Wednesday, November 20, 2024
Home Blog Page 49

CBN Tackles FX Transactions Abuses In Clearing Liabilities Backlog

By
Mosali Edunosa
-
0

The Central Bank of Nigeria (CBN) is intensifying efforts to address outstanding foreign exchange liabilities, having disbursed approximately USD 2.0 billion across sectors such as manufacturing, aviation, and petroleum. The bank has successfully cleared the liabilities of 14 banks and initiated settlements with foreign airlines.

Mrs. Hakama Sidi Ali, the CBN Acting Director of Corporate Communications, revealed these developments during a press briefing in Abuja on Wednesday, January 17, 2024. She explained that the CBN had engaged a reputable firm for an independent forensic review, which uncovered severe infractions, abuse, and non-compliance with market regulations. Mrs. Sidi Ali affirmed that appropriate sanctions would be enforced in collaboration with relevant agencies.

While underscoring the CBN’s commitment to purging the financial services sector of malpractices, Mrs. Sidi Ali emphasized the importance of building trust among market participants and stakeholders in the Nigerian economy. Despite the identified irregularities, she assured that the CBN remains steadfast in settling legitimate foreign exchange backlogs, as demonstrated over the past three months.

The CBN’s ongoing efforts reflect its dedication to maintaining the integrity of financial transactions and bolstering confidence in Nigeria’s economic landscape.

Explosion: Those Who Brought Tragedy On State ‘Il Be Punished -Makinde

By
Roland Edet
-
0

Oyo State Governor, ‘Seyi Makinde, announced today the identification of the company responsible for storing the explosives that led to Tuesday’s explosion in Dejo Oyelese Street, Adeyi Avenue, Old Bodija, Ibadan. In a press conference at the Governor’s Office, Governor Makinde stated, “Those who brought this tragedy on Oyo State will be brought to book.”

The governor urged calm, emphasizing that the state government is diligently addressing the situation, with ongoing search and rescue efforts at the blast site. He assured citizens of the government’s commitment to victims’ welfare, including temporary accommodation and provisions made with hotels.

President Bola Tinubu, in a conversation with Governor Makinde, expressed condolences and assured federal support. The National Emergency Management Agency (NEMA) has been deployed to assist at the scene.

Governor Makinde provided updates on the incident, reporting three confirmed deaths and approximately 77 injuries. He cautioned against the spread of fake information and emphasized the state’s commitment to accurate reporting.

The governor visited victims at different hotels, where the state government is providing accommodation and support. He highlighted the ongoing search and rescue operations, urging affected individuals to contact the Emergency Operation Centre.

Professor Temitope Alonge, heading the Emergency Operation Centre, outlined measures taken, including setting up a medical team at the University College Hospital, Ibadan. Security Adviser Owoseni assured the area’s security, dispelling misinformation about the incident.

Governor Makinde appealed to residents within 250 meters of the blast site to move to government-provided accommodation pending structural integrity tests on their buildings. He warned against potential criminal activities, ensuring decisive action by security forces.

Regular updates on the situation will be provided through the Emergency Operation Centre and various communication channels.

Contact numbers for the Emergency Operation Centre: 07049948057, 08147672009, and the previously operational 615.

Ganduje Attributes Election Irregularities to Politicians, Not INEC

By
Ola Akinola
-
0

Alhaji Abdullahi Umar Ganduje, the Chairman of the All Progressives Congress (APC), has shifted blame for election irregularities away from the Independent National Electoral Commission (INEC), asserting that politicians are primarily responsible for challenges encountered during elections. Ganduje made these remarks during a visit by INEC officials to the APC headquarters in Abuja as part of the commission’s mandatory consultations with political parties.

While addressing the officials, Ganduje highlighted the importance of cooperation between politicians and the electoral umpire to address challenges in the election process. He emphasized that improved collaboration could significantly reduce or eliminate bottlenecks in elections.

Ganduje assured INEC of the APC’s readiness to provide any information required for the commission’s mandate, which includes the submission of audited accounts and opening of party books. He acknowledged the historic nature of the relationship between political parties, particularly the ruling APC, and INEC, emphasizing the significance of satisfaction in the collaboration for effective planning and records.

“Our party is a strong party. We are ready to provide all the information required,” Ganduje stated, emphasizing the commitment of the new administration to raise the bar.

Ganduje also revealed initiatives by the APC to strengthen the party throughout the year, not just during elections. This includes making party offices, from the ward to the national level, active and functional. Additionally, the APC is moving towards becoming an ICT-driven party, implementing e-registration of members to enhance collaboration with INEC and improve democratic principles.

The APC chairman shared plans to develop a National Institute for Progressive Studies, aimed at educating party members on the basics of democracy to eliminate issues like hate speech. He acknowledged that insecurity poses a challenge during elections but placed the blame on politicians rather than INEC.

The INEC team, led by Hajiya Hawa Habibu, Director of Election and Party Monitoring, explained that their visit was part of the annual verification of political parties. The commission’s mandate involves ensuring compliance with constitutional provisions by political parties, including the structure, auditing of finances, and other related issues.

The verification, the last of its kind carried out before the COVID-19 pandemic in 2019, aims to assess political parties’ compliance with electoral regulations. INEC will issue notices to parties found not in compliance with constitutional provisions.

MRS Oil Staff Sues EFCC, Alleges Rights Violation, and Urges Resolution with Employer

By
Uche Kingsley
-
0

Mr. Lucky Ibomhen, a staff member of MRS Oil Nigeria Plc, has filed a lawsuit against his employer, accusing the company of failing to engage in arbitration despite a court order issued in April 2022. Ibomhen alleges that MRS Oil Nigeria Plc abandoned the process after initially requesting arbitration to address the dispute.

In addition to the legal action against his employer, Ibomhen has also sued the Economic and Financial Crimes Commission (EFCC) in suit No FHC/B/CS/14/2022. The lawsuit seeks compensation for Ibomhen and another individual over alleged infringement on their fundamental human rights by the anti-graft agency in connection with the ongoing dispute.

The dispute between Ibomhen and MRS Oil began with a court order issued by Justice Helen Courage-Ogbebor of the Edo State High Court on April 1, 2022. The court granted an order of stay of proceedings based on the defendants’ application for the parties to submit to arbitration, as provided in clause 26 of the agreement between the parties.

However, in a letter addressed to the Chairman of the Board of Directors of MRS Oil by Ibomhen’s counsel, M.O. Iguodala, concerns were raised about the lack of progress in initiating the arbitration process. The letter expressed disappointment that the company had not taken steps to activate the constitution of arbitrators, as required by the Arbitration and Reconciliation Act, despite being the party that initially requested arbitration.

“We believe that the board is fully aware of this matter, armed with our innocent belief, we decided to let the board know that time is of the essence in this matter so that a timely resolution can be achieved soonest,” the letter stated.

The legal actions underscore the urgency for a resolution to the dispute and adherence to the court’s order for arbitration. The case also highlights the complexities involved when parties resort to legal measures to address grievances within employment relationships.

NERC Unveils Fresh Tariff Review, Predicts N1.6 Trillion Electricity Subsidy in 2024

By
Saladin Babagana
-
0

The Nigerian Electricity Regulatory Commission (NERC) has revealed that the Federal Government is projected to spend up to N1.6 trillion to subsidize electricity for end-users by the end of 2024. This amounts to approximately N120 billion per month, as stated by Garba Sanusi, the Executive Chairman of NERC during an interactive session with journalists in Abuja.

Sanusi expressed concern about the sustainability of such a significant subsidy. The NERC boss clarified that tariff reviews have been conducted over the past year, but what customers pay is a combination of regulation and policy.

He explained, “If we have determined that you should be paying N150, and the Federal Government says you should pay N60 and it will pay the difference, then that is what it is, and the government would now provide the money.”

Sanusi highlighted the new tariff order posted on their website, emphasizing the clear distinction between the amount customers should pay and the government’s subsidy. He also mentioned the implementation of more frequent minor tariff reviews, approximately every month, to avoid rate shock.

The tariff review provides insight into the subsidy for various electricity distribution companies. For instance, the subsidy for the Abuja Electricity Distribution Company (AEDC) stands at N233.32 billion annually, averaging N19.44 billion monthly. Similarly, the Enugu Electricity Distribution Plc (EEDC) annually receives a subsidy of N128.92 billion, averaging N10.74 billion monthly.

The NERC’s disclosure sheds light on the economic challenges associated with sustaining electricity subsidies, emphasizing the need for efficient and prudent management of resources in the power sector.

FCT Minister State Urges Pilgrims To Embrace Conduct , Dedication

By
Toyin Adebayo
-
0

Dr. Mariya Mahmoud, Minister of State for the Federal Capital Territory (FCT), emphasised the need for good behaviour and devotion for potential pilgrims at a screening exercise in Abuja on Wednesday.

The Minister, represented by her Special Assistant, Mrs. Helen Zamani, advised pilgrims to consider themselves ambassadors for the country, emphasising the need for excellent behaviour throughout the exercise.

Saying, “Intending pilgrims should go through this spiritual journey with full dedication, acknowledging their role as country representatives and maintaining good behaviour.”

She made this known on Wednesday where she officially declared the screening exercise open for intending Pilgrims for the 2023 Main Pilgrimage to Rome and Greece contained a demand for full compliance with all requirements.

The acting Director of FCT Christian Pilgrims Welfare Board, Mrs. Rahila Isa-Baita, described the pilgrimage as an exploration of the historical sites linked to the Gospel of Jesus Christ. She explained the choice of Greece and Rome, attributing it to the ongoing crisis between Israel and Hamas, ensuring spiritual depth and historical significance.

Mrs. Isa-Baita also highlighted the screening process, stating, “It’s an exercise to understand expectations, address concerns, and ensure everyone is physically and spiritually prepared for the pilgrimage.”

This year’s pilgrimage, set to take place in Greece and Rome, deviates from the traditional location of Israel due to the ongoing conflict in the region.

Addressing the use of the Schengen Visa for the pilgrimage, Mr. Philip Danjuma, Head of Operations at FCT Pilgrims Welfare Board, clarified that while the visa allows entry to multiple countries, the number of entries is subject to embassy regulations.

Dr. Omokide Moshood explained the health screening as part of the exercise, aiming to identify ailments like diabetes and hypertension. He emphasized the importance of addressing health concerns before embarking on the pilgrimage.

A participant, Mrs. Elisha Fub, expressed her expectations for the trip, stating, “I aim to build myself more spiritually and explore historical sites of the early church as narrated in the Holy Bible.”

The screening exercise serves as a comprehensive measure to ensure both the spiritual and physical preparedness of the pilgrims for the upcoming journey.

House of Representatives Initiates Probe into Alleged Mismanagement of COVID-19 Intervention Funds

By
Roland Edet
-
0

The House of Representatives has commenced an investigative hearing on the alleged mismanagement of COVID-19 Intervention Funds expended between 2020 and 2022. Organized by the House Public Accounts Committee (PAC), the hearings are scheduled from January 17 to January 26, 2024, at the National Assembly Complex.

In a communication, Rep. Bamidele Salam, Chairman of the House Public Accounts Committee, highlighted that fifty-nine (59) Ministries, Departments, Agencies, and Parastatals of the Government have been issued notices to appear before the Committee. These include the Accountant-General of the Federation, Nigerian Export Promotion Council (NEPC), Federal Airports Authority of Nigeria (FAAN), Nigerian Airspace Management Agency (NAMA), Nigerian Meteorological Agency, and others.

Representatives from each MDA, including the Chief Executive Officer, Head of Finance, Head of Procurement, and officers familiar with the expenditures of the COVID-19 Intervention Funds, are expected to appear. The communication emphasized that failure to comply with the invitation may lead to the Committee resolving the issues raised against the respective offices and medical institutions.

The investigation was initiated following a resolution by the House in October 2023, prompted by a motion presented by Rep. Zakaria Dauda Nyampa. The motion highlighted concerns about the diversion and unaccountability of significant funds allocated for COVID-19 palliatives and international donations by various government agencies. The House mandated the Public Accounts Committee to investigate the expenditure of COVID-19 intervention funds and report back for further legislative action.

Ibadan Explosion: Governor Makinde Visits Scene, Confirms 2 Dead , 77 Injured

By
Roland Edet
-
0

Governor Seyi Makinde of Oyo State visited the scene of a recent explosion in Bodija, Ibadan, where an explosion allegedly caused by dynamite stored by illegal miners in a residential area resulted in casualties and extensive damage. The incident, which occurred the previous evening, left two people dead, 77 injured, and numerous houses and properties affected.

Governor Makinde, accompanied by his deputy, Adebayo Lawal, and other government officials, confirmed the unfortunate incident and pledged comprehensive search and rescue operations. Emergency response teams, ambulances, earth-moving equipment, and security personnel were deployed to the scene. The wounded were treated and transported to public and private hospitals in Ibadan, with the government covering their medical bills.

Prominent residences, including those of late Chief Bola Ige, late Lam-Adesina’s deputy, Iyiola Oladokun, Oba Kola Adegbola, Comrade Kunle Famoriyo of Afenifere Renewal fame, Actress Bimbo Osin, interim Oyo NAWOJ chairperson, Bola Okanlawon, and others were affected. Governor Makinde assured affected residents of temporary accommodation and support for rebuilding.

Preliminary investigations by security agencies revealed that illegal miners occupying a house in Bodija had stored explosive devices, leading to the blast. Governor Makinde emphasized ongoing investigations, pledging that those found culpable would be brought to book. He urged residents to call emergency services for assistance and to stay away from the immediate scene to facilitate rescue operations.

The governor expressed gratitude to first responders, security personnel, and medical teams involved in rescue efforts. As the rescue operations continued, Governor Makinde called for prayers for those affected by the disaster.

NNPCL Discovers 83 Illegal Refineries in Niger Delta, Arrests 22 Suspects

By
Roland Edet
-
0

The Nigerian National Petroleum Company Limited (NNPCL) has intensified its efforts against crude oil theft, uncovering 83 illegal refineries in the Niger Delta region. The NNPCL reported the discovery on its official X handle, stating that this was part of its ongoing campaign to combat oil theft.

In addition to the illegal refineries, the company revealed that 15 illegal pipeline connections were identified within the same timeframe. The inspection, covering the period between January 6 and 12, 2023, also reported a total of 211 incidents related to oil theft and vandalism.

NNPCL shared a documentary on X, stating that during an inspection tour, the Group CEO of NNPC Ltd, Mr. Mele Kyari, and the Chief of Defence Staff, General Christopher Musa, visited Oporoza, Warri, Delta State, to inspect an illegal crude oil vessel named MT Kali. The vessel, intercepted by Tantita Security Services in collaboration with the Nigeria Security and Civil Defence Corps, was loading crude oil directly from an offshore platform in Bayelsa State.

All 23 crew members on the illegal vessel have been arrested. The Chief of Defence Staff emphasized the commitment of the military to collaborate with national oil firms and other security agencies to halt crude oil theft in the Niger Delta, emphasizing the need to curb criminal activities affecting the country’s development.

This recent discovery follows the revelation from a week earlier when the NNPCL disclosed 52 illegal refineries in the Niger Delta region and uncovered 32 illegal pipeline connections. The continuous efforts by NNPCL indicate a robust approach to addressing the persistent challenges posed by illegal oil-related activities in the region.

National Assembly Approves Over N1 Trillion Budget for Ministry of Works

By
Shehu Danladi
-
0

The National Assembly has increased the budgetary allocation to the Ministry of Works from the proposed N657.3 billion to N1.03 trillion. This substantial increase, representing a 56.7% rise from the initial figure in the appropriation bill, aims to bolster the ministry’s efforts in repairing and maintaining over 33,000 kilometers of federal government roads across the country.

The approved budget revealed a significant elevation of the capital budget from N617.9 billion to N987.3 billion, with the addition of several capital projects. Key projects include the construction of Lafia road and dualization of the 9th Mile (Enugu) Otukpo-Makurdi (Keffi Phase II) road, Ota-Idiroko road sections one to three, Iyin-Ilawe Ekiti road sections one to three, and rehabilitation of Enugu-Port Harcourt road sections two and four.

Additionally, the budget endorses funds for projects such as the dualization of Benin-Ilesha road, construction of Malando-Garin-Baka-Ngaski-Wara road in Kebbi State, Koko-Besse-Zaria-Kala Kala road in Kebbi State, Aba-Ikot Ekpene road dualization, repair of Iganmu bridge, and rehabilitation of Enugu-Port Harcourt Dual Carriageway Section.

The Ministry of Works also received approval for N3.35 billion to purchase vehicles for consultants and security supervision.

Minister of Works, David Umahi, had advocated for an increased budget during the defense session, aiming for approximately N1.5 trillion to complete critical roads and bridges across the six geo-political zones. Umahi’s call aligns with his commitment to revolutionize road construction in Nigeria, setting a target for contractors to complete 150 km of roads in each state and the Federal Capital Territory in 2024. The increased budget allocation raises expectations for tangible improvements in Nigeria’s road infrastructure.

1...484950...302Page 49 of 302

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

Newsfocus is your news, sports,politics, entertainment, music fashion website. We offer you the latest breaking news and videos straight from the sports and entertainment industry across the world.

Contact us: [email protected]

FOLLOW US

© 2020 Focus Media . All Rights Reserved