the abduction of university students, according to the IGP.

 

 

 

These suspects, Egbetokun noted “are currently assisting with investigations and will be prosecuted in accordance with the law.”

 

 

He further stressed that:”Our officers have demonstrated unwavering dedication and exceptional courage, focus and professionalism in their duties.

 

 

“These achievements are commendable. Yet, they serve as a reminder that our mission to ensure the safety of Nigerians is ongoing and paramount.

 

 

 

“Today, we convene to collaboratively review our performance and statistical and innotional events since our last meeting in July.

 

 

 

“Our agenda is to pinpoint upcoming challenges and craft empirically-based solutions, particularly focusing on the state-of-the-state election and various local government elections across the country.

 

 

 

 

“I want to express my deep appreciation for your unwavering dedication to maintaining law and order throughout our nation, ” he said.

Online Editor by — October 15, 2024 in Crime/Metro 0
Transcorp Power Plc Revenue Hits N223.6bn

        Mohammed Shosanya
Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.
In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.
The company achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023,while net finance cost reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
The company’s Profit Before Tax rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.It achieved a 186% Profit Aftax Tax increase, rising to N58.5 billion from N20.4 billion in Q3 2023.
Its Total Assets increased  to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023,shareholders’ funds grew  to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023,and recorded 36.3% net profit margin, 56% return on equity, and 16% return on assets.
Speaking on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:
“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.
Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.
“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives.
” I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”
Online Editor by — October 15, 2024 in Power 0