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Nigeria witnessed forex inflows increase in February

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The Central Bank of Nigeria has announced a surge in foreign exchange inflow into the economy during February 2024.

This increase is attributed to substantial growth in remittance payments from Nigerians abroad and heightened interest from foreign portfolio investors in acquiring naira assets.

The Bank’s Acting Director of Corporate Communications Mrs. Sidi Ali, revealed this in a document made available to According Online on Thursday.

Sidi said that overseas remittances reached $1.3bn in February 2024, surpassing the previous month’s inflow of $300m by more than fourfold.

She noted that foreign investors actively participated in the Nigerian market, purchasing over $1bn worth of local assets last month.

Foreign investment outflows from Nigerian stocks rose in November to the highest level in nearly three years despite reforms that spurred a rally in the market last year.

The bank noted that the total portfolio flows for 2024 have already reached $2.3bn, compared to the US$3.9bn recorded for the entire previous years.

The apex bank bank said the trend of higher foreign exchange inflows continued into March 2024, driven by increased investor interest in short-term sovereign debt following adjustments to benchmark interest rates.

Notably, government securities issuances received overwhelming demand, with foreign investors accounting for more than 75 per cent of bids during auctions held on March 1 and 6, 2024.

Recalling recent efforts, CBN Governor, Mr. Olayemi Cardoso outlined a comprehensive strategy aimed at curbing inflation, stabilizing the exchange rate, and instilling confidence in Nigeria’s banking system and economy.

Through last month’s Monetary Policy Committee meeting and a conference call with foreign portfolio investors, the central bank set expectations for sustained growth in the country’s foreign currency reserves and improved liquidity in the foreign exchange market.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off”, Cardoso said.

The document partly reads, “The Central Bank of Nigeria reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors.

“The Bank’s data indicates that overseas remittances rose to $1.3bn in February 2024, more than four times the $300m received in January.

“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least $2.3bn recorded thus far in 2024 compared to $3.9 billion seen in total for last year.

“When people understand the real issues and see a strategy and a plan, things tend to calm down. Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out.”

Tinubu reconstitutes board of FGN Power Company

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President Bola Tinubu has approved the reconstitution of the governing board of the FGN Power Company tasked with implementing the accelerated performance agreement with Siemens Energy.

This comes four months after the governments of Nigeria and Germany signed the Presidential Power Initiative agreement designed to ultimately inject 12,000 MegaWatts of electricity into the national grid.

The Managing Director of the Federal Government of Nigeria Power Company, Kenny Anuwe, and the Managing Director (Africa), Siemens AG, Nadja Haakansson, signed the agreement on the sidelines of the United Nations Climate Change Summit, COP28, in Dubai, the United Arab Emirates, on December 1, 2023.

At the time, Anuwe and the Chairman of the Supervisory Board at Siemens Energy AG, Joe Kaeser, revealed that the German government nominated the mandated lead arrangers and financiers even as Siemens Energy has successfully delivered 10 units of power transformers and 10 units of mobile substations.

The initiative dates back to an initial agreement signed in 2018 under the Muhammadu Buhari administration.

On Thursday, Tinubu also approved the reconstitution and amended structure “to achieve the full end-to-end modernisation of the nation’s electric power transmission grid as part of the Presidential Power Initiative,” read a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled, ‘President Tinubu approves reconstitution of the FGN Power Company board of directors.’

By the President’s new directive, the Chairmanship of the FGN Power Company Board has been assigned to the Office of the Minister of Power, Mr. Adebayo Adelabu.

Under the new arrangement, the Minister of Finance, Mr Wale Edun, would serve as the board’s Vice-Chairman, while the Managing Director/CEO of the FGN Power Company would serve as a member.

Other members include the Director-General, Bureau for Public Enterprises,

Managing Director of the Transmission Company of Nigeria, a representative of the distribution and generation companies and the President, of the Nigerian Society of Engineers.

Furthermore, President Tinubu approved the removal of the Steering Committee from the governance framework of the FGN Power Company with full oversight powers granted to the Office of the Minister of Power.

Ngelale said Tinubu approved these changes with “the full expectation that the leaner structure will provide greater organisational agility and efficiency in delivering the complete modernisation of the nation’s electric power transmission grid in collaboration with Siemens Energy for the benefit of all Nigerians.”

500 patients benefitted from free surgeries in one week

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Ogun State Governor, Dapo Abiodun, has disclosed that over 500 surgeries have been performed on patients under his administration’s free surgical Intervention programme in the last week.

Abiodun disclosed this when he received the Committee of Chief Medical Directors and Medical Directors of Federal Tertiary Hospitals in Nigeria, who paid him a courtesy call in his office at Oke-Mosan, Abeokuta, on Thursday.

The governor said the free surgery programme was designed to provide succour to the poor and vulnerable who could not afford medical bills at this difficult time.

He said his government has also done a lot to improve the healthcare sector in the Gateway State since 2019.

Abiodun said, “We have also implemented our Health Insurance Programme called Ilera Dero and the Ibidero for the women. As of now, because of the prevalent economic situation, we have decided that all our women and children, the poor and vulnerable should go to our Primary Healthcare Centres and secondary or tertiary hospitals in the state. We will register them under our Free Health Insurance Programme.

“Our pregnant women, when they go to the hospital, they get free pre and post-natal attention. After they put to bed, they also get N10,000.”

Abiodun disclosed that the state is creating a database that would track a family or community, and the kind of disease prevalent among them.

The government will also compile such records at the grassroots that would enable the government to predict predominant diseases in the family, community or area and take proper care to treat them.

Speaking on the situation of the 250-bed hospital located at Oke-Mosan, Abeokuta, the governor noted that his administration is collaborating with a partner, as part of its medical architecture, to run and make it a centre of medical excellence, to engender medical tourism in the country.

Abiodun noted that medical institutions in the state are wearing new looks as his government has employed a large number of medical personnel and purchased new equipment to make them render quality service to the people.

The governor described the relationship between the state Ministry of Health and the Federal Medical Centre, Abeokuta, as cordial.

“We do not see the difference between the FMC, Abeokuta, and our own Olabisi Onabanjo University Teaching Hospital (OOUTH), because when there is a problem, we rush the patient to the nearest available medical facility. This has, over the years, helped us in dealing with difficult situations,” he added.

He commended the committee for initiating the meeting, noting that it would help them review each other’s research, development, and new techniques and assist in dealing with different types of illnesses and diseases.

Speaking earlier, chairman of the committee and Chief Medical Director, University of Uyo Teaching Hospital, Uyo, Prof Emem Bassey, commended Governor Abiodun for investing in the health sector, emphasizing that the increased funding, recruitment of different categories of health workers and renovation of over 100 Primary Healthcare Centres across the state, was worthy of note.

He said the committee, made up of all heads of federal medical institutions, was in the state for its 106th regular meeting to peer review and learn from each other to have a positive impact on their different hospitals at the end of the meeting.

JUST IN: Tinubu re-appoints agricultural quarantine service boss

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President Bola Tinubu has reappointed the Director-General of the Nigeria Agricultural Quarantine Service, Dr. Vincent Isegbe, to serve in the same capacity for another five-year term.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed on Thursday titled ‘President Tinubu reappoints Director-General of Nigeria Agricultural Quarantine Service.’

The President expects that the Director-General will “build on the service’s recent performance after it ranked in the top three agencies of the Federal Government of Nigeria in the efficiency and transparency index by the Presidential Enabling Business Environment Council,” Ngelale stated.

Stephen Angbulu

With three years of experience, Stephen, The According correspondent, has been covering Nigeria’s presidency, politics, security, immigration and trafficking in persons

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Tinubu reconstitutes electricity liability management company’s board

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President Bola Tinubu has approved the reconstitution of the board of the Nigeria Electricity Liability Management Company.

He also modified the NELMCO Board structure, which empowers the Office of the Minister of Power to take over the Board Chairmanship from the Office of the Minister of Finance, given NELMCO’s central role in the operation of the Nigeria Electricity Supply Industry.

A statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the changes Thursday night.

The statement titled, ‘President Tinubu approves reconstitution of NELMCO board and amended structure,’ noted that the membership includes the Minister of Power, Mr Adebayo Adelabu, as NELMCO Board Chairman and the Minister of Finance, Wale Edun, as Vice-Chairman.

The Director-General of the Debt Management Office, Patience Oniha, would serve as a board member alongside her counterpart at the Bureau of Public Enterprises.

Tinubu also approved the appointment of Mrs. Mojoyinoluwa Dekalu-Thomas as NELMCO Managing Director/CEO, Mr. Joseph Bello as Executive Director, Asset Management, and Mr. Hassan Yahya as Executive Director, Corporate Services, all for a five-year term each.

Meanwhile, Mr. Abdullahi Gaya and Prof. (Mrs.) Ayanfemi Ayandele will serve as non-executive director for a three-year term each.

Tinubu expects that the NELMCO Board’s new structure and composition will “yield expeditious and measurable progress in the management of the power sector’s post-privatization liabilities to create conditions for the sustainable attainment of world-class standards of operational efficiency across all sub-components of the Nigeria Electricity Supply Industry,” the statement read.

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Listen to Nigerians’ cries, Tambuwal urges

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Former Sokoto State Governor, Aminu Tambuwal, has urged President Bola Tinubu to listen to the cries of Nigerians amid the harsh socio-economic realities citizens have continued to grapple with.

Tambuwal made the call on Thursday during his visit to former President Olusegun Obasanjo, at his penthouse residence inside Olusegun Obasanjo Presidential Library, Abeokuta, the Ogun state capital.

The senator representing Sokoto South was said to have visited the former president to rejoice with him on his 87th birthday.

This was according to a statement issued by the former President’s media aide, Kehinde Akinyemi.

Tambuwal urged Nigerians not to lose hope as things would change for good.

While speaking on the state of the nation, the former governor said Nigerians must continue to pray and do the right thing, including those in government and followers.

He said, “My clarion call is to Mr. President as the situation is getting worse by the day. Mr President should listen to the cries of Nigerians, the country is going through hard times, and things have never been this bad.

“But he sought this job and he got it, so, he needs to rally and make sure that things are put in better shape for the progress of Nigeria.”

On his visit to the former President, the former governor said that he had always been part of the Obasanjo family and that coming to felicitate with him on his birthday was an annual thing.

“I came all the way to Abeokuta as I always do every year on Baba’s birthday. I pray with Baba for more good health and many more years of service to Nigeria and humanity.

“He has been an enigma, he has been a great leader and a source of inspiration and indeed Baba has been a great leader not only in Nigeria, West Africa and Africa but, globally too. He is an international statesman, and we pray to God to keep him in good health,” he said.

Speaking on his contributions so far on the floor of the National Assembly particularly,  as they affect his constituency, the Sokoto South Senator, said that he would continue to give robust representation to his people.

He said some strategic road projects linking Zamfara and Kebbi states from his constituency have been included in the 2024 budget.

He also said bills that will ensure Nigerians become beneficiaries of affordable housing are in the pipeline.

Oronsaye report: FG inaugurates implementation committee

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The Federal Government on Thursday inaugurated a committee on the implementation of the recommendations on the review of reports and White Papers on Restructuring and Rationalisation of Federal Government Parastatals, Agencies, and Commissions.

The FG had on February 28, 2024, approved the implementation of some of the recommendations to the Stephen Oronsaye Report to reduce the cost of governance.

Approval for the inauguration of a committee that would see to the implementation of the report was granted.

The committee was given 12 weeks to submit its report.

The approval for the implementation of the Oronsaye report is coming 12 years after the panel submitted its report.

The 800-page report recommended that 263 of the statutory agencies be slashed to 161; 38 agencies be scrapped; 52 be merged and 14 be reverted to departments in various ministries among others.

A statement by the Director of Information, Office of the Secretary General of the Federation, Segun Imohiosen, said the SGF George Akume, while inaugurating members of the committee stated that
the implementation of the report was to reduce the cost of governance and streamline efficiency across the governance value chain.

The statement read, “The Federal Government has inaugurated the Committee on the implementation of the recommendations on the review of reports and White Papers on Restructuring and Rationalisation of Federal Government Parastatals, Agencies and Commissions.

“The Secretary to the Government of the Federation, while inaugurating the Committee on behalf of President Bola Tinubu stressed that the implementation of the White Papers on the report which would involve the merger, relocation, subsuming or scrapping of some Parastatals, Agencies, and Commissions is aimed at reducing the cost of governance and streamlining efficiency across the governance value chain.”

Akume outlined the general guidelines of the Committee to include reviewing current mandates to understand the existing functions, responsibilities, and objectives outlined in the mandates of the Agencies.

“Identify redundancies and overlaps or conflicting objectives among the mandates of different organisational units.

“Define strategic objectives to ensure the revised mandates align with the strategic objectives and priorities of the government.

“Engage key stakeholders and gather input and feedback on the proposed revisions to the mandates.

“Draft clear, concise, and actionable revised mandates for the organisations involved in the restructuring. Ensure the revised mandates comply with all applicable laws, regulations, and policies governing government operations”, he said.

The other guidelines according to the SGF also include obtaining necessary approvals from relevant authorities for the revised mandates, effectively communicating the revised mandates to employees and stakeholders implementing the revised mandates effectively, and monitoring their implementation to identify any issues or challenges.

According to the statement, members of the committee are Akume; Attorney General of the Federation/ Minister of Justice, Lateef Fagbemi (SAN); Minister of Budget & Economic Planning, Abubakar Bagudu;
Head of the Civil Service of the Federation, Folasade Yemi-Esan, and Special Adviser to the President, Policy & Coordination, Usman Bala.

Others are Director-General Bureau of Public Service Reform, Dasuki Arabi; Senior Special Assistant to the President on National Assembly Matters (Senate), Abdullahi Gumel; Senior Special Assistant to the President on National Assembly (House of Representatives) Ibrahim Olarwewaju; Principal Secretary to the President, Hakeem Okunola and Permanent Secretary, Cabinet Affairs Office, Richard Pheelangwah.

CBN, blockchain firm sign MoU to boost eNaira adoption

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The Central Bank of Nigeria has signed a Memorandum of Understanding with blockchain firm, Gluwa, to accelerate the adoption of eNaira, Nigeria’s digital currency.

In an announcement made on Thursday, Gluwa disclosed that the partnership aimed at utilising blockchain technology to strengthen the technical capabilities of the eNaira.

The company said it will onboard millions of Nigerians by implementing its credal technology to build credit reputations for eNaira users, offering a valuable new approach to driving the adoption of the eNaira.

“We are thrilled to share monumental news! After years of relentless effort, Gluwa has signed a Memorandum of Understanding with the Central Bank of Nigeria to officially onboard as a partner agent and help drive the increased adoption of Nigeria’s CBDC, also known as eNaira.

“The partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve eNaira functionality, and foster financial innovation.

“The first step towards deepened collaboration is to integrate Gluwa’s Credal blockchain innovation directly with Nigeria’s CBDC (eNaira).

“Gluwa is aiming to onboard millions of Nigerians and help them build secure, on-chain credit reputations as a valuable new mechanism to drive CBDC adoption.

“In addition, Credal’s integration with eNaira will enable easier loan origination, tracking, settlement, and credit scoring for local fintech lenders,” the blockchain company said in a statement.

Nigeria introduced its digital currency, eNaira, in October 2021 to boost financial inclusion, facilitating cross-border transactions, and enhance diaspora remittances. However, over the past two years since its launch, adoption has been sluggish, facing various challenges.

According to a paper titled “Nigeria’s eNaira, One Year After” by the International Monetary Fund, the adoption of eNaira has been disappointingly low.

The report highlighted that around 98.5 per cent of eNaira wallets downloaded after the digital currency’s launch have been abandoned, with only 1.5 per cent being actively used for transactions.

In response to these challenges, stakeholders advised the CBN last year to collaborate with fintech companies, emphasizing the importance of such partnerships in driving the adoption of eNaira.

FG commences construction of 700km Lagos-Calabar coastal road

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The Federal Government said on Thursday that it has commenced the construction of the 700km Lagos-Calabar coastal highway.

The Minister of Works, David Umahi, disclosed this in a statement issued by his Special Adviser on Media, Orji Uchenna, in Abuja

This is coming one week after the Federal Executive Council approved a contract worth N1.067 trillion for the first phase of the highway’s construction.

The works minister, addressing journalists after the council meeting, said the 47.47km dual carriageway has five lanes on each side and a train track in the middle. Umahi explained that it forms part of the 700km road spanning nine states, with two spurs leading up north, noting that the facility will be constructed with concrete.

He said the highway to be constructed using concrete technology will start from Lagos through the nine coastal routes or states up to Cross Rivers, meaning that it goes to Lagos, the Lekki Deep Seaport, Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom.

Though the project was initially franchised on a public-private partnership, the paucity of funds on the contractor’s part made the minister seek the executive council’s approval to award the project.

Recall that the minister on Tuesday initiated a discussion with the African Development Bank on possible financing mechanisms to hasten the delivery of the project.

In the statement, the special adviser noted that the contractor kickstarted the project after the official handover of the first phase of the project, made up of 47.47 kilometres of dual carriageway, to Hitech Construction Company Ltd.

Umahi, who was in company with the Federal Ministry of Works’ Controller in charge of Lagos State, Engr. Olukorede Keisha, stressed the need for contractors handling Federal Government road projects to deliver within record time, noting that the government would not allow delays or slow pace once mobilisation has taken place.

He, however, highly commended Hitech Construction Company Nigeria Ltd. for being reputable for quality and speedy delivery of jobs. He acknowledged their efforts in start work immediately after the contract was awarded.

He said, “They have completed some filling of 1.3 kilometres from the day the project was awarded to them. It shows the speed they are going to deploy this project. Within a couple of weeks, we awarded the project to them, they mobilised a lot of dredging equipment, and you can see that they have recovered 1.3 kilometres of section one of the phase.”

According to the statement, the former Ebonyi governor visited project sites at the Queen’s Drive Ikoyi, the Third Mainland Bridge top deck, the underwater, the Eko Bridge and the Carter Bridge and expressed the determination of the Federal Government to carry out a comprehensive rehabilitation of the bridges which he said are critical links between the Mainland and the Island of Lagos, the economic hub of the country. These repairs are expected to cover not only the top of the bridge but also the under-bridge works.

He said, “At the Third Mainland bridge, we have three or four critical elements to be rehabilitated. The first one is the deck, and the deck is about 11 kilometres. That is a dual carriageway, including the ramps, and it has been done by CCECC. They have done very beautiful jobs, but we have not concluded. Before the end of March, we’ll be concluding the asphalt milling and the asphalting.

He further stated, “But that is not all our commitment there. We are installing the guardrails, we are replacing the lights with solar lights, we are going to put some decorative lights too, and then we are going to put CCTV cameras both on top and under the bridge to check insecurity and illegal mining of sand, which is causing scouring on the piles and the pipe bits. The second job is that some sections of the slab are deflected, so we have gotten an expert to understudy the level of deflection.

“That’s the tendons of the slab that deflected. And so we are going to cut open the slabs, enter and then look at it, scoop it, and then reinstate the tendons of the slab. There’s nothing to worry about. It’s been done at an Eko bridge by Buildwell. So this one is not a threat to us at all.”

He commended what Julius Berger Nigeria Ltd. is doing already, which is the restoration of deteriorated piers and pier caps, and said the piles, which he also inspected, were the most critical of the work to be done.

Futsal AFCON 2024 final draw

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The draw for the TotalEnergies CAF Futsal AFCON Morocco 2024 was held on Thursday, at the Mohamed VI Complex in Rabat.

During the event, eight nations were officially drawn into two groups of four teams each, setting the stage for the 7th edition of the competition.

Scheduled to unfold at the Moulay Prince Abdallah and IBN Yassine Halls in Rabat from April 11 to 21, 2024, the draw for this high-paced football tournament was conducted by Moroccan football icon Noureddine Naybet.

The outcome of the draw revealed some captivating match-ups in both groups, promising an exciting and competitive tournament.

Here is a full list of the Futsal AFCON 2024 final draw:

Group A:  Morocco (Host Nation); Angola; Ghana; and Zambia.

Group B: Egypt; Libya; Namibia; and Mauritania.

As the hosts and reigning champions, Morocco leads an intriguing Group A in the upcoming tournament.

Joining them are 2020’s third-place finishers, Angola, 1996 runners-up Ghana, and Zambia, who are making a comeback to the competition after missing out in the last edition in 2020.

Group B features Egypt, who narrowly missed victory in the 2020 final, alongside 2008 champions Libya.

Additionally, debutants Namibia and Mauritania are set to make their first appearances at the continental finals, adding a fresh dynamic to the group-stage matchups.

CAF Online reports that Egypt stands as the most successful nation in the history of the TotalEnergies CAF Futsal AFCON, boasting three titles.

Defending champions Morocco follow closely with two championships to their name, while Libya seeks a second title, reminiscing their 2008 triumph as hosts.

Advancement to the semi-finals in the competition awaits the top two finishers from each group. Additionally, the tournament serves as a crucial qualifier for the FIFA Futsal World Cup.

Teams securing podium finishes in Morocco will earn automatic qualification to the global showcase set to unfold in Uzbekistan from September 14 to October 6, 2024.