All Posts in "Day: November 14, 2024"

Wike Suspends FCDA Executive Secretary 

 

Mohammed Shosanya

 

The Executive Secretary of the Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

 

 

This directive was announced on Thursday in a statement by Mr. Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the FCT Minister, Nyesom Wike.

 

 

 

The statement noted that Engr. Hadi Ahmad has been instructed to hand over his responsibilities to the Director of Engineering Services within the FCDA.

Online Editor by — November 14, 2024 in Uncategorized 0
Access Bank Affirms Boost To Nigeria-France Trade Relations  

     Mohammed Shosanya

 

 

Access Bank Plc has hosted the French Week 2024 Business Forum at its headquarters in Lagos,affirming its commitment to bolstering trade relations between Nigeria and France.

 

 

 

 

 

The event,which commenced the annual French Week celebration,highlighted Access Bank’s dedication to fostering bilateral business collaborations and creating a platform for growth, trust, and innovation in the France-Nigeria economic space.

 

 

 

 

According to a statement,the Business Forum attracted high-profile dignitaries, including Ambassador of France to Nigeria, Consul General of France in Lagos, President of the Franco-Nigeria Chamber of Commerce and Industry, and Chairman of Access Holdings Plc.

 

 

 

 

Commissioner for Commerce, Cooperatives,Trade, and Investment in Lagos, as well as the Technical Adviser to the President on Foreign Direct Investment,conveyed the federal government’s full support for advancing cross-border partnerships with France, appreciating Access Bank’s leadership in organising such impactful forums.

 

 

 

Speaking,Mr. Laurent Favier,the Consul General of France, acknowledged Access Bank’s growing presence in France, further underscoring the bank’s pivotal role in facilitating trade between the two nations.

 

 

 

 

He lauded Access Bank for championing France-Nigeria economic relations by establishing both a strong footprint in Paris and a dedicated French Desk in Nigeria to facilitate seamless business transactions.

 

 

 

 

Aigboje Aig-Imoukhuede,Chairman of Access Holdings PLC, who also serves as President of the France-Nigeria Business Council, emphasised the council’s role in supporting economic policies that enhance the business environment for both nations.

 

 

 

 

“The France-Nigeria Business Council seeks to play a crucial role in supporting our government, businesses, and citizens to create a more enabling, uplifting, and secure environment for cross-border businesses,” he stated.

 

 

 

 

During the first panel discussion, Roosevelt Ogbonna, CEO of Access Bank Nigeria, highlighted the bank’s efforts in supporting African presence in global markets.

 

 

 

 

He said:“Access Bank is dedicated to giving Africa a voice on the international stage, helping local businesses scale through better access to information, credit, and capital. Our presence in Paris not only strengthens Nigeria’s influence, but also facilitates investments that align with the ongoing economic transformations on the African continent.”

 

 

In his closing remarks, HE Marc Fonbaustier, the Ambassador of France emphasized the significance of the forum as a platform to elevate Nigeria-France trade and investments. “Events like this provide a rare opportunity to enhance our bilateral economic relationship, strengthening existing trade and investment channels and fostering new partnerships.”

 

 

 

Following the successful launch of the French Week 2024 Business Forum, Access Bank reaffirms its commitment to positioning Nigeria as a key player in the international business landscape, promoting shared economic growth and sustainable partnerships that benefit both nations.

 

 

Online Editor by — November 14, 2024 in Banking&Finance 0
Tinubu Appoints Daniel Bwala Special Adviser

  Mohammed Shosanya
President Bola Tinubu has approved the appointment of Daniel Bwala, Special Adviser, Media and Public Communications (State House).
Others appointed on Thursday includes; three Nigerians as directors-general of various agencies.
The new appointees as announced by Bayo Onanuga, Special Adviser to the President, Information & Strategy includes:Mr. Olawale Olopade — Director-General, National Sports Commission, Dr. Abisoye Fagade — Director-General, National Institute for Hospitality and Tourism and Dr. Adebowale Adedokun — Director-General, Bureau of Public Procurement.
Olopade,the new Director-General of the National Sports Commission, is a sports administrator with many years of experience in the sector.
He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 National Sports Festival.
The new Director-General of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research/Training and Strategic Planning at the bureau before his appointment.
The Special Adviser on Public Communications and Media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.
The President enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.

 

Online Editor by — November 14, 2024 in News 0
Customs,NAFDAC Forge Strategic Partnership On National Security

 

 

        Mohammed Shosanya

 

 

The Nigeria Customs Service (NCS) and the National Agency for Food and Drug Administration and Control (NAFDAC) on Thursday signed a Memorandum of Understanding (MoU) which formalised a strategic partnership aimed at safeguarding Nigeria’s public health and national security.

 

 

 

 

The event took place on the second day of the Comptroller-General of Customs’ 2024 Conference held at the Congress Hall of the Transcorp Hilton, Abuja.

 

 

 

 

Comptroller-General of Customs Bashir Adewale Adeniyi,described the agreement as the culmination of years of dedicated dialogue and coordination between the two agencies.

 

 

 

Highlighting the critical mandate of the Customs Service in safeguarding national security, public health, and safety, “What we have seen today is a culmination of efforts for several months, years of regular consultation between the two of us. This partnership is a response to a major scourge we are facing in the country.” Adeniyi stated.

 

 

 

Emphasising the specific provisions of the MoU, Adeniyi noted that Article 2 of the document outlined a comprehensive scope of collaboration, particularly in intelligence sharing, adding, “We’ll be talking about the exchange of intelligence between our agencies.

 

 

 

He further said,”sometimes, at midnight, NAFDAC DG sends intelligence to me, saying,we learn that a suspicious container may be birthing in the morning. This kind of real-time information flow is critical to our joint efforts.”

 

 

 

 

Reflecting on the collaborative bond that has grown between NAFDAC and Customs personnel, CGC Adeniyi emphasised the hands-on commitment shown by officers at the nation’s ports and border stations.

 

 

 

 

He said, “When we declared a state of emergency in one of our ports, we were misunderstood, but the reports we have received indicate we are just scratching the surface of illicit pharmaceutical products entering our markets. It is time for all of us to say, collectively, that this will be the beginning of the end. We are going to save Nigeria and the future of our kids from these dangerous products.”

 

 

 

 

NAFDAC’s Director-General, Professor Moji Adeyeye, described the signing of the MoU as a “significant stride”, pointing out the daily impact of the products regulated by her agency on Nigerians.

 

 

 

 

 

She said, “It is important because of you and me,” Adeyeye explained. We consume at least two of our regulated products every day—food and healthcare items. This partnership is about ensuring that the food, drugs, and healthcare products we take are safe and of the highest quality.”

 

 

 

She highlighted the threats posed by unregulated and illicit products to national security, as some approved chemicals can be misused by criminals and terrorists, adding, “This is of national significance.”

 

 

 

She lamented:“We have ghost companies that are not on our lists. This MoU marks the beginning of the end of such practices.”

 

 

 

 

 

Online Editor by — November 14, 2024 in News 0
Don’t Set CBN,SEC On War Path,Official Warns

         Mohammed Shosanya
The Central Bank of Nigeria (CBN), Thursday warned the Senate against creating crisis between it and the Security and Exchange Commission (SEC).
The warning came to the fore during a public hearing on Investment and Securities Bill, 2024 at the National Assembly in Abuja.
The proposed bill seeks for an act to repeal the Investment and securities Act 2007 and enact the Investment and Securities Bill, 2024.
In his submission on the proposed law before the committee on Capital Market,the representative of CBN, Tukur Galadima, kicked against absolute powers being proposed for SEC over public companies, which according to him,involved some financial institutions that are under the control of CBN .
He also faulted provision in the proposed law for using cash to buy securities .
” You cannot use cash to buy securities.It is contrary to provisions of law against money laundry “, he said .
He also advised the committee to remove the provision in the proposed law,specifically section 193 allowing for Investment in multi currency,saying ” the issue of currency is strictly with CBN”.
He,however,said that left for observations raised,the CBN like other critical stakeholders , is in support of planned new law for regulation of the investment and securities and generally the capital market .
In his presentation,the Director – General of SEC , Dr Emomotimi Agama , said the move by the Senate committee to repeal the Investment and Securities 2007 Act and enact a new one,was very necessary.
He added:” For Nigeria to get it right among the comity of Nations as far as the capital market is concerned, the proposed law , needs to be passed before the year runs out .
“The proposed  bill , when passed into law , would turn around the Nigeria economy in the area of commodity market , cryptocurrency etc “.
Speaking,the Chairman of the Committee , Senator Osita Izunaso , said the SEC bill was  very sensitive being the ombudsman law covering the entire capital market .
He assured all the stakeholders that the final draft of the bill would be ready by next week and urged the office of  Accountant – General of the Federation , to join the committee at this stage to avoid refusal of presidential assent when eventually passed for third reading by both chambers of the National Assembly .
Online Editor by — November 14, 2024 in News 0
Let PDP Breathe,Wike Tells Atiku

       Mohammed Shosanya
The Federal Capital Territory (FCT) Minister, Barr. Nyesom Wike,has advised the  former Vice President, Atiku Abubakar to abandon any hopes of contesting the 2027 presidential election as the People’s Democratic Party (PDP) candidate.
Wike,who spoke through his Senior Special Assistant on Public Communications and New Media Mr. Lere Olayinka,insisted that the PDP ticket would no longer be “wasted” on those he described as “serial betrayers” of the party.
He stated that Atiku’s repeated bids, despite past “sins” against the PDP, disqualify him from being the party’s flag bearer.
 “His Excellency, Alhaji Atiku Abubakar, and those urging him on for personal gains should let the PDP breathe,” he asserted.
Wike,in a live media session on Thursday,emphasized that the 2027 ticket would not be available to Atiku, the party’s 2023 presidential candidate.
He described Atiku’s repeated bids for the presidency as an illustration of “inordinate ambition” and criticized his 2007 decision to run under the Action Congress while still Vice President in the PDP. “It’s this desperation,” he argued, “that has marked Atiku as a perennial candidate, not destined to lead Nigeria.”
He added:”The PDP ticket will not be given to someone who loses and flees to Dubai, only to return two years before the next election.”

 

Online Editor by — November 14, 2024 in Politics 0
Oyebanji Approves N1.3bn For Expansion Of Electricity Projects 

Oyebanji Approves N1.3bn For Expansion Of Electricity Projects

Mohammed Shosanya

 

 

Ekiti State Government has approved another sum of about N1.3 billion for electricity projects .

 

 

 

The projects will include purchase of transformers, installation of solar streetlights to extension of current to communities that had hitherto been without electricity across the state.

 

 

 

 

The State Commissioner of Information, Rt. Hon Taiwo Olatunbosun who made this known in Ado Ekiti,said the State Executive Council’s approval was part of the efforts to boost the supply of electricity in the state.

 

 

 

 

The projects will include the extension of electricity and installation of transformers in the Osekita community, Iworoko Ekiti and Idi-Aagba community off Ilawe Rd, Ado Ekiti, the Efon Alaaye Water Treatment Plant (WTP) of the Ekiti State Water Corporation (EKSWC) and the installation of solar streetlights at GRA 3rd Extension Off NTA Road, DE Head area at EKSU Road to Olorunsogo zone and Faglo area at Old Iyin road to Ijadu Junction in Ado Ekiti.

 

 

 

 

He explained that the state government has a new policy initiative of using solar lamps for road illumination instead of the traditional diesel generator-powered lamps for sustainability.

 

 

 

He added that the move was also to ensure a safe, healthy and steady supply of water since the Water Treatment Plants (WTP) in the state need reliable power supply to function properly.

 

 

 

 

According to him, some of the benefiting areas were rapidly developing but unserved communities that despite being heavily populated and have many Small and Medium-sized Enterprises (SMEs), have been without electricity for several years.

 

 

 

He said the state government was also embarking on a proactive, cost-saving, and anticipatory-buying approach to deflect the impact of the prevalence of price instability induced by galloping inflation in the country.

 

 

 

 

 

 

 

Online Editor by — November 14, 2024 in Power 0
Access Bank Moves To Acquire Mauritius’ AfrAsia Bank Limited

 

       Mohammed Shosanya

 

 

Access Holdings Plc,Thursday announced that its banking group’s, subsidiary, The Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited (“AfrAsia Bank”), the Republic of Mauritius’ third largest bank by total assets.

 

 

 

Mauritius, renowned for its robust financial services sector which contributes 13.4% to its Gross Domestic Product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments.

 

 

 

Besides,Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.

 

 

 

The transaction represents a transformational step forward for the Access UK and the overall Access Holdings’ banking franchise,Olakunle Aderinokun,Head, Media and Public Relations,Access Holdings Plc said in a statement.

 

 

 

 

At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.

 

 

 

 

Speaking on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group said: “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”

 

 

 

Jamie Simmonds, Managing Director of the Access Bank UK added: “With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. The deal aligns with our strategy to diversify and future-proof our earnings; and offer bespoke solutions enabling our clients to access global markets with ease.”

 

 

 

The Access Bank UK remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to its economic transformation.

 

 

 

Access Bank UK remains committed to providing innovative financial solutions and fostering trade relations between Africa and the rest of the world.

 

 

 

The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures, the statement added.

 

Online Editor by — November 14, 2024 in Banking&Finance 0
Customs In Rakes N5.08trn 

   Mohammed Shosanya

 

 

The Nigeria Customs Service, NCS, has  generated N5.08 trillion in the first 10months of the year.

 

 

 

Adewale Adeniyi,Acting Controller General of Nigerian Customs Services, NSC,disclosed this at the 2024 CGC’s Annual Conference theme, “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose”.

 

 

 

He said revenue target of the Customs for this year is N5.07 trillion, however, the benchmark was reached in 10months, as the agency has already collected N5,079,455,088,194.38.

 

 

 

According to him,this was possible with seizures valued at N28.1 billion in 10 months, compromising the illicit trade in arms, narcotics, pharmaceuticals and wildlife items.

 

 

 

 

He added:“This exceptional performance projected to exceed our target by 10 per cent validates our partnership-driven approach to revenue collection and trade facilitation.

 

 

 

 

“The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.These seizures span critical areas of national concern – from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

 

 

 

 

“An important moment in our enforcement strategy was the declaration of a state of emergency at our major ports, which led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products”.

 

 

 

Online Editor by — November 14, 2024 in Maritime 0
NNPC Ltd Targets 2mbpd Output By December

 

          Mohammed Shosanya

 

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have increased crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

 

 

 

The company announced this at a press briefing on Thursday,adding that the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

 

 

Olufemi  Soneye,Chief Corporate Communications Officer,NNPC Ltd, quoted the Group Chief Executive Officer, Mr. Mele Kyari,as congratulating the Production War Room Team that anchored the production recovery process.

 

 

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long term acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari explained.

 

 

 

Speaking on the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

 

 

 

According to him,the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.

 

 

 

He emphasized that when the Production War Room team was inaugurated on the 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.

 

 

“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.

 

 

 

Speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure,who also congratulated the team,said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

 

 

 

He implored the company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

 

 

The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

 

 

 

 

 

Online Editor by — November 14, 2024 in Oil&Gas 0