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Gas scarcity affecting power plant operations, Elumelu tells FG

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The Tony Elumelu Foundation’s founder, Tony Elumelu, said that the country’s power plants are having trouble operating due to a lack of sufficient gas supplies.

He hinted that this was having an impact on the nation’s electrical supply. At the Nigerian Bar Association’s annual general conference on Sunday, he made this statement.

In his remarks at the event, he stated that it was time for the nation to make investments in the power industry and establish regulatory frameworks to provide a sustainable supply of electricity to the populace, businesses, and institutions like hospitals, schools, and labs.

Elumelu remarked, “Is it not ironic that a nation with plentiful gas resources is unable to operate its power plants at their peak efficiency owing to gas shortages. The beginnings of what we can do are what I have seen. As an illustration, let me say: The 1000 megawatt installed capacity of the TransAfam Power Plant, which is a part of the Transcorp Group. General Electric sold 240 megawatts worth of fast power turbines to the Federal Government of Nigeria in exchange for a sizeable investment. For reference, 240 megawatts of electricity can run nearly a million houses in Nigeria. However, GE has threatened to abandon the project since our country, which has some of the world’s largest gas reserves, was unable to supply the 65mm scuffs of gas required for the thorough testing of the installed fast power plant.

 

Although there is a lot of private wealth that might be used to make the necessary investments for gas production, he claims that the country still has unutilized gas reserves.

He claimed that regulatory restrictions and self-serving policies were preventing these investments.

The foundation’s founder went on to say that Nigeria’s private sector has been showcasing its capacity, innovation, and institutionalization to the world. But according to him, there are far too few multinational companies with Nigerian roots.

Elumelu emphasized that the country was also being impacted by energy shortages, youth disenchantment manifesting in the loss of talent, among many other things.

“Insecurity creates unrest, feeds intolerance, and kills opportunity,” he remarked in reference to the nation’s security condition. Invest in security, please. Banditry, kidnapping, oil theft, pipeline vandalism, and transmission line cuts engender unease, anxiety, privation, poverty, and unspeakable suffering.

Additionally, he pointed out that the current government actions will benefit the nation over the long term. Elumelu asserts that Nigeria is a nation of businesspeople and that it needs to be thoughtful about its citizens.

He declared, “Investing in our youth – we need to reaffirm our commitment to our youth, give them the tools to achieve in Nigeria — not outside Nigeria. This entails not only investing in our educational system but also in our entrepreneurial culture.

Nigeria is a country of entrepreneurs; as an investor and a supporter of entrepreneurs, I am aware of the positive social and economic effects that entrepreneurship has. To support our young people and entrepreneurs at the greatest level, let’s form a collaborative government task force.

In addition, he cautioned business executives to view themselves as the source of investment, the driver of innovation, and the generator of new jobs. He said it is a civic obligation as much as an economic one to support entrepreneurship.

Elumelu added, “In light of the foregoing, let us tackle the mission of nation-building with unyielding commitment, guided by the values of unity, inclusivity, and progress.”

N5 billion palliative: CSO, community leaders set Akwa Ibom govt agenda

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The Chairman of the Center for Human Rights and Accountability Network, CHRAN, Akwa Ibom State, Otuekong Franklyn Isong, has advised the Akwa Ibom State government to channel the N5 billion released by the Federal Government into the procurement of Compressed Natural Gas, CNG, vehicles.

It also advised the government to subsidize transportation costs for civil servants, schoolchildren, and other residents.

Isong, who is also a member of Akwa Ibom State’s Palliatives Committee, stated that it would be the desire of the State’s Civil Society Organizations if the Governor used the funds to establish a fuel depot or refinery to help reduce the cost of petroleum products.

He noted that the astronomical cost of goods and services in the country was directly as a result of the removal of fuel subsidies, and that the only way to mitigate the effect was to have a working refinery immediately.

“I’m aware that the FG has approved N5 billion to all states of the federation as palliatives to alleviate the hardship caused by the removal of fuel subsidies,” he said. We have yet to be briefed at the committee level on how it will be used.

“However, CHRAN and CSOs are making far-reaching recommendations that, if implemented, would improve the lives of everyone.” We are looking beyond the distribution of grains and a pittance.

“We are looking at having a long-term palliative that would help impact the lives of everyone; we are harping on the government to have a fuel depot or refinery that would reduce the cost of petroleum products.”

“We are considering the government bringing CNG vehicles to subsidize transportation costs, as well as more vehicles to transport civil servants from the plaza or any other strategic location to the secretariat and schoolchildren, as well as building refineries and a depot.”

“We want to positively impact rural dwellers by building good roads, improving agriculture, and constructing ranches, not just share rice and money.”

“We want the herders/farmers conflict to end; we already have an anti-grazing law; we want the government to implement it by first having ranches where the cows will be taken, so that the cows do not destroy people’s farmlands.”

Sir Sunday Orie, the President of Non-Indigenes in Akwa Ibom State, described the N5 billion palliative as robbery on the masses.

Orie questioned why the Federal Government would continue to raise the price of petroleum products, resulting in an unimaginable rise in commodity prices, and then give state governors a paltry N5 billion to cushion the effect without addressing the root cause of the problem.

The Igbo leader in Akwa Ibom urged President Bola Tinubu to create an enabling environment, implement people-friendly policies, and address the volatile exchange rate as soon as possible in order for businesses to thrive.

“What is N5 billion for a state?” It’s still robbery if you rob Peter to pay Paul. Give us an enabling environment, give us a chance to make money; many people have parked their vehicles because they can’t afford the fuel.

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“Every day, you raise the price of gasoline and claim to be providing a palliative tomorrow.” There are people in the interior villages who cannot come to town to buy or sell their goods due to the high cost of transportation.

“If you give them N1500 as a palliative, will that cover their transportation, let alone their feeding?” So who is deceiving whom?

“The government should address the root cause of the hardship Nigerians are currently experiencing as soon as possible,” he advised.

Peace advocates praise military’s tenacity in battling bandits, insurgents

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Bandits and rebels are showing symptoms of despair as a result of the unrelenting military assault, a behavior that the Nigeria Peace Advocates blamed on the growing power of the country’s armed forces.

Speaking to journalists on Sunday, NPA Secretary Bernard Udu urged Nigerians to continue to pray for and support the Armed Forces and praised General Christopher Gwabin Musa, the Chief of Defence Staff, and his brave soldiers for their efforts to protect the country.

Udu noted that terrorists and bandits are becoming more desperate as a result of the country’s ongoing military operations, which are heating up.

No matter how desperate they are, Nigerians support Gen. C. G. Musa and the Armed Forces of Nigeria wholeheartedly.

“We must support our military as they continue to give their lives to preserve the peace and stability of our nation. We must resist those whose acts are detrimental to peace and progress, the speaker emphasized.

He expressed deep sorrow for the recent loss of soldiers who were attacked while responding to a distress call in Chukuba community, Shiroro Local Council Area, Niger State, while affirming that the nation stands united and hopeful that a brighter future lies ahead, even in the midst of trying times.

According to reports, bandits ambushed the soldiers. Additionally, a Nigerian Air Force chopper went down.

The CDS, the AFN, and the families of the fallen servicemen have our sympathies. Nigerians are in your corner. We hold out hope that there will be a light at the end of the tunnel shortly, Udu continued.

Urgent tasks for new education minister

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I would like to extend my congrats to Professor Tahir Mamman on his selection as the next Minister of Education for our magnificent country of Nigeria. As a concerned citizen and supporter of high-quality education, I want to draw your attention to a few important initiatives that, in my opinion, need to be given top priority in order to enhance our educational system.

First and foremost, any reforms to education must involve strengthening the Local Government Education Authorities. The LGEAs’ engagement in providing basic education needs to be increased. By collaborating closely with these authorities, we can make sure that funds are distributed wisely, infrastructure is upgraded, and all kids, regardless of their socioeconomic level, have access to an education. Between the federal and municipal levels, there must be robust collaboration. Due of their proximity to the ground level, LGEAs should be heavily involved in school oversight and quality assurance. In order to oversee schools, guarantee curriculum implementation, and ensure learning outcomes, they should be given the authority and resources they need.

Second, systematic efforts should be made to encourage literacy growth. It is essential to create a thorough literacy development plan in order to address the issues related to our nation’s low literacy rate. A precise set of goals for literacy success at each State Universal Basic Education Board will serve as a guide for future development. We can give our kids the fundamental abilities necessary for their personal and academic success by putting an emphasis on early reading interventions, literacy programs, and teacher preparation.

Thirdly, it is important to prioritize improving teacher welfare and training. We must invest in the professional development of teachers and enhance their welfare because they are the foundation of our educational system. The caliber of teachers we require should be reflected in the hiring procedure. In elementary education, we need the best personnel. To enable teachers to give pupils a high-quality education, we must create chances for ongoing training and professional development. They will be more motivated and committed to influencing the future of our country through education if we have a better welfare system that provides fair wages and support services like housing, transportation, and quality classrooms.

 

It is undeniable that creating a thorough book policy to ensure access to top-notch instructional resources is essential for our kids’ overall growth. Therefore, I kindly request that the new education minister give the development and implementation of a book policy for the nation’s basic education a high priority. This rule should make sure that all kids have access to carefully chosen, current, and varied educational resources. We can develop an engaging learning environment that stimulates students’ curiosity and enthusiasm for learning by working with publishers, educators, and stakeholders.

We can completely transform Nigeria’s educational system by tackling these issues and putting out workable plans, dear Minister of Education. We have the opportunity to give equitable educational opportunities to every child and to raise a generation of self-assured, competent, and empowered people thanks to your leadership and effort.

I have faith in your determination to have a beneficial influence on our educational system. May the quest of excellence in education and revolutionary reforms characterize your term. Let’s work together to use high-quality education to shape the future of our country.

Sanwo-Olu’s cabinet: We’ll protest to Lagos Assembly if… – Group

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The Humanity Services Project, or HSP, encouraged the Lagos State House of Assembly yesterday to reconsider and approve the names of the commissioner-nominees that Governor Babajide Sanwo-Olu had forwarded to them.

 

22 nominees for commissioner were approved by the Assembly while 17 were rejected.

Those rejected include Mrs Folashade Adefisayo, Prof. Akin Abayomi, Mr Yomi Oluyomi, Mrs Folashade Ambrose, Ms Barakat Bakare, Mr Gbenga Omotosho, Engr. Olalere Odusote, Dr Rotimi Fashola, Mrs Bolaji Dada, Mr Sam Egube, Mr Olalekan Fatodu, Mrs Solape Hammond, Mr Mosopefolu George, Engr. Aramide Adeyoye, Mr Seun Osiyemi, Mr Rotimi Ogunwuyi, Dr Olumide Oluyinka.

In its response, the HSP voiced concern that many of those let go were capable individuals who helped the governor succeed during his first time in office, noting that they must have been vetted and trusted.

The governor is “in the best position to know who has satisfied him in his first term among those he wishes to return,” according to the convener of the group, Mr. Linus Okoroji, in a statement.

However, he cautioned that any effort to persuade the governor to modify his views would amount to “arm-twisting that may not augur well for the polity.”

In the interest of the state, Okoroji encouraged the governor to represent the names before the Assembly.

“We want to remind the House how important the governor’s promised improved second term is,” he stated. To fulfill his commitment as a man who always follows through on his words, all hands should be on deck. For the benefit of the populace, we implore the legislators to work assiduously to maintain and develop the executive-legislative synergy.

Therefore, we caution that if the necessary is not done to the satisfaction of the group and the majority of the decent people of the state, a massive peaceful protest cannot be ruled out because we will not lay down our arms and allow anyone to play politics with the fate of the people.

Let’s move Nigeria forward, partner for nation-building — Tinubu, Elumelu

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ABUJA—In order to support the country’s development, legal professionals have been urged by President Bola Tinubu to recommit to their work.

When he opened the Nigerian Bar Association’s 2023 Annual General Conference in Abuja, the President insisted that such rededication needed to begin with a shift in perspective and a complete dedication to national progress.

 

Tony Elumelu, the Chairman of United Bank of Nigeria, UBA Plc, stated Wednesday that Nigerians must work together for nation-building to provide brighter futures for youths.

Tinubu praised the conference’s theme for being “very appropriate and relevant” to our current national circumstances.

We must do it correctly, the president emphasized. Why do we still need things despite being so fortunate? Adjust your perspectives. Though we frequently lament the past, is that really the answer? No.

“Be focused on the future. Our will and minds are creative gifts from God. Our homeland and motherland is Nigeria. We must construct it, the president continued.
Aside from that, he asserted that his administration will work successfully with the private sector, which he characterized as the engine of prosperity and economic growth.

By working together, he claimed, Nigerians will receive the benefits of democracy.

President Tinubu expressed gratitude to the NBA for giving him the privilege of announcing the start of the conference and expressed his confidence that the country will improve soon given the kind of individuals he had selected for his cabinet of Ministers.

A “change of mindset and an approach to government,” according to President Tinubu, is what he demands of his ministers.

For Elumelu to succeed in developing Nigeria, Nigerians must work together.

At the NBA’s annual general meeting in Abuja, Elumelu made the following statement: “Let us face the work of nation-building with unflinching commitment, guided by the values of unity, inclusivity, and progress.

“Let our efforts to establish a nation be marked by unflinching resolve, empathy, and the dedication to leave a legacy of growth, unity, and hope for future generations.”

Elumelu emphasized the need for investment in youth, women, the power industry, security, social infrastructure, and the Nigerian brand in his explanation of how nation-building necessitates a fundamental renovation of Nigeria’s social and economic infrastructure.
At its root, nation-building, according to him, is the complex process of creating a varied group of people with a common culture and set of beliefs into a coherent, peaceful society. Building a collective identity, goal, and vision that goes above all individual interests is the art of this.

“Transforming Nigeria is a path that requires our united commitment, building beyond political allegiances, racial and socioeconomic distinctions. One for which our government cannot bear sole responsibility.

“Great people, not just great leaders, are the foundation of great nations. As true, respected, and active partners in this national rejuvenation and nation-building, our private sector, our philanthropies, our civil society, and all citizens must be brought together. In order to rebuild Nigeria, it is incumbent upon us all to work together.

Banks, 18 others, fined N125m for late filings

For failing to submit their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by Nigerian Exchange, at least eight banks and 18 other listed corporations have been penalised N125m.

Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated were among the affected financial institutions.

The sanctions also had an impact on John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc.

The NGX’s post-listing regulations provide that quoted businesses must report their audited results 90 calendar days, or three months, following the end of the quarter. In accordance with the regulations, quoted businesses must additionally file interim reports no later than 30 calendar days following the conclusion of the applicable period.

 

According to the most recent X-Compliance Report published by the NGX’s regulatory arm, FBN Holdings was penalized for submitting its 2022 financial statements and its 2023 first quarter report late. The lender made payments totaling N3.3m for the second offense and N6.3m for the first.

Unity Bank paid N6.4m for missing its deadline to submit its 2022 results, and another N3.4m for missing it to submit its interim reports for the first quarter of 2023.

According to the report, Fidelity Bank, GTCO, and Wema Bank each paid fines of N2.7, N1.4, and N1.9 million.

Jaiz Bank, Ecobank, and John Holt each paid N600,000, N3.2m, and N3.2m in fines, respectively, while Access Holdings paid N2 million.

PZ Cussons received an N4.8 million charge from the NGX, Notore Chemical paid N500,000, and GSK—which just announced the closing of its business in Nigeria—also paid a N1.3 million fine for failing to submit its 2022 financial statements on time.

In addition, Industrial Medical and Gases Nigeria paid a punishment of N1.2 million, Juli Plc paid a penalty of N120,000, and NPF Microfinance Bank paid a charge of N1.8 million for their tardiness in reporting its 2022 audited accounts.

The agency also penalized Daar Communications N1.7 million, Champion Breweries N1.6 million, and Abbey Mortgage Bank Plc N1.4 million, respectively.

For the same offense, Regency Alliance Insurance and Thomas Wyatt Nigeria each paid fines of N1.4 million and N4.9 million, respectively.

Additionally penalized by the NGX for violating filing rules were Presco Plc (N24.8m), Ardova (N18.6m), and Universal Insurance Plc (N12.4).

Conoil and Caverton Offshore Support Group each received fines of N7.9 million and N5.7 million, respectively, for failing to submit their results within the allotted time frame.

During this time, Briclinks Africa Plc, a provider of telecommunications services, also paid a fine of N590,000.

David Adonri, vice chairman of Highcap Securities, claimed that the penalties were required to uphold the market’s integrity.

Numerous them concern corporate disclosures. Information drives the stock market. The listed corporations are required to reveal certain information when it is suitable. A corporation can file a request to the exchange asking for more time if it realizes that it might not be able to provide such information.

Supreme Court ruled in our favour to recruit police constables, PSC claims

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The Police Service Commission asserts that it has been granted permission by the Supreme Court to be the sole organization in charge of hiring constables for the Nigeria Police Force.

According to reports, since former President Muhammadu Buhari approved the hiring of 10,000 constables per year for six years, the PSC and the NPF have been engaged in a protracted legal dispute over who should be in charge of hiring police constables.

The PSC’s spokesman, Ikechukwu Ani, asserted in a letter sent on Sunday that on July 11, 2023, the nation’s highest court would make a decision on the hotly contested issue and put an end to the conflict between the commission and the police.

However, Ani was unable to provide the Certified True Copy of the aforementioned judgment when our correspondent requested it on Sunday, so they were unable to do so.

According to Solomon Arase, Chairman of the PSC, who asserted that the decision was in the best interest of national security, “In the judgment, the Supreme Court ‘unequivocally pronounced’ the commission as an agency statutorily mandated to do so,” Ani said.

The PSC spokesperson clarified that, at the time of the ruling, efforts to settle the conflict amicably between the two significant institutions were already in motion and advanced.

Ani went on to say that it was very embarrassing for the government and other parties involved for the two parties to engage in such a pointless legal battle over a situation that required understanding, respect, and compromise.

He continued, saying that the decision “simply and legally cements the resolution of the issue in a win-win situation for the two institutions, which ordinarily cannot effectively function and deliver on their respective mandates without cooperation with each other.” He supported this claim with a quote from the commission’s director, Arase.

Therefore, it must be explicitly stated and shown that the judgment was made with our national security as a whole in mind. This emphasizes how crucial it is for governmental organizations to have strong working relationships and mutual trust.

Therefore, it is essential that all parties defuse the situation and steer clear of any hostilities, misunderstandings, preconceptions, and biases that were the cornerstone of the relationship between the Commission and the NPF, which was previously described as a no-love-lost one.

Ani cited Arase as saying, “He noted that the unnecessary imbroglio impacted negatively on the staff of the Police Service Commission and officers and other ranks of the Nigeria Police Force.”

He continued by citing Arase’s statement that a recruitment board had been established, that it would be presided over by the PSC chairman, consist of other important stakeholders, and would soon be inaugurated.

The PSC spokesperson added, “The board will screen applicants and make sure that only capable and qualified members of the public are hired into the NPF, reflecting also the principle of Federal Character.

Customs Service accuse valuation officers of bribery in vehicles importation

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The Nigeria Customs Service has charged valuation officers on imported cars at various commands with breaking the rules for inspecting, valuing, and releasing imported used cars.

This was stated in a circular with the title “Re Conduct of examination and release of used vehicles” that was dated August 24 and signed by C.K. Niagwan, Assistant Comptroller General for Tariff and Trade.

According to the service’s circular, imported vehicles should be referred to valuation seats rather than having the base value applied in order to verify the trim of the imported vehicle and assign the proper value.

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The following was part of the circular: “It has been noted with great concern that examination and valuation officers are not adhering to the procedure for examination, valuation, and release of used vehicles. For the avoidance of doubt, all used vehicles must be examined before being sent to the valuation seat, where the trim of the imported vehicle will be confirmed and the proper value will be assigned rather than the base value. In light of the aforementioned, you are hereby requested to remind all examination and valuation officers of this procedure in order to stop further revenue loss. Make sure there is strict compliance.

Licensed customs agents have responded to this by stating that the new procedure will cause delays in the clearance of imported vehicles.

Remilekun Sikiru, the youth coordinator for the Association of Nigeria Licensed Customs Agents, claimed that all of these issues should be handled by the Vehicles Identification Number used to clear imported vehicles.

The clearing of imported used cars will now take more time, according to Remilekun, the Chief Executive Officer of Sikremstar Logistics Limited.

“The normal VIN process is created with all the artificial intelligence, such as the trim, engine size, and the rest, but in Nigeria, the opposite is true. This new procedure essentially amounts to taking or reintroducing the outdated clearance procedure, which in my opinion goes against the principles of trade facilitation. And without a doubt, by using this process, jobs will take an additional 1-2 days to process, and it will involve human interference and open the door to extortion. It will also generate a significant amount of demurrage; the question is, who will be responsible for paying the demurrage? Why don’t we follow through on our promise and enter all of these chassis into the VIN valuation? For a very long time, we have been demanding this. Due to the government’s strict policies, imports have decreased significantly by up to 70%, and many freight forwarders, particularly young people, have stopped reporting to work. As this will worsen the process of trade facilitation, NCS should conduct a thorough investigation.

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Babatunde Mukaila, a chieftain of the ANLCA, added, “We believe it is another customs ruse to discredit the VIN platform. We won’t accept it if you send us back to Egypt if your valuation officers are not acting properly. Instead, let them know and have them get back in line. We are not going to return to Egypt using their manual system, so we hope that Customs will reconsider in light of this response. Finally, he said.

Kwara gov laments loss of Army major who was killed by bandits in ambush in Niger

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The governor of Kwara State, AbdulRahman AbdulRazaq, has expressed sympathy to the Nigerian Army and the residents of Eruku in the state’s Ekiti Local Government Area over the death of Major Segun Oni, who was recently killed in an anti-banditry operation in Niger State.

Oni, a highly decorated and forthright army officer, was assassinated on August 13, 2023, along with other soldiers, while commanding troops in an operation to put an end to banditry in some areas of Niger State.

He held the positions of Platoon Commander for the 72nd Special Forces Battalion, Company Second in Command for the Armed Forces Special Forces Battalion, and Second in Command for the Defence Headquarters Special Operations Forces Battalion at various points in time.

He received his military education at various institutions in South Africa, Belarus, the United States, the United Kingdom, and Nigeria.

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He was awarded the River Niger Star, Golden Jubilee Medal, Centenary Medal, and General Operations Medal for his accomplishments, discipline, and labor.

The governor sends his sincere condolences to the family of the brave officer, the Nigerian Army, and to the Nigerian Defense Headquarters as a whole, according to a statement released on Sunday and signed by Rafiu Ajakaye, the governor’s chief press secretary. Both Kwara State and the nation as a whole will suffer greatly from his passing.

The statement continued, “The Governor prays God to rest his soul and comfort his family and everyone who mourns him.”