All Posts in "Day: October 15, 2024"

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
Oil Bunkering:PINL Arrests Two NSCDC Officers,5 Others In Rivers

 

 

Mohammed Shosanya

 

 

 

The Pipeline Infrastructure Nigeria Limited (PINL),responsible for the protecting of key national assets including crude oil pipelines, has uncovered a logistic company operated by illegal oil bunkerers to secretly siphon and steal crude oil from the Trans Niger Pipeline (TNP) in  Eleme,Rivers State.

 

 

 

 

 

 

 

 

Dr. Patrick Onogwu,Senior Manager, Security and Government, Pipeline Infrastructure Nigeria Limited,disclosed the discovery to newsmen on Monday.

 

 

 

 

 

He said the firm specialists in transporting precious stones such as glass sand, quartz and iron to China, capitalising on their office proximity to a 28-inches valve, along the Ebubu new road by Eleme, Trailer Park, near the East – West Road.

 

 

 

 

 

 

He said the crime was perpetrated in connivance with two officers of the Nigerian Security and Civil Defence Corps (NSCDC), posted to the company, adding that the illegal activities was bursted on October 7, 2024 by the PINL personnel of the Gbenesolo Surveillance.

 

 

 

 

 

He explained that the personnel upon uncovering the crime, immediately the 29 Battalion Nigeria Army in Ogale, Eleme LGA, who responded swiftly, leading to the arrest of the NSCDC officers and five others.

 

 

 

 

He said:”They just connected a 9-inch hose from which they load their trucks usually concealed in front of the weighing bridge of the company.

 

 

 

 

 

“It is an operation that can only be detected by careful monitoring of security agencies considering the busy activities of the company and the smart way the illegal bunkerers  concealed their operations”.

 

 

 

 

 

Odogwu told journalists how the illegal activities were uncovered and the suspects arrested saying; “Five days ago, we got intelligence that they loaded three trucks from this compound.

 

 

 

 

 

“The trucks they loaded, they use 40-feet containers, built a tank right inside the container as a disguise such that once you see a container like that you think it’s carrying normal products and they use customs seal to seal the truck while they transport it to Akwa-Ibom state.”

 

 

 

 

He said the criminals ran out of luck when operatives of the PINL perceived the smell of crude oil during loading and moved closer to inspect the source of the odour and raised an alarm.

 

 

 

 

“They load like four times a week, so they brought in two trucks. Two 45,000 liters capacity trucks, Darf Model, loaded the first one and were on the second one when the supervisor for Gbenesolo, the second layer surveillance company for PINL, who was on patrol perceived the odour of crude and raised the alarm.

 

 

 

 

 

“With that we quickly alerted our team from the Ogale camp, under the 29 Battalion, which responded and led by one Captain Chibok, they came and upon arrival, they met two officers from the Rivers State Command of the NSCDC”.

 

 

 

 

He added that the two officers were arrested including the manager of the company and other suspects.

 

 

 

 

 

The company has since been sealed, while investigation into the incident continues.

 

 

 

A joint inspection has been conducted on the valve, as  remedial work is ongoing on the line.

 

 

 

 

 

Online Editor by — October 15, 2024 in Crime/Metro 0