Dr Wale Adegbite, a former Chairman, Manufacturers Association of Nigeria (MAN), Ogun Chapter, has described the planned recapitalisation of banks by the Central Bank of Nigeria (CBN) as commendable.
Adegbite said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun, that the move would strengthen the banks.
It would be recalled that the CBN in a statement signed by it’s acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, recently announced plans to recapitalise banks in the country.
In the plan, the apex bank increased the minimum capital base for commercial banks holding national authorisation to N200 billion, and N50 billion for those with regional authorisation.
The CBN also pegged the minimum capital requirement for merchant banks at N50 billion.
Non-interest banks holding national and regional authorisations would now have new minimum requirements of N20 billion and N10 billion, respectively.
According Adegbite, CBN’s decision to further recapitalise banks after 20 years is a welcome development and a good omen to the economy.
”This is a welcome development, the move will help to strengthen the financial system.
”With fall in the value of Naira, there is need to set a higher minimum capital for banks, this will improve their capacity to support the economy,” he said.
Accordding to analysts, recapitalisation is a CBN regulatory initiative that requires banks to increase their minimum paid-in common equity capital in line with their license category and authorisation.(NAN)
The Nigerian Electricity Regulatory Commission (NERC) says the increase in tariff will only affect customers enjoying 20 hour power supply across the country.
other customers in Bands B, C and D.
Mr Mr Musliu Oseni, Vice Chairman, Nigerian Electricity Regulatory Commission (NERC) said this at a press briefing in Abuja on Wednesday.
According to him, the commission has approved the increase in electricity tariff paid by Band A customers from N68/KWh to N225KWh adding that the increase will not affect customers on bands B and C.
Oseni said that the increase only affect about 15 per cent electricity consumers that have been proven to enjoy 20 hours power supply daily.
He said that other electricity customers not affected by the rate review would not be neglected as they would still continue to get service.
The vice chairman said that the commission had also downgraded some customers on the Band A to Band B due to the non-fulfillment of the required hours of electricity provided by the electricity distribution company.
“We currently have over 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent of the feeder now qualifies as Band A.
“The commission using technology discovered that many of the feeders that the Electricity Distribution Companies (DisCos) currently brandish as Band A are not meeting the required service and as such.
“ The feeders were ordered to be downgraded immediately as a way of protecting consumers,” he said.
Oseni said that customers hitherto classified as Band A customers would not be affected by the rate review.
He said that as part of enforcement mechanisms to ensure that areas affected by the review get the 20 hours supply, DisCos have been mandated to set up rapid response teams in locations where the feeders are located.
“This is to ensure that the customers can have access to the DisCos.
“They have also been mandated to publish the contact of the rapid response team where the customers are located.
“Failure to meet the commitment for seven consecutive days, the feeder will be downgraded immediately to the service level the DisCos is able to provide electricity to the feeder,” he said.
Oseni said where a DisCo failed to meet the commitment for two days by the third day at 10am, the company must publish an explanation also via bulk SMS contacting the affected consumers on the feeder.
“They should explain why they could not meet the service for the two days and also submit the explanation to the commission,” he said. (NAN)
Former President Muhammadu Buhari has expressed his condolences on the demise of veteran labour leader and former President Nigeria Labour Congress, NLC Ali Chiroma.
The former president said the deceased leaves behind notable contributions to the economy and the labour movement well beyond the borders of the nation.
“Ali Chiroma was indomitable. Full of life, insightful and fearless as a leader. He leaves behind a notable contribution to the labour movement and to my political career as an ardent supporter who stood by me before and during my years in the office of president.
“My thoughts and prayers are with the bereaved family, the government, and the people of Borno State. May Allah give them the fortitude to bear the loss.”
The Chief of Army Staff(COAS), Lt.-Gen. Taoreed Lagbaja, on Wednesday charged the media to refrain from amplifying the activities of non-state actors and undesirable elements in the country.
The Army boss gave the charge while delivering a keynote address at the Nigerian Army Civil-Military Cooperation Media Chat, First Quarter 2024 in Asaba, Delta.
The News Agency of Nigeria (NAN) reports that the event has as its theme: Imperatives of Military-Media Partnership for the Attainment of National Security.
Represented by Maj.-Gen. Jamal Abdusalam, General Officer Commanding, 6 Division/Land Component Commanding, JTF, South -South operation, decried the recent gruesome killings of officers and soldiers at Okuama in Delta.
Lagbaja described the military-Media chat as an all important event, adding that the theme underscores the critical role the collaboration played in safeguarding national security.
He said that the Nigerian Army was aware of the complexity and difficulties presented by the current security landscape in the nation and that urgent measure were put in place to contain the challenges.
He said: “In an era characterised by rapid information dissemination and evolving security threats, effective communication and transparency are essential for ensuring the safety and well-being of our citizens.
“The Nigerian Army recognises the enormous impact of the media as a vital link between the military and the public in providing essential information, shapening public opinion and holding institutions accountable.
“Through accurate and responsible reporting, the media plays a crucial role in informing citizens, fostering dialogue, and strengthening our national security.
“Constitutionally, the military served to defend the territorial integrity of Nigeria and safeguarding the country from external threats.”
The COAS added that the military also suppresses insurrection as well as act in aid of civil authorities to restore order when called upon to do so by the President.
He, therefore, condemned the dastardly and unprovoked killing of some of the troops carrying out their constitutional assignments in Okuama community of Delta.
According to him, the military by embracing this principles, can bridge the gap between the military and the public, dispel misconceptions and build trust and confidence in our security institutions.
“This highlights the importance of the Nigeria Army consistently ensuring that the media remains informed about our activities as regularly as possible.
“Therefore, this media chat is among the various platforms established by the Nigerian Army to interact with the media.
” The dastardly killing of the troops was executed in the most barbaric and cruel manner which is unacceptable and condemnable.
“I, therefore, take this moment to urge the media to refrain from inadvertently amplifying the activities of these undesirable elements.
“Terrorists, insurgents and other deviant groups thrive on attention and exploit propaganda to instill fear in law-abiding citizens.”
Lagbaja, while thanking the stakeholders, urged Nigerians to continue to support the Nigerian Army to carry out its constitutional responsibility.
The Special Guest of Honour, Director General, Voice of Nigeria (VON), Malam Jibrin Ndace, before declaring the event open, said the Military and the media had indispensable roles in addressing national security.
“With our loyalty and patriotism, we can achieve a stable Nigeria.
“I have no doubt in my mind that the discussions today will further strengthen our partnership with the Nigerian Army, paving way for a safer and more prosperous Nigeria.
“I am positive that with a robust millitary-media partnership, the national security objectives would be attained. This is in addition to the contributions of all other elements of national power,” Ndace said.
Earlier, Maj.-Gen. Nosakhare Ugbo, Chief of Civil-Military Affairs, in his welcome address, said the Nigerian Army Civil-Military Cooperation Media Chat, was designed to disseminate the military activities to the public and foster mutual understanding.
He said that the partnership between the Army and the media would enable better understanding of security challenge among the public by providing insights into impact of military operations.
“Aside the quarterly media chat, it may interest you to know that the Nigerian Army also organises social media seminars, human rights seminars and sensitisation lectures among others.”
While appreciating the COAS for his support, he urged all stakeholders to leverage on the opportunity to ensure actionable solutions and strengthen already existing collaboration.(NAN)
In order to boost research, the Africa Centre of Excellence for Sustainable Power Energy and Development (ACE-SPED), University of Nigeria, Nsukka UNN) has approved N1m seed grant each, to 12 students’ research groups from different departments in the university.
Prof Emenike Ejiogu, Director (ACE-SPED) disclosed this in a remark in Nsukka on Wednesday in an event to issue certificate and disburse the money to benefiting research groups.
Ejiogu said many student’s research group in UNN applied for the grant but only 12 whose proposals centered on innovations, entrepreneurship and technology transfer were shortlisted because of their positive impacts on the society.
” The 12 student’s research groups are selected because they generated innovation, entrepreneurship and knowledge transfer ideas for sustainable energy and power development.
“That will lead to significant commercialisation and equally creating scalable solutions towards addressing energy and power problems
“The ACE-SPED seed grants for sustainable energy and power development innovation for students researchers seek to encourage, honor, and promote entrepreneurship and innovation across sub-Saharan Africa,”he said.
Ejiogu who is also the Dean, Faculty of Engineering in UNN said that the centre would monitor and evaluate the performance of the groups, those who did well would receive more grants.
“Our target is to adopt the best three and grow them into full commercial business and linked them to industrials.
“But if at end all the 12 groups performed very well that will be great as the country will benefit more since the research of the 12 would solve one particular need of the society or the other.
“The principal aim of the ACE-SPED Innovation Seed Grants is to furnish monetary backing for research endeavours that correspond with the innovation objectives of the centre,’ Ejiogu said.
The director explained that his centre as a World-Bank sponsored centre had focus on sustainable energy, electric power system development, renewable energy, waste-to-energy conversion, energy conservation, energy management, energy resource among others.
Speaking while presenting the certificates to the 12 groups, Prof Victor Aigbodion, Industrial Liaison Officer of ACE-SPED said that the groups were expected to deliver within six months period.
He explained that some items the research groups would produce as contained in their proposals include 1kv Solar Generator, Bio-ethanol from agro waste, kith to Test for Ripe Watermelon among others.
“I am Chairnan of the Selection Committee, we will monitor them to ensure they deliver within six months.
“The centre has over 52 industries nationally and internationally to link finished products of the groups for commercial production.
” The research we conduct in this centre is one that will be commercialised and not one that will be dumped in book shelves”he said.
Aigbodion, said the selected 12 groups should count themselves lucky as over 30 applications were received by his committee from different departments research groups in UNN.
“As Industrial liaison officer of the centre, I ensured that proposals selected are capable of solving one society problem or the other as well as be of interest to many industries,”he said.
According to Aigbodion, the N1m would paid in three installments N500,000 immediately, N300,000 and N200,000.
Responding on behalf of other groups, Modesta Eze who is a member of a group that would produce Bioo-ethanol and Innocent Okolie who is in the group that would produce 1kv Solar Generator pledged that the groups would deliver within six months time period as agreed.
They thanked the centre for given them the opportunity to showcase their intellectual endowment and creativity by given them the grant.
Our correspondent reports that, the event was witnessed by many top management staff of ACE-SPED
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has commended residents of the territory for their patience, following the inconveniences the ongoing projects across the FCT have caused.
Wike gave the commendation in Abuja on Wednesday, after he inspected some ongoing projects in the territory.
“I commend all of you for your support and the residents of Abuja, who have been making some sacrifices.
“Some roads have been diverted while some areas are experiencing huge traffic due to the ongoing road projects across the city,” he said.
He promised that some of the projects would be delivered in May, to celebrate President Bola Tinubu one year in office.
“Where we are now is Goodluck Jonathan Highway, which is being completed and going to be part of the roads that we believed, will be commissioned in May.
“We have spotted some areas where we think the contractor, Salini, should make some adjustments. Overall, it will be completed and in one or two weeks the streetlights will be on.
“We also went to Guzape Lot II, where the roads infrastructure being provided will also be completed and before May ending, the project will be handed over to us by Gilmor,” he said.
The minister also inspected road projects in Diplomatic Zone, Guzape, though not part of the project for inauguration in May, according to the minister, but would be completed in the next one and half year, if funds were released.
He assured residents that the FCT Administration would make the funds available to ensure its completion.
“Generally, I think we are doing well,” the minister added.
On the road resurfacing projects in Asokoro, being handled by Julius Berger, the minister assured residents that all road resurfacing projects would be completed before may.
He added, “even though we are not inviting Mr President to commission them, but let the world know that Abuja is wearing a new look.”
The minister also thanked Tinubu for signing the N1.28 trillion FCT 2024 appropriations into law, adding that the development would enable the FCT Administration to begin procurement processes.
“What you will see will be a revolution in terms of infrastructure. With this budget, a lot of things will be done, not just on roads, but also in health and education sectors,” he said.
Wike urged residents to commend the government where it made improvements rather than condemnation all the time.
“There are those who will never be happy in their lives. They are sadists. If anybody said that there is no improvement in streetlight, he is a sadist.
“We are trying to make some repairs of those that have been vandalised which is not easy.
“Don’t bother about sadists, there is nothing we can do about them,” the minister said. (NAN)
Kogi State Governor, Ahmed Usman Ododo has launched a security initiative aimed at taming the upsurge in emerging criminal activities in Lokoja, the state capital and major towns in Kogi state.
According to Ismaila Isah, Special Adviser on Media to the Governor, the operation code named Metropolitan Quick Response is in partnership with the Rapid Response Squad of the Nigeria Police and the joint task force of security agencies in the state.
At the flag off of the initiative at the government house in Lokoja, Governor Ododo restated the commitment of his administration to deal decisively with criminals in the state.
The Governor noted that the safety and security of lives and property of the people of Kogi state remains a top priority for the administration, stressing that nothing will be spared to ensure that the people of the state sleep with their two eyes closed.
“Today, we are flagging off the Metropolitan Quick Response (MQR) to advance our efforts in the safety and security of lives and property in Lokoja Metropolis and beyond.
The flag off of the Metropolitan Quick Response operation is part of the evolving security measures to ensure we have a safe environment and to build on the solid foundation of our security architecture in the state.
As a government, we are resolute in our determination to flush out criminal elements in every nook and cranny of Kogi State.
“Nothing will be spared to guarantee safety and security in every inch of the state and Kogi state will remain unsafe for criminal elements where ever they may be,” Governor Ododo assured.
The Governor commended the gallantry and dedication of all security agencies in the state for their sacrifices in the line of duty, adding that the state government will continue to appreciate their efforts in keeping the state safe.
Governor Ododo called on citizens of the state to be proactive and remain vigilant and to provide credible and timely information to security agencies in the state.
The Governor promised to continue to prioritize technological enablers to enhance capabilities in intelligence gathering to combat emerging security threats in the state.
President of the Nigeria Labour Congress (NLC), Mr Joe Ajaero, has urged the Federal Government to make retirement easy for Nigerian workers, especially now that the country is facing economic challenges.
Ajaero made the plea on Wednesday when he received a delegation from the XEM Consulting Limited, a subsidiary of XEM Group, organisers of the maiden Pre-retirement Summit, scheduled to hold in Abuja, from April 24 to April 25.
The visiting team was led by Dr Eugenia Ndukwe, the Chief Executive Officer (CEO) of XEM Group.
Ajaero said that a lot had been said about contributory pension without significant improvement from the regulators.
“Majority of the states have not started keying in, and one begins to wonder the essence of enacting a law.
“Even when the law criminalised none participation, no state has been prosecuted, fined or levied,” he said.
Ajaero regretted that pension matters in the country was becoming more of rhetorics rather than action.
He, therefore, urged the federal and state governments to take seriously the issue of workers pension and ensure they enjoy life after retirement.
“Government in this business is not just employers of labour, they are regulators, and if regulators are not doing anything, then there is problem.
“We are the main victims; even when people retire, the Pension Fund Administrators (PFAs) find it difficult to pay them, thereby making it a difficult long journey to access their money,” Ajaero added.
Speaking earlier during the visit, Ndukwe who is also a business development expert, said there would be opportunity at the summit to train prospective retirees on various skills, before they retire.
She said the summit was carefully planned to examine the retirement policies in the country, the challenges faced by prospective retirees and proffer a solution to it before they retire.
Ndukwe also said that experts from China, Canada and some European countries would be attending the summit to give their country’s perspective on pension reforms.
This, she said would be to find solutions to the challenges faced by retirees in Nigeria.
“We are bringing global participants to tell us what is happening in their countries, so that we will know how to utilise their own case study. Head of Service of the Federation will be the keynote speaker.
“Lagos State Governor, Babajide Sanwo-Olu will be in attendance during the panel session to represent all the state governors, while Mr Adewale Tinubu, the Group Chief Executive Officer of Oando, will be representing the private sector.
“We will also have the MD of Smart Meters Malam Ibrahim Babagana will also participate in the panel session.
“The second phase of the programme will be the technical session where participants will be taken through knowledge and skill acquisition that will help them prepare for retirement.
“They will know how best to invest their money, the kind of businesses they can venture into after retirement and what decision they can make with the little money they have available.
“The third phase of the programme is the award. We want to recognise very few states, individuals, public servants who have contributed immensely to the reforms currently taking place around pension matters,” Ndukwe said.
She added that the summit was open for government, private and public sector workers as well as financial institutions, labour unions, pension fund administrators and civil society organisations. (NAN)
The detained President, Miyetti Allah Kautal Hore, Bello Bodejo, has told a Federal High Court, Abuja that he had no criminal record.
Bodejo, who was arrested on the alleged raising up an armed militia in detriment of the nation’s unity, told Justice Inyang Ekwo in a motion for bail filed by his lawyer, Ahmed Raji, SAN.
In the motion with charge number: FHC/ABJ/CR/141/2024 date and filed March 28, he sought an order admitting him to bail on liberal terms pending the hearing and determination of the case against him.
The News Agency of Nigeria (NAN) reports that Bodejo, who was arrested on Jan. 23 in Malia, Nasarawa State and kept in the custody of the Defence Intelligence Agency (DIA), was arraigned before Justice Ekwo on March 22.
He was arraigned on three-count charge bordering on terrorism.
Giving nine grounds why he should be granted bail, the detained Miyetti Allah president said the offences with which he was charged were bailable ones.
“The defendant/applicant has no criminal record whatsoever,” he said.
According to him, his reputation attest not only to his reliability and credibility and also to the fact that he will not jump bail if this application Is granted.
He said he had “suffered from grave ill-health; an exceptional circumstance for the grant of bail.”
Bodejo argued that by Section 36 (5) of the 1999 Constitution (as amended), he is presumed innocent until proven guilty.
Besides, he said the charge preferred against him did not disclose a prima facie case against him.
He told the court that he would not interfere with the investigation or further investigation of the allegation(s) against him.
The defendant, who pledged to always be punctual in attending his trial, said he was ready to provide responsible sureties as may be required by the court.
But in a counter affidavit deposed to by Noma Wando, a litigation clerk in the Department of Public Prosecutions, Federal Ministry of Justice, he urged the court to dismiss Bodejo’s bail plea.
He said Bodejo was standing trial for terrorism-related offences bothering on establishment of an ethnic militia in Nasarawa State, management and participation in activities connected with acts prejudicial to national security and public safety.
The official alleged that Bodejo also provided material support, assistance and transportation for activities connected with such acts contrary to Sections 29, 2(3)(g}(xii) and 12(a) and Section 2(3)(g)(xii), and 13 (2)(b) of the Terrorism (Prevention and Prohibition) Act, 2022.
He said after his arraignment, the court ordered that he should be remanded in DIA, ordered an accelerated hearing and fixed trial for May 27 to May 30.
Wando disagreed that Bodejo was suffering from any life-threatening health condition that cannot be managed at the DIA Medical Centre, Abuja.
He said that as a matter of fact the DIA is a next door neighbour to State House Medical Centre, Abuja “which boasts of the best of doctors and specialists and consultants.”
He said it can also cater for Bodejo’s medical need if need be, “despite the fact that he is not suffering from any life-threatening health condition that cannot be managed” at the DIA Medical Centre.
He said contrary to Bodejo’s averments, he was diagnosed with only high blood pressure which had since been managed effectively and efficiently by the centre.
Abubakar averred that the detained Miyetti Allah president would not suffer any injustice if the bail was not granted.
He said this was so because “the Federal Government’s holding centres and custodial centres have always ensured that the medical needs of persons in custody are met and they have always undertaken to ensure that whenever the occasion arises special medical treatment is available to their inmates.”
Upon resumed hearing on Wednesday, counsel, who appeared for Bodejo, Dr Sulaiman Usman, SAN, told the court that they had a bail application which was slated for hearing.
Usman, however, said that they were not ready to proceed with the motion due to the fact that the prosecution had just served on them their counter affidavit the previous day.
The senior lawyer said they would need more time to respond to the new issues raised in the counter affidavit.
The prosecution lawyer, Y. A Imana, did not opposed Usman’s plea for an adjournment.
Usman equally made an oral application seeking an order for Bodejo to be granted access to his lawyers, which he said was required by law.
He said the defendant ought to be afforded adequate time and facility to defend himself.
But Imana disagreed with Usman’s submission that Bodejo was not given access to his lawyers.
She said she was unaware of the allegation.
The lawyer said besides that the prosecution had ensured that the last order of the court directing that Bodejo should be given access to his doctor was complied with, the defendant’s lawyer confirmed to her that he visited him (defendant) in custody.(NAN)
President Bola Tinubu has sent his condolence to the family of Comrade Ali Chiroma over the passing of the elder statesman.
This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja.
The News Agency of Nigeria (NAN) reports that Chiroma was the former President of the Nigeria Labour Congress (NLC), and held various positions within the trade union hierarchy.
Ngelale said the President sympathised with the Chiroma family, the organised labour community, and everyone impacted by this painful loss.
Recalling the endeavours of the former labour leader at a trying time in the life of the nation, Tinubu said Chiroma stood up for the independence of the NLC and defended the downtrodden when it mattered the most.
He said Tinubu prayed to Almighty Allah to grant repose to the soul of the departed while assuring the family of the elder statesman of his thoughts and prayers in this moment of grief.(NAN)
