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 Business / World Bank Approves $1.57 Billion Funding For Nigeria by Veegil: 12:57pm On Sep 30 |
The World Bank disclosed that it has approved a total of $1.57 billion to support three projects and this new funding will strengthen human capital in Nigeria through better health for women, children and adolescents and increasing resilience to climate change such as floods and droughts by improving dam safety and irrigation systems. This financing package, consisting of a $1.5 billion loan and a $70 million grant, is part of a larger initiative aimed at enhancing critical sectors like education, healthcare, and water management, as well as addressing poverty and increasing productivity. The new financing is divided across three projects: The first is HOPE-GOV which will receive $500 million for addressing governance issues that constrain the delivery of education and health. The goal is to improve transparency and accountability while ensuring that essential services, such as basic education and primary healthcare, are accessible to the most vulnerable populations. Another $570 million is allocated for the Primary Healthcare Provision Strengthening Program (HOPE-PHC),This program centers on reducing maternal and under-five mortality rates in Nigeria’s health infrastructure and The Sustainable Power and Irrigation for Nigeria Project (SPIN) will receive $500 million which aims to protect Nigeria from climate-induced challenges such as floods and drought and also support improving the safety of dams and the management of water resources for hydropower and irrigation in selected areas of Nigeria. The SPIN Program will further enhance irrigation and drainage services across 40,000 hectares benefiting up to 950,000 people including households, farmers, and livestock breeders. This initiative aims to provide more reliable climate-resilient, and efficient irrigation, water supply ultimately increasing agricultural productivity through improved irrigation water management. Additionally, the SPIN project will enable the government to create a master plan for hydropower and establish a structured public-private partnership for a hydropower initiative. Dr. Ndiamé Diop, the World Bank Country Director for Nigeria stated that Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable. This new financing for human capital and primary health care will help to address the complex difficulties faced by Nigerians especially women and girls around access and quality of services, but also the governance arrangements that also explain these difficulties”. He further added that “The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation. The direct positive impact of this project on people and livelihoods is enormous, The World Bank is pleased to work with the government and other stakeholders to deliver this program”. The World Bank stated that the HOPE-GOV Program will help Nigeria in addressing financial and human resource management in the basic education and primary healthcare sectors. Additionally, the World Bank noted that the HOPE-PHC project will enhance the quality and use of essential reproductive, maternal, newborn, child, and adolescent health and nutrition services.
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| Politics / Electricity Tariff Hike Looms, Reaching N181.63 Billion by Veegil: 2:36pm On Sep 23 |
Electricity consumers on Band A feeders may encounter a potential tariff increase due to a significant rise in power subsidies, which reached N181.63 billion in September 2024. The Nigerian Electricity Regulatory Commission (NERC) noted that the government’s subsidy burden grew from N102.30 billion in May, raising concerns about another tariff hike if power generation costs do not stabilize. Government records show that electricity subsidy has grown significantly over the past few months as the subsidy stood at N140.7 billion in April but surged up to N181.63 billion in September and this can be attributed to foreign exchange fluctuation and rising inflation rates To maintain liquidity in the sector, the government ceased subsidies for Band A customers, who receive a minimum of 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour. This decision has led to significant backlash from various groups, including labour unions and educational and health institutions, as many have seen their electricity bills triple following the subsidy removal. In May, the government reduced the Band A tariff to N206.80/kWh when the subsidy dropped to N102.30 billion. However, in early July, the tariff was increased to N209/kWh as the subsidy rose again to N158 billion in June. As indicated by the NERC, the subsidy increased to N163.87 billion in July, N173.88 billion in August, and N181.63 billion in September. This trend has raised concerns about a potential tariff increase in the upcoming October Multi-Year Tariff Order, unless power generation costs decrease. The ongoing foreign exchange crisis has been identified as a key factor driving the electricity subsidy. The Minister of Power, Adebayo Adelabu, expressed concern over the rejection of power by electricity distribution companies. He noted that power generation recently exceeded 5,000 megawatts, but 1,400 MW had to be reduced because the distribution companies (Discos) could not accept the supply. Adelabu emphasized the importance of the Discos accepting more energy to avoid grid collapse, especially as the government aims to increase generation to 6,000 MW by year-end.
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| Politics / Why DSS Won’t Permit Ajaero To Visit London – Ex-director by Veegil: 10:05am On Sep 12 |
Former Assistant Director of the Department of State Services (DSS), Dennis Amachree, says labour leader Joe Ajaero is under investigation for supposed terrorism financing and related offences and shouldn’t leave Nigeria. “There is an ongoing investigation, he (Ajaero) cannot leave the country,” Amachree said on a television show on Tuesday. “Let him remain in the country whilst investigations are going on.” “For terrorism financing which he (Ajaero) has been accused of, and which is under investigation, he cannot leave the country. Even if he is leaving the country, where is he going? “Remember, the main man (Andrew Wynne) that was suspected of financing terrorism is his tenant and I don’t think Ajaero is going to go to London without talking to that person because he is in London running his mouth,” Amachree said. The ex-DSS chief said the person of Ajaero is not the same as the office of the president of the Nigeria Labour Congress (NLC) which he currently occupies. He said Ajaero is being investigated on a personal note and not as the NLC chief. Amachree said Ajaero must have been on the watch list of security agencies for him to be stopped and apprehended at the Nnamdi Azikiwe International Airport in Abuja on Monday morning. The former DSS chief asserted that the labour leader might have fled Nigeria like wanted Binance executive Nadeem Anjarwalla if permitted to travel to the United Kingdom (UK) on Monday. “Joe Ajaero has a terrorism case to answer, and he is not above the law,” he said, adding that the intelligence agencies in Nigeria ought to be doing everything to repatriate Wynne from Britain to Nigeria. The secret police apprehended Ajaero on Monday morning and released him around midnight. The labour leader was en route to the United Kingdom (UK) on Monday for a Trade Union Congress (TUC) event when he was apprehended at Abuja airport. The labour leader said however he was confined by the DSS, some police officers likewise came around to grill him at the DSS office in Abuja over the #EndBadGovernance nationwide dissent which took place in August. Ajaero said he was quizzed over supposed terrorism funding involving Wynne, who has been proclaimed wanted by the police. Both Ajaero and Wynne denied claims levelled against them by security agencies. 1 Like
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| Politics / CDS Vows To Apprehend Killers Of 17 Officers by Veegil: 9:50am On Sep 12 |
The Defence Headquarters has promised to apprehend the killers of the 17 officers and soldiers, who were on a legitimate duty to guarantee peace and security in the Delta State community, regardless of how long it takes.https://www.channelstv.com/2024/09/11/okuama-cds-vows-to-arrest-killers-of-17-officers-soldiers/ 4 Likes
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| Politics / NEC Gives States Deadline To Make Submissions On State Police by Veegil: 4:25pm On Sep 05 |
The National Economic Council (NEC) has given all states until September 9, 2024, to make their stand known on the establishment of State Police. https://www.channelstv.com/2024/09/04/state-police-nec-gives-states-deadline-to-make-submissions/ 5 Likes
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| Business / BUA Blames High Cement Prices On Middlemen by Veegil: 11:59am On Sep 02 |
The Chairman of BUA Cement, Abdul Samad Rabiu, has disclosed that the high cost of cement is due to the exploitation of consumers by middlemen within the supply chain. At the 8th Annual General Meeting of the company recently in Abuja, Rabiu noted that while BUA Cement sold over a million tonnes of cement to dealers at N3,500 per bag, intending that the benefits would be passed on to end-users, the dealers sold the cement to consumers at prices as high as N7,000 to N8,000 per bag. The government in a bid to ensure housing affordability in Nigeria and address the country’s housing deficit has implemented several measures, including stakeholder engagement which seem to be out of reach for the average citizen, with the high unit cost of houses often blamed on the rising cost of inputs. Rabiu went on to explain that BUA Cement had to discontinue its low-price policy as it was not intended to subsidise dealers but noted the company could not control the prices in the open market, where dealers were making substantial profits from the high margins. He further added that the devaluation of the naira last year and the removal of the fuel subsidy also contributed to the unsustainability of the policy.
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| Politics / CDS Musa Inks Mou On Security Cooperation by Veegil: 12:03pm On Aug 29 |
Chief of Defence Staff (CDS), General Christopher Gwabin Musa, on Wednesday, met with General Moussa Salaou Barmou, Chief of Staff of the Nigerien Armed Forces, in Niamey, Republic of Niger to fashion a shared objective towards deepening the congenial bilateral relationship between Nigeria and Niger and exploring opportunities to advance security cooperation. Defence spokesman Brigadier General Tukar Gusau, in an explanation, said during the meeting, both players recognized the significance of sustained dialogue and joint effort in addressing similar security difficulties and solidifying the strategic partnership between Nigeria and Niger. “They emphasised the need for maintaining and expanding existing cooperations, including joint military operations, intelligence sharing, and tactical coordination. “The Defence Chiefs acknowledged the significant impact of the proliferation of small arms and light weapons on security. They also recognized that the widespread accessibility of these weapons contributes to heightened instability and conflict in the region. “They further agreed to intensify their efforts in curbing the illicit flow of small arms and light weapons, while pledging to collaborate on initiatives aimed at enhancing border security and supporting regional and international efforts to control and reduce the spread of these weapons. “Consequently, both parties reaffirmed their commitment to resuming and strengthening collaboration, with a view to ensuring regional stability and security, reaffirmed that Nigeria is universally known for adherence to its principle of good neighbourliness and would not be used to destabilise Niger or any of Nigeria’s contiguous countries, Niger affirmed its readiness to resume active participation in security cooperation under the Multinational Joint Task Force (MNJT). “The Chief of Staff of the Nigerien Armed Forces has also accepted the invitation from the CDS to visit Nigeria, where they will finalize the modalities of the cooperation agreed upon, while agreeing on the creation of a Nigerien advisory group to interface with its Nigerian counterpart, with the view to addressing the various issues of mutual concern as well as sustain lines of communications between both countries. It was also agreed that the Advisory Groups should have a joint mandate of developing measures towards strengthening bilateral relationships.”
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| Politics / Tinubu To Present Whistleblowing Policy To NASS by Veegil: 11:44am On Aug 29 |
President Bola Tinubu will before long present the whistleblowing policy to the National Assembly (NASS) for legislative action. https://guardian.ng/politics/tinubu-to-present-whistleblowing-policy-to-nass-soon-edun/ 11 Likes 2 Shares
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| Business / Flutterwave Extends Reach In Africa To Uganda by Veegil: 11:36am On Aug 29 |
Flutterwave, a payment service provider has announced that it has secured a licence to operate in Uganda, deepening its ability to support payment on the continent. With a population of over 47 million, Uganda has seen its digital economy grow rapidly owing to accelerated smartphone adoption and increased internet penetration. According to data from Data Reportal, internet penetration in Uganda has steadily risen, recording a 10.3 percent growth rate in the last year, with over 27 percent of the population connected to the internet. Flutterwave in announcing said, “We believe African businesses should have the resources and solutions to seamlessly serve their customers wherever they are in the world. Today, we have taken another giant step towards achieving our vision. We are excited to announce that we have secured the Payment Systems Operator (PSO) Licence from the Bank of Uganda.” The payment firm added that the licence would also enable it to facilitate international transfers from the diaspora into Uganda in partnership with other operators and added that businesses can now leverage its secure and seamless payment framework and operational efficiency in Uganda. Olugbenga Agboola who is the Founder of Flutterwave, noted, “Securing this license in Uganda is a significant step towards realising our vision of a financially connected Africa. “With our invoicing, API, and payment solutions, businesses can now enjoy Flutterwave’s secure and seamless payment framework as well as operational efficiency in Uganda,”
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| Business / FG, CBN, Afdb Begin Distribution Of Fertilisers To Farmers by Veegil: 2:53pm On Aug 26 |
The minister Wale Edun has announced a coordinated dry season farming initiative, with the Ministry of Finance, Central Bank of Nigeria (CBN), Federal Ministry of Agriculture and Food Security and the African Development Bank collaborating to ensure the timely delivery of fertilisers and other critical inputs to farmers. The minister of finance and coordinating minister of the economy reiterated the government’s dedication to addressing key issues confronting the Nigerian economy, including agricultural productivity. At the first meeting of the Accelerated Stabilisation and Advancement Plan (ASAP) implementation committee, the Minister said that this marks a significant milestone in Nigeria’s renewed commitment to addressing critical economic challenges and fostering sustainable development across key sectors. The ASAP initiative is a key component of President Tinubu’s ambitious reform agenda, targeting eight priority sectors, including Agriculture, Energy, and Health. In his opening remarks, the minister highlighted the collaborative nature of the project, informing the committee that they would work closely with technical experts from various government agencies to establish clear milestones and ensure the effective execution of the Plan. The meeting brought together key government officials, including; the minister of agriculture & food security; the minister of budget and economic planning; the coordinating minister of health and social welfare; the minister of power, minister of state for petroleum resources (Gas) and the director-general of the Budget Office of the Federation, Tanimu Yakubu Kurfi among others.
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| Business / NNPC Lacks Funds To Rebuild Old Pipelines – FG by Veegil: 2:32pm On Aug 26 |
According to the Minister of State for Petroleum Resources, (Oil) Heineken Lokpobiri, the Nigerian National Petroleum Company Limited does not have sufficient funds to rebuild old pipelines. Lokpobiri, while speaking about the divestment of international oil companies and the need to ramp up production at the just concluded Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja, emphasised that Nigeria also needs to repair its pipelines, which he said are old, corroded, and expired. He raised a valid concern when he said if the country can produce more than 1.7 million barrels of crude oil, the problem is how to evacuate it to the terminal. In his words “Part of our problem is that pipelines that were traditionally transporting our crude were built in the 1960s and the 1970s and the lifespan is since over. We have identified that even when we can produce, evacuation is a big problem. “The reason why pipeline vandalism is very easy to do is because the pipelines have all expired they completely corroded and so, anybody can just go and tap it and the thing is busted; but there are better technologies which are more expensive, there are better pipelines that other people are using in other countries, but they are not cheap, We also need to change our model. “Now, the NNPC that is our joint venture partner, do they have the money to be able to replace these pipelines? I think NNPC will speak for themselves whether they have the money to be able to do that, and I don’t think they have,” However, he called for the public-private partnerships to fix the old pipelines while also acknowledging for the private sector to come into any country to invest, they must have confidence in such a country, stressing that this was lacking in the past 12 years when there was no foreign investment in the nation’s oil company.
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| Business / Agip Oil Acquired By Oando For $783m by Veegil: 11:37am On Aug 23 |
In a deal valued at $783m, Oando Plc has acquired a 100 per cent stake in the Nigerian Agip Oil Company from Italian energy firm, Eni. On Thursday, in a corporate notice filed on the Nigeria Exchange Limited Oando noted the acquisition aligned with its strategy to bolster its upstream operations in the country’s oil and gas industry. The firm reports that the transaction significantly increases its participating interest in key oil mining leases 60, 61, 62, and 63 from 20 per cent to 40 per cent, effectively doubling its stake in the NEPL/NAOC/OOL Joint Venture. The newly acquired assets include 40 oil and gas fields, with 24 currently producing, as well as 1,490 kilometres of pipelines; 12 production stations; three gas processing plants; the Brass River Oil Terminal; and the Kwale-Okpai power plants, with a combined capacity of 960 MW. Oando stated that, as a result of the acquisition, its total reserves had surged by 98 per cent, from 505.6 million barrels of oil equivalent to one billion barrels of oil equivalent, based on 2022 estimates. It added that the deal was expected to be immediately cash-generative, providing a substantial boost to its revenue and cash flow. It further stated that “Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bn Boe,”
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| Business / FG To Make Fresh $100bn Investments by Veegil: 4:43pm On Aug 22 |
The Minister of Budget and Economic Planning, Atiku Bagudu has revealed that the Federal Government is planning to invest $100bn annually to tackle the economic challenges in Nigeria. This announcement followed after the Chief of Staff to the President, Femi Gbajabiamila, said the country was battling various socio-economic challenges that threatened the existence of a national union. Bagudu pointed to the recent nationwide protest against the bad governance in Nigeria as a push for government officials to listen more and do better. According to him, although the current economic situation is due to cumulative years of under-investment, the current administration is ready to rewrite the wrongs to improve the country in the next 25 years. The two government officials spoke at the National Economic Dialogue 2024 organised by the Nigerian Economic Summit Group on Wednesday in Abuja. In his address at an event themed “Nigeria’s Economic Future: 25 Years of Democracy and Beyond” and in the presence of leaders, policymakers, experts and stakeholders, Bagudu revealed that the Federal Government was targeting $100bn annual investments to boost the Nigerian economy. “We want a nation that includes all. We want a higher per capita by the year 2050. We want to ensure that we invest not less than $100bn annually. But if our experience in the last 25 years should serve us as a guide, we sometimes know how difficult it is because you have to make choices that are both pleasant and unpleasant to be able to mobilise capital, private and borrowed capital, to support our aspiration. We need more public resources to fund our priorities. “So, even in a constitutional democracy, where all tiers are separate, our constitution and our planning process require a minimum of cooperation between the levels of government and the private sector. “We have lived with oil subsidies, for example, for decades. And it has harmed us, even when oil prices once went up to $147 in our national life. The net effect on the federation’s revenue, or the availability of investment money to support, was almost nil because the higher the oil prices, the more the then President Jonathan’s government was spending to support subsidies. “So, we have been living a lie. So, as unpleasant as it is, President Bola Tinubu said let’s begin to tell ourselves the truth that we are not as rich as we think we are. It’s not a shame. Countries that have done that thinking and established that truth much earlier than us have made choices that have taken them where they want to be.”
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| Business / Fidelity Bank N555.8m For Customer Data Compromise By FG by Veegil: 3:35pm On Aug 21 |
Fidelity Bank has been slammed with N555.8 million for violating customer data protection laws by the Federal Government through the National Data Protection Commission. The National Commissioner, Vincent Olatunji made the announcement at commissions at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive in Abuja on Wednesday. According to Olatunji, Fidelity Bank breached the National Data Protection Act (NDP Act) 2023 and the Nigeria Data Protection Regulation (NDPR) 2019, leading to the imposition of the fine. The penalty, which represents 0.1 per cent of the bank’s annual gross revenue in 2023, is the highest fine ever issued by the commission. Vincent said, “Data protection compliance is important, and we have stated that non-compliance will be punished. We have penalties that range from N10m or up to two per cent of gross earnings for the previous year. “But our approach has been creating awareness and letting people know what we are supposed to be doing and most of the breaches we try to look at the level of breach, impact, and the number of data subjects affected and the level of cooperation by the organisation involved on the remuneration fee. “Since we started, the major penalty we issued was yesterday (Tuesday) on fidelity bank. For the violation of the NDP Act, 2023, and the NDPR, 2019, we issued a fine of N555.8m and they have to pay. We have observed serious breaches, and we have been working with them, investigating the issue since April 2023. But by the time we finalized our findings, they became arrogant, and we decided to issue a full penalty on them which is about 0.1 per cent of their earnings for 2023. He added “This is to be paid within 14 days upon the receipt of this Notice,”
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| Business / FG Pushes N150 Billion Loan Disbursement To September by Veegil: 11:51am On Aug 19 |
The Federal Government of Nigeria has postponed the start of the N150 billion loan disbursement for manufacturers and micro, small, and medium enterprises to September. The Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite confirmed this during a meeting with beneficiaries of the presidential grant and prospective beneficiaries of the MSME Presidential Loan in at the invitation of the Cross River State Governor, Bassey Otu who offered a platform for direct interaction between the Federal Government and recipients of President Bola Tinubu’s economic empowerment initiatives. In her address, the minister disclosed that 660,320 nano beneficiaries, representing over 60 per cent of the targeted one million had received disbursements across Nigeria’s 774 local governments. She also announced that loan disbursements for manufacturers and MSMEs would commence next month (September) while highlighted that over 700,000 applications were received for this disbursement. She said, “The Presidential Loans and Grant Scheme is not just about providing financial support; it is about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people.
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| Business / Nigeria, Equatorial Guinea Sign Gas Pipeline Agreement by Veegil: 12:02pm On Aug 16 |
President Bola Tinubu and the President of Equatorial Guinea, Teodoro Mbasogo has signed an agreement on the Gulf of Guinea Pipeline Project which reaffirms the partnership for mutual development. The statement is titled ‘President Tinubu and President Mbasogo sign agreement on the gas pipeline for the Gulf of Guinea.’ Ajuri Ngelale said the agreement covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles. In his remarks at the event, Tinubu during his three days official visit to Equatorial Guinea, said the signing of the agreement will open up new opportunities for gas exploration and employment He said the two leaders discussed issues on the creation of employment, food security, multilateral relations, and conflict resolution mechanisms on the continent during a private meeting that preceded the signing of the agreement. “Concerning Africa, conflicts and conflict resolution were discussed. We discussed various areas of conflict and what we can do to promote peace. We talked about the promotion of peace and stability in our countries and growth and prosperity on our continent. “In the same way that Europe and America have kept themselves and found a solution for their conflicts, we have to look at both inadequate capital, industrialization efforts, research and development programmes, and enlighten our people, navigate our way through problems.
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| Business / SEC Grants Access Bank Rights Issue Extension Request by Veegil: 3:20pm On Aug 14 |
The Securities and Exchange Commission has approved the extension of the rights issue of Access Holdings Plc to the 23rd of August, 2024. A statement from Access Bank indicated that its N351bn rights issue, earlier scheduled for Wednesday, has been extended due to the effects of the hunger protests across the country. On the 9th of July, 2024, Access Holdings told shareholders and regulators that it seeks to “become the world’s first truly African global brand in the financial sector” following its aggressive growth in two decades from a mid-sized lender to the biggest banks on the continent through strategic acquisitions operating in 18 countries. This extension is estimated to “provide shareholders with ample opportunity to subscribe to their rights.” Access Holdings is offering 17.7 billion new ordinary shares at ₦19.75 each with the bank targeting to use the funding to pursue its global ambitions. “During the extended period of the Issue, dealings by the Company’s insiders on the Company’s shares will continue to be strictly limited to participation in the Rights Issue as earlier approved by the Exchange in respect of the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the Period Ended June 30, 2024, until 24 hours after the publication of the Interim Financial Statements,” it added.
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| Business / CBN Reintroduces The Publication Of Key Economic Reports After 8 Years by Veegil: 3:02pm On Aug 14 |
The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports which is an attempt to emphasize its commitment to fostering transparency and accountability in the Nigerian economy, a practice that was abandoned in 2016. A statement signed by its Ag. Director, Corporate Communications, Hakama Ali on Tuesday, said the reports, including the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators, will provide stakeholders with timely and accurate insights into the country’s economic performance. It said, “The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential economic indicators. “The PMI, which assesses the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding Nigeria’s economic climate. “These reports offer valuable insights into the perceptions and outlooks within the business and household sectors, respectively. “This initiative is part of the Bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth. The reports will be periodically released on the Bank’s website (www.cbn.gov.ng), ensuring that they are easily accessible to all.’ Finally, “The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria’s economic dynamics, thereby fostering a more inclusive economic discourse.”
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| Business / FG Commences Savings Bonds Sale At N1000 Per Unit by Veegil: 3:46pm On Aug 12 |
The Debt Management Office has made public two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit. On Monday in Abuja, the first offer is a two-year FGN savings bond due on 21 August 2026, at interest rate of 17.373 per cent per annum. The second offer is a three-year FGN savings bond due on 21 August 2027, at interest rate of 18.373 per cent per annum. Today 12th of August 2024 marks the Opening date for the offer and the closing date is 16 August, the settlement date is 21 August, while coupon settlement dates are 21 November, 21 February, 21 May and 21 August. The DMO said “They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million and the interest is payable quarterly while bullet repayment (principal sum) is on maturity date.” It assured that FGN savings bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria saying that ‘They qualify as securities in which trustees can invest under the Trustee Investment Act and they qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.
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| Foreign Affairs / Sierra Leone Court Convicts Soldiers Over Failed Coup by Veegil: 3:02pm On Aug 12 |
A military court in Sierra Leone has condemned 24 soldiers to lengthy jail terms for their roles in a failed to oust the government of President Julius Maada Bio last November. The sentences were read out in court with the judge handing out jail terms ranging from 50 and 120 years on those convicted. They were among 27 men court-martialed for taking part in the attempted upset on November 26 that saw gunmen attack military barracks, two prisons and other locations, liberating about 2,200 detainees and killing more than 20 people. The conviction follows the incarceration in July of 11 civilians, and police and prison officers for their role in the insurrection. A seven-member military jury found most of the court-martialed soldiers guilty by unanimous verdict after hours of deliberations. The men faced a total of 88 charges including mutiny, murder, aiding the enemy and stealing public or service property. All but one of those arraigned were rank and file soldiers. A lieutenant colonel was found guilty and received the longest prison term of 120 years. Prior to handing out the convictions, Judge Advocate Mark Ngegba himself a former military officer said “when we reach this conclusion for sentences it is to send a message of zero tolerance for such an act in the military”. Of the rest of the three, one was found not guilty, another was convicted earlier due to pleading guilty, and the third’s trial will conclude in the not-too-distant future. Family members of the convicts wailed in court as the sentences were read out. The failed attempt followed a political race which President Bio barely won to secure a second term. His victory was questioned by the main opposition APC party, while some local and international observers likewise questioned the transparency of the vote.
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| Politics / NAF Obliterates 13 Illegal Refining Sites In Niger Delta by Veegil: 2:28pm On Aug 12 |
As part of efforts to curtail the activities of oil thieves and economic saboteurs in their illegal acts of bursting oil pipelines and siphoning crude oil and its products, the Nigerian Air Force (NAF) has announced the destruction of 13 illegal refining sites and ten overhead tanks. In a statement, the Director of Public Relations and Information of the Air Force, Air Vice Marshal Edward Gabkwet said operations carried out along the Imo River near Obuzor and Okoloma, several active illegal refining sites were uncovered to be exploiting the difficult terrain to execute their illegalities. The assertion added that the Nigerian Airforce obliterated 13 sites after the crew utilized the weapons on board the aircraft. Ten overhead tanks linked to repositories and numerous gallons were likewise obliterated simultaneously. The assertion further added that while the crew expanded their patrol downstream, they recognized a six-tyre tipper truck along the riverbank with four boats seen stacking illegal products into the truck and after an exhaustive scan of the area and watching the criminals dispersed in chaos upon siting the aircraft, the truck as well as the boats, were gone after and obliterated. PRESS RELEASE 13 ILLEGAL REFINING SITES, 10 OVERHEAD TANKS, TIPPER TRUCK DESTROYED BY AIR STRIKES NEAR OBUZOR AND OKOLOMA Even as efforts have been ramped up to curtail the activities of oil thieves and economic saboteurs in their illegal and nefarious acts of bursting oil pipelines and siphoning crude oil or its products, the rate at which illegal oil refining sites continue to spring up require drastic measures. In line with this, the Air Component of Operation Delta Safe has increased its rate of patrol, especially within the Niger Delta region, with the aim of locating illegal oil refining sites and destroying them. In arguably one of its most successful operations conducted along the Imo River near Obuzor and Okoloma, several active illegal refining sites were discovered to be taking advantage of the difficult terrain to perpetrate their illegalities. These sites, about 13 in number, were subsequently destroyed after the crew employed the weapons on board the aircraft. Several overhead tanks connected to reservoirs as well as numerous gallons were also destroyed in the process. In all 13 illegal sites, 10 overhead tanks and several gallons of illegally refined products were effectively destroyed. Same day, while the crew extended their patrol downstream, they spotted a 6-tyre tipper truck along the riverbank with 4 canoes seen loading illegal products into the truck. After a thorough scan of the area and observing the criminals dispersed in disarray upon siting the aircraft, the truck as well as the canoes, were attacked and destroyed. The crew then continued their patrol over the Trans Niger Pipeline from Rumuekpe-Nkpoku to Bonny, which included the following points: End Point, Bodo trunk line, Point, Small line attachment, Nkpoku-New Ebubu Trunkline and Rumuekpe-Nkpoku line with no unusual activity observed. The Chief of the Air Staff, Air Marshal Hasan Abubakar, has since commended the Air Component for their commitment and resolve to diminish the activities of oil thieves in the Niger Delta Region. Edward Gabkwet Air Vice Marshal Director of Public Relations and Information Nigerian Air Force 11 August 2024
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| Politics / Numerous Nigerian Leaders Ought To Be Incarcerated – Obasanjo by Veegil: 2:04pm On Aug 12 |
Ex-President Olusegun Obasanjo has questioned the personality of Nigeria’s leaders, saying those who occupy public offices ought to be incarcerated. He expressed this in Abeokuta, the Ogun State capital while receiving in the audience six members of the Green Chamber, and co-sponsors of the bill on a single six-year term and rotation between the North. They were led by a former chairman of the Lower Chamber Committee on Downstream Petroleum Ugo Chinyere during the visit to the Olusegun Obasanjo Presidential Library. “So, the very beginning is ourselves, yes system, yes we have to rethink our democracy but the character of people in government must change. With all due respect, most of those in government should right now be behind bars or in gallows,” he said. To the former President, succeeding governments had likewise not built on the foundation he laid while he was in power. “The issue for me if we get it right whether we have a single term of six years, or two terms of four years is that we must decarbonize our brains and mentality. “Look if you give him a period of a single term of six years, he can go ahead and still do the evil he would have done in a case of two terms of four years. The only difference is that he would have done that within the period of six years and not four years and that is if he is not reelected for another four years. “To me, this is not our problem. Our main problem is ourselves and until we take care of ourselves, if we like let us adopt a single term of six years, one term of four years among others with the same mentality and same way of doing things, nothing will change,” Obasanjo stated.
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| Business / FG Activates Suspension On Import Duties On Rice, Flour, Other Essential Food by Veegil: 11:55am On Jul 31 |
The Federal Government through the Nigeria Customs Service has suspended import duties on rice, flour, wheat and other essential food items to reduce the high costs of food items in the country in the wake of the excruciating hunger in Nigeria. Mr Adewale Adeniyi, The Comptroller-General, CG, of the Nigeria Customs Service while disclosing this said the government is committed to addressing the rising costs of essential food items aimed at reducing hunger in the land. According to him, “Global inflation is impacting nations worldwide including Nigeria, to address this Federal Government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable.” Mr Adewale expressed the commitment of the Nigeria Customs Service to implement this measure seamlessly to address the problem of hunger in the nation. The government agency has streamlined export processes to ensure that Nigerian goods reach international markets efficiently and introduced tools like Advanced Ruling System, Authorised Economic Operator and Time Release Study to enhance trade, stimulate the economy and create opportunities. According to him “Our farmers, artisans and entrepreneurs will now have a faster path to global markets benefitting their families and communities. We are also intensifying efforts with other agencies to avert proliferation of arms and other dangerous weapons through our land, sea and airports. We believe in collective effort and peaceful progress to strengthen our borders. Disruptions to the supply chain affect foreign investments, distort trade, promote instability, increase scarcity and hinder revenue collection. He called for Nigerians to be united in resilience and cooperate in challenging times. He said this way ‘We extend our heartfelt gratitude to those who have embraced the path of peace and dialogue. Your constructive engagement shows a commitment to our nation’s well-being; your cooperation is invaluable as we work to overcome these challenges as we build a brighter future.’
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| Business / Telcos Commence SIM Disconnection by Veegil: 11:06am On Jul 29 |
The final phase of the disconnection of Subscriber Identity Module numbers (telephone lines) has commenced by the Telecommunication companies in Nigeria. The disconnection was at first scheduled for April 15, 2024, but the Nigeria Communications Commission postponed it to July 31, 2024, after carefully considering the various challenges encountered by subscribers and requests for extensions. Already in March 2024, the NCC disclosed that it had disconnected 4.2 million lines from its network as of February 28 this year in line with the NCC’s directive stating that the lines disconnected were those for which the subscribers did not submit their NIN. In December 2023, the NCC issued an industry-wide directive requiring full barring of subscriber lines not linked to their NIN on or before February 28th, 2024. It then subjected a total of 19 million lines to verification. Out of these, it said 4.3 million have been verified and 4.2 million disconnected as of 28 February 2024. Customers that have submitted their NINs but remain unverified were to be barred on 15 April 2024. This deadline was, however, shifted even further with more directive that no customer can have more than 4 active SIMs and all such excess SIMs must be barred by 29 March 2024.
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| Politics / US, UK, Canada Issue Security Alerts To Citizens In Nigeria | Protest by Veegil: 10:22am On Jul 29 |
The United States, United Kingdom, and Canada have sent out security warnings to it’s citizens in Nigeria, warning of potential violence during the planned nationwide protests. The development comes closely following a planned nationwide protest against hunger and hardship scheduled to start from August 1, 2024. In separate travel warnings, the three nations advised their citizens to stay away from areas where conflicts between security operatives and protesters could happen. In its warning, the US Mission in Abuja urged Americans to stay away from the rallies, beckoning on them to stay away from crowds and demonstrations and stay updated via local media. The alert featured the potential for roadblocks, checkpoints, traffic congestion, and physical confrontations, stating, “According to media reports, nationwide protests may occur in Nigeria between July 29th and August 5th, 2024. Based on past occurrences, protests may involve roadblocks, checkpoints, traffic congestion, and physical confrontations”. Also, the UK High Commission cautioned that protests could happen between July 29 and August 10 in major cities like Abuja and Lagos. British nationals were encouraged to exercise caution, stay away from large crowds, and stay informed through media reports, taking note of the fact that past protests have turned brutal with little warning. The advisory read, “Political rallies, protests, and violent demonstrations can take place with little notice. Get advice on areas to avoid. Take care if you’re visiting crowded public places or attending events which attract large crowds. If you see a threatening or intimidating situation, do not try to make your way through it. Turn around and move to safety”. The Canadian government likewise drew the attention of its citizens about the demonstrations, warning them to expect disruptions in traffic and public transportation and cautioning that protests could become brutal unexpectedly. They advised watchfulness, adherence to local authorities’ directions, and consistent monitoring of local media for updates. The advisory noted, “Nationwide demonstrations are planned between July 29 to August 5, 2024. They could disrupt traffic and public transportation and could turn violent at any time.” These warnings reflect elevated concerns over the planned nationwide protests and their likely effect on safety and security in Nigeria.
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| Politics / Senator Ifeanyi Ubah Dies At 52 by Veegil: 10:05am On Jul 29 |
The senator representing Anambra South in the National Assembly, Ifeanyi Ubah, has passed. Senator Ubah was said to have left Nigeria for the United Kingdom two days ago. A close family source said he passed in a UK hospital where he went for surgery. He would have been 53 on September 3. Ubah had decamped to the ruling All Progressives Congress (APC) from the Young Progressives Party (YPP) last year. He was later re-elected to the 10th Senate under the Young Progressive Party (YPP). The late Senator was billed to seek APC’s ticket ahead of the Anambra State gubernatorial election. A source claimed he gave a monetary donation to Anambra APC two days ago. The Capital Oil CEO had survived an assassination attempt in September 2022. His demise comes just a couple of days after the President-General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu died. In the meantime, tributes have started pouring in over the lawmaker’s demise. In a statement, the Senate said Ubah was an exemplary leader. “Senator Uba was an exemplary leader, a committed public servant, and an indefatigable advocate for his constituents. His untimely departure represents a significant loss to the Senate, his community, and the nation at large,” the senate spokesman Yemi Adaramodu said in the statement. “Throughout his tenure in the Senate, Senator Uba demonstrated unwavering dedication to the progress and development of Anambra South and Nigeria as a whole. He was a beacon of hope, a champion of economic empowerment, and a steadfast supporter of legislative reforms aimed at improving the lives of all Nigerians.” President Bola Tinubu likewise condoled with Ubah’s family and the Senate over the passing, saying the business tycoon’s demise is a “sad loss”. “President Tinubu commiserates with the friends and colleagues of the late Senator, the National Assembly, and the government and people of Anambra State over this sad loss,” Tinubu’s spokesman Ajuri Ngelale said. “The President prays for the repose of the soul of the departed lawmaker, as well as for strength and comfort to his family.”
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| Business / CBN Sold 1-year Treasury Bill At 22.1% In July Auction by Veegil: 2:22pm On Jul 26 |
During its July 24 auction, the Central Bank of Nigeria (CBN) sold one-year Treasury Bills (T-Bills) at a rate of 22.1 percent. This shows the bank’s proactive strategy to manage liquidity and control inflation in the economy. In the auction, the CBN offered N277.96 billion across various tenors, marking a 21.53 per cent increase from the N229.72 billion offered in the previous June auction. Despite a notable decrease in total subscriptions to N373.95 billion, down 51.68 per cent from June’s N774.98 billion, investor confidence remained robust, with demand exceeding the amount offered. The total allotment matched the offer at N277.96 billion, representing a slight decline of 2.22 percent from the N284.26 billion allotted in June. The auction featured three tenors: 91-day, 182-day, and 364-day T-Bills. The CBN offered N16.48 billion for the 91-day bills, receiving subscriptions amounting to N13.14 billion, which were fully allotted. The stop rate for these bills increased from 16.3 per cent to 18.5 per cent, reflecting a true yield of 19.41 per cent. This rise in the stop rate indicates the central bank’s effort to make short-term securities more attractive to investors. Whilst, the 182-day bills saw an offer of N6.44 billion, with subscriptions closely matching at N6.40 billion, and all were fully allotted. The stop rate for these bills increased from 17.44 per cent to 19.5 per cent, yielding a true return of 21.62 per cent. This increment signals a higher return on medium-term investments, attracting investors seeking moderate-duration securities. More so, the 364-day bills were the most sought after, with an offer of N255.04 billion and subscriptions reaching an impressive N354.40 billion. The stop rate for these bills rose from 21.24 per cent to 22.1 per cent, resulting in a true yield of 28.37 per cent. The high subscription rate for these one-year bills reflects a strong investor preference for longer-term securities, driven by expectations of future economic stability and favorable returns. The decision to sell one-year T-Bills at such a high stop rate highlights the CBN’s strategy to attract more investors by offering competitive returns. This move is designed to help the central bank manage excess liquidity in the banking system, which is a critical factor in controlling inflation.
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| Business / Midoil Commence Refinery Construction by Veegil: 1:08pm On Jul 25 |
Midoil Refining and Petrochemicals Company Limited has finally performed the ground-breaking ceremony at Shekungba, Ikosi/Ejinrin Local Council Development Area which marks the commencement of construction activities in Lagos. The Executive Chairman of Midoil, Mrs Elizabeth-Omolara Akintonde, led dignitaries to the large expanse of land spanning various communities at Ikosi/Ejinrin Local Council Development Area. Mrs Elizabeth acquired the large expanse of land from the administration of former Governor Babatunde Fashola of Lagos, stating that the land allocation letter was received from the Lagos State Government on April 24, 2014. The Chairman of Midoil, on March 17, 2024 signed agreements with the representatives of Shekungba, Arogbo and Ererufu, presenting cheques to the host communities. During the ceremony, She assured leaders and members of the communities that the refinery would transform their areas by bringing immediate development, creating both direct and indirect jobs She commended the village heads for refusing to be misled by some individuals who tried to bribe them to renege on their agreements. Akintonde, whose 74th birthday fell on the ground-breaking stated that the Midoil refinery would boost Nigeria’s energy landscape with a refining capacity of 100,000 barrels per day. “All these bushes you see today, in the next couple of months, you will see them no more,” Akintonde stated, assuring the people of her determination to see the project to reality. One of the Directors of Midoil and Chairman of Serenecity Staff Housing Estate, Hajia Amina Abdullahi, expressed joy that the project had finally commenced after over a decade delay. “We have faith in God that we will witness the inauguration of the refinery. We know this is a big project that will go through many processes, but with the turning of the sod today, we have taken the right step,” she stated. Retired Justice Olusola Hunponu-Wusu who is a founding member of the proposed refinery opined that the country needed more refineries to boost its refining capacity and stop fuel importation.
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| Politics / Nigeria Ready To Overtake World Economy – Shettima by Veegil: 1:00pm On Jul 25 |
VP Kashim Shettima says Nigeria isn’t simply finding the remainder of the world but also ready to overtake the world economy. He communicated this when he unveiled the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, Jigawa. The initiative launched at the Yakubu Gowon NYSC Orientation Camp, Fanisau, a suburb of Dutse, was was essential for Nigeria’s strategy for digital change and leadership in Africa. The AI Expertise Blockchain and Technology Training and Outsourcing Initiative, a partnership with tech company Gluwa, aims to prepare 1,000 Nigerians yearly in AI, blockchain, and other cutting-edge technologies. Shettima encouraged the youths to accept the initiative, zeroing in on the fact that “it is important for the nation’s economic future. “We are not merely catching up with the rest of the world; we are poised to overtake them. “This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future,” he said. Shettima noted the Jigawa state’s spearheading role in digital technology adoption. He depicted the programme as “a homecoming ceremony for those who have eased our journey through the Fourth Industrial Revolution.” While calling out the federal government’s broader vision, Shettima said, “We are adopting this initiative across the nation to create a network of tech hubs that will power Nigeria’s economic growth for decades to come.” He lauded the partnership with Gluwa, expressing that it aligned with President Tinubu’s plan to revolutionize Nigeria’s digital technological circle. Shettima, who recognized Gluwa’s significant impact, additionally commended the firm for its empowerment of Aella Microfinance Bank. As per him, the empowerment brought about the disbursement of over N100 billion to two million Nigerians. On global ramifications of the initiative, Shettima said: “Our aspiration remains to transform Nigeria into a premier destination for technology outsourcing. “Creating a model that combines global expertise with local talent.” Earlier, Gov. Umar Namadi noted the significance of the initiative, portraying it as a rare opportunity at the doorstep of the youths. He encouraged the people to venture into the digital world of ICT outsourcing to reap its rewards. “Particularly in terms of job creation and opportunities to contribute to the growth of our economy. Jigawa has a history with ICT education. ”The state is blessed with hundreds of thousands of ICT-savvy and qualified youths in various fields of information and communication technology. “This is courtesy of our very reputable Informatics Institute, established more than two decades ago.” He said the new initiative lines up with both the Federal Government’s Renewed Hope Agenda and Jigawa State’s 12-Point Agenda, focusing on digital technologies and innovation. Namadi further announced the establishment of a new ICT and Digital Economy Agency in the state, adding that “more than ever before, we are determined to reposition Jigawa State as a major ICT hub in Nigeria.”
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| Politics / Nigerian Govs Gather In Abuja Amid Planned Protest by Veegil: 12:48pm On Jul 25 |
Governors from the 36 states of the federation met in Abuja, the country’s capital, for a crucial meeting weeks after the Supreme Court granted financial autonomy to local government areas in the nation. Under the aegis of the Nigeria Governors’ Forum (NGF), they met at the NGF Secretariat in the Federal Capital Territory (FCT). Those present at the venue were Governors Lawal Dauda (Zamfara), Bala Mohammed (Bauchi), Caleb Mutfwang (Plateau), Sheriff Oborevwori (Delta), and Alex Otti (Abia). The governors of Enugu, Peter Mbah and Borno States, Babagana Zulum, sent their deputies to represent them. The motive of the meeting wasn’t disclosed, and they didn’t brief the media after the meeting was concluded. In any case, the Lead Representative at their last meeting, vowed to give Nigerian workers a fair minimum wage, and this was the first public meeting of the forum since President Bola Tinubu approved a N70,000 minimum wage for workers in the country. As a forum, the Lead Representatives were supposed to deliberate on the planned nationwide protest against bad governance by youths scheduled to hold in August.
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| Politics / NASS Passes Bill For IGP To Complete Four-year Tenure by Veegil: 1:56pm On Jul 24 |
The National Assembly has passed the Police Act Amendment Bill to empower an individual appointed to the office of Inspector General of Police (IGP) to stay in office for the rest of the tenure specified in the letter of appointment. President Bola Tinubu passed down the Bill to the Green Chamber and Red Chamber to amend the tenure of the IGP. The Bill for an Act to amend the Nigeria Police Act 2020 sought to ensure the tenure of the IGP and revolutionize police tasks by advancing accountability, modernizing policing techniques and cultivating a more amicable rapour between the police and the community. The Bill quickly passed second and third readings and was passed by lawmakers in both lower and upper chambers. The green and red chambers passed the bill at separate sittings. President Tinubu is expected to sign the Bill into law. Earlier in July, the police denied allegations that IGP Kayode Egbetokun attempted to lobby the National Assembly on a bill looking to raise the retirement age of officers. The President appointed Egbetokun as the IGP in June 2023 for four years. He was appointed close by other four new service chiefs. As per Section 18(  of the Police Act 2020, Egbetokun, who was born on September 4, 1964, is expected to resign in September 2024, when he will be 60 years old.He would only have been in office for one year and three months by September, with two years and nine months remaining of his four-year appointment. The debate about the tenure of IGP didn’t begin with the current police chief. That of Egbetokun’s predecessor, Usman Baba, was not in any way unique. Baba clocked 60 years old in March 2023 and achieved the mandatory 35 years of service, yet he stayed in office till Tinubu appointed Egbetokun as his replacement three months later.
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| Foreign Affairs / Ugandan Security Forces Detain Protesting Youths In Kampala by Veegil: 1:32pm On Jul 24 |
Ugandan security forces detained a number of youths in downtown Kampala who were partaking in a banned rally against what the protesters say are uncontrolled debasement and human rights abuses by the nation’s rulers. The nonconformists were holding placards and yelling slogans censuring corruption. A police representative was not immediately available to say the number of people that had been detained. Authorities banned the planned dissent, refering to intelligence they said showed criminally minded youths might hijack it in order to plunder and vandalize. Soldiers and police have been deployed around the parliament building and in the centre of the Ugandan capital with the intent of deterring any protesters. All roads to the parliament were closed off, with only legislators and other parliamentary staff having access, and a Ugandan television station showed military armoured personnel carriers manning the area. Ugandans with businesses close to parliament encountered difficulty getting to their premises. “It’s like a war zone,” Edwin Mugisha, who works in Kampala, told Reuters, referring to the military patrols. Police sealed off the offices of Uganda’s biggest opposition party, blaming it for assembling nonconformist, and confined some party officials, including its legislators. The party denied it was organizing the march, yet said it supported it. Opposition leaders and rights activists say misappropriation and abuse of government funds are widespread in Uganda. They have long blamed President Yoweri Museveni of neglecting to indict degenerate senior officials who are politically faithful to him. Museveni has over and over denied supporting corruption and says whenever there is adequate proof, guilty parties including legislators and even ministers are prosecuted.
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