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Prioritize Power,Forex To Tame Rising Inflation,CPPE Boss Tells FG

 

Mohammed Shosanya

 

 

The Chief Executive Officer of Centre For The Promotion of Private Enterprise,Dr. Muda Yussuf, has emphasized the need for the Federal Government to prioritize power, logistics,foreign exchange and security issues in order to tame the rising inflation in the country.

 

 

 

He said:”It will be very difficult to tame inflation if we do not substantially fix power, logistics and forex and security issues.

 

 

“Regrettably, there are no quick fixes in these areas. But it is important to prioritize these issues and drive accelerated progress with the right strategies”.

 

 

His suggestion came on the heels of resurgence of high inflationary pressures after some few months of respite despite policy measures to tame inflation.

 

 

 

Headline inflation rose to 32.7% in September 2024 as against 32.15% in August 2024, an increase of 0.55%.

 

 

 

There was also a marginal increase of 0.30% in month-on-month inflation between August and September.

 

 

 

Food inflation maintained its uptrend rising to 37.77% from 37.52% after decelerating in few months ago.

 

 

 

He lamented that the situation had been further exacerbated by the surging petrol price.

 

 

 

He added:”The reality is that the dynamics driving inflation are yet to be effectively subdued. These factors include the depreciating exchange rate, surging fuel price, rising transportation costs, logistics and supply chain challenges, high energy cost, climate change including resultant incidents of flooding, insecurity in farming communities and structural bottlenecks to production.

 

 

 

 

“These are largely supply-side issues.There is also the factor of seasonality of agricultural outputs which activates seasonal price surge in some food crops. Elevated inflationary pressures escalate production costs, weakens profitability, and dampens investors’ confidence.

 

 

 

“Not many investors can transfer cost increases to their consumers. The implication is that manufacturers and other investors are taking a big hit resulting from erosion of profit margins as a result of consumer resistance and weak purchasing power”

 

 

 

According to him,tackling inflation requires urgent government intervention to address the challenges inhibiting production, productivity and security in the economy.

 

 

 

 

He suggested that the real sector of the economy needs to be incentivized to reduce production costs.

 

 

 

He also advised the government to offer concessionary import duty on intermediate products for industrialists.

 

 

 

The effects of high energy cost and exchange rate on inflation is quite significant, he added.

Online Editor by — October 17, 2024 in Business 0
Nigeria Needs No Mystery To Attract FDIs -JP Morgan 

              Mohammed Shosanya
The Chairman and Chief Executive Officer of JP Morgan,Mr. Jamie Dimon, has advised countries,including Nigeria to promote consistency in their regulatory framework and policies in order to attract Foreign Direct Investments(FDIs).
Dimon,who stated this on Wednesday at the 30th Nigerian Economic Summit(NES#30) in Abuja, said to attract investments needs consistent laws, regulations, rules, legislation, and legal environments, to woo foreign investors.
He noted that when these are in place, investors would be attracted because a lot of countries in the legal environment flip back and forth, and the government flips back and forth.
He revealed that JP Morgan would double or even triple its investment in the development banks in various countries across the world.
He added: “There’s no mystery about that; you know, capital goes to where it’s taken care of,  where people think they can make some money and have a return on the capital in the long run.
“And very often countries, I’m not talking about Nigeria, if they have very inconsistent policies, they don’t want to go there, and the real capital is going to come from companies”.
He added that:”I think we in America do a much better job than I call development finance. If you look at our development institutions, we could double, triple that, and I think we should, and as they grow.
“JP Morgan will double, triple our investment in the development banks, but the real capital is private capital companies around the world that might be sovereign wealth funds, and they want to come here for investment opportunity.
“So to do that, requires consistent laws, consistent regulations, consistent rules, consistent legislation, consistent legal environments, you will get plenty of capital here, but it’s got to be consistent, because a lot of countries in the legal environment flip back and forth, and the government flips back and forth.
“People are just afraid to make those investments, and our investment when we try to do it, at least, since I’ve been to JP, we’ve never left the country.
“Once we go we get better and smarter, and then we try to enhance what we do here. But those rules to get capital are pretty basic everywhere”.
JP Morgan noted that capital, investments, jobs, among others are good for a country, and if a company is not financially healthy, it will fall.
He said that regulations do not inhibit companies from growing,rather good leadership, which encapsulates trust, good administration is required to manage businesses effectively.
Online Editor by — October 16, 2024 in News 0
Edo Government Officials On Looting Spree,Okpebholo Alleges

 

       Mohammed Shosanya
The Governor-Elect of Edo state, Senator Monday Okpebholo,has accused officials of the out-going administration of engaging in massive looting of government funds and properties.
In a statement,he also accused Governor Godwin Obaseki’s administration of taking unscrupulous loans from banks and other financial institutions while government officials were also feasting on properties including vehicles, furniture and rice, looting them with careless abandon.
He called on the relevant authorities including the Economic and Financial Crimes Commission (EFCC), Police and Department of State Services (DSS) to investigate the allegations thoroughly and ensure that those found guilty are held accountable while protecting Government House and offices from vandals.
He said: “With a great shock, we regret the widespread reports of looting of government funds and properties by officials of the out-going administration from the Government House, Benin City.
“It is sad that barely one month to handover, the out-going administration of Governor Godwin Obaseki is still allegedly obtaining loans from banks and other financial institutions under very shady headings.
“We are also aware of the massive looting and vandalisation of properties including vehicles, furniture, gadgets, household utensils and even carpets from offices and residences of Edo state Government.
“This unacceptable behavior undermines the trust and faith of our citizens in those entrusted to serve them in the past 8 years.”
He warned banks and financial institutions to desist from any dealings that will undermine the finances of the state, adding, “banks and other financial institutions are by this notice, cautioned to desist from any dealings that will undermine the finances of the state, especially giving out of loans to government at this period of transition.
“The Accountant General of Edo state, is hereby advised to uphold the principle of integrity in his duty, as the only act that will put his name in gold. There will be dire consequences for any act of impunity and stealing on any person or institution found wanting in this regard.”
He added that the incoming administration will continue to monitor the situation until the last day of the out-going administration, adding that he will not condone any form of unethical behaviour as he stresses zero-tolerance for corruption.
Edo State Commissioner for Information and Communication, Chris Nehikhare, said the state hovernment will respond to the allegations on Thursday.

 

Online Editor by — October 16, 2024 in News 0
Nigeria Added 2000MW To National Grid In 40 Years-Adelabu

 

 

Mohammed Shosanya

 

 

 

 

The Minister of Power, Adebayo Adelabu,has said that  added only 2000 megawatts of power to the national grid in the last 40 years.

 

 

 

 

The minister,who disclosed this in Lagos, during his keynote address at the ongoing 2024 edition of the Nigeria Energy Exhibition and Conference,lamented the country’s worsening performance in the area of power generation.

 

 

 

“But we are over 200 million people, we are still celebrating achieving 5000MW milestone. Why this seems to be an achievement is because it took us almost 40 years to generate additional 2000MW from the 2000MW milestone we achieved in 1984. When we came to the office, we met 4000MW.

 

 

 

 

“Now, we have taken it to average of 5000MW, with a peak of 5,527MW on the third of September. But we are not deterred. If the last best time was 50 years ago, I believe the next best time is today, and this must wake us up. So, it’s an issue I don’t like to remember”, he said.

 

 

 

 

He said the sector could easily generate N5 trillion in revenue with the payment of appropriate cost reflective electricity tariff in Nigeria,

 

 

 

 

 

 

He assured that the Nigerian Electric Supply Industry (NESI) could achieve an upside of N2 trillion income by the end of 2024 from the N1 trillion revenue recorded in 2023.

 

 

 

 

He added: “In electricity tariff, we can easily make N5 trillion in this sector, and we have seen the jump now. From N1 trillion in 2023, I can assure you we will achieve nothing less than N2 trillion for the industry in 2024. And this can only continue to grow.

 

 

 

 

“If this sector can boast of between N3 trillion and N5 trillion on a yearly basis as industry revenue, we will maintain infrastructure, we will replace dilapidated transformers, broken lines, damages towers. There will be  a lot of money to be committed to investment in the sector because infrastructure is about investment.”

 

 

 

According to him,the government had also taken decisive steps to resolve legacy debts to gas suppliers and had secured presidential approval to settle the obligations.

 

 

 

 

One of the major hindrances militating against the power sector,he said,is the mounting debt .

 

 

 

 

 

He said that about N1.3 trillion was being owed power generating companies (Gencos) and  $1.3 billion owed gas suppliers.

 

 

 

 

He said the president approved the gradual defrayment of these debts, adding that the intervention had also helped in ramping up generation from an average of 4000MW to a peak of 5,527MW.

 

 

 

This intervention, he explained, had helped to prevent disruptions in gas supply, ensuring stable electricity generation and providing the much needed reliability to the grid.

 

 

 

He disclosed that one of such as the launch of the Renewable Investment Platform Limitless Energy (RIPLE) programme, with $500 million from the Nigerian Sovereign Investment Authority (NSIA).

 

 

 

 

He added:“We have finalised the World Bank’s $750 million Distributed Access Through Renewable Energy Scheme (DARES) scheduled to commence  next month which will deliver electricity to over 2.5 million people through solar home systems and standalone minigrid and grid-connected minigrid in underserved areas.

 

 

 

“We cannot achieve energy expansion with government spending alone. The entire budget for this year was less than N30 trillion. How much is N30 trillion? And we know that for us to achieve the El Dorado for the power sector, there must be a spending of about $10 billion on a yearly basis for the next 10 years. It must come through private sector investment.”

 

 

 

 

He said the federal government was targeting the deployment of 1.3 million meters by the end of the second quarter of 2025 using the Nigeria Distribution Sector Recovery Program (DISREP).

 

 

 

 

He  added:“We have expanded Nigeria’s ongoing generation capacity. The commissioning of the 700 megawatts Zungeru Hydroelectric power plant is a major milestone. This has resulted in an average supply of over 5,000 megawatts in the sector to a peak capacity this year of 5,527 megawatts which is close to our central target of achieving 6,000 megawatts generation.

 

 

 

 

“The DISREP programme aims to install 3.2 million meters out of which 1.3 million meters have been procured with the first set of meters to be delivered by December 2024, while the balance will be delivered by the second quarter next year.”

 

 

 

Adelabu said that the initiative will further reduce estimated billing, enhance transparency and improve liquidity within the energy sector.

 

 

Online Editor by — October 16, 2024 in Power 0
Killing:Parents Seek N2bn Compensation From NDLEA

        Mohammed Shosanya
The parents of a two-year-old boy,Ivan Omhonria,who was shot and killed,and his younger brother, Eromonsele,who was severely injured,have demanded N2 billion in compensation from the National Drug Law Enforcement Agency (NDLEA).
The incident occurred in Delta State last year, on Thursday, 13 July, 2023, when Eromonsele,then just one year old, was shot in the eye by NDLEA operatives.
The family appeared before the House of Representatives Committee on Public Petitions on Wednesday,seeking justice and compensation for the loss and the deteriorating health of their surviving son.
Mr Fidelis Omhonria,the father of the boys, expressed deep frustration that the NDLEA had neglected the family since the incident occurred over a year ago.
He noted that his son’s health has worsened due to inadequate medical treatment.
The family’s lawyer,Mathew Edaghese, revealed that they had petitioned the House after the NDLEA failed to respond to their demand for N2 billion in compensation.
During the hearing,Fidelis Omhonria denied claims of an agreement with the NDLEA for a N25 million settlement, stating that the Agency has not taken full responsibility for the tragedy.
But Muniat Adeleye, representing the NDLEA and serving as Assistant Director of Prosecution and Legal Services, claimed that an agreement had been reached with the family for N25 million, to be paid in five monthly tranches.
She added that an initial payment of N5 million had already been made.
She expressed surprise at the petition, insisting that the matter had already been resolved with the parents.
Asked to provide a signed copy of the agreement,Adeleye admitted that no formal document had been signed, a revelation that angered the committee.
The Committee Chairman, Mike Etaba, demanded that NDLEA Chairman Brigadier General Buba Marwa (rtd) appear in person at the next hearing, set for October 22, 2024, to address the Committee directly.
“I hope you appreciate the gravity of what we are saying. The whole world is watching us.The NDLEA head must appear in person that to explain what steps have been taken to help this family recover from the trauma. Look at that child with one eye. No parent should have to see their child suffer like this”,Etiaba said.
Fidelis Omhonria also recounted how the NDLEA Chairman had personally sent him N5 million after expressing regret over the incident.
However,he emphasized that this was a personal gesture and not a formal compensation agreement.
“I was shocked to hear about this supposed agreement,” Omhonria said. “I am not a party to any such agreement. The NDLEA Chairman called me after the incident, apologized, and sent N5 million for my son’s care. But no amount was mentioned, and there was no agreement for N25 million.”
Edaghese,the family’s lawyer, criticized the NDLEA’s handling of the case.
“We demanded N2billion as compensation, but they ignored our demand. A life has been lost, and another child’s future is threatened. This is not just a game, this family deserves justice,” he added
Online Editor by — October 16, 2024 in Crime/Metro 0
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