tag:blogger.com,1999:blog-69794481224622153082024-03-12T16:56:13.280-07:00Brand InfoBrandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.comBlogger5581125tag:blogger.com,1999:blog-6979448122462215308.post-19883968270984553442024-02-14T09:37:00.000-08:002024-02-14T09:38:37.863-08:00Economic Hardship: FG to distribute 42,000MT grains nationwide, engages DSS, NEMA<p><span style="font-family: verdana; font-size: large;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFYRy8TA3tnEsrObdALoAjM8mjx6EmdmnPJwLBhU8aqdoPPAMymT0cmTPPQP8sI3sq7NzkUSOUpmOrCRX8qBdua86hq25WDq5k1QANt3yk_Y46JhJVnaz-AFSThbT6SAYmpG7C_NTmqJCwxIepSphAxA7YmkHohG-z3oir6uQzhzPz7xUQcSgQ_DVopW6N/s678/images%20(1).jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="452" data-original-width="678" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFYRy8TA3tnEsrObdALoAjM8mjx6EmdmnPJwLBhU8aqdoPPAMymT0cmTPPQP8sI3sq7NzkUSOUpmOrCRX8qBdua86hq25WDq5k1QANt3yk_Y46JhJVnaz-AFSThbT6SAYmpG7C_NTmqJCwxIepSphAxA7YmkHohG-z3oir6uQzhzPz7xUQcSgQ_DVopW6N/s320/images%20(1).jpeg" width="320" /></a></span></div><span style="font-family: verdana; font-size: large;"><br /></span><p></p><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Federal Government, on Wednesday, announced that it would distribute the 42,000 metric tonnes of grains approved by President Bola Tinubu to poor Nigerians at no cost.</span></p><p><span style="font-family: verdana; font-size: large;">It also announced that the Department of State Services and the National Emergency Management Agency had been engaged in the distribution process to ensure that the commodities get to the targeted citizens nationwide.</span></p><p><span style="font-family: verdana; font-size: large;">It disclosed this through the Minister of Agriculture and Food Security, Abubakar Kyari, at a ministerial press briefing in Abuja.</span></p><p><span style="font-family: verdana; font-size: large;">Last week, President Tinubu directed the Federal Ministry of Agriculture and Food Security to release about 42,000MT of maize, millet and other commodities from the national strategic reserves to address the rising cost of food in Nigeria.</span></p><p><span style="font-family: verdana; font-size: large;">The Minister of Information and National Orientation, Mohammed Idris, disclosed this in Abuja after a meeting of the Presidential Committee on Emergency Food Intervention.</span></p><p><span style="font-family: verdana; font-size: large;">Idris also stated that the Rice Millers Association of Nigeria had committed to releasing about 60,000MT of rice to the markets.</span></p><p><span style="font-family: verdana; font-size: large;">“The first one is that the Ministry of Agriculture and Food Security has been directed to release about 42,000MT of maize, millet, garri, and other commodities in their strategic reserve so that these items will be made available to Nigerians; 42,000MT immediately.</span></p><p><span style="font-family: verdana; font-size: large;">“The second one is that we have held meetings with the Rice Millers Association of Nigeria. Those who are responsible for producing this rice and we have asked them to open up their stores.</span></p><p><span style="font-family: verdana; font-size: large;">“They’ve told us that they can guarantee about 60,000 metric tons of rice. They will make that available to Nigerians; to bring out to the market to make food available,” the information minister had told journalists.</span></p><p><span style="font-family: verdana; font-size: large;">Explaining how the 42,000MT grains would be distributed at the press briefing on Wednesday, the Agric minister said it would go to poor Nigerians for free.</span></p><p><span style="font-family: verdana; font-size: large;">Kyari said, “This 42,000MT is going to the needy free of charge. It will be directly to the needy at no cost.”</span></p><p><span style="font-family: verdana; font-size: large;">Asked to state how the government would identify the needy, Kyari replied, “We’ve met with NEMA and DSS to give us the index. These are where to gather intelligence reports on where it is needed the most. And we are going to look at those indices.”</span></p><p><span style="font-family: verdana; font-size: large;">The agric minister insisted that the government would ensure that only those who need the grains benefit from the exercise, adding that state governors had been put on notice about this development.</span></p><p><br /></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-26083491350835706572024-01-24T05:12:00.000-08:002024-01-24T05:12:03.315-08:00Marketers kick as NNPCL delays fuel supply<p><span style="font-family: verdana; font-size: large;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZSHY34duRCDc3gJBUYixn1pEqdDz8f1jr1MIWTDxWW0Q6dPRkMVRsaCPgxso5-21miDG50tTnyBkvIx6gJHeYVzjwIMtD6S9RQgH_UYwUJq2XGxE4tXlAyj0Z9KQWmI2K_ycQx8TBwTue1NesgKnR3JPum3gfH62jfW9btsWkdLjP9jjaKzIdgV7ixFKU/s700/FUEL-PUMP.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: verdana; font-size: large;"><img border="0" data-original-height="400" data-original-width="700" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZSHY34duRCDc3gJBUYixn1pEqdDz8f1jr1MIWTDxWW0Q6dPRkMVRsaCPgxso5-21miDG50tTnyBkvIx6gJHeYVzjwIMtD6S9RQgH_UYwUJq2XGxE4tXlAyj0Z9KQWmI2K_ycQx8TBwTue1NesgKnR3JPum3gfH62jfW9btsWkdLjP9jjaKzIdgV7ixFKU/s320/FUEL-PUMP.jpg" width="320" /></span></a></div><span style="font-family: verdana; font-size: large;"><br /></span><p></p><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">Oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria have berated the Nigerian National Petroleum Company Limited for alleged delay in the supply of petroleum products.</span></p><p><span style="font-family: verdana; font-size: large;">As a result, the marketers said they had been forced to boycott the NNPCL to source fuel from private depot owners at a higher cost.</span></p><p><span style="font-family: verdana; font-size: large;">In an exclusive interview with The PUNCH, the National Vice President of IPMAN, Hammed Fashola, asked the Federal Government to review the current distribution pattern with a view to giving priority to IPMAN members.</span></p><p><span style="font-family: verdana; font-size: large;">According to him, independent marketers own 80 per cent of the filling stations in Nigeria and, as such, deserve the “lion share” in fuel allocation.</span></p><p><span style="font-family: verdana; font-size: large;">Fashola said, “More so, we buy products from NNPCL cash and carry. We don’t enjoy any credit facility with the NNPCL. There are times we pay for products, and you don’t get the products for two or three months. You have your money in the coffers of the NNPCL, which means they are trading with our money.</span></p><p><span style="font-family: verdana; font-size: large;">“If I am not exaggerating, we should be talking of over N300bn, when you consider the number of marketers all over Nigeria. Our money is always there trapped, while we keep struggling to get fuel.</span></p><p><span style="font-family: verdana; font-size: large;">He narrated that marketers usually pay through the NNPCL portal with the hope of getting the product in two three days; but “that two three days will turn into months if they don’t have products or they are out of stock, you have to wait, and your money will be there.”</span></p><p><span style="font-family: verdana; font-size: large;">Fashola emphasised that IPMAN members “have our money in billions in the NNPCL wallet. Apart from that, we have invested so much, especially the northern marketers, now their money is trapped, in billions. They cannot even afford to buy products again because of that money there”.</span></p><p><span style="font-family: verdana; font-size: large;">He lamented that some marketers, who borrowed from banks could not pay back their loans, stating that many operators were being forced to put up their stations for sale “to offset debts because marketers are going through a lot.</span></p><p><span style="font-family: verdana; font-size: large;">He stated further that, “When NNPCL open their portal and you pay in, with the hope of getting your product soon. In the process, there will be delay; maybe you pay for two trucks and you could not get it in three weeks or one month, you cannot leave your station idle. You will be forced to go to private depot and buy, just to wet your station. If the product is flowing, nobody will go to private depot.”</span></p><p><span style="font-family: verdana; font-size: large;"> Fashola said the association was communicating with the NNPCL on the trapped capital.</span></p><p><span style="font-family: verdana; font-size: large;">“We are always in touch with the NNPCL. We have a communication channel. When they receive, they give the little they can give. One thing we discovered through our interaction with them is that they have their own constraints too. With the sharing formula with the passing of the PIA, they are only entitled to 30 per cent, because they are trying to avoid monopoly of market, that’s a problem on their own side too.</span></p><p><span style="font-family: verdana; font-size: large;">“If they get 30 per cent, and out of the 30 per cent, they are giving IPMAN, there will be problems. They have their retail outlets too. They have acquired Oando and the stations they got from Oando are not less than 900, this in addition to the ones they have before. But I believe they must do something about their sharing formula. If we have to take from the NNPCL, I think they have to increase what they are giving the NNPC Retail.</span></p><p><span style="font-family: verdana; font-size: large;">When contacted, the NNPCL spokesman, Femi Soneye, said he was not aware of any IPMAN fund trapped in the NNPCL account.</span></p><p><span style="font-family: verdana; font-size: large;">According to him, IPMAN has an appropriate channel through which it communicates with the company.</span></p><p><span style="font-family: verdana; font-size: large;">Soneye requested that whoever makes such allegations should provide evidence.</span></p><p><span style="font-family: verdana; font-size: large;">“I am not aware of anything like that. IPMAN has an appropriate channel through which they communicate with us. Whoever makes that allegation in IPMAN should provide the evidence. We still had a meeting with IPMAN today (Monday) and nothing of such was mentioned,” he told our correspondent in a telephone conversation.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-18156120860873033212024-01-24T05:00:00.000-08:002024-01-24T05:00:25.098-08:00FG to sell five power plants for $1bn<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZJfAQ855ljcMBO2eeOLFtttiyMb0tcODtrwf78KdL3440xF4fEUC-U0ixa_WE8ah8wRMrWXs914Y3vUo3bKr0RiVP3fQtPoaN6WbOMPGZUlnRsbFIG8cHoQOGY5pqxuzr6jwKfZtbJcrrbMb4inDSsYnv27R6ytrSZcvTKDTJ0a491QgYPDpBQGYBkkEx/s550/A-power-plant.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="550" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZJfAQ855ljcMBO2eeOLFtttiyMb0tcODtrwf78KdL3440xF4fEUC-U0ixa_WE8ah8wRMrWXs914Y3vUo3bKr0RiVP3fQtPoaN6WbOMPGZUlnRsbFIG8cHoQOGY5pqxuzr6jwKfZtbJcrrbMb4inDSsYnv27R6ytrSZcvTKDTJ0a491QgYPDpBQGYBkkEx/s320/A-power-plant.png" width="320" /></a></div><br /><p><br /></p><p><span style="font-family: verdana; font-size: large;">The Federal Government through the Bureau of Public Enterprises is currently carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15bn, it was gathered on Tuesday.</span></p><p><span style="font-family: verdana; font-size: large;">Although sources familiar with the development explained that the cost of the plants should exceed $5bn based on international benchmark, they revealed that the BPE was planning to sell the facilities at a price that is a little above $1.1bn</span></p><p><span style="font-family: verdana; font-size: large;">The acting Director-General, BPE, Ignatius Ayewoh, confirmed to our correspondent in a brief telephone conversation that “the transaction is ongoing,” adding that “it is not concluded.”</span></p><p><span style="font-family: verdana; font-size: large;">The BPE boss did not disclose the cost for the five plants, as he quickly stated that he was in a meeting and would not be able to give additional details.</span></p><p><span style="font-family: verdana; font-size: large;">However, impeccable sources at the bureau named the five power plants to include the 434 megawatts gas-fired Geregu II power plant, located in Kogi; 451MW Omotosho II plant in Ondo; and 750MW Olorunshogo II plant in Ogun State.</span></p><p><span style="font-family: verdana; font-size: large;">Others include the 563MW Odukpami power plant in Calabar, Cross River State; and the 451MW Benin-Ihovbor plant in Edo State.</span></p><p><span style="font-family: verdana; font-size: large;">It was gathered that the Omotosho plant, which has four power generating turbines, would be sold at about $85m; while the Olorunsogo NIPP with also four turbines would cost $170m.</span></p><p><span style="font-family: verdana; font-size: large;">The Benin-Ihovbor plant with five power generating turbines would go for $420m; Calabar Odukpami plant with five turbines would be sold at about $260m; while the Geregu plant with four turbines would go $215m.</span></p><p><span style="font-family: verdana; font-size: large;">“These are Siemens turbines and each of the turbine can generate about 115MW of electricity,” one of the sources, who pleaded not to be named due to lack of authorisation, stated.</span></p><p><span style="font-family: verdana; font-size: large;">The official went ahead to explain that it would cost about $1m to construct a plant that could generate 1MW of electricity, stressing that if the five NIPP plants were valued on this basis, they would cost more than $5bn.</span></p><p><span style="font-family: verdana; font-size: large;">It was, however, gathered that the cost of constructing 1MW power plant vary depending on several factors, including type of power plant, location, technological advancements, etc.</span></p><p><span style="font-family: verdana; font-size: large;">“But a general range for the cost of constructing a 1MW power plant based on different technologies is that for a solar power plant, it is between $1m to $2m per MW.</span></p><p><span style="font-family: verdana; font-size: large;">“For wind power plant, it is between $1.5m to $2.5m per MW. For natural gas-fired power plant, such as the NIPPs, it is between $1m to $2m per MW, while for coal power plants, it is between $2m and $3m per MW,” another source in the sector explained.</span></p><p><span style="font-family: verdana; font-size: large;">In December 2022, The PUNCH reported that the Federal Government and the 36 state governors finally agreed to sell five power plants under the National Integrated Power Projects and use the proceeds to fund the 2023 budget.</span></p><p><span style="font-family: verdana; font-size: large;">Parties in the deal reached the agreement in December after over two years of disputes and legal tussle as regards the sale of the NIPP plants being managed by the Niger Delta Power Holding Company.</span></p><p><span style="font-family: verdana; font-size: large;">The NDPHC, owned by the federal, state, and local government councils, is a power generation and distribution company that oversees the implementation of the NIPPs.</span></p><p><span style="font-family: verdana; font-size: large;">The former Director-General, Bureau of Public Enterprises, Alex Okoh, had disclosed the agreement between the Federal Government and the states as regards the NIPP plants to journalists in Abuja during an interview. The disclosure was, however, opposed by various groups.</span></p><p><span style="font-family: verdana; font-size: large;">There have been discussions and plans for the sale of the NIPPs by the Bureau of Public Enterprises for several years, with the specific details and target sale amount evolving over time.</span></p><p><span style="font-family: verdana; font-size: large;">In April 2021, the National Council on Privatisation approved the sale of five NIPPs through a fast-track strategy. The estimated value of these five plants was not publicly disclosed at the time.</span></p><p><span style="font-family: verdana; font-size: large;">In March 2022, the Nigerian National Petroleum Corporation expressed interest in acquiring some NIPPs, indicating continued progress with the sale.</span></p><p><span style="font-family: verdana; font-size: large;">In December 2022, the former BPE boss, Okoh, confirmed an agreement between the Federal Government and states for the sale of five NIPPs.</span></p><p><span style="font-family: verdana; font-size: large;">He projected the sale to generate over N260bn (around $600m). However, some many sources and CSOs expressed concerns that this amount wouldn’t significantly impact the rising budget deficits at the time.</span></p><p><span style="font-family: verdana; font-size: large;">As of today, and going by what the acting DG of the BPE states, the sale of the NIPPs has not been finalised. The Niger Delta Power Holding Company, which manages the NIPPs, has also not confirmed its sale.</span></p><p><span style="font-family: verdana; font-size: large;">Meanwhile, it should be stated that while there is no official confirmation on the cost of the NIPPs, some sources speculate that the initial estimates for individual NIPPs could have ranged from $300m to $500m.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-76942396587332401192024-01-24T04:54:00.000-08:002024-01-24T04:54:34.243-08:00Gov. Aiyedatiwa sacks commissioners, governor’s aides<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><img border="0" data-original-height="377" data-original-width="534" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMZIZCFpWd00U2neQ8g80LJ4EglNM3BAbJjWNq1Of6cmz8ZOyMYO-3V75LVgbjhgt8eCeTwLeAhjSMve8MwDuR_Hh3-71Xc3mKQ2MdGLhu4Jgp2FzSbgxmFSsMrcf0jKAlAuzG1iEdri1W6LJXUZnCpbjfSkA11MoKz1vKUlJcUhxEFiU0CyOzLHQRc8jk/s320/Lucky-Aiyedatiwa.png" style="margin-left: auto; margin-right: auto;" width="320" /></td></tr><tr><td class="tr-caption" style="text-align: center;">Governor of Ondo State, Lucky Aiyedatiwa</td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMZIZCFpWd00U2neQ8g80LJ4EglNM3BAbJjWNq1Of6cmz8ZOyMYO-3V75LVgbjhgt8eCeTwLeAhjSMve8MwDuR_Hh3-71Xc3mKQ2MdGLhu4Jgp2FzSbgxmFSsMrcf0jKAlAuzG1iEdri1W6LJXUZnCpbjfSkA11MoKz1vKUlJcUhxEFiU0CyOzLHQRc8jk/s534/Lucky-Aiyedatiwa.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: verdana; font-size: large;"></span></a></div><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Governor of Ondo State, Lucky Aiyedatiwa, has dissolved the State Executive Council.</span></p><p><span style="font-family: verdana; font-size: large;">The governor also relieved all Senior Special Assistants and Special Assistants of their duties.</span></p><p><span style="font-family: verdana; font-size: large;">In a statement by his Chief Press Secretary, Ebenezer Adeniyan, on Wednesday, the governor said the development would take immediate effect.</span></p><p><span style="font-family: verdana; font-size: large;">The statement read, “All members of the cabinet are to immediately hand over to the Permanent Secretaries or the most senior administrative officers in their respective offices.</span></p><p><span style="font-family: verdana; font-size: large;">“All the affected officials are directed to hand over all government properties in their possession.</span></p><p><span style="font-family: verdana; font-size: large;">“The governor thanks the affected officials for their services and contributions to the development of the state.”</span></p><p><span style="font-family: verdana; font-size: large;">Aiyedatiwa was on December 27, 2023, sworn in as the substantive governor of the state following the death of Governor Rotimi Akeredolu. Akeredolu, aged 67, passed away while undergoing treatment for prostate cancer in a German hospital.</span></p><p><span style="font-family: verdana; font-size: large;">Before his death, Akeredolu had transferred power to Aiyedatiwa via a letter to the state House of Assembly on December 13, 2023, when he was to proceed on medical leave in Germany.</span></p><p><span style="font-family: verdana; font-size: large;">The development followed the intervention of President Tinubu who intervened in the crisis that resulted from the failure of Akeredolu to hand over to his deputy after he returned to the country from Germany in September.</span></p><p><span style="font-family: verdana; font-size: large;">Although Akeredolu returned to Nigeria in the first week of September after a three-month medical leave, he was operating from Ibadan, the Oyo State capital.</span></p><p><span style="font-family: verdana; font-size: large;">The state House of Assembly had commenced an impeachment process against the deputy governor over allegations of gross misconduct. This led to a division in the state assembly and the state executive council as well as the state chapter of the All Progressives Congress.</span></p><p><span style="font-family: verdana; font-size: large;">In a bid to resolve the crisis, Tinubu met with the leadership of the assembly and the state APC at the State House, Abuja, last month, where it was decided that Aiyedatiwa should take over as the acting governor.</span></p><p><span style="font-family: verdana; font-size: large;">Shortly before the swearing-in of Aiyedatiwa, the Special Adviser to Akeredolu on Union Matters and Special Duties, Mr Dare Aragbaye and the Chief Press Secretary Mr Richard Olatunde, resigned from office.</span></p><p><span style="font-family: verdana; font-size: large;">In the letters of resignation signed by the duo, addressed to the office of the Secretary to the State Government, the aides cited the demise of the governor as the reason for their action. The letters came in, some hours after the death of Akeredolu.</span></p><p><span style="font-family: verdana; font-size: large;">Aragbaye’s letter was titled ‘Resignation of appointment as Special Adviser Union Matters and Special Duties.’</span></p><p><span style="font-family: verdana; font-size: large;">The letter read, “I write to refer to the subject above and to resign my appointment as Special Adviser Union Matters and Special Duties with effect from today, Wednesday 27, December 2023. My decision to resign is based on the unfortunate death of my principal a fearless and honest leader, Governor Arakunrin Oluwarotimi Odunayo Akeredulu, SAN, CON , whom I am loyal to even in death.</span></p><p><span style="font-family: verdana; font-size: large;">“I sincerely thank His Excellency for the opportunity granted me to serve in his administration as a member of the State Executive Council first as a Head of Service and now as Special Adviser. Please accept the assurances of my esteemed regards. “</span></p><p><span style="font-family: verdana; font-size: large;">Olatunde in his letter titled ‘Resignation Letter’ partly read, “ It is with a heavy heart and deep sadness that I tender my resignation as the Chief Press Secretary to the Governor, effective from today, Wednesday 27, 2023.”</span></p><p><span style="font-family: verdana; font-size: large;">It further stated,” My decision to resign from office is hinged on the unfortunate and untimely death of our leader, principal, and father figure, Governor Oluwarotimi Akeredolu, SAN, CON.”</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-63220327163431290272024-01-24T04:49:00.000-08:002024-01-24T04:49:34.238-08:00How inflation will fall in 2024 — CBN Gov, Cardoso<p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk75QJ2qaHq83W12dlaKfa_zH6FD3aleWI6e1QYHnEzOK0kkhTxe41ZTFdLmfRl3j89ItIDx2sCEmO7id8sRUqLKKpxlBTgAQxavJVEFJO2f588IevtMjIzihrZCJ7PbjpZ5m0SY5ELSXspaPuE-cihSxzCZV08x_Xh2puPwvDAmKAu9VDkypPqCAd1vgV/s768/Yemi-Cardoso-768x429.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="429" data-original-width="768" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk75QJ2qaHq83W12dlaKfa_zH6FD3aleWI6e1QYHnEzOK0kkhTxe41ZTFdLmfRl3j89ItIDx2sCEmO7id8sRUqLKKpxlBTgAQxavJVEFJO2f588IevtMjIzihrZCJ7PbjpZ5m0SY5ELSXspaPuE-cihSxzCZV08x_Xh2puPwvDAmKAu9VDkypPqCAd1vgV/s320/Yemi-Cardoso-768x429.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">CBN Governor, Dr. Olayemi Cardoso</td></tr></tbody></table><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Central Bank of Nigeria’s governor expects headline inflation to fall to 21.4 per cent in 2024.</span></p><p><span style="font-family: verdana; font-size: large;">The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.</span></p><p><span style="font-family: verdana; font-size: large;">He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”</span></p><p><span style="font-family: verdana; font-size: large;">According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.</span></p><p><span style="font-family: verdana; font-size: large;">“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said. (Punch)</span></p><p><span style="font-family: verdana; font-size: large;">More details soon…</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-23831010341035251642024-01-24T04:45:00.000-08:002024-01-24T04:45:24.814-08:00I'll continue to contribute my quota to Nollywood industry, Ojay Makanaki vows<p><span style="font-family: verdana; font-size: large;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB-aEg_70poOEpeQVFSUFR6kbN5JbCNmuXpdurNjFSKZN6oY9TUfOC0tawg8oiuAeJmPyXCVdlAJE3UzNh_4Jr024-KG3gbG5yLI98_3GZs_IyRXIcBFnvV6Pl8t1iGMNrMfL0Ef0HLn9d57C6xNmP2XN9zSta2897xVVknM33V1BkN78pooZYIVJl3oU_/s600/Ojay-Makanaki.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="600" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB-aEg_70poOEpeQVFSUFR6kbN5JbCNmuXpdurNjFSKZN6oY9TUfOC0tawg8oiuAeJmPyXCVdlAJE3UzNh_4Jr024-KG3gbG5yLI98_3GZs_IyRXIcBFnvV6Pl8t1iGMNrMfL0Ef0HLn9d57C6xNmP2XN9zSta2897xVVknM33V1BkN78pooZYIVJl3oU_/s320/Ojay-Makanaki.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Ayodele Ojo, aka Ojay Makanaki</td></tr></tbody></table><br /></span></p><p><span style="font-family: verdana; font-size: large;">An actor and movie producer, Ayodele Ojo, aka Ojay Makanaki, has said that he plans to continue contributing to Nollywood, while impacting the youth in general.</span></p><p><span style="font-family: verdana; font-size: large;">Ojay Makanaki said this at a recent event where he was presented the National Outstanding Leadership Award of Excellence as an Ambassador of Hope to Nigerian Youths by the Congress of Nigerian Youth.</span></p><p><span style="font-family: verdana; font-size: large;"> The actor said he also had plans to set up a platform, where anyone involved in production— whether up-and-coming or established— are treated and rewarded fairly without any bias, thereby creating a more inclusive and thriving future for the industry.</span></p><p><span style="font-family: verdana; font-size: large;">He added that Nollywood, being a good investment, was in need of more investors that could bring about its profitable potential.</span></p><p><span style="font-family: verdana; font-size: large;">Makanaki, who has acted in films such as ‘Ega’, ‘Antecedent’; and produced his own movie titled, ‘Ojay Makanaki’, stated that he owed his filmmaking inspiration to Kayode Adebayo, aka Kay Alubarika.</span></p><p><br /></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-58913506165893935862024-01-18T00:50:00.000-08:002024-01-18T00:50:53.976-08:00I was hospitalised after my N500m movie leaked online – Toyin Abraham<p><span style="font-family: verdana; font-size: large;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDQMwp1ESZOa_59oJJ79S_ZhFeMrRq0o8Lh_cQrXw1701mQtyEFnBNSWp0rAdNGvfQ_70og-jCuDoRNBmCYmQdKPpmx-4NrcXujBeZIha6Xmr4XLCg1Vbdirv3wNS2cFjgl5fbELcl2NmaLfkS_k8q7Mjwi0zWUWDigLZK3hv5h9dQTa7o0WJUzINnWpn0/s711/Toyin-Aimakhu2.webp" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="508" data-original-width="711" height="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDQMwp1ESZOa_59oJJ79S_ZhFeMrRq0o8Lh_cQrXw1701mQtyEFnBNSWp0rAdNGvfQ_70og-jCuDoRNBmCYmQdKPpmx-4NrcXujBeZIha6Xmr4XLCg1Vbdirv3wNS2cFjgl5fbELcl2NmaLfkS_k8q7Mjwi0zWUWDigLZK3hv5h9dQTa7o0WJUzINnWpn0/s320/Toyin-Aimakhu2.webp" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Toyin Abraham </td></tr></tbody></table><br /></span></p><p><span style="font-family: verdana; font-size: large;">Award-winning Nollywood actress, Toyin Abraham, has said she was hospitalised due to panic attacks resulting from the illegal circulation of her new movie, Malaika.</span></p><p><span style="font-family: verdana; font-size: large;">The high-budget movie was exclusively released to the cinema on December 15, 2023.</span></p><p><span style="font-family: verdana; font-size: large;">Abraham, who recounted how she stumbled on the movie on a social media platform, said she almost ran mad after she saw it.</span></p><p><span style="font-family: verdana; font-size: large;">Speaking to newsmen at the Federal Investigation Department of the Nigeria Police Force in Alagbon, Ikoyi, on Wednesday where some individuals arrested in connection with the illegal distribution of the movie were paraded, the actress lamented about shooting a movie close to N500m and seeing it leaked to the public.</span></p><p><span style="font-family: verdana; font-size: large;">She said, “If you look at me, you will know that I am actually not okay. I had to come from the hospital. I have been having panic attacks. It is not easy shooting a movie close to N500 million and you just see it out there.</span></p><p><span style="font-family: verdana; font-size: large;">“I saw my movie and another movie and I was like, am I dreaming? And they said, ‘No, you are not dreaming’. And the next thing, they put it on Telegram, telling people they are going to upload it by 12pm. I opened the link and I saw Malaika, I wanted to run mad, it was like my whole world was coming to an end in front of me.</span></p><p><span style="font-family: verdana; font-size: large;">“You know as a woman, I was crying and my manager said, ‘Don’t worry’, and he started making calls to my godparents, my husband and the Filmone team. So we started calling tech guys and how to get to Google. They had to call Telegram. So the next thing, they started breaking the links. Google started to send emails telling us that they had broken the links.”</span></p><p><span style="font-family: verdana; font-size: large;">Abraham recalled how she was desperate to the level where she had to start begging one of the culprits on Telegram.</span></p><p><span style="font-family: verdana; font-size: large;">She also claimed to have expressed surprise that “one of those guys had to tell me to send a mail to a particular email and I said, ‘On my film!’</span></p><p><span style="font-family: verdana; font-size: large;"> “I don’t know what to do; this is my life, this is the only thing I do. That is why I decided to take it upon myself, upon manager and Filmone to fight piracy and this is not about me; not about Malaika, not about any movie in the cinema, not about tribe but about the creative industry. It is about the entertainment industry because this is the only thing we do.”</span></p><p><span style="font-family: verdana; font-size: large;">The actress further revealed that she had lost a lot of money due to the development, as people preferred to wait for the movie to be released for free online.</span></p><p><span style="font-family: verdana; font-size: large;">“I have lost a lot because even when you go on social media, you will see people saying, oh, we will not go to the cinema. We will wait for the movie to drop. Even fans abroad will say they are waiting for the meeting to drop and obviously, anyone who is waiting for such a particular thing will not watch the movie. But it is okay, I am doing well. It is not about the money now. It is about fighting a particular cause for the entertainment and creative industry which I am happy about,” she added.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-7243180803974964872024-01-17T10:04:00.000-08:002024-01-17T10:04:49.216-08:00Those responsible for Ibadan explosion must be fished out, punished- Tinubu<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBzFb5ZT9g_873M89nTwoTs45UdFlZmawf0XI-vUGTr1tpORWxaQtWv4cSOYOgmgBygRWCw4gNYYQs2Bmy8rrGOHo21KA5W872Xpp2iG4bIKC1gbKtNfFki-EHu4dBj1LSoYuAPIm9bwZvtRBcINxM0_CEe0X0X5ayDmWgmH0qKF9d1V78g5uGLOx4ALen/s750/Asiwaju-Bola-Tinubu-10.webp" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="430" data-original-width="750" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBzFb5ZT9g_873M89nTwoTs45UdFlZmawf0XI-vUGTr1tpORWxaQtWv4cSOYOgmgBygRWCw4gNYYQs2Bmy8rrGOHo21KA5W872Xpp2iG4bIKC1gbKtNfFki-EHu4dBj1LSoYuAPIm9bwZvtRBcINxM0_CEe0X0X5ayDmWgmH0qKF9d1V78g5uGLOx4ALen/s320/Asiwaju-Bola-Tinubu-10.webp" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">President Bola Ahmed Tinubu </td></tr></tbody></table><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">President Bola Tinubu has expressed sadness over the devastating explosion that occurred on Tuesday night in Ibadan, the Oyo State capital.</span></p><p><span style="font-family: verdana; font-size: large;">A statement signed by Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Wednesday indicated that the explosion killed two persons and wounded about 80 others.</span></p><p><span style="font-family: verdana; font-size: large;">It also destroyed several buildings, vehicles, and other properties.</span></p><p><span style="font-family: verdana; font-size: large;">“It is worrisome that the cause of the blast is being attributed to the activities of illegal miners.</span></p><p><span style="font-family: verdana; font-size: large;">"Those behind the inexcusable and reckless behaviour that has created the conditions for the sad incident to occur must be fished out and punished,” the President said.</span></p><p><span style="font-family: verdana; font-size: large;">Tinubu commiserated with the government and people of Oyo State and called on all concerned agencies of government to unravel the circumstances that led to the tragedy.</span></p><p><span style="font-family: verdana; font-size: large;">The President further directed the National Emergency Management Agency to work with the Oyo State Government to offer immediate and comprehensive relief to the victims.</span></p><p><span style="font-family: verdana; font-size: large;">The Oyo State Governor, Seyi Makinde, on Wednesday, said preliminary investigations by security agencies revealed that the explosion that rocked Dejo Oyelese Street, Bodija, Ibadan, the state capital on Tuesday was caused by explosive devices stored by illegal miners.</span></p><p><span style="font-family: verdana; font-size: large;">No fewer than 10 persons were feared killed and 15 others hospitalised following the explosion that also affected a section of the Governor’s Office, Secretariat, Oyo State House of Assembly, the residence of the former Attorney General and Minister of Justice, Chief Bola Ige, some buildings at Ologuneru, Apete, New Garage, Bashorun, Akobo, Sango and Eleyele.</span></p><p><span style="font-family: verdana; font-size: large;">Makinde, who visited the scene of the explosion Tuesday night, said though further investigations were still ongoing, anyone found culpable would be brought to book.</span></p><p><span style="font-family: verdana; font-size: large;">“Preliminary investigations by the security agencies revealed that illegal miners occupying one of the houses in Bodija had stored explosive devices there which caused the blast.</span></p><p><span style="font-family: verdana; font-size: large;">The investigations are ongoing. All those found culpable for this will be brought to book,” he tweeted on Wednesday.</span></p><p><br /></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-45751048758353131662024-01-17T07:39:00.000-08:002024-01-17T07:39:54.124-08:00I’m very religious but don’t go to church – Iyabo Ojo<p><span style="font-family: verdana; font-size: large;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGgLEBkglXhI0P0C-kKu0pTMtVZYgoLGhq7ZET8jXYtKbbsixjOTQav-IbH1aZCO9rj5_z03OZoeaxEnggfkzGw07fYCUh8LU3oNFXNORe9_wRsPBQ4NXpI0iRVddgVtF9DSkiLjMoKQ0BCW6XIMWO-2CHCuaJYx8oZQUWEZtONdIlOQ50xOCfzlAJdjdg/s768/Iyabo-Ojo-768x432.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="432" data-original-width="768" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGgLEBkglXhI0P0C-kKu0pTMtVZYgoLGhq7ZET8jXYtKbbsixjOTQav-IbH1aZCO9rj5_z03OZoeaxEnggfkzGw07fYCUh8LU3oNFXNORe9_wRsPBQ4NXpI0iRVddgVtF9DSkiLjMoKQ0BCW6XIMWO-2CHCuaJYx8oZQUWEZtONdIlOQ50xOCfzlAJdjdg/s320/Iyabo-Ojo-768x432.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Iyabo Ojo</td></tr></tbody></table><br /></span></p><p><span style="font-family: verdana; font-size: large;">Nollywood actress Iyabo Ojo has revealed she is a deeply religious person. </span></p><p><span style="font-family: verdana; font-size: large;">The thespian, however, added that despite her religious leaning, she does not attend church.</span></p><p><span style="font-family: verdana; font-size: large;">Ojo recalled being the first in her family to devote her life to Christ.</span></p><p><span style="font-family: verdana; font-size: large;">She made this known during the latest episode of Celebrities Quickies.</span></p><p><span style="font-family: verdana; font-size: large;">Iyabo Ojo said: “I am a very religious person. I don’t know if people know that about me though. But I don’t go to church. Is that not weird?</span></p><p><span style="font-family: verdana; font-size: large;">“Growing up, I think I am the first person that gave her life to Christ in my home. And I joined the choir. I was in the choir for about four years. And I read the bible from Genesis to Revelations back-and-forth trying to know God before backsliding.”</span></p><p><span style="font-family: verdana; font-size: large;">She also revealed that her dream city to visit is Paris, in France.</span></p><p><br /></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-26835498122624614522024-01-17T07:15:00.000-08:002024-01-17T07:15:09.232-08:00Abduction epidemic: IG launches special squad for FCT<p><span style="font-family: verdana; font-size: large;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGAqBGmGcoy_l2mu-PpVzN3IPiG_Sg279kpDkf7pKFiyTB2rxUR8j0JKZG8ZhNThmffecXMbKyMC87mOGU21fDxGpDcw8Q1yLlI5YV5jJROHzgBFynQ13aHKc8bKaCZsTqpjrg1IEYxUI5YHvwsBTqr0a_ymzZ2CJm4YpKD8z3-QBa_txMXkGF1wA6IQOg/s592/Special-Intervention-Squad.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="404" data-original-width="592" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGAqBGmGcoy_l2mu-PpVzN3IPiG_Sg279kpDkf7pKFiyTB2rxUR8j0JKZG8ZhNThmffecXMbKyMC87mOGU21fDxGpDcw8Q1yLlI5YV5jJROHzgBFynQ13aHKc8bKaCZsTqpjrg1IEYxUI5YHvwsBTqr0a_ymzZ2CJm4YpKD8z3-QBa_txMXkGF1wA6IQOg/s320/Special-Intervention-Squad.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">FCT Special Intervention Squad</td></tr></tbody></table><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Inspector-General of Police Olukayode Egbetokun, has launched the Special Intervention Squad in the Federal Capital Territory to curb activities of kidnappers and bandits, especially in border towns within the territory.</span></p><p><span style="font-family: verdana; font-size: large;">Our correspondent gathered that the squad would be in charge of patroling and securing the communities within the various borders of the FCT, and intervening to curb and mitigate violent attacks in the nation’s capital</span></p><p><span style="font-family: verdana; font-size: large;">The Nigeria Police Force had in late 2023 revealed that deployment of 40,000 operatives of the Special Intervention Squad who were undergoing training would begin with Katsina and nine other states including the FCT.</span></p><p><span style="font-family: verdana; font-size: large;">The Force Headquarters also revealed that the proposed commanders that will be in charge of the squad will be trained in Mexico while noting that the deployment to the 10 carefully selected states is to pilot the activities of the SIS.</span></p><p><span style="font-family: verdana; font-size: large;">The PUNCH reports that following his assumption of office in June, Egbetokun declared the establishment of the SIS, a maiden project of his administration.</span></p><p><span style="font-family: verdana; font-size: large;">Egbetokun further noted that the SIS would be a standby team of specially trained officers to quickly intervene in large insecurity occurrences, adding that it was part of the priority in his administration’s endeavour to combat the country’s threat of violent crime.</span></p><p><span style="font-family: verdana; font-size: large;">During a recent event in Owerri, the Imo State capital, the IG stated that the other 27 states will immediately follow the 10 pilot states that were selected based on the recent violent crime assessment conducted in the 36 states and the Federal Capital Territory.</span></p><p><span style="font-family: verdana; font-size: large;">Meanwhile, in an interview, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, noted that the Special Intervention Squad will not operate like the defunct Special Anti-Kidnapping Squad that was notorious for human rights abuses.</span></p><p><span style="font-family: verdana; font-size: large;">The Force spokesperson also revealed that operatives of the SIS which were drawn from the Police Mobile Force, and others would not be involved in escort duties while noting that the squads’ commanders would operate under the command of Commissioners of Police in their respective states.</span></p><p><span style="font-family: verdana; font-size: large;">Adejobi said, “The training of the Special Intervention Squad is still on, and the Inspector General of Police has organized training for the SIS Commanders, in a train-the-trainer course. One is ongoing, and another one will come up in Mexico, and the IG has given approval for that.</span></p><p><span style="font-family: verdana; font-size: large;">“We actually want to have enough training before deployment commences, but we are starting very soon with 10 states, while we then move state by state. We have picked some Commanders and instructors to train them, and those are the people who’ll be going to Mexico for training. And the IG gas got some equipment for the SIS to start operations.</span></p><p><span style="font-family: verdana; font-size: large;">“But we need to clarify that the SIS is not SARS. People have been asking questions whether or not it’ll operat like SARS? No. The SIS are basically operational men, it is majorly Police Mobile Force operatives, CTU operatives, and our tactical squad operatives that’ll come together under the command of a very senior police officer, either an ACP or a CSP that’ll be the commander in each state, and they’re not going to be doing stop and search work or pursuing ‘Yahoo Boys,” they’re specifically for intervention purposes.</span></p><p><span style="font-family: verdana; font-size: large;">“It is only CPs that will call on the commanders to move their men to certain places for intervention. It’s not that a commander would say, oh, these people can pay me well, you guys should move there. That’s not what it’s all about.</span></p><p><span style="font-family: verdana; font-size: large;">“The SIS is a very different squad, and the Standard Operating Procedures and Rules of Engagement are also different, and we are starting very soon. I can confirm that the IG added Katsina State amongst the 10 States, as the Katsina State Governor met with the IG, and also donated some vehicles for the SIS.”</span></p><p><span style="font-family: verdana; font-size: large;">In June, The PUNCH reported that following the establishment of the 40,000-man Special Intervention Squad, Egbetokun announced a plan to withdraw Police Mobile Force personnel from VIP escort/guard duties.</span></p><p><span style="font-family: verdana; font-size: large;">Egbetokun who spoke during a meeting with Squadron leaders and Tactical Commanders at the Force Headquarters, said the development was to allow the police to take back its place in the ‘internal security architecture’ of the country.</span></p><p><span style="font-family: verdana; font-size: large;">Meanwhile, while clarifying the misunderstanding in regards to the IG’s directive concerning the proposed withdrawal of the Police Mobile Force from specialised escort and services for VIPs, Adejobi noted that the NPF did not intend to strip VIPs (who are legally and statutorily entitled to police escorts) of their security details, noting that doing so would be unsafe and counterproductive.</span></p><p><span style="font-family: verdana; font-size: large;">He said, “Get the message right: We understand that there has been some misunderstanding regarding the directive of IGP Olukayode Egbetokun about withdrawing members of the Police Mobile Force Unit from Specialized Escort and Services for VIPs. It’s crucial to provide clarifications to address this.</span></p><p><span style="font-family: verdana; font-size: large;">“First and foremost, let us be clear: at no point did the Force intend to strip VIPs (who are legally and statutorily entitled to Police escorts) of their security details. Doing so would be unsafe and counterproductive. Instead, the objective is to reassign the withdrawn PMF personnel to the recently established Special Intervention Squad (SIS).</span></p><p><span style="font-family: verdana; font-size: large;">“For those who genuinely require specialized police escorts, this vital service will continue to be provided by other units of the Force, such as the Special Protection Unit (SPU). However, individuals who do not fall within and enjoy the legal framework for such security details would strictly be screened and their applications thoroughly assessed for consideration, if necessary.</span></p><p><span style="font-family: verdana; font-size: large;">“To eliminate any misunderstandings, it’s crucial to clarify that the withdrawal of Police Mobile Force personnel does not equate to a blanket ban on all Police Officers from providing VIP escort services. This withdrawal pertains specifically to PMF personnel, who are just one unit within the broader Police Force.</span></p><p><span style="font-family: verdana; font-size: large;">“We encourage everyone to read the full contents of our press statements rather than giving headlines whimsical meanings and spreading distorted information. For a comprehensive understanding of this matter, we strongly recommend referring to our press releases dated June 29, 2023, July 10, 2023, and July 24, 2023. These statements provide a clear and accurate perspective on this directive.”</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-79985820787249542442024-01-17T06:01:00.000-08:002024-01-17T06:01:19.404-08:00There was plan to annul 2023 presidential election – Soyinka<p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4k5_6K4VdCHAMq4KncGe8BbamRcSJeT57mXmj3fRTNmYa3ZsTcCFXhL-YJPX8ZWFHtXJ66rF3CGSJpk-gScVMJExq-bJt_ws0lnPnPheocmGnsOdi4uqStT3ZMBOniq8tDjXk8zkVfr_dls_WXHhld73FtY_kpxrxSHNBFO2ZqL2gE_6q1Mi94uYG7bva/s751/Prof-Wole-Soyinka1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="420" data-original-width="751" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4k5_6K4VdCHAMq4KncGe8BbamRcSJeT57mXmj3fRTNmYa3ZsTcCFXhL-YJPX8ZWFHtXJ66rF3CGSJpk-gScVMJExq-bJt_ws0lnPnPheocmGnsOdi4uqStT3ZMBOniq8tDjXk8zkVfr_dls_WXHhld73FtY_kpxrxSHNBFO2ZqL2gE_6q1Mi94uYG7bva/s320/Prof-Wole-Soyinka1.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Nobel Laureate, Wole Soyinka</td></tr></tbody></table><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">Nobel Laureate, Wole Soyinka, on Wednesday, said there was a conspiracy to annul the 2023 presidential election.</span></p><p><span style="font-family: verdana; font-size: large;">While referring to the 1993 election cancelled by former military dictator Ibrahim Babangida (retd.), Soyinka said, “History was about to repeat itself, some people were determined to take us back to those days.”</span></p><p><span style="font-family: verdana; font-size: large;">The Independent National Electoral Commission had declared Bola Tinubu, as President.</span></p><p><span style="font-family: verdana; font-size: large;">Tinubu, a former Lagos State governor, was declared winner after polling 8,794,726 votes to win the 2023 presidential election.</span></p><p><span style="font-family: verdana; font-size: large;">The Nigerian playwright who spoke on Channels Television on Wednesday, said, “I am alleging that there was a conspiracy from the very beginning before the election to make sure the elections did not take place or that even if the voting did take place, that everything be reverted to what happened under Babangida.</span></p><p><span style="font-family: verdana; font-size: large;">“When we all just woke up and discovered that even though the results have been calculated, even though the results were in possession of international bodies, including monitoring embassies and so on, even if we had the results directly, it was suddenly annulled.”</span></p><p><span style="font-family: verdana; font-size: large;">He added that to him, “it was no longer a contest between individuals, it was now a contest between the so-called interim political party and democracy.</span></p><p><span style="font-family: verdana; font-size: large;">“When you have a binary like that, I have no doubt or hesitation about what side of the barricade my position should be.”</span></p><p><span style="font-family: verdana; font-size: large;">While reacting to the comment of the vice-presidential candidate of the Labour Party in the 2023 election, Datti Baba-Ahmed, Soyinka said it was “a disgraceful interview”.</span></p><p><span style="font-family: verdana; font-size: large;">Baba-Ahmed, a former House of Representatives member had asked the Chief Justice of Nigeria, Justice Kayode Ariwoola, not to swear in Tinubu as duly elected president of the country.</span></p><p><span style="font-family: verdana; font-size: large;">Soyinka described Baba-Ahmed’s comment as “disgraceful and menacing”.</span></p><p><span style="font-family: verdana; font-size: large;">“At that interview by Datti, that disgraceful and menacing interview, was for me the ultimate signal because this was somebody calling for the rubbishing of a structure he profited to ever become a governor,” Soyinka added.</span></p><p><span style="font-family: verdana; font-size: large;">The Supreme Court had in October 2023 dismissed the cases of Atiku Abubakar of the Peoples Democratic Party and Peter Obi of the LP challenging the declaration ofTinubu’s as the winner of the February 25 presidential poll.</span></p><p><span style="font-family: verdana; font-size: large;">A seven-judge panel ruled without merit the opposition appeals over claims of fraud, electoral law violations, and Tinubu’s ineligibility to run for president.</span></p><p><span style="font-family: verdana; font-size: large;">The court thrashed all the grounds of appeal of Atiku and PDP on qualification, non-compliance with the Electoral Act, the 25 per cent votes in FCT, and electoral malpractices.(The Punch)</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-38356460454705323722024-01-17T05:44:00.000-08:002024-01-17T05:44:58.940-08:00Breaking: Nigeria’s oil output rises 7.7% to 1.4m bpd – OPEC<p><span style="font-family: verdana; font-size: large;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9krlA-xeV2eeX2T0v93qn4Lio6-veq56bESF1WeWdgBPiyz29kQKJck_wJXreJ25tYKAA7tFSyMKaZVEKX_u3AQZWPf_-9vbmyRmoYjLea2OQBbZKY6i_nN7sS5ABtTDfnvqnFmIdWyI4fzO0Pgea9PmD4Pq-ThY57fnSa0t51X0LA-kJj13Y1mdWV-bh/s676/Oil-Nigeria.webp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="518" data-original-width="676" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9krlA-xeV2eeX2T0v93qn4Lio6-veq56bESF1WeWdgBPiyz29kQKJck_wJXreJ25tYKAA7tFSyMKaZVEKX_u3AQZWPf_-9vbmyRmoYjLea2OQBbZKY6i_nN7sS5ABtTDfnvqnFmIdWyI4fzO0Pgea9PmD4Pq-ThY57fnSa0t51X0LA-kJj13Y1mdWV-bh/s320/Oil-Nigeria.webp" width="320" /></a></span></div><span style="font-family: verdana; font-size: large;"><br /></span><p></p><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">Nigeria’s oil output rose month-on-month, MoM, by 7.7 per cent to 1.4 million barrels per day, bpd, in December 2023, from 1.3 million bpd, recorded in the preceding month of November 2023.</span></p><p><span style="font-family: verdana; font-size: large;">The Organisation of Petroleum Exporting Countries, OPEC, disclosed this in its Monthly Oil Market Reports, MOMRs, obtained by Vanguard, adding that the data were based on information from secondary sources.</span></p><p><span style="font-family: verdana; font-size: large;">According to the January 2024 MOMR, Nigeria remains the highest African oil-producing and exporting nation while Equatorial Guinea comes last with only 55,000 bpd.</span></p><p><span style="font-family: verdana; font-size: large;">However, Nigeria can also produce between 300,000 and 400,000 bpd of condensate, light crude that attracts high prices like Bonny Light in the international market.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-70805782583844145852024-01-17T05:18:00.000-08:002024-01-17T05:18:27.822-08:00Beware of ‘poisonous’ plantain chips, Lagos warns residents<p><span style="font-family: verdana; font-size: large;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijwQ6uAuYfRM-7BaVKSgbMfIM5TvzWuBnYt6J5thlZQZoW0UkNzI9ZaW4Jgb8bL6U3tu73RLu_QGNQd0Xbw8DxI8DRz8k-eX_9PygJoEGN802MLDkAKINbLfEHCM27A4ecPMfP9EmDkSxePJDJyNdXTL-scP_I9Zxvezvj8-Ig-JaEZ1CAA_JUnugBGZ30/s678/images%20(1)%20(24).jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="452" data-original-width="678" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijwQ6uAuYfRM-7BaVKSgbMfIM5TvzWuBnYt6J5thlZQZoW0UkNzI9ZaW4Jgb8bL6U3tu73RLu_QGNQd0Xbw8DxI8DRz8k-eX_9PygJoEGN802MLDkAKINbLfEHCM27A4ecPMfP9EmDkSxePJDJyNdXTL-scP_I9Zxvezvj8-Ig-JaEZ1CAA_JUnugBGZ30/s320/images%20(1)%20(24).jpeg" width="320" /></a></span></div><span style="font-family: verdana; font-size: large;"><br /></span><p></p><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Lagos State Consumer Protection Agency has cautioned consumers of fried plantains popularly called “plantain chips” to be wary of any unwholesome practices in the processing of the plantains for sale.</span></p><p><span style="font-family: verdana; font-size: large;">This is in response to a viral report on social media where the author claimed to have witnessed a woman melt polythene, also known as rubber or nylons, into the hot oil used for frying plantain for sale to harden the chips.</span></p><p><span style="font-family: verdana; font-size: large;">According to a statement posted on the official X handle of the Lagos State Government late Tuesday, LASCOPA urged consumers to exercise caution when purchasing plantain chips to avoid health implications.</span></p><p><span style="font-family: verdana; font-size: large;">The statement read, “A statement issued by the Agency today stated that the advice was necessary given the viral online picture posted by an eye witness showing a “plantain chips” seller allegedly adding Polythene known as “Rubber” into the hot vegetable oil used for frying the plantain.</span></p><p><span style="font-family: verdana; font-size: large;">“LASCOPA expresses deep concern about the health implications this may have on consumers.</span></p><p><span style="font-family: verdana; font-size: large;">“In light of this alarming discovery, the agency, therefore, advised all consumers to exercise caution and be vigilant about where they purchase their plantain chips in order not to ignorantly expose themselves to any harmful substances or preventable food poisoning.</span></p><p><span style="font-family: verdana; font-size: large;">“The Agency is presently investigating this discovery and will take appropriate actions to protect consumers and hold accountable those responsible for the dangerous practice.</span></p><p><span style="font-family: verdana; font-size: large;">“Meanwhile, members of the public are urged to assist in calling the attention of appropriate government agencies including LASCOPA to all unfriendly and unlawful practices among sellers of consumable items that can put the health of consumers at risk.</span></p><p><span style="font-family: verdana; font-size: large;">“LASCOPA is located at No 2B, Soji Adepegba Close off Allen Avenue Ikeja with Annex offices situated within Badagry Local Government Secretariat, Bariga LCDA, Ikorodu Local Government and Ikoyi-Obalende LCDA.</span></p><p><span style="font-family: verdana; font-size: large;">“The Agency can also be contacted via email at lascopa@lagosstate.gov.ng or lasgcopa@gmail.com or through the following phone numbers: 08124993885, 09064323154, and 08092509777.”</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-11919346254792971592024-01-17T05:11:00.000-08:002024-01-17T05:20:16.230-08:00FG saves N8tn from subsidy removal, FX reform –Tinubu panel<p><span style="font-family: verdana; font-size: large;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhITwk3wXXATsMIDx25UjKDXL95NdzUjC0dggt9Uj_GUM28y5yTf1EfAG_6R2w6MuhuEaqmsSn1IdHq8ZNR9uD-aLmPbo3asMLZnpF49u8Y1w-iCM_VtkFybMObdWPAUOePuiiDcvYU4JHdrjZBFimqkY-RuaSFQnVCnVfRjrQfdjgv958qY_9dRBZ7O7Dx/s768/1c5dda97-6f86-4f7e-afd3-45ca6aebfb8c-768x512.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="768" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhITwk3wXXATsMIDx25UjKDXL95NdzUjC0dggt9Uj_GUM28y5yTf1EfAG_6R2w6MuhuEaqmsSn1IdHq8ZNR9uD-aLmPbo3asMLZnpF49u8Y1w-iCM_VtkFybMObdWPAUOePuiiDcvYU4JHdrjZBFimqkY-RuaSFQnVCnVfRjrQfdjgv958qY_9dRBZ7O7Dx/s320/1c5dda97-6f86-4f7e-afd3-45ca6aebfb8c-768x512.jpg" width="320" /></a></span></div><span style="font-family: verdana; font-size: large;"><br /></span><p></p><p><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies.</span></p><p><span style="font-family: verdana; font-size: large;">Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis.</span></p><p><span style="font-family: verdana; font-size: large;">He, therefore, said it was critical for the government to spend the amount saved from the two policies to ameliorate the suffering of the average Nigerian.</span></p><p><span style="font-family: verdana; font-size: large;">He said, “The Nigerian people made sacrifices as a result of the fuel subsidy removal of the government; that is N4tn savings a year. We did naira floatation. It is not perfect. We are also saving another N4tn. So we are having about roughly N8tn transferred from the private pockets of the people to the government.</span></p><p><span style="font-family: verdana; font-size: large;">"So, what we are saying to the government is — can we be intentional in spending this N8tn to make sure that it impacts the people most positively? Starting with the multidimensional poverty. why is it that more than 133 million people in Nigeria are living in multidimensional poverty? So these are the conversations we are having now. We want to build a platform where we can track how these monies are being spent.”</span></p><p><span style="font-family: verdana; font-size: large;">He added, “In the committee, we tried to look at the most pressing issues we face as a country — inflation, forex instability, lack of investments. One of our recommendations is for the government to suspend some taxes. We call them nuisance taxes because they frustrate people, and we can’t even see the money in government treasury.”</span></p><p><span style="font-family: verdana; font-size: large;">According to Oyedele, there is an urgent need to create digital opportunities for the teeming youthful population because Nigeria has enough capacity to generate $20bn annually from the technology sector</span></p><p><span style="font-family: verdana; font-size: large;">Hinting on some of the recommendations the panel has made to the Federal Government, Oyedele said there was an urgent need to promote exports, including services and intellectual property because, “Before you start exporting goods, you can export services and intangibles.”</span></p><p><span style="font-family: verdana; font-size: large;">He also said that out of the $20bn diaspora remittances recorded in 2023, more than 90 per cent of the funds did not arrive Nigeria in foreign currencies because of existing loopholes which allow middlemen to divert the foreign currencies and pay the recipients of the funds in naira.</span></p><p><span style="font-family: verdana; font-size: large;">He added. “For example, just asking Nigerian companies and businesses to pay taxes in dollars is about $3.5bn annually, but we sat and thought about it, and wondered how the idea came about.</span></p><p><span style="font-family: verdana; font-size: large;">“How does it help us, that a Nigerian company will go to the market to go and look for the little dollars that is in Nigeria so it can use it to pay the government of Nigeria? So, just amend the law and you will take that pressure away.”</span></p><p><span style="font-family: verdana; font-size: large;">Also speaking, the Director General of the Budget Office, Ben Akabueze, expressed concern that the country’s penchant for operating budgets with room for deficit in the past three decades had left a debt profile that has raised concern.</span></p><p><span style="font-family: verdana; font-size: large;">Akabueze said, “In our current circumstance, we believe that our biggest fiscal challenge is raising public revenues. That is, the low public revenues against the background of the ever-increasing demand for public goods and services.</span></p><p><span style="font-family: verdana; font-size: large;">“For over two decades, we have been running deficit in our budget. These deficits have accumulated. They have been funded through debt consistently. The truth is that we haven’t paid back the debt. Now we are at a point where there are concerns about our debt. So we can’t continue with the deficit. The deficit for the 2024 budget is about 3.8 per cent of our GDP.”</span></p><p><span style="font-family: verdana; font-size: large;">Speaking further, Akabueze dismissed criticisms surrounding inordinate expenditure on the part of the government.</span></p><p><span style="font-family: verdana; font-size: large;">He noted that Nigeria was not spending enough and that emphasis should be placed on effective spending and not less spending.</span></p><p><span style="font-family: verdana; font-size: large;">He added, “Sometimes people ask — why don’t you cut expenditure? That’s not a feasible option. In the first place, we are not spending enough. If you look at our public expenditure to GDP ratio, it is below what it should be. So, spending less is not an option for us. Spending more efficiently — yes.”</span></p><p><span style="font-family: verdana; font-size: large;">On his part, the Chief Executive Officer of Financial Derivatives, Bismarck Rewane, said key economic challenges have continued to plague the Nigerian economy.</span></p><p><span style="font-family: verdana; font-size: large;">These challenges, according to him, include sub-optimal and non-inclusive growth, increasing income inequality, high poverty and unemployment rate, spiraling inflation, widening fiscal imbalances, and currency pressures.</span></p><p><span style="font-family: verdana; font-size: large;">He also noted that Nigeria’s inflation maintains its upward trend, largely driven by monetary and cost-push factors.</span></p><p><span style="font-family: verdana; font-size: large;">He said external debt service to export ratio shows the external sector is vulnerable.</span></p><p><span style="font-family: verdana; font-size: large;">Rewane also blamed lack of transparency and clear policy direction, lack of effective price discovery measure, capital controls and inefficiency, and high speculation/ arbitrage activities have been for the protracted forex crisis in the country.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-92067431898280091222024-01-17T05:05:00.000-08:002024-01-17T05:05:47.528-08:00How I lost my brother in Ibadan explosion – Survivor<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWaO36WpJsB4FFVpRB1bNliZuPwMcW6IVYqhNApFcOC-JfBx_U162JCllE1eYByWwF6wkLMRcQNrPu89etE2n-b9ifWPyCc6uAHcd6mBlt4Fmo52a2NcefWP1soYMtZWlUa6ZpBERAKhHiOisAddzKXfX1aKiNGvw1etWthyphenhyphenBBQXltaqq1rUsyJrS0sWb_/s768/survivor-768x609.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="609" data-original-width="768" height="254" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWaO36WpJsB4FFVpRB1bNliZuPwMcW6IVYqhNApFcOC-JfBx_U162JCllE1eYByWwF6wkLMRcQNrPu89etE2n-b9ifWPyCc6uAHcd6mBlt4Fmo52a2NcefWP1soYMtZWlUa6ZpBERAKhHiOisAddzKXfX1aKiNGvw1etWthyphenhyphenBBQXltaqq1rUsyJrS0sWb_/s320/survivor-768x609.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="text-align: left;">Survivor (Credit: Screenshot from Lagelu FM livestream)</span></td></tr></tbody></table><br /><p><br /></p><p><span style="font-family: verdana; font-size: large;">A survivor of the explosion that occurred at Dejo Oyelese Street, Bodija, Ibadan, Oyo State on Tuesday night, who simply identified himself as Adeleke, said he lost his elder brother to the incident.</span></p><p><span style="font-family: verdana; font-size: large;">The PUNCH had earlier reported an explosion in parts of the state capital.</span></p><p><span style="font-family: verdana; font-size: large;">There were a</span><span style="font-family: verdana; font-size: x-large;">lso videos online that showed dusty clouds and burning houses and cars.</span></p><p></p><p><span style="font-family: verdana; font-size: large;">The survivor, who spoke with a local broadcasting station, Lagelu FM, asserted that they were at the hotel in the area playing tennis before his brother sought to go out to attend to something before the explosion caused a stir that sent a sharp object that gave him a deep cut in his stomach.</span></p><p><span style="font-family: verdana; font-size: large;">Adeleke said, “He came out to the front of the transformer where the incident happened. His intestines were out after the cut.”</span></p><p><span style="font-family: verdana; font-size: large;">He identified his late brother as Oladipupo, noting that he was rushed to the Adeoyo General Hospital immediately after the incident.</span></p><p><span style="font-family: verdana; font-size: large;">Another survivor, Olaitan Okanlawon, said the incident happened around 7 pm after hearing a strange sound.</span></p><p><span style="font-family: verdana; font-size: large;">“I was inside with my husband and kids. And we started hearing strange sounds and vibrations, it was not clear until we began to see rubbles, outside the window.</span></p><p><span style="font-family: verdana; font-size: large;">“One of my kids has a cut on his head and is being attended to, we have moved out our stuff to the hotel,” she added.</span></p><p><span style="font-family: verdana; font-size: large;">Reacting to the incident, the state governor, Seyi Makinde, said preliminary investigations by security agencies revealed that explosive devices stored by illegal miners caused the explosion that rocked the area.</span></p><p><span style="font-family: verdana; font-size: large;">No fewer than 10 persons were feared killed, and 15 others hospitalised following the explosion that also affected a section of the Governor’s Office, Secretariat, Oyo State House of Assembly, the residence of the former Attorney General and Minister of Justice, Chief Bola Ige, some buildings at Ologuneru, Apete, New Garage, Bashorun, Akobo, Sango and Eleyele.</span></p><p><span style="font-family: verdana; font-size: large;">Makinde, who visited the scene of the explosion Tuesday night, said though further investigations were still ongoing, anyone found culpable would be brought to book.</span></p><p><span style="font-family: verdana; font-size: large;">Meanwhile, on Tuesday night, the Oyo State Police Command confirmed that there was an explosion in Dejo Oyelese Street in the Bodija area of Ibadan, the state capital.</span></p><p><span style="font-family: verdana; font-size: large;">The command, however, said the number of casualties in the incident is still unknown, adding that there has been ample deployment of their men to forestall any breakdown of law and order.</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-29321559377303371042024-01-17T04:58:00.000-08:002024-01-17T04:58:51.705-08:00Over 20 houses affected in Ibadan explosion — NEMA<p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTFaJGIw2I7ya0ejUiQ8n5uep1aDufof71JzDvLq9HLwB93vD4zALYzFRx5R7F8IuY45_0_b9-JoYM_QPJtEWVSGE0zPZ9QeAMGcfDy8L6iqyQzDE2W-VhOQ8_Ij3V0XMEvo86NZqgrP-s3Iz7iXCZLfp7IKhyphenhyphenF7xeDEA72J_prB3fuRMSj3jBWsbeCywX/s1280/exp-1-e1705484763209.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="729" data-original-width="1280" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTFaJGIw2I7ya0ejUiQ8n5uep1aDufof71JzDvLq9HLwB93vD4zALYzFRx5R7F8IuY45_0_b9-JoYM_QPJtEWVSGE0zPZ9QeAMGcfDy8L6iqyQzDE2W-VhOQ8_Ij3V0XMEvo86NZqgrP-s3Iz7iXCZLfp7IKhyphenhyphenF7xeDEA72J_prB3fuRMSj3jBWsbeCywX/s320/exp-1-e1705484763209.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Scene from the Ibadan explosion | Credit: Fatteh Hamid</td></tr></tbody></table><br /><span style="font-family: verdana; font-size: large;"><br /></span></p><p><span style="font-family: verdana; font-size: large;">The National Emergency Management Agency has disclosed that over 20 houses were affected in the Tuesday night explosion that rocked the Bodija area of Ibadan, Oyo State capital.</span></p><p><span style="font-family: verdana; font-size: large;">In a statement on Wednesday, NEMA said there was no information yet on casualty figures.</span></p><p><span style="font-family: verdana; font-size: large;">It further revealed that a suspected Improvised Explosive Device caused the explosion.</span></p><p><span style="font-family: verdana; font-size: large;">On Tuesday night, panic gripped Ibadan residents over an explosion that occurred at Dejo Oyelese Street in Bodija area of the city.</span></p><p><span style="font-family: verdana; font-size: large;">“Over 20 houses were affected. Casualty figures can not be ascertained for now. Search and rescue operation is still ongoing,” the agency said.</span></p><p><span style="font-family: verdana; font-size: large;">NEMA, however, assured residents of the state that security has been beefed up in the area while arrangements for more support to facilitate the operations are in progress, saying, “the situation has been brought under control while arrangements are going on to ensure smooth operation.”</span></p><p><span style="font-family: verdana; font-size: large;">Reacting to the incident, the state governor, Seyi Makinde, said preliminary investigations by security agencies revealed that explosive devices stored by illegal miners caused the explosion that rocked the area.</span></p><p><span style="font-family: verdana; font-size: large;">Makinde, who visited the explosion scene Tuesday night, said that though further investigations were still ongoing, anyone found guilty would be brought to book.</span></p><p><span style="font-family: verdana; font-size: large;">He also revealed that the “medical bills of victims will be picked by the government” while promising to ensure that all those whose houses were affected were ‘supported to rebuild their lives.”</span></p><p><span style="font-family: verdana; font-size: large;">Meanwhile, on Tuesday night, the Oyo State Police Command confirmed the explosion.</span></p><p><span style="font-family: verdana; font-size: large;">The command, however, said the number of casualties in the incident was still unknown, adding that there has been ample deployment of their men to forestall any breakdown of law and order.</span></p><p><span style="font-family: verdana; font-size: large;">The state government has however appealed to residents of the state to vacate the incident scene.</span></p><p><span style="font-family: verdana; font-size: large;">According to the government on its X handle Wednesday morning, “this will enable emergency and rescue efforts to continue at the site without interference. Search and rescue efforts using earth-moving equipment continued throughout the night and remain ongoing. We will keep providing updates about the situation.” (Punch Newspaper)</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-11074294795895389072024-01-16T00:46:00.000-08:002024-01-16T00:46:38.852-08:00AS Roma sacked Jose Mourinho<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipH_FkTFGmiY_JEj5NuGKeztnWwGfqWogi-MTYBqBuTdoBK0RNcHFLSzvDUu7lT6xsQrZ9RfZ_LV8U7mbS9To6i4IhI4rhdua_9pEPKSmsXoy0kRp7tpVox7VnXSZjIcZR8Go5fqfotX-HtuTx0xZqZ_rBZ-QhPxXthg31jw6klQYKC29vCmPZq5ed1znr/s768/skysports-jose-mourinho-tottenham_5362386.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="432" data-original-width="768" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipH_FkTFGmiY_JEj5NuGKeztnWwGfqWogi-MTYBqBuTdoBK0RNcHFLSzvDUu7lT6xsQrZ9RfZ_LV8U7mbS9To6i4IhI4rhdua_9pEPKSmsXoy0kRp7tpVox7VnXSZjIcZR8Go5fqfotX-HtuTx0xZqZ_rBZ-QhPxXthg31jw6klQYKC29vCmPZq5ed1znr/s320/skysports-jose-mourinho-tottenham_5362386.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Jose Mourinho</td></tr></tbody></table><p><br /></p><p><span style="font-family: verdana; font-size: large;">Roma have officially announced the immediate departure of Jose Mourinho.</span></p><p><span style="font-family: verdana; font-size: large;">In an official statement, the club announced the following: “AS Roma can confirm that José Mourinho and his coaching staff will leave the club with immediate effect.</span></p><p><span style="font-family: verdana; font-size: large;">Mourinho was unveiled as the Giallorossi’s 60th coach in May 2021. </span></p><p><span style="font-family: verdana; font-size: large;">He led the team to win the Conference League in Tirana on May 25th, 2022, and to the Europa League final in Budapest last season. </span></p><p><span style="font-family: verdana; font-size: large;">“We would like to thank José on behalf of all of us at AS Roma for his passion and efforts since his arrival at the club,” said Dan and Ryan Friedkin. </span></p><p><span style="font-family: verdana; font-size: large;">“We will always have great memories of his tenure at Roma, but we believe that an immediate change is in the best interests of the club.</span></p><p><span style="font-family: verdana; font-size: large;">“We wish José and his assistants all the best in their future endeavours.”</span></p><p><span style="font-family: verdana; font-size: large;">Further updates on the new First Team coaching staff will follow imminently. (Roma Press)</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-44399998012205416882023-11-25T04:03:00.000-08:002023-11-25T04:03:30.176-08:00Hilda Baci, others nominated for under-30 CEOs awards<p><span style="font-family: verdana;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNozPFeIiG284RFmEN7NuvD0sSi-rFhJ9DkKDzGZKWpqJwBzB5ZiX3soFS1CPJsueisomFL4R2zyILqszZ3Mbu-7ZKyrOT36D-MEfAmvNw4-Nn2M8KNXZ6SISs4DUGfB1aMWMktWFF7K5ITv9MK8VmoF42GAjjHtjAbJH5SdSfFNkEqYySM4E-0DE4hVBr/s768/Hilda-Baci-768x550.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="550" data-original-width="768" height="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNozPFeIiG284RFmEN7NuvD0sSi-rFhJ9DkKDzGZKWpqJwBzB5ZiX3soFS1CPJsueisomFL4R2zyILqszZ3Mbu-7ZKyrOT36D-MEfAmvNw4-Nn2M8KNXZ6SISs4DUGfB1aMWMktWFF7K5ITv9MK8VmoF42GAjjHtjAbJH5SdSfFNkEqYySM4E-0DE4hVBr/s320/Hilda-Baci-768x550.jpg" width="320" /></a></span></div><span style="font-family: verdana;"><br /></span><p></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Nigerian chef and former Guinness World Record holder, Hilda Baci, philanthropist, Prada Uzodinma, and real estate entrepreneur, Bright Shekoni, have been nominated for the Under-30 Chief Executive Officers (CEOs) Awards. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;">The Chairperson of the Awards Committee, Mrs Mina Obeten, in a statement on Saturday in Abuja said that the award would be organised by the CEOs Network Africa. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Obeten expressed the organisation’s unwavering commitment to fostering the growth of young African talents, highlighting the accomplishments of the nominees. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">She said that the organisers of the award released the nomination list on Friday, adding that the voting process would be open till December 6.</span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Obeten said, “As a devoted platform fostering the growth and recognition of exceptional talent, CEOs Network Africa (CNA) invites the public to actively participate in the voting process. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“Nominees, including Prada Uzodinma, Hilda Baci, Bright Shekoni, and others, have been thoughtfully selected for their outstanding contributions as creators and business owners who exemplify unparalleled leadership, innovation, and creativity.” </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Obeten, who also emphasised the need for public participation in the voting process, stated that the voting period would provide ample time for the public to engage and have their voices heard.</span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“By participating in the voting process, you become an integral part of shaping the narrative of success for these extraordinary individuals. <br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“We believe in the power of the community to recognise and celebrate the achievements of young business leaders,” she said. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Speaking on behalf of CNA, the awards committee co-chair, Mr Abass Oroh, highlighted the profound impact the awards have had on the African business landscape over the past five years. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;">Onoh said, “The Under 30 CEOs Awards have served as a beacon, illuminating the remarkable work of businesses and business owners across the continent. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Seeing the transformative influence these awards have had on the lives of young entrepreneurs has been nothing short of inspiring. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“The success stories that have emerged from past award recipients are a testament to the resilience and innovation inherent in Africa’s youth. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“It is this impact, this tangible result, that fuels our team’s unwavering dedication to organizing this event annually. ”</span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">He, therefore, encouraged the public to join the organisers in their quest to showcase African talent and hard work by voting for businesses and people they believe deserve. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Punch </span><br />
</p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-77037177767814147472023-11-25T03:53:00.000-08:002023-11-25T03:53:01.597-08:00Hold my husband responsible if anything happens to me, says Israel DMW’s wife, Sheila<p><span style="font-family: verdana;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidaO7l-EVkEouoZli5PsIRDR-qrj70EahvHoFILkWIyN-TlyHn9Stk9-YGcdYotezPU6anQD2dEQFlZvCzZwuDkqefGbkHg_Z6F00MB8OBv5XH2rEngi9Eg6mJIZ_dCFnTELyOlln87BBmNThsE30uUXUhHZt-vCzr_yNdbYjnnDKjzVne1prmwo2QMKx0/s363/368017113_17951708135655244_1568212729928870019_n.webp" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="270" data-original-width="363" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidaO7l-EVkEouoZli5PsIRDR-qrj70EahvHoFILkWIyN-TlyHn9Stk9-YGcdYotezPU6anQD2dEQFlZvCzZwuDkqefGbkHg_Z6F00MB8OBv5XH2rEngi9Eg6mJIZ_dCFnTELyOlln87BBmNThsE30uUXUhHZt-vCzr_yNdbYjnnDKjzVne1prmwo2QMKx0/s320/368017113_17951708135655244_1568212729928870019_n.webp" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Israel DMW and wife, Sheila</td></tr></tbody></table><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Sheila, the spouse of Davido’s Logistics Manager, Israel Afeare, known as Israel DMW, has stated that her husband should be held responsible if she or any of her family members are harmed. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;">The former beauty queen raised the alarm on Saturday, expressing concern for her life and the safety of her family members. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;">She alleged that Israel, along with hoodlums, invaded her mother’s shop to harass her. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;">Sheila made the allegation while responding to Israel DMW’s claims of fraud and his assertion that she left their marriage upon gaining fame.</span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Contrary to Israel’s depiction of her family as “gold diggers,” she emphasized her family’s affluent background, revealing that her father and former Edo State governor, Adams Oshiomole, are first cousins. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">In an Instagram story, Sheila wrote, “If anything happens to me or any member of my family, #IsraelDMW should be held responsible. </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“Going to my mum’s shop to beat her up? You wan kill pikin, kill mama join?”</span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">‘This isn’t even something to be quiet about at this point.<br />
“I was going to post this just yesterday! I held back because aside from involving the police, I reached out to someone I believed could reach him and would act on it. I say make I no forward so I don’t get the ‘oh, you shouldn’t have brought it online.’ </span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p><p dir="ltr"><span style="font-family: verdana;"><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“Yesterday! This man carried boys to harass my mum at her shop!” </span></p>
<p dir="ltr"><span style="font-family: verdana;">Punch</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-54242571270089203862023-11-25T02:59:00.000-08:002023-11-25T02:59:34.016-08:00Emefiele pumped N10tn into economy through quasi-fiscal activities – Cardoso<p><span style="font-family: verdana;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizcf_hc_6Y8c2cUyHoR8glOL7aDmcldJlxnXEI6g5Q7KZ9IL72sT9GkYC1y8CoXyoF1QdCdC9jgaqqXI2hBM0jB9gHzaoUOcm7E-cSSnKkhoqHlX3HDAqtTGcQgsiRVw-FWlWE6PNNbM0JR1kIPvTQTri8Kzu9Q62sH9JkMur1-9vGE6jE24kdFj3IoRpW/s414/Yemi-Cardoso.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="414" data-original-width="414" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizcf_hc_6Y8c2cUyHoR8glOL7aDmcldJlxnXEI6g5Q7KZ9IL72sT9GkYC1y8CoXyoF1QdCdC9jgaqqXI2hBM0jB9gHzaoUOcm7E-cSSnKkhoqHlX3HDAqtTGcQgsiRVw-FWlWE6PNNbM0JR1kIPvTQTri8Kzu9Q62sH9JkMur1-9vGE6jE24kdFj3IoRpW/s320/Yemi-Cardoso.jpg" width="320" /></a></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana;"><span style="text-align: left;">CBN Governor, Olayemi Cardoso</span></span></div><p></p>
<p dir="ltr"><span style="font-family: verdana;">The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the apex bank will be asking Deposit Money Banks to increase their capital base in order to service the $1tn economy projected by President Bola Tinubu. </span></p>
<p dir="ltr"><span style="font-family: verdana;">This is as he noted that he knew that there was much work to be done in the way the apex bank ran its operations, adding that he would need the collaboration of all stakeholders. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Speaking on Friday at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos where he was the special guest of honour, Cardoso said, “In my recent speech at the 370th Bankers’ Committee meeting, I highlighted the economic agenda of the President. The administration has set an ambitious goal of achieving a GDP of $1tn over the next seven years. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Attaining this target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy.</span></p>
<p dir="ltr"><span style="font-family: verdana;">Ibadan Family Where Dad, Mum, Two Children Are Vulcanisers | Punch</span></p>
<p dir="ltr"><span style="font-family: verdana;">“It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Therefore, we must make difficult decisions regarding capital adequacy. As the first step, the CBN will be directing banks to increase their capital.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">He added that it was crucial to prioritise price stability to safeguard the livelihood of Nigerians.</span></p>
<p dir="ltr"><span style="font-family: verdana;">He also blamed the recent negative perception of the apex bank on corporate governance failure, diminished independence and deviation from the core mandate, inefficient forex rules, and venture into development financing. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Cardoso also noted that the fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function. </span></p>
<p dir="ltr"><span style="font-family: verdana;">He added, “The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to have a positive effect on the economy in the medium term. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“These measures are expected to enhance investors’ confidence, attract capital inflow, stimulate domestic investors and ultimately improve the level of external reserves. Additionally, they are expected to contribute to the stability of the local economy. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Despite the challenging global and local economic environment, Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much to be done in fortifying the industry for future challenges.”</span></p>
<p dir="ltr"><span style="font-family: verdana;">Cardoso also noted that the previous forex ban on those 43 items widened the gap between official and parallel market rates. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Speaking on the activities of the CBN before his appointment, Cardoso stated that the quasi-fiscal policies of his predecessor, Mr Godwin Emefiele, resulted in N10tn being pumped into the economy through intervention programmes. <br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">He said, “I am aware that events over the past few years have also put the CBN in a bad light. These issues can be attributed to various factors, such as corporate governance failures, diminished institutional autonomy of the Central Bank of Nigeria, a deviation from the core mandate of the Bank, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities. There was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“Hitherto, the CBN had strayed from its core mandates and was engaged in quasi-fiscal activities that pumped over N10tn into the economy through almost different initiatives in sectors ranging from agriculture, aviation, power, youth and many others. These clearly distracted the bank from achieving its own objectives and took it into areas where it clearly had limited expertise.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">The apex bank boss however promised that the issues affecting the bank would be tackled under his watch. </span></p>
<p dir="ltr"><span style="font-family: verdana;">He said, “Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">The President/Chairman-of-Council at the CIBN, Ken Opara, in his welcome address, pointed out that governors of the CBN as the guest speaker had historically used the platform to share perspectives on economic and financial market development in the current year and provide insights into its economic outlook for the year ahead.</span></p>
<p dir="ltr"><span style="font-family: verdana;">Opara went on to highlight some of the initiatives from the CBN since Cardoso took office and stated that there was still much to do. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“It is important to mention that within the short time in office, the Central Bank governor has activated some key initiatives aimed at repositioning and stabilising the economy. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“I will mention a few, focusing on the core monetary mandate of price and exchange rate stability, the unification of the exchange rate, and initiating steps to improve liquidity in the foreign exchange market, therefore achieving real positive change. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“We are on a journey and we are not yet there but we believe that we are progressing as we are not oblivious of the inflationary pressure that has intensified and has reached a high of an all-time high of 27.33 per cent in October 2023 while the exchange rate continues to rise. We believe that the focus should continue to be on reforms and incentives that will boost non-oil export revenue as well as attract Diaspora and foreign portfolio investment. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“These achievements tie into the Renewed Hope Agenda of the President, whose comprehensive development plan aims to address Nigeria’s most pressing challenges as encapsulated in the eight points agenda of economic growth and transformation, access to capital, job creation, food security, ending poverty, improved security, rule of law, fighting corruption and improved playing field for business to operate.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">The Vice President, Senator Kashim Shettima, was represented by the Special Adviser to the President on National Economic Council and Climate Change, Mrs Rukayat El-Rufai. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Lagos governor, Mr Babajide Sanwo-Olu, represented by the Commissioner of Finance, Abayomi Oluyomi, in his goodwill message said, “In the last few months, we have witnessed what have been described as the new dawn in the management of our monetary policy and fiscal policy in line with the renewed hope agenda of the current administration led by President Bola Tinubu.<br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“I am confident that in the first full fiscal year of this administration and the management of the Central Bank of Nigeria under Dr Yemi Cardoso, these anticipated positive impacts of the monetary and fiscal policies of the new administration will fully manifest in our macro and micro economic indices, most importantly, for us as politicians, in the living conditions of our people.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">In his remarks, the Chairman of the Body of Bank Chief Executive Officers, Ebenezer Onyeagwu, stated that the banking industry was becoming stronger even as the issue of FX forwards is being dealt with. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Onyeagwu, who is also the Group Managing Director/CEO of Zenith Bank Plc, said, “The industry is getting stronger and the elephant in the room, FX forwards has been caged and we are moving forward.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in his goodwill message, said, “The industry is thriving and relatively healthy. Taking Nigerian banks to the rest of Europe and other regions shows what we are able to offer the rest of the financial world. It has been difficult but we must stay the course.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">Punch</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-54311395544942819472023-11-24T00:16:00.000-08:002023-11-24T00:16:48.442-08:00NNPCL ends fuel import Dec 2024, projects N4.5tn revenue<p><span style="font-family: verdana;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXqvhyphenhyphenXmPtKgDSPT6gjRGwVvRYbVKeEJ4PUJqCB-m9eqKnlQFxPQuj6Ae9qdqbe9GdqFzXztplqTs_bQl_FK44C6fPTiRALc49DKuNjHawI4c7k-P6bLDmgKJLEGgMbm6j-0S8jjDLAIxXbHy7IXBYqJxXc-teZUrr8SIPuBNSvxPokm2ROBOzQDSMWceG/s750/NNPCL.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="430" data-original-width="750" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXqvhyphenhyphenXmPtKgDSPT6gjRGwVvRYbVKeEJ4PUJqCB-m9eqKnlQFxPQuj6Ae9qdqbe9GdqFzXztplqTs_bQl_FK44C6fPTiRALc49DKuNjHawI4c7k-P6bLDmgKJLEGgMbm6j-0S8jjDLAIxXbHy7IXBYqJxXc-teZUrr8SIPuBNSvxPokm2ROBOzQDSMWceG/s320/NNPCL.jpg" width="320" /></a></span></div><span style="font-family: verdana;"><br /></span><p></p><p dir="ltr"><span style="font-family: verdana;"><br />
The Nigerian National Petroleum Company Limited, on Thursday, said it would end the importation of refined petroleum products by December 2024 as all the country’s refineries would be operational by then. </span></p>
<p dir="ltr"><span style="font-family: verdana;">It also projected that the national oil firm would grow its revenue to N4.5tn at the end of 2023 adding that the rehabilitation of the Port Harcourt Refining Company, under NNPCL’s management, would be completed by December this year. </span></p>
<p dir="ltr"><span style="font-family: verdana;">The Group Chief Officer of the NNPCL, Mele Kyari, disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Also, oil marketers, on Thursday, confirmed the readiness of the Port Harcourt refinery, as they stated that its operations, which could begin in January 2024, would lead to a considerable drop in the prices of refined petroleum products.<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">At the meeting in Abuja, Kyari declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year. </span></p>
<p dir="ltr"><span style="font-family: verdana;">He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries </span></p>
<p dir="ltr"><span style="font-family: verdana;">The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.</span></p>
<p dir="ltr"><span style="font-family: verdana;"><b>Fuel subsidy</b> </span></p>
<p dir="ltr"><span style="font-family: verdana;">He blamed the petroleum subsidy for inactive refineries in Nigeria over the years, stressing that the removal of the subsidy was already attracting a lot of private-sector investments. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Kyari stated, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise,” he said. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Kyari pledged that by the end of 2023, the expected government revenue from the company would hit N4.5tn, as NNPCL now returns value to shareholders in compliance with the Petroleum Industry Act. </span></p>
<p dir="ltr"><span style="font-family: verdana;">In October 2023, The PUNCH reported that Nigeria was spending about N843bn monthly on the importation of Premium Motor Spirit, popularly called petrol, following the halt in oil swaps by NNPCL.</span></p>
<p dir="ltr"><span style="font-family: verdana;">The Nigerian Midstream and Downstream Petroleum Regulatory Authority stated in July this year that between June 1 and June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres, while the average daily consumption was put at 48.43 million litres. </span></p>
<p dir="ltr"><span style="font-family: verdana;">The average ex-depot price of petrol from the only importer of the commodity, NNPCL, is about N580/litre. </span></p>
<p dir="ltr"><span style="font-family: verdana;">But the NNPCL and oil marketers stated on Thursday that this huge oil import fund would drop soon as the Port Harcourt refinery would start producing refined petroleum products from January 2024 barring any unforeseen circumstances. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Confirming the readiness of the plant, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, told one of our correspondents that he visited the facility to get first-hand experience and saw that it was ready. </span></p>
<p dir="ltr"><span style="font-family: verdana;">The Federal Government announced in August this year that the rehabilitation of the Port Harcourt refinery would be completed in December 2023. </span></p>
<p dir="ltr"><span style="font-family: verdana;">When contacted on Thursday to tell the current stage of repairs at the facility, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, replied, “Scheduled for the end of December 2023, the Port Harcourt refinery project is proceeding as planned without any issues. The delivery date stands. The work is ongoing.” </span></p>
<p dir="ltr"><b><span style="font-family: verdana;">PETROAN president</span></b></p>
<p dir="ltr"><span style="font-family: verdana;">The PETROAN president said the Port Harcourt refinery was on course to begin operations, based on findings by the oil union at the facility. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Gillis-Harry said, “I can confirm to you that the refinery is getting set for production. I’ve been there and I’m still going there tomorrow (Friday) morning. One area is going to be active but I want to be there and take a photograph of the place, with me standing by it and I will send it to you. <br /></span></p>
<p dir="ltr"><span style="font-family: verdana;"><span style="font-size: 1.50em;"><b> </b></span>The Port Harcourt refinery is on course. I am working on a committee that is reviewing these issues. I won’t tell you the name of the committee because it is a secret mission. However, I can assure you that they are already set.’ </span></p>
<p dir="ltr"><span style="font-family: verdana;">“There are quite a lot of products there and it is not difficult for them to set it up and start pumping. So they should be set to produce and deliver by January, and tomorrow (Friday) if you call me in the morning I’ll be in the refinery and I’ll speak to you on video for you to know what I’m talking about.” </span></p>
<p dir="ltr"><span style="font-family: verdana;">Gillis-Harry stated that anytime the Port Harcourt refinery kicks off, the cost of PMS would drop. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“It is simple, there are so many inputs that are going to be removed from PMS cost, such as cost of importation, ports rate, and shipping. From here, you can load products and move them to far locations in Nigeria. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“So all we need to do is just to ensure equitable distribution of what is being produced. Therefore once the refinery starts pumping out products it will save forex for the Federal Government.’’</span></p>
<p dir="ltr"><span style="font-family: verdana;">On his part, the National Secretary of the Independent Petroleum Marketers Association of Nigeria, Chief John Kekeocha, urged the NNPCL to ensure that the Port Harcourt refinery begins operations as targeted. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“The refinery will, of course, help to augment fuel supply by addressing the crisis of fuel shortage and its high cost in Nigeria. Once it begins operations in December or January as the case may be, it will augment supply both in price and quantity. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“So if they can do that, fine. And maybe after that, they can shift to the Warri and Port Harcourt refineries. This will help a lot and we don’t want excuses this time. They must work hard to meet this target because the impact on the economy is going to be massive.’’ </span></p>
<p dir="ltr"><span style="font-family: verdana;">Meanwhile, Kekeocha explained that since crude oil was a significant component in the production of refined petroleum products, the cost of the commodity would still determine the price of products that would come from the refinery. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“When the Port Harcourt refinery begins to produce, since we are practising deregulation, if the price of crude drops, the refined products will be cheaper, but if crude oil increases in price, it will make the price of these refined products rise. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“This is because the crude oil refiners are going to buy the product based on its international rate. But the only way it will not affect us is if we are practising subsidy.’’ </span></p>
<p dir="ltr"><b><span style="font-family: verdana;">‘Privatise refineries now’</span></b></p>
<p dir="ltr"><span style="font-family: verdana;">At the meeting with NNPCL officials, the Speaker of the House of Representatives called for the privatisation of oil refineries in the country to address the perennial crisis bedeviling the oil sector. </span></p>
<p dir="ltr"><span style="font-family: verdana;">While describing the state of the refineries as shameful, Abbas added that NNPCL workers’ work hours in the last 20 years could be less than a month, yet they get paid, promoted, and cared for. </span></p>
<p dir="ltr"><span style="font-family: verdana;">He said, “There is a need to make these refineries have multi-dimensional uses. If there is no crude oil, are there other activities that can make the workers active so that what they earn is deserved? I need you and your management to look at how we can turn around these decades of losses. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“One way to do so is to find a way to privatise these refineries. We have spent so much money and time deceiving ourselves that some businesses can be run by the government. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“In the case of the refineries, we have now realised that some sectors of NNPCL </span></p>
<p dir="ltr"><span style="font-family: verdana;">business can only be handled by the private sector and our refineries are one of those. </span></p>
<p dir="ltr"><span style="font-family: verdana;">“The inadequacies will become manifest as soon as the Dangote refinery comes on board because the competition will be there and inefficiencies of the refineries will become more naked.</span></p>
<p dir="ltr"><span style="font-family: verdana;">“I want you to put it as part of your cardinal objectives ways to privatise our refineries so that they can be active. Shortly, they will be able to compete with new refineries that will come up,” he said. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Abbas said that the NNPCL is central to the economic development of Nigeria pledging the commitment of the house to supporting the company to succeed. </span></p>
<p dir="ltr"><span style="font-family: verdana;">According to him, the House is concerned about the high rate of oil theft, saying it is draining revenue, affecting forex availability, and causing inflation in the country. </span></p>
<p dir="ltr"><span style="font-family: verdana;"><i>The Speaker maintained that the House had inaugurated a special committee on oil theft to interface with stakeholders to address oil theft in the country.</i> </span></p>
<p dir="ltr"><span style="font-family: verdana;">Punch </span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-62888285697176520312023-11-17T00:09:00.000-08:002023-11-17T00:09:30.055-08:00Kidnappers kill Kogi pastor after collecting N1m ransom<p><span style="font-family: verdana;"> </span></p><p dir="ltr"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvTZanZxsNHJpoD5xkAgwurGt0ENJbGxnUzxgc3ktYjHuHOe4ih_X7ta_D6x-lfzkFhG42SGId7WuwqzLgTIRlvapQ65pleCmQ2NCQL9zuQKLAgH7eHXE2Tw4lE-23xUH6JwUnxSuC5WXb_e9ehEas2JzIowkoSb-l92xU9t3siWi313zeA5Eq3OpxJ9XC/s700/AYA.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="700" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvTZanZxsNHJpoD5xkAgwurGt0ENJbGxnUzxgc3ktYjHuHOe4ih_X7ta_D6x-lfzkFhG42SGId7WuwqzLgTIRlvapQ65pleCmQ2NCQL9zuQKLAgH7eHXE2Tw4lE-23xUH6JwUnxSuC5WXb_e9ehEas2JzIowkoSb-l92xU9t3siWi313zeA5Eq3OpxJ9XC/s320/AYA.jpg" width="320" /></a></div><br /><span style="font-family: verdana;"><br /></span><p></p>
<p dir="ltr"><span style="font-family: verdana;">clergyman with the Evangelical Church Winning All, Pastor David Musa, has been killed by his abductors after collecting N1m ransom in Kogi State. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">It was gathered that the late Pastor Musa who was abducted on Saturday, November 11, 2023 in Obajana, under the Lokoja Local Government Area of Kogi State was later killed on Tuesday. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">A member of the church identified as Mary while narrating how the pastor was killed said, “The pastor went to his farm that ugly day. So, his wife was waiting for him to return back home but she didn’t see her husband. When night fell, the wife raised the alarm in which the church members, including residents of the community went to his farm to search for him. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“It was then they discovered that the pastor had been kidnapped. The abductors got in touch with the family demanding N20m. Since the church and the family could not raise such amount of money, they pleaded with the kidnappers and they reduced the ransom to N1m.<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“The kidnappers insisted that when they would be bringing the money, the church should come along with recharge cards, chicken, and many alcoholic drinks for their consumption. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Two of the church members were sent to deliver the money and the items requested by the kidnappers. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“When they got to the kidnappers’ den, they saw our pastor alive. They now instructed our pastor and the two other church members who brought the money to start going home.<br /><br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Unfortunately, they later called the pastor to come back and he did as instructed because he knew that there was no way he could run from their place since his abductors were holding sophisticated weapons. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“When he was coming back to them, they immediately shot at him and he died on the spot. They later brought his lifeless body back to Obajana.” <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The incident has thrown the entire church and the community into mourning. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">It was further learnt that the news of the pastor’s murder was first broken on a social media platform of the church on Wednesday morning. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The short message read, “It is with a heavy heart but in total submission to the will of God, I write to inform you that the abductors of our brother, Pastor Musa David, have killed him after collecting a ransom of N1m last night. Let our prayers be with the family, the church, and the DCC in this trying moment.” <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The late David was formerly in charge of the ECWA Bishara, Ajaokuta. His gruesome murder has heightened panic among his congregation and the state in general. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Meanwhile, the Kogi State Police Command confirmed the incident on Thursday afternoon. The state Police Public Relations Officer, SP William Ovye Aya, told our correspondent that the command had began an investigation into the incident, adding that those behind the killing would be arrested and prosecuted.</span></p>
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</p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-60214811588416303712023-11-17T00:03:00.000-08:002023-11-17T00:03:18.235-08:00China won’t create debt crisis for Nigeria, others – Envoy<p><span style="font-family: verdana;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGpUoz0S-zXke9vqW16k1LDL-mCNpunn7dynzXgvZSAUajUd8ltNlgMyYQ7TiMxcVeooDMBNnLgYgTv4c-HQIuDNnfG8XC8T0PZfyK1wvqxOqtCfNz9PKsQfPbeZHGwdGYPuS_dzucedUoJ82BijOZoJQbQTOPzE8tPdTGLfCXEL1ozM-K4cxLS9hqQjjf/s768/Yan-Yuqing-768x455.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="455" data-original-width="768" height="190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGpUoz0S-zXke9vqW16k1LDL-mCNpunn7dynzXgvZSAUajUd8ltNlgMyYQ7TiMxcVeooDMBNnLgYgTv4c-HQIuDNnfG8XC8T0PZfyK1wvqxOqtCfNz9PKsQfPbeZHGwdGYPuS_dzucedUoJ82BijOZoJQbQTOPzE8tPdTGLfCXEL1ozM-K4cxLS9hqQjjf/s320/Yan-Yuqing-768x455.jpg" width="320" /></a></span></div><span style="font-family: verdana;"><br /><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;">Yan Yuqing</span></div></span><p></p>
<p dir="ltr"><span style="font-family: verdana;">The Chinese government has said it is partnering with African countries to reduce poverty on the continent, pledging that it will not create a debt crisis for African countries. <br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The Chinese Consul-General, Lagos, Yan Yuqing, made this known at the 18th China-African lecture held on Thursday at the Faculty of Arts of the University of Lagos. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Yuqing said the partnership between China and African countries was aimed at reducing the poverty level on the African continent. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">She said, “China has never been a creator of the debt crisis of African countries. China partners to help African countries to deal with their poverty problems. Under the framework of G20, there is a plan to delay debt repayment and China has contributed more than 60 per cent and done more than other G-20 members. China will never threaten to sanction any African country with recourse to contracts between the two countries.<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“The people of Nigeria and China are wonderful, hard-working and friendly. We have very good results in several fields such as infrastructure, trade and investment, education and culture. These are very important parts of our bilateral relationship.” <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The envoy added that the theme of the lecture, “Chinese Modernisation and the Development of Africa,” was aimed at developing the Nigeria-China bilateral relations. <br /><br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“This is also to allow young students from the University of Lagos to know more about Chinese development. I am so glad that most students are learning Chinese. They will have the opportunity to go to China and know more about Chinese history and make friends with Chinese people,” she added.<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The Dean of the Faculty of Social Sciences, Prof. Adelaja Odukoya, said the Chinese society had decided to do things differently with regard to its socialist system. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;"> He said, “I call that Chinese essentialism. This means they don’t forget their roots and they are very passionate about what they are. Whether you like socialism or not, it is a different thing. If there is any social organisation that takes people from wealth into a superpower, it is the society that practises socialism. We have an example of China. Go back to 1949, where was China then and where is it today? Go back to 1917, where was Russia and where is it today? Capitalist society has done nothing for us in Nigeria.” <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The Dean of the Faculty of Arts, Prof. Akanbi Ilupeju, said the meeting was for the benefit and possibilities of having a cross-fertilisation of ideas in relevant areas of sciences, social sciences and humanities in general. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;"> “It is also to benefit our students on exchange and the possibility of having the students pursue their programmes in China,” he added. </span></p>
<p dir="ltr"><span style="font-family: verdana;">Punch </span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-80588411697976304802023-11-16T23:54:00.000-08:002023-11-16T23:54:00.704-08:00Fuel scarcity: Marketers blame low supply, NNPCL disagrees<p><span style="font-family: verdana;"> </span></p><p dir="ltr"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgi0r6boUBEnviz_DV9KpglE6AvFgin7nfE4EpP-7EIRaxZwX30lwWO84nnx9z2qvzla3sEctVnQhAky2yRAqTFXPRbrOEjLimLHqESHL4hyphenhyphenJbF8HfW1CAv8GrlpctYbR4Jvfamj0Wju1OSvnaSOC94EkhWAzp0rfbrrty2FmrqMIXaI_lq7wzeANr8mBG/s700/FUEL-PUMP.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="700" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgi0r6boUBEnviz_DV9KpglE6AvFgin7nfE4EpP-7EIRaxZwX30lwWO84nnx9z2qvzla3sEctVnQhAky2yRAqTFXPRbrOEjLimLHqESHL4hyphenhyphenJbF8HfW1CAv8GrlpctYbR4Jvfamj0Wju1OSvnaSOC94EkhWAzp0rfbrrty2FmrqMIXaI_lq7wzeANr8mBG/s320/FUEL-PUMP.jpg" width="320" /></a></div><br /><span style="font-family: verdana;"><br /></span><p></p>
<p dir="ltr"><span style="font-family: verdana;">Oil marketers stated on Thursday that the reason behind the long queues at petrol filling stations in Abuja and neighbouring Nasarawa and Niger States is the insufficient supply of Premium Motor Spirit by the Nigerian National Petroleum Corporation Limited. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The NNPCL, which is the sole importer of the product, refuted the oil marketers’ claim, attributing the queues in the affected areas, particularly Abuja, to “price war”. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The queues for petrol at filling stations in Abuja and its neighbouring states in particular, as well as some South-East and South-South states, have persisted in the past few weeks. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“The queues have continued because there is an insufficient supply of products. If we have enough products, it will bring down these acts of profiteering among marketers,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent.<br /><br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">He added, “It is when the products become very difficult to access that is when you start to see cases of profiteering. But if everywhere is littered with products, you won’t experience what we are seeing now. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“In Port Harcourt, for instance, our tickets have been tied down. For the past three weeks, we have not been able to load products, leading to queues at the few stations that have products. But the government, which is actually represented in this business by NNPCL, keeps saying that it is expecting stock.” <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Ukadike noted that though NNPCL had promised to discharge some vessels of PMS at Warri, Lagos and Calabar soon, the products had yet to arrive.<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">This, according to the IPMAN official, was among the reasons private depot owners had raised the cost of their products, leading to the hike in the pump prices of petrol at retail outlets. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“We heard that there is a vessel that is coming to Calabar to discharge, so Port Harcourt and other states in the region are still expecting it. Also, we heard that another vessel is going to discharge in Lagos. Warri is also expecting a vessel. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“So, with the few depots that have petroleum products now, you will know that there will be serious profiteering and scrambling for PMS. It is, therefore, important for NNPCL vessels to come in with products, particularly as we approach the Yuletide. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“But they (NNPCL) have assured us that there will be enough products during the Christmas period,” Ukadike stated, but stressed that the fuel importer did not inform marketers when the expected PMS vessels would arrive. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">The oil marketer further stated that the cost of PMS in most states outside Lagos and the South-West was about N650/litre, describing the average price of N640/litre in Abuja is cheap. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“The N640/litre price in Abuja is cheap when compared to the N660/litre average price in the South-East. In fact, in Owerri, Imo State, it is N670 and in Anambra it is N700/litre. So, those of you in Abuja are lucky. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“Do you know that it is getting close to N800/litre in remote areas in the far North? This is based on reports we receive from our members. That is the situation. There is insufficient supply of products and this often leads to profiteering.”<br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">Also speaking on the issue, the Secretary of IPMAN, Abuja-Suleja, Mohammed Shuaibu, stated that though the queues being experienced in some states were due to low supply volumes from NNPCL, it could also be attributed to the forthcoming festive season. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“Yes, products are not as readily available as before, which is why many retail stations are not dispensing nowadays. However, you should know that during the festive period towards the end of the year, we always experience queues. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“This is why the government should intervene now by flooding the country with products so that those who want to catch-in on the season to profiteer would not be able to do so,” Shuaibu stated. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">However, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, told our correspondent that the position of oil marketers as regards the re-emergence of fuel queues was not true. <br /><br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“That is not true. The recent tightness in Abuja is essentially a price war, which is typical of any competitive market. Motorists would rather queue at filling stations that offer lower prices than others. <br /><br /></span></p>
<p dir="ltr"><span style="font-family: verdana;">“While NNPC retail is selling at N613/litre in Abuja, other marketers’ prices range from N625-N650/litre,” Soneye stated. <br /><br /></span></p>
<p dir="ltr"><i><span style="font-family: verdana;">Meanwhile, it was observed that while the queues at NNPCL stations were longer, similar scenarios played out in Conoil and Total filling stations opposite the Abuja headquarters of NNPCL, and other outlets across the capital city and its neighbouring states.</span></i></p>
<p dir="ltr"><span style="font-family: verdana;">Punch</span></p>Brandinfohttp://www.blogger.com/profile/04019113678108351672noreply@blogger.com0tag:blogger.com,1999:blog-6979448122462215308.post-66688579532254921812023-11-16T06:12:00.000-08:002023-11-16T06:12:15.492-08:00Rite Foods MD, Seleem Adegunwa, wins top honour at Nigeria marketing awards 2023<p><span style="font-family: verdana;"> </span></p><div align="left"><p dir="ltr"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnjuafs2hPtfF7ZZstjcTTlX1ZISqDnN0Boq64y6oYL1XnQKu9qp21Bnd27cHed2bmlx8dbUNpqIdmAhymG0zKfgflybn5bJyJHOIfxf5NoxDiMYVwVf_UEt0TPZnFydjkVevH-R5pNmlob6C_rZc8SBX5ieVpIbQwrF8etipVrFqtAkkrqibkAQB1jMB_/s1600/Rite%20Foods%20MD's%20Pix%20for%20Media%20(2).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1279" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnjuafs2hPtfF7ZZstjcTTlX1ZISqDnN0Boq64y6oYL1XnQKu9qp21Bnd27cHed2bmlx8dbUNpqIdmAhymG0zKfgflybn5bJyJHOIfxf5NoxDiMYVwVf_UEt0TPZnFydjkVevH-R5pNmlob6C_rZc8SBX5ieVpIbQwrF8etipVrFqtAkkrqibkAQB1jMB_/s320/Rite%20Foods%20MD's%20Pix%20for%20Media%20(2).jpg" width="256" /></a></div><br /><span style="font-family: verdana;"><br /></span><p></p></div>
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">In a significant achievement, Seleem Adegunwa, the Managing Director of Rite Foods Limited, has been honored with the prestigious Inspirational Marketing Leader Award at the Nigerian Marketing Awards (NMA) 2023. The NMA, dedicated to recognising excellence in brand marketing in Nigeria, has highlighted Adegunwa's vibrant and innovative marketing approach that propelled Rite Foods Limited to a commanding position in Africa’s largest economy.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">The Nigerian Marketing Awards, known for acknowledging marketing industry excellence and entrepreneurial innovation, bestowed upon Adegunwa the title of “Inspirational Marketing Leader of the Year” in its second edition. This recognition underscores his pivotal role in steering a wholly-Nigerian company to successfully compete with multinational competitors.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">Under Adegunwa's leadership, Rite Foods Limited recently secured the “Highest Gainer Year-in-Year-Out for 2023” title in the “Top 50 Leading Brands Ranking in Nigeria.” Additionally, the company's flagship brands, Bigi and Fearless Energy Drink, received the “Most Innovative Carbonated Soft Drink Brand of the Year” and "Most Outstanding Energy Drink in Consumer Engagement,” awards respectively, at the 2023 BrandCom awards in Lagos.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">With over 20 years of industry experience and an alumnus of Harvard Business School and Columbia University, Adegunwa has spearheaded the disruptive innovation at Rite Foods. His consumer-driven brand building strategies have propelled Rite Foods Limited to category leadership, particularly in the Carbonated Soft Drinks [CSD] sector.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">Under Adegunwa's leadership, Bigi soft drinks [13 variants], Fearless Energy drinks, Rite and Bigi Sausages, including the high-in-demand Sosa Fruit Drink, have become category leaders from the stable of Rite Foods Limited.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">Adegunwa's impact extends beyond business success to significant contributions to society through corporate social responsibility (CSR) initiatives. Rite Foods Limited's award-winning “Riteonthebeach” scheme, aimed at environmental preservation, has not only rid shoreline communities of plastic waste but has also funded scholarships for children in these areas.<br />
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<div align="left"><p dir="ltr"><span style="font-family: verdana;">In the realm of sports and entertainment sponsorships, Rite Foods Limited has supported events such as the Abeokuta Marathon, Ijebu Heritage Half Marathon, and the Nigerian Idol Seasons 6, 7, and 8, where emerging musical talents are discovered and nurtured. As Adegunwa continues to steer Rite Foods Limited to new heights, the company remains a beacon of success and innovation in the Nigerian food and beverage industry.<br />
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