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Foreign education forex allocation tumbles 83% — CBN

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Foreign education forex allocation tumbles 83% — CBN

Nigerians spent $38.17m on foreign education between January and March 2024, according to data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin.

The amount spent crashed by 83 per cent from $218.87m recorded in the same period of last year.

However, on a quarter-by-quarter basis, there was an increase of 54 per cent from $24.82m spent in Q4 2023.

The year-on-year decrease in FX spending for foreign education occurred amid a crash in international student enrolment at United Kingdom universities earlier this year.

A survey conducted by Universities UK across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programmes. This January saw a 44 per cent decrease in such students compared to the previous year, a reduction greater than anticipated.

This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.

Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year.

In February this year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, said that the amount spent on foreign education and medical tourism contributes to Nigeria’s foreign exchange challenges.

In a detailed presentation to the House of Representatives, Cardoso highlighted that an alarming $40 billion has been expended on foreign education and healthcare, a factor contributing to the devaluation of the Naira.

The CBN governor decried the amount of pressure in the foreign exchange market amidst forex scarcity, which adds to the depletion of naira value.

While there was a decrease year-on-year in foreign exchange spending for education services, there was a significant increase in health-related and social services.

The CBN data showed that there was an increase of 122 per cent from $1.04m in Q1 2023 to $2.31m in the same period this year. There was also an increase of 485 per cent from $0.39m recorded in the last quarter of 2023.

Also, in February this year, it was reported that the CBN planned to introduce stringent measures on the purchase of foreign currencies through Bureau De Change operators, with a specific focus on transactions related to overseas education and medical expenses.

As part of the apex bank’s revised regulatory guidelines for BDCs in Nigeria, there will be a cap on foreign currency purchases for school fees at $10,000 per customer annually. This process requires the transaction to be conducted through the BDC’s domiciliary account with a Nigerian bank, ensuring direct payment to the educational institution.

It also stipulates that such transactions must be accompanied by a set of documents: a duly filled out e-Form A, proof of admission or course registration, the educational institution’s bill or invoice, and, for postgraduate studies, a copy of the undergraduate degree certificate or an officially verified statement of results.

In addition to educational fee regulations, the CBN is implementing a limit of $5,000 per annum for foreign currency transactions concerning medical bills abroad.

Similar to the educational fee transactions, funds for medical bills will be transferred directly from the BDC’s domiciliary account to the medical facility, supported by comprehensive documentation.

This includes a completed e-Form A, a referral letter from a recognized specialist doctor or hospital in Nigeria, valid travel documents, and a letter from an overseas medical professional detailing the cost of treatment.

The proposed guidelines were eventually approved in May 2024 by the apex bank, which may further limit the amount of FX spending on foreign education and medical tourism.

FG warns IOCs against disregarding gas flare directives

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FG warns IOCs against disregarding gas flare directives

The Federal Government, on Wednesday, warned International Oil Companies operating in Nigeria to desist from disregarding gas flare directives of various regulatory agencies in Nigeria.

It stated that though a few IOCs often complied with these directives, most of the oil firms were not complying, stressing that this would not be tolerated.

The Minister of State for Environment, Dr Iziaq Salako, disclosed this in Abuja at the third edition of the National Extractive Dialogue 2024, organised by Spaces-4 -Change, a non-governmental organisation.

He said, “Following my directive to NOSDRA (National Oil Spill Detection and Response Agency) in March this year, while a few international oil companies and other operators are heeding the call of the government for gas flare transparency and accountability, most international oil companies are not responding.

“They expect to be called by NOSDRA, which reflects a disregard for Nigeria’s environmental sustainability agenda.”

He said this would not be tolerated, as Nigeria is committed to ending the gas flare, adding that the country has a view date and is working hard to achieve this target.

This, according to the minister, is why the government is imposing penalties on IOCs and other local operators in the oil sector to discourage gas flaring.

Salako told participants at the event that the Federal Government would not tolerate such disregard against gas flare directives, adding that operators have a responsibility to lead from the front and support the vision of Nigeria to end gas flaring.

“Let me, therefore, use this platform to issue a strong warning from the Federal Ministry of Environment, acting on its mandate to secure a quality environment conducive to good health and well-being of flora and fauna, we no longer tolerate such disregard to the legitimate call of NOSDRA.

“Operators in the Nigerian oil and gas sector have a responsibility to lead from the front, to support the vision of Nigeria to end gas flaring, not just in the interest of the country, but in the overall interest of our planet,” the minister declared.

The Executive Director, Spaces-4-Change, Victoria Ibezim-Ohaeri, called for stakeholder collaboration to achieve the net zero target of Nigeria by 2050.

“The stakes are high, gas flaring has far-reaching social, economic, and environmental impacts, particularly on our host communities that are here today. Gas flaring exacerbates global warming. It leads to economic losses, and this squanders our potential power generation capabilities.

“However, it is within our power to change that. By reducing gas flaring, we can significantly cut our carbon emissions, unlock economic value, and foster economic development that benefits all Nigerians.

“Through our collective efforts, we can propel Nigeria towards a sustainable future, ensuring our natural resources are managed responsibly for the benefit of present and future generations,” she stated.

On his part, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr Ogbonnaya Orji, said the agency’s latest report on the oil and gas industry revealed that 884 million standard cubic feet of gas flared in 2011 when compared to the 249 mscf flared in 2021.

He said the data collected between 2011 and 2021 shows a decline in flaring by 51.27 per cent of the volume of gas flared.

Orji noted that 9.8 per cent of the gas produced and utilised in 2021 was flared while 55 per cent was sold, indicating that gas flare had reduced by about 50 per cent between 2021 and 2020.

“Although this is a remarkable improvement, we must strive to meet our country’s target of 100 per cent gas flare elimination by 2025 which is just one year away and six years away from the global commitment of 2030,” the NEITI boss stated.

Ondo varsity SUG writes gov over insecurity

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Ondo varsity SUG writes gov over insecurity

The Students Union Government of the Adekunle Ajasin University, Akungba Akoko, Ondo State has written Governor Lucky Aiyedatiwa, calling for solutions to the insecurity around the campus of the institution.

The call by the SUG came days after a 300-level student of the institution, simply identified as Emmanuel, was reportedly shot dead by unidentified gunmen in one of the private students’ hostels around the campus.

The SUG decried the attack on students of the government-owned university, saying students were also attacked by armed robbers who stole their belongings.

In a letter sent to the state government, a copy of which was made available to our correspondent on Wednesday, the union stressed the urgent need for more security personnel in the university town.

The SUG said, “Recent events have turned the Akungba community into a dangerous terrain, a place where armed thieves have had their field day and resorted to butchering students with knives and broken bottles after robbing them. This level of violence is unprecedented and has created an atmosphere of fear and anxiety among students. Many of us can no longer sleep with our two eyes closed; we are left to constantly worry about our safety.

“It is imperative that immediate measures are taken to restore safety and security in our community. The current situation requires a robust and coordinated response from all relevant authorities. We are urging the Inspector-General of Police, Ondo State Government and Police Commissioner to take decisive but immediate action by deploying additional security personnel to the Akungba community and our university.

“The presence of more security officers will serve to checkmate criminals, provide a sense of safety and reassurance to students. We need the government’s support to ensure that our community is safe for all residents.”

The union also said the cooperation of the host community was essential to addressing the security concerns, calling for a security dialogue between the host community and the state.

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Okpebholo plans scholarship for slain cop’s children

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Okpebholo plans scholarship for slain cop’s children

The governorship candidate of the All Progressives Congress in Edo State, Senator Monday Okpebholo, on Wednesday, paid a condolence visit to the family of the late Inspector Akor Onuh, who was killed during an attack on his (Okpebholo’s) convoy in Edo State last week.

Okpebholo was riding in a convoy with the court-reinstated Edo State Deputy Governor, Philip Shaibu, when gunmen opened fire on the convoy at the Benin Airport last Thursday.

Inspector Akor, who was one of Okpebholo’s security details, was killed in the attack.

The APC candidate paid a condolence visit to the family of the deceased in Abuja on Wednesday, promising to sponsor the education of the slain Inspector’s children up to the university level.

This visit was made known in a statement by Okpepholo’s legislative aide, Godwill Inegbe.

The statement quoted the politician as saying: “One of your father’s dreams was for all of you to become graduates in order to have a better future.

“I will not let that dream die with him and I won’t allow his killers to also kill that dream. From this moment, I will be personally responsible for your education till university level.

“I want to seize this painful moment to assure you all that I will not rest until the killers of your father are brought to justice.”

Okpebholo also gave a welfare package to the widow of the slain Inspector and promised continuous support for the family.

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Tinubu promises more weapons, personnel recruitment for police

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Tinubu promises more weapons, personnel recruitment for police

President Bola Tinubu, on Wednesday, promised to empower the Nigeria Police Force with more weapons and recruitment of personnel to boost its capacity to fight crimes.

This was as the President demanded an end to inter-agency rivalry among law enforcement agencies in the country.

He expressed concern about the rising cases of cybercrimes in the country, noting that it takes synergy among security agencies to tackle the menace.

The President, represented by the  Minister of Communications, Innovation and Digital Economy, Bossun Tijani, spoke during the inauguration of the Nigeria  Police Force National Cybercrime Centre in Abuja on Wednesday.

He said, “The security situation in the country is a complex blend of threats posed by well-organised non-state actors. Addressing it requires a concerted approach by all stakeholders within the security architecture. I, therefore, call for the elimination of inter-agency rivalries and urge law enforcement agencies to embrace a coordinated, collaborative approach.”

Tinubu assured Nigerians that his administration would invest in the procurement of arms to ensure the police force was well-equipped.

He said, “In line with our policy objective of reforming the Nigerian Police Force, we are committed to investing further in the Nigeria Police Force through procurement of sufficient arms and other critical equipment, as well as recruitment and continuous training to boost the number, quality, and preparedness of our police personnel.”

Tinubu, who described cybercrimes as a new frontier of offences, stated that the country was witnessing a rise in threats posed by cybercriminals.

He, however, said his administration was committed to curtailing all forms of criminality in the country.

Tinubu said, “This administration remains resolute in the fight against all forms of criminality. As an emerging and rapidly evolving category of offence, cybercrimes are a new frontier in that battle. We are witnessing a rise in threats posed by cybercriminals, online financial fraudsters, and cyber-terrorists who use the Internet to coordinate and carry out their destabilising and nefarious activities.

“It is impossible to overstate the size of this challenge. The rapid emergence of technologies, the COVID-19 pandemic, and the advent of 5G technology have all contributed to widening the scope and diversity of cyber-based threats. Since 2020, Nigeria has witnessed an unprecedented surge in the use of social media to spread subversive messages and incite violence and arrest.”

Tinubu said the Federal Government had taken several policy decisions, including the review of the National Cybercrime Strategy, to mitigate the multifaceted threats posed by cybercrimes.

He added, “Our objective is to usher Nigeria into a bright future driven by a prosperous cyberspace and digital economy. Prioritising the security of our cyberspace, this administration is committed to enhancing the social security of Nigerians and tackling the economic and security challenges facing our country while also providing us with a platform to improve our credibility as a safe destination for foreign investment in the digital world.”

The President called for collaboration between the centre and the Office of the National Security Adviser to ensure a greater level of scrutiny of online activities

He said, “I hope that this centre will complement the ONSA in the protection of our critical national infrastructures by enabling a greater level of scrutiny of the online activities of those who seek to cause damage to our national interests. The security situation in the country is a complex blend of threats posed by well-organised non-state actors.”

Speaking, the Inspector General of Police, Kayode Egbetokun, said the centre had achieved a lot of results within the short period of its take-off.

He said, “It will interest Your Excellency to know that the centre has proactively engaged in high-profile interventions bordering on cybercrime-related infiltrations and attacks.

“Some of these attacks were carried out on government and non-governmental agencies. Many of the suspects in these cases were arrested and prosecuted, while trial is still ongoing in some of the fresh cases recorded.”

Egbetokun also said 70 per cent of stolen funds and assets had been recovered by the centre.

He said, “Seventy per cent of the stolen funds and assets have been recovered so far. As we embark on this new chapter in the history of the Nigerian Police Force, I want to emphasise that cyber security is a shared responsibility that requires the cooperation and collaboration of all stakeholders. Together, we can build a resilient and secure cyberspace that enables our nation to thrive, innovate, and prosper in the digital age.”

Imports dependence frustrating power sector development – Adelabu

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Imports dependence frustrating power sector development – Adelabu

The Minister of Power, Adebayo Adelabu, has stated that the country’s reliance on the importation of equipment needed for the power sector revamp had been a major setback.

Adelabu stated this when he recently visited Splendor Electric Nigeria Limited, a company producing electrical porcelain products in the Odogbolu area of Ogun State.

 Speaking during a tour of the factory, which uses clays to produce electric pole insulators, Adelabu stated that the Federal Government was ready to support local producers as that would help reduce importation.

He described the infrastructure deficit as one of the hurdles facing the power sector.

 The minister expressed concerns that it had been difficult to achieve speedy enhancement of infrastructure and prompt maintenance because the items needed were not produced locally.

 According to Adelabu, there is always difficulty sourcing foreign exchange to order the products, adding that there is always a long period between when the items are ordered and the time of arrival.

“One of the major hurdles in the power sector is infrastructure deficit, the infrastructure gap across the segments of the power sector, especially transmission and distribution infrastructure, which the ministry is trying to enhance and upgrade to ensure the revamping or resuscitation to ensure stability electricity supply in the country.

 “It has been quite frustrating to achieve speedy or accelerated enhancement of infrastructure and ensure proper and prompt maintenance because all the items in this infrastructure are imported. They are not manufactured here. Apart from the difficulties in sourcing foreign exchange for this importation, there is also a delay in terms of the cycle of importation between the time of order and the time of arrival. This has been frustrating effective maintenance of infrastructure. In the power sector,” he stated.

Adelabu reiterated the commitment of the Federal Government to supporting local manufacturers to grow the economy.

He promised to support Splendor Electric in ensuring its products are patronised by contractors and agencies like the Transmission Company of Nigeria.

While asking the company to approach the ministry for any assistance, he charged them to always supply products that could compete favourably with imported ones in terms of quality.

Earlier in his welcome address, the Managing Director of Splendor Electric, Mr Weitei Guo, claimed that the company was the sole manufacturer of electrical porcelain insulators in Africa, saying it commenced operations in Nigeria last year.

“As a technology leader and manufacturer of electrical porcelain insulators for overhead distribution and transmission lines, our company occupies 230,000 square metres and we have full sets of technical facilities for types of porcelain insulators. The total investment of our company will reach $50m. Now we just finished our first phase of investment and we are planning the second phase of investment,” Guo explained.

He declared that the company was a dedicated specialist focused on high and low-voltage porcelain insulators and metal fittings, such as cross arms, hoops, and wire clamps.

 “Our main products include suspension/disc insulators, anti-pollution type insulators, pins, spools, line posts, strain, shackle and more than 100 types of insulators. All the products are produced in strict accordance with international quality standards,” he disclosed.

He said the company in Nigeria could provide high-quality, reliable electrical porcelain products to global markets.

“We are trying to export to nearby African countries, European countries, the Middle Eastern countries and countries of the Americas in the future,” he declared.

Guo promised that the firm would provide comprehensive support and services to Nigeria’s power industry, hoping to promote the discussion and exchange of mutual learning between China and Nigeria in the power industry.

“We will devote ourselves to the development of Nigeria’s power industry and make greater efforts,” he promised, believing that through strategic partnerships, the company can contribute to the economic and industrial development of Nigeria.

According to a recent World Bank report, the country has the world’s largest absolute electricity access deficit, with 45 per cent of the population (90 million people) lacking access to the electricity grid.

It stated that significant disparities in electricity access existed between urban areas, where 84 per cent of the population had access, and rural areas, where only 26 per cent did.

Meta deletes 63,000 accounts linked to cybercriminals

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Meta deletes 63,000 accounts linked to cybercriminals

Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts associated with the notorious “Yahoo Boys” scam group, the company announced in its Q1 2024 Adversarial Threat Report on Wednesday.

The accounts, deleted over the past few weeks, were used for financial sextortion scams and distributing blackmail scripts.

Meta reported that a smaller network of 2,500 accounts, linked to around 20 individuals, primarily targeted adult men in the United States using fake identities.

Meta said it identified and disabled those accounts through a combination of advanced technical signals and comprehensive investigations, enhancing its automated detection systems.

“Financial sextortion is a borderless crime, fueled in recent years by the increased activity of Yahoo Boys, loosely organized cybercriminals operating largely out of Nigeria that specialize in different types of scams.

“We have removed around 63,000 accounts in Nigeria attempting to target people with financial sextortion scams, including a coordinated network of around 2,500 accounts.”

“We have also removed a set of Facebook accounts, pages, and groups run by Yahoo Boys—banned under our dangerous organisations and individuals policy—that were attempting to organize, recruit, and train new scammers,” the company explained.

During the investigation, Meta said it found that most scammers’ attempts were unsuccessful, though some had targeted minors, noting that those cases were reported to the National Centre for Missing and Exploited Children.

Meta revealed that it also shared information with other tech companies via the Tech Coalition’s Lantern program to help curb these scams across platforms.

Further, the parent company of Facebook said it removed around 7,200 assets in Nigeria, including 1,300 Facebook accounts, 200 pages, and 5,700 groups that were providing scam-related resources.

These assets were found offering scripts and guides for scams and sharing links to collections of photos for creating fake accounts, it expounded.

Since this disruption, Meta’s systems have been actively blocking attempts by these groups to return, continually improving their detection capabilities.

The company noted that it had also been working closely with law enforcement, supporting investigations and prosecutions by responding to legal requests and alerting authorities to imminent threats.

The social media giant stated that its efforts extended beyond account removal.

“We also fund and support NCMEC and the International Justice Mission to run Project Boost, a program that trains law enforcement agencies around the world in processing and acting on NCMEC reports.

“We’ve conducted several training sessions so far, including in Nigeria and Cote d’Ivoire, with our most recent session taking place just last month,” the firm revealed.

To protect users, especially teens, Meta disclosed that it has implemented stricter messaging settings for users under 16 (under 18 in certain countries) and displays safety notices to encourage cautious behaviour online.

Last week, Meta was fined $220m by Nigeria’s Federal Competition and Consumer Protection Commission for multiple violations of data protection laws linked to WhatsApp.

The investigation, initiated in May 2021, found that Meta’s privacy policies infringed on users’ rights, including unauthorized data sharing and discriminatory practices.

Meta planned to appeal the decision, arguing that it disagreed with the findings and the imposed penalty.

Nigeria has only 3.7% forest cover – Minister

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Nigeria has only 3.7% forest cover – Minister

The Minister of Environment, Balarabe Lawal, has stated Nigeria has the lowest forest cover globally, having only 3.7 per cent.

He said this when he appeared as a guest on an episode of Unfiltered: The Big Interview on YouTube, monitored by our correspondent.

He said, “Environment is very important for all of us; it is the gateway to good health and should be given more emphasis.

“There are so many issues we need to address, but the one I have been on is getting our forest in shape.

“We have three problems. Number one is that Nigeria is now one of the least countries with forest cover. The minimum required for a nation is 25 per cent, but Nigeria has gone down to less than 10 per cent. In fact, the present per cent is 3.7 per cent of forest cover.

“Hence, we are almost in a crisis, that is why I had to approach Mr President in this regard, and he asked me to come up with some proposals to address this issue.”

Lawal noted that forests had become habitation grounds for bandits and criminals.

He said, “We found out that most of the attacks, kidnappings, and others are actually from the forest and the President is very keen on this.

“Our judges are also being trained on how to prosecute forest crimes. We might extend it to environmental crimes generally because we found out that most of our justices do not give the area the attention it deserves.

“For instance, killing elephants should be a heinous crime because they are very rare. So, the forest is very important, and we are taking lots of measures to address forest issues.”

Speaking on the Lake Chad region, the Minister asserted that the treaty on Lake Chad aggravated the problem.

He said, “We are trying to go back to the previous ecosystem of Lake Chad. The President is very keen on this.

“Forests and Lake Chad are one of the matching orders the President gave us. We are working on it and getting some funding for Lake Chad, but it is not enough, however, whatever we get, we will start with it.”

According to the World Bank, Lake Chad’s shrinkage occurs against a backdrop of escalating water demand, increasing scarcity, growing uncertainty, and greater weather extremes.

“Both climate change and global population growth are adding to strains on water use and supply.

“Estimates show that with current practices, the world will face a 40 per cent shortfall between forecast demand and available supply of water by 2030, which means that understanding the dynamics of water availability is more important than ever,” the global lender stated.

Ibadan DisCo boosts power supply capacity in Ogun

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Ibadan DisCo boosts power supply capacity in Ogun

The Ibadan Electricity Distribution Company has disclosed that it had completed the enhancement of its electricity infrastructure serving the Sango-Ota axis of Ogun State.

The upgrade, the DisCo said, was aimed to substantially improve the power supply reliability for customers in the region, reducing complaints of blackouts.

In a statement on Wednesday, the IBEDC Managing Director, Francis Agoha, disclosed that there was a successful migration of the Sango 33KV feeder to a more robust T3 100MVA, 132KV/33KV transformer at the Ota Transmission Station.

“Additionally, IBEDC has introduced a new dedicated Roto Crown 33KV feeder. These enhancements are designed to cater to the increasing electricity demands and ensure superior service quality for over 10,241 IBEDC customers,” Agoha said.

He noted that the upgraded transformers at the Ota Transmission Station supported three essential feeders: Rotocrown 33KV, Tower Alloy 33KV, and Sango 33KV.

He added that the upgrades would enable IBEDC to meet the rising energy needs in the region and provide a stable electricity supply to numerous communities.

“Notably, the enhanced Sango 33KV feeder will benefit residents of Alishiba, Ilogbo, Bayo Block, Animashaun, and Ewupe.

“These improvements are expected to significantly enhance the quality of life for residents and businesses in these areas by ensuring a more consistent and reliable electricity supply,” he submitted.

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Osimhen open to Saudi move – Report

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Osimhen open to Saudi move – Report

Italian publication Tutto Napoli on Wednesday reported that Nigeria international Victor Osimhen was getting fed up with the prolonged negotiation between Napoli and suitors Paris Saint-Germain, with the striker now open to a move to Saudi Arabia, According Sports Extra reports.

The report further stated that Al-Ahli and Al-Hilal are set to make another move for the Nigerian, who is eager to have his future sorted out before the start of the season.

Osimhen has emerged as one of the most sought-after strikers in Europe, having been linked with moves to Chelsea, Arsenal, Paris Saint-Germain, Manchester United, and Liverpool, among others.

However, his hefty €130m release clause has scared off many suitors, with PSG the only European club still keen on signing him.

Talks between Napoli and PSG have taken another turn, with reports emerging that the Ligue 1 side will have to sell either Gancalo Ramos or Randal Kolo-Muani before proceeding with the signing of the Nigerian striker.

While Osimhen is ready to leave Napoli this summer, the Super Eagles striker’s priority is to remain in Europe and fight for the biggest trophies on the continent.

Osimhen had rejected numerous offers from clubs in Saudi Arabia in the past. Tutto Napoli wrote that the 25-year-old had instructed his entourage to listen to offers from the Middle East.

“Yesterday’s slowdown in the negotiations between Victor Osimhen and PSG is sensational: the Napoli striker, tired of waiting for the French to find him a place in the team by selling Kolo Muani or Gonçalo Ramos, winks at Saudi Arabia,” the Italian publication wrote.

“The Nigerian is covered by a €130m release clause that is considered excessive even by the sheikhs of Paris. So the French have tried without success to include their surplus strikers in the talks to unblock the operation.

“Osimhen is fed up, a prisoner of his golden contract. De Laurentiis will probably grant discounts on the clause but not sales. Therefore, the player’s entourage, in order to hurry the French and unblock an embarrassing situation, has made it known that the centre-forward would be available to listen to Al Hilal’s proposal.”

Osimhen joined Napoli from Lille in the 2020 summer for a club record fee of €70m plus another €10m in bonuses.

The 25-year-old has been in top form for the Parthenopeans for the past two seasons, guiding them to their first Scudetto title in over three decades in the 2022/23 season, scoring 26 league goals, which earned him the top scorer award.

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