The Kogi State Governor, Alhaji Yahaya Bello, yesterday inaugurated the state’s Economic Advisory Council. The high-worth council was inaugurated virtually. While inaugurating the Council, the governor challenged members to “guide the state into prosperity,” tapping into the abundant human and mineral resources available to her. He said the members were carefully selected based on their pedigree and track record, saying their main responsibility is to work with the state to “open new doors of opportunities towards economic diversification”. The governor said the way out is for the nation to go back to the days of agricultural boom as well as…
Author: Temitope N.
Victor Bamidele, Deputy Managing Director, Deep water District, Total Energies, says the company has invested over 60 billion dollars in exploration and other projects in Nigeria. Bamidele disclosed this on Monday at the ongoing Nigeria Oil and Gas (NOG) Conference in Abuja. He spoke on the topic ‘Expanding the Nigerian Content Frontiers through Intra-African Trade’. He said: “Total Energies as we are now called has been in Africa for more than 80 years, and has been working in exploration activities in Nigeria for over 60 years. “In the upstream sector, we have a diversifying portfolio in Nigeria with facilities spanning…
The Central Bank of Nigeria (CBN) has approved the release of 50,000 metric tonnes of maize to 12 major producers to control the price of the commodity. The bank said yesterday that the latest rollout of the commodity from the Strategic Maize Reserve (SMR) under the Anchor Borrowers’ Programme (ABP) to companies would be the third intervention by the CBN in recent times. It stated that the release of the grains is aimed at checkmating the activities of middlemen hoarding the product to cause artificial scarcity. CBN spokesman, Mr. Osita Nwanisobi, confirmed the release of the grains in a statement…
To successfully acquire its planned 20% equity in Dangote Refinery, the Nigerian National Petroleum Corporation (NNPC) has opened talks with the African Import-Export Bank (Afreximbank) to borrow $1billion for the deal. The Group Managing Director of the Corporation, Mr Mele Kyari made the revelation in an interview on Arise TV on Wednesday. According to him, after thorough valuation of Dangote Refinery, it has been determined to be worth $19 billion which the NNPC seeks to get a slice of the 20% equity, which comes to N3.9 billion. He said a dime of government’s funds would not find its way into…
A public health expert, Dr. Kenechukwu Igwegbe has alerted that the rate at which kidney failure is occurring among young people is now alarming. He noted that urgent measures are needed to curb the incidence. Speaking in an interview, the physician who works with University College Hospital, Ibadan, said it is quite worrisome that young people are coming down with kidney failure. Igwegbe said he is concerned that kidney failure is causing deaths among young people. He blames the careless lifestyle of the youth for the increase in kidney failure cases, noting that addiction to alcoholic drinks is a major.…
First Bank of Nigeria Ltd has pledged to support the Rotary Club of Lagos intervention projects with the sum of five million naira. The Chief Executive Officer of the bank, Dr. Adesola Adeduntan, made the pledge at the induction of the 61st President of the club, Rotarian Babawale Agbeyangi, on Friday night in Lagos. Adeduntan, the chairman of the occasion, said the bank was committed to the development of the education sector. “I am pleased to inform you that FirstBank will be supporting your intervention projects in upscaling basic education and literacy by supporting the provision of school libraries with…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has begun the issuance of new certificates of ship registration. The agency is at the same time phasing out old permits. Dr Bashir Jamoh, the Director-General of NIMASA, disclosed on Sunday in Lagos in a statement signed by NIMASA’s Head of Corporate Communications, Mr Edward Osagie. Jamoh said that the development was aimed at strengthening security and preventing the entry of unseaworthy and sub-standard ships. “We are restructuring the Nigerian Ship Registration Office to serve us more efficiently and effectively. “We are determined to grow our national fleet and tonnage to an…
Social media giant, Facebook, has hit a $1 trillion valuation, following a dismissal of two antitrust lawsuits against the company. Facebook’s stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported. The rise came after a United States court dismissed complaints by the Federal Trade Commission and a group of state attorneys generals against the social networking company. The FTC has claimed that Facebook is exercising monopoly as the social media giant controls over 60% of the social-networking market. In the ruling of the case, US District Judge James Boasberg in Washington…
A sexual and reproductive health expert, Dr. YemiAdeyemi has said that using sex toys could reduce stress and give relief from menstrual cramps. According to Adeyemi, sex toys can also help boost moods and release sexual tension. Speaking in an interview, the sexual reproductive health expert, however, warned that sex toys should not be shared because they could be a rich source of sexually transmitted infections. According to Health Shots – an online health information medium – sex toys can help reduce chances of STDs to almost zero, as there is no human intervention in its use and thus prevents…
The Kano Electricity Distribution Company has warned that meter deployment and installation by its field officials remain free and not for sale. A statement signed by KEDCO Head of Communications, Ibrahim Shawai, on Monday, in Kano, said the clarification had become necessary in view of the recent claims by some online platforms that customers in Kano franchise were made to pay ‘indirectly’ for meters. “This is totally out of place as we have never collected money for meter or installations. “It is as a result of our support for the Federal Government Mass Metering programme where thousands of meters have…
Former Deputy Governor of the Central Bank of Nigeria and former Presidential Candidate, Professor Kingsley Moghalu, has joined the advocacy for economic diversification, which he described as a matter of existential importance given the current realities in the Nigerian economy. In a paper titled: ‘Economic Diversification and the Wealth of Nations: Lessons and the Path Forward for Nigeria’, delivered at the 2021 Annual Conference of the Nigerian Economics Students Association (NESA) the University of Port Harcourt, on Thursday, Moghalu, pointed out that Nigeria had very little hope of escaping a poverty trap given the realities of a population of over…
Nigeria ranked 47th out of 182 countries on the Global Cybersecurity Index for 2020 and occupied the fourth position in Africa. The GCI is an initiative of the International Telecommunication Union, the United Nations specialised agency for Information and Communications Technology. It was first launched in 2015 by the ITU to measure the commitment of 193 ITU member states and the State of Palestine to cybersecurity. It was to serve as means to help the member states identify areas of improvement and encourage countries to take action, through raising awareness on the state of cybersecurity worldwide. The evolution of cybersecurity…
The Minister of Aviation, Hadi Sirika, has presented the concept note for Nigeria’s first aviation and aerospace university, as a provisional approval has been granted for the commencement of the institution. Also, the Executive Secretary, National Universities Commission, Prof. Abubakar Rashee, who received the concept note from Sirika in Abuja, announced that the university would be in place by the end of this month. Rasheed was quoted in a statement issued in Abuja on Friday by the Director, Public Affairs, Federal Ministry of Aviation, James Oduadu, as saying, “I can assure you that by the end of the month (July),…
The African Development Bank has stated that the risk of debt defaults is increasing among African countries. This statement was contained in the Strategy for Economic Governance in Africa, which was launched on Friday by AFDB. The economic strategic document stated that countries have developed debt vulnerabilities due to decline in economic output, which was triggered by certain policies and measures to curtail the COVID-19 pandemic, adding that public debts had exceeded 50 per cent of GDP. It stated, “Declining economic output as a result of containment measures against COVID-19 and policy measures to stimulate the economies have heightened debt…
The Kwara State Government on Friday in Ilorin inaugurated the Maternal, Perinatal Death Surveillance and Response committee to tackle the high cases of maternal and child mortality. The wife of the state governor, Dr. Olufolake Abdulrazak, inaugurated the committee at the Stakeholders Meeting on ending preventable deaths of mothers and newborns in the state. Mrs. Abdulrazak said that the maiden meeting was coming at a very important time when the present administration was leaving no stone untouched to ensure all citizens access to quality and affordable healthcare services. The governor’s wife, who stressed the need for ending preventable death of…
Director-General of the World Health Organisation, Dr. Tedros Adhanom Ghebreyesus has urged leaders of all countries to vaccine at least 10 percent of their population by September. The WHO DG said this on Friday in his opening remark at the media briefing on COVID-19. Speaking at the virtual briefing, the WHO boss said that this would protect health workers and those at most risk, effectively ending the acute stage of the pandemic and saving a lot of lives. “I have urged leaders across the world to work together to ensure that by this time next year, 70 percent of all…
South Sudan is experiencing a rapid decline in oil output, with its oilfields yielding less crude after reaching maturity, a senior government official said late on Thursday. At least five blocks “have already reached their peak and are on the decline”, Awow Daniel Chuang, Undersecretary in the Ministry of Petroleum, told Reuters. The country’s crude output now stands at 154,000 barrels per day (bpd) compared with 180,000 bpd in 2019. Crude reserves in the African nation are also declining, Chuang said, adding that the government and companies need to find ways to increase oilfields’ recovery rates to sustain the country’s…
The federal government has projected a rise to 4.2 per cent of the country’s Gross Domestic Product (GDP) in 2022. The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) on Thursday. Mrs Ahmed said the GDP projected in 2021, to close at three per cent, had been adjusted downwards to close at 2.5 per cent. “In 2022, we are expecting an uptake to 4.2 per cent, then a dip to 2.3 per cent in 2023 and up to…
Nigerian lawmakers are calling for a future amendment to the Petroleum Industry Bill (PIB), recently passed by the national assembly for presidential assent. The executive bill was passed with some contentious issues bordering on funds for ‘frontier exploration’ and the host communities. Hon. Tajudeen Yusuf and Hon. Henry Nwawuba who spoke on Channels TV said while the bill may get the nod of the executive because it initiated it in the Ninth Assembly, it would be good to have the bill reworked to meet the aspirations of all the people, especially its critical stakeholders, in this case, the host communities.…
The Federal Government will, on Oct. 13, arraign the Managing Director (MD), Dana Air, Hathiramani Jacky Ranesh, in a Federal High Court, Abuja on allegations bordering on fraud. Justice Obiora Egwuatu fixed the date after counsel to the defendant, Ade Adedeji, SAN, told the court that the absence of his client in court was to the knowledge of the prosecution. Newsmen report that the arraignment of Ramesh and two others, in suit number CR/101/21, was in the cause list for Wednesday’s proceeding. The MD of Dana Air is the first defendant in the suit. Although other defendants in the matter…