The Nation Newspaper

Author: The Nation

  • APC chief, others hails Kalu’s appeal court victory

    APC chief, others hails Kalu’s appeal court victory

    The All Progressives Congress (APC) Chairman in Ebonyi, Chief Stanley Okoro-Emegha, has urged Sen. Orji Kalu (APC – Abia North) to use his appeal court victory to consolidate on his gains at the Senate.

    The News Agency of Nigeria (NAN) reports that the Court of Appeal, Lagos division, has affirmed Kalu as the duly elected senator representing Abia North.

    The court upheld the judgment of national and state assembly petition tribunal which dismissed the petitions against Kalu as lacking in merit.

    Okoro-Emegha told NAN on Sunday in Abakaliki that the affirmation testified the acceptance of Kalu by his people.

    “I hail from Ebonyi and Kalu from Abia but I submit that the appeal court justified the trust reposed in the judiciary by Nigerians.

    “The Abia North constituents massively voted for Kalu, Chief Whip of the ninth Senate and it had never been in doubt,” he said.

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    The APC chairman, who was an aide to Kalu as Abia governor, urged him to use the opportunity to consolidate on his gains at the Senate.

    Chief Louis Elekwa, a businessman, also hailed the ruling, noting that his community also benefited from Kalu’s effective representation of his people.

    “My community borders some areas in Kalu’s senatorial district and enjoy his massive interventions in roads and agricultural endeavours,” he said.

    Mrs Juliet Nmereole, a teacher, urged Kalu not to be discouraged by his non-election as a principal officer of the 10th Senate.

    “He should instead be mindful that his people are solidly behind him and offer effective representation to them and the entire country” she said.

  • Fed Govt moves to recover N13.27tr withheld by NNPCL

    Fed Govt moves to recover N13.27tr withheld by NNPCL

    The Federation Account Allocation Committee (FAAC) has extracted a commitment from the Nigerian National Petroleum Company Limited (NNPCL) to repay the N13.27 trillion it withheld from the federation account. 

    Minister of Finance and Coordinating Minister for the Economy Mr Wale Edun and the Executive Chairman of the Federal Inland Revenue Service (FIRS) Mr. Zacch Adedeji will be meeting with the Minister of State for Petroleum Senator Heineken Lokpobiri on how and when the process of repayment will be executed.

    A FAAC official, who pleaded not to be named because he was not authorised to speak, said: “Several meetings have been held where representatives of the NNPCL were called to provide updates on the funds.

    “The request for instalment payments was agreed upon, but feedback from the superiors at NNPCL is still pending.

    “NNPCL keeps sending different representatives to meetings with the FAAC but these representatives don’t give clear answers about when the NNPCL will pay back the money, leading to delays and unresolved issues.

    “The situation has reached a point where higher-level discussions between ministers are needed.

    “The hope is that individuals with experience in finance and FAAC matters will address the concerns and ensure the return of the withheld funds.”

    The FAAC is hopeful that the NNPCL will pay back the money.

    It pleaded with the Minister of Finance and the FIRS boss, both of whom were FAAC members as finance commissioners in Lagos and Oyo states, to lead the negotiations with NNPCL and the Petroleum ministry.

    The withholding of N13.27 trillion from the federation account by the NNPCL is depriving the country of much-needed revenue. 

    Between January 2012 and May, the NNPCL sold crude oil worth N26.496 trillion.

    Of this total amount, only N13.226 trillion was paid to the federation account.

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    A total of N4.026 trillion in subsidy claims was certified by FAAC from January 2010 to December 2015. 

    This certaification was carried out by the Petroleum Products Pricing Regulatory Agency (PPPRA).

    However, the FAAC has not certified any subsidy claims since December 2015.

    The next FAAC meeting is scheduled for later this month in Asaba, Delta State capital.

    The NNPC Ltd has said it would continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the reconciliation committee set up by President Bola Ahmed Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to FAAC.

    Its Chief Communication Officer, Mr. Olufemi Soneye, faulted a call by a non-governmental organisation for a probe of several monies allegedly owed to the federation by the national oil company.

    NNPCL said at the outset of the Tinubu Administration, it was made to sell Premium Motor Spirit (PMS) imported into the country at one-third of its value.

    It said the development led to an average of N400 billion monthly subsidy bill, which put a strain on its revenues and finances.

    “That subsidy bill accumulated to up to N3.736 trillion as of May 31st, 2023,” the company said.

  • Nigeria spends $1.7b annually on milk importation, says MACBAN

    Nigeria spends $1.7b annually on milk importation, says MACBAN

    The Mi-Yetti Allah Cattle Breeders Association of Nigeria (MACBAN) has said the country spends more than $1.7 billion annually on milk importation due to poor attention given to the livestock sub-sector.

    The association called for adequate budgetary allocation to boost the livestock sector of the economy to save the nation of a huge foreign exchange.

    MACBAN National President Baba Ngelzarma said this in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja.

    Ngelzarma said there was no budgetary allocation for livestock while agronomy always gained priority attention annually in terms of robust budget.

    “The livestock sector has not and never received the needed attention from the government. The only support we have got is vaccination of cow.

    “The aspects of livestock production, marketing, transportation, processing, among others, are left in the hands of the pastoralists. The entire value chain of cattle is not harnessed by the government.

    “Nigeria has the largest population of livestock compared with neighbouring countries; yet we produce lesser milk due to neglect of the sector,” he said.

    Ngelzarma noted that if the sector was accorded due attention, the nation would be the hub of milk exportation as well as other value chain in livestock.

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    The MACBAN president said cattle business in the country was doing the little it could to stimulate the economy.

    He added that when given the deserved attention, it would contribute immensely to the agricultural Gross Domestic Product (GDP).

    On the state of livestock sector in the country, Ngelzarma frowned at the poor attention given to the sector by the government, saying it was not right that every attention was channeled towards the agronomy sector while issues regarding livestock were left unattended to year in year out.

    The MACBAN president urged the government to give due attention to livestock subsector of the economy to boost the nation’s foreign income.

    “If the sector is well harnessed, it can unlock a lot of employment opportunities in the country considering its huge investment, foreign exchange among others,” he said.

    Ngelzarma said it would be difficult to practise ranching in the country.

    According to him, such a model is alien to pastoralists in the country since it was borrowed from foreigners.

    The MACBAN president said the model could not suit the peculiarities of pastoralists in the country who he described as primitive, adding that they still roamed about while looking for pasture.

    He said a number of the pastoralists in the country were not educated, stressing that between 70 per cent and 80 per cent were smallholder farmers who could not afford ranching because it is capital intensive.

    According to him, they are nomadic farmers who are used to open grazing system, and lack training in modernised farming methods.

  • Executive, legislative collaboration panacea for robust fiscal policy, says Senate

    Executive, legislative collaboration panacea for robust fiscal policy, says Senate

    • MDAs to defend MTEF/FSP estimates before joint panel this week

    The Senate has said a genuine and deliberate collaboration between the legislature and the executive arms of government could produce a robust fiscal policy that would effectively address the economic challenges currently confronting the country.

    The Chairman of the Senate Committee on Finance, Sani Musa, said this in a statement yesterday in Abuja.

    Musa said such collaboration would not only guarantee economic growth but also ensure massive revenue generation.

    He also said a joint committee of the Senate, which he chairs, would this week engage heads of federal ministries, departments and agencies (MDAs) in rigorous interactive public hearings on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).

    The interactive sessions are being coordinated by the Senate Committee on Finance, with Committee on Appropriations; National Planning and Economic Affairs; and Local and Foreign Debts, as members.

    The joint panel would scrutinise the fiscal document with the heads of MDAs and chief executives of government-owned organisations with a view to increasing the national revenue base and block leakages.

    The Federal Government, in the 2024-2027 MTEF/FSP, pegged the price of crude oil at $73.96; exchange rate at N700/$; oil production at 1.78 million barrels per day; debt servicing at N8.25 trillion; inflation at 21 per cent, and GDP growth at 3.76 per cent.

    The aggregate expenditure was estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion, non-debt recurrent expenditure of N10.26 trillion, debt service estimated at N8.25 trillion, as well as N7.78 trillion being provided for personnel and pension cost.

    The approved MTEF/FSP would set out the parameters upon which next year’s budget would be predicated.

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    The chairman of the joint MTEF/FSP panel called for the collaboration of the legislature with the executive arm in his committee’s determination to ensure drastic improvements in the nation’s revenues to meet the challenges confronting the nation.

    Musa said: “In this endeavour, I call for unity and cooperation between the legislative and executive branches.

    “It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive for sustainable economic growth. The challenges ahead are formidable, but our resolve is stronger.

    “The MTEF/FSP 2024 — 2026 is not merely a collection of numbers and projections but a comprehensive strategy designed to steer our nation through the complex economic landscape that lies ahead.

    “The document outlines projected revenue and expenditure expectations, fiscal policies, and macroeconomic assumptions, thereby laying the foundation for our budgetary decisions and shaping the economic trajectory of our great nation.

    “Therefore, it is our duty not only to scrutinise but to ensure that the MTEF/FSP 2024-2026 aligns with the best interest of Nigerians whom we are all representing.”

  • N156b dispute: UBA takes over Stallion’s Lagos, Port Harcourt, Kano assets

    N156b dispute: UBA takes over Stallion’s Lagos, Port Harcourt, Kano assets

    The United Bank for Africa (UBA) Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano.

    The bank’s action followed an order of the Federal High Court in Lagos over an alleged N156,026,032,804.84 debt.

    Last Friday, the bank’s receiver-manager, Romeo Michael, and court bailiffs, under police protection in the three cities, executed the interim orders delivered by Justice Akintayo Aluko on October 20.

    The judge made the order after hearing Temilolu Adamolekun, who appeared with Mohammed Usman, moving the motion ex parte as counsel for the plaintiff/applicants in the suit.

    The order subsists pending the hearing and determination of the motion on notice.

    The case was adjourned till November 20 for hearing of the Motion on Notice.

    The order also affects the defendants’ funds totalling N156 billion in commercial, microfinance and other financial institutions across the country.

    The first to fourth plaintiffs/applicants in the suit are: UBA Plc, UBA Cameroon SA, Cote D’Ivoire SA, and Romeo Ese Michael.

    The first to 11th defendants/respondents are: Stallion Nigeria Limited (in receivership), Von Automobile Nigeria Limited, Popular Farms and Mills Limited, Havana Nigeria Limited.

    The other defendants are: KRBL Food Industries Limited, Qingqi Motorcycle Manufacturing Limited, Stallion Auto Keke Limited, Stallion Motors Limited, The Honda Place Limited, Yokohama Construction Limited, and Mr. Sunil Vaswani.

    In granting UBA’s prayers, Justice Aluko also restrained the defendants, their directors, shareholders, employees, officers, and agents, from interfering with or frustrating the receiver/manager from exercising all the powers vested in him or performing his duties as receiver of the mortgaged properties, among others.

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    According to the affidavit deposed to on October 18 by Mr. Anthony Chilaka, Group Head, Recovery and Remedial Management Department of the first to third plaintiffs’ companies, UBA, in 2014, gave various credit facilities to the first defendant (Stallion Nigeria Limited).

    Both parties agreed that the credit facilities could be used and were used by Stallion’s sister companies, that is, the second to 10th defendants, in accordance with the offer letter.

    As security for the various loans, the defendants mortgaged their aforementioned assets in Port Harcourt, Lagos, and Kano.

    Sometime in 2014, Stallion Motors (eighth defendant) was awarded a contract by the Federal Government to supply 700 Ashok Leyland trucks/Stallion troop carrying vehicles and 50 Falcon-seater buses to be used by the military with the understanding of the parties that the receivables from the Federal Government would be paid into Stallion Account with UBA.

    But after delivering the vehicles to the Federal Government, Stallion Motors allegedly directed the government to make the initial payment of $50 million into its Dubai account and also received another N8.2 billion into its offshore account, rather than to its UBA account, as agreed.

    UBA alleged that the defendants failed to clear their debts totalling N156 billion.

  • Varsity appoints pioneer Vice Chancellor, Deputy

    Varsity appoints pioneer Vice Chancellor, Deputy

    Hensard University, Toru-Orua in Bayelsa State, has announced the appointment of  Prof. Dileep Kumar  as its pioneer vice chancellor.  

    The widely travelled scholar has taught a good number of courses across different universities in the world.

    Chairman of Henry Seriake Foundation, which established the university, Sen. Henry Seriake Dickson, noted that Kumar’s works align with the vision and unique approaches of the university to higher learning.

    “The thrust of researches, his precocious publications, patents, global experience, and intellectual status, match the benchmarks that Hensard University has set to produce global leaders whose relevance would be drawn from their commitment to improving communities and the larger society,” he said.

     Kumar joined the institution from Nile University of Nigeria, Abuja, where he was the Deputy Vice Chancellor and Dean, Faculty of Management Sciences. He has published 8 books, 3 monographs and  more than 170 national and international high impact publications, including 50 plus ISI and Scopus; 4 patents, 17 copyrights.

    He graduated  with First Class, BSc Science from Mahatma Gandhi University, Kerala, India. He bagged  a doctorate in Business Administration from International University Georgia; a PhD in Business Management, University Kottayam, Kerala;an M Phil. in Labour Studies, Madurai Kamaraj University, Madurai, among others.

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    Kumar expressed happiness on the appointment, adding that he was poised for the unique transformation of people so that they can improve society.

    The university also announced the appointment of Prof.  Prekeyi Tawari-Fufeyin, as  Deputy Vice Chancellor. She is graduate of University of Benin (UNIBEN).  She bagged a PhD  in Environmental Toxicology and Pollution Studies, from UNIBEN, with her  one-year bench work at the University of Leeds, England. The don  has taught at UNBEN  and Western University, Oghara. She is a few of  International Society of Comparative Education, Science and Technology (FISCEST).   

    It also approved the appointment of Mrs. Evelyn Umukoro, as registrar.

    She also graduated from UNIBEN in 1982 with a B.Ed (Social Sciences) with emphasis on Geography, and a Master’s degree in  Educational Management in 1994. 

    She is a member of Nigeria Institute of Management (NIM) and  Association of Nigerian Universities Professional Administrators (ANUPA).

  • Women get platform to share survival experiences

    Women get platform to share survival experiences

    A writer and  communications strategist, Ogochukwu Geraldine Eloike, has launched her book “Ichabod”.

    It is a narration of the feminine experience and it is being trivialised by society thus widening the gender gap.

    The book, published by Parresia Publishers Ltd, under the Origami imprint, provides practicable roles the society and individuals can play in entrenching equity and ameliorating gender wariness which has been on the rise in recent times.

    To launch the book, the author, Ogochukwu, kick-started hashtags campaign #Ichabod and #ImEnough to give women a voice and platform to share their life experiences in relation to manifestations of gender inequity and shortfalls.

    Through the hashtags, women and girls can share their experiences as girls and young adults living in patriarchal societies and how these experiences have shaped their life decisions thus far.

    The author said: “The term Ichabod has biblical connotation which means lost glory and it is used as the book title to allude to various ways we have gotten the training and raising of the girls wrong by paying much tribute to male children across various touchpoints.

    “We have a series of activities designed to celebrate girls and women, but, our socio-cultural foundation remains patriarchal.

    “For instance, in the Nigerian political environment, the Senate unanimously voted against a gender-balanced house in 2021 and the action clearly depicts the perception of women as unequal and undeserving of leadership positions even when existing and emerging data shows that women, in some contexts are better leaders.

    “Ichabod is a direct and honest analysis of current gender disparity situations, not just in Nigeria but across the globe using real-life data garnered online and offline to measure various drivers of abuses, dissatisfaction, and perceived/established differences amongst both genders.

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    “The insights allow for a direct call to action for women as emerging data depict a rapid increase in gender-based violence especially by spouses or close family members.

    “I hope that this book will trigger some sort of paradigm shift in various societies so that as people, we would pay more attention to the needs of each other instead of trying to subjugate and exert authority over one another.”

    The book identifies as a imperative the need for stakeholders, starting from families, to look beyond the status quo and become more involved in addressing foundational causes of misogyny, as unhappy mothers are most likely to raise unhappy children.

     Institutions like government parastatals and religious establishments are also required to put in place structures that would test and allow for equity and help in actively bridging the gap created by gender disparity.

    The book is available on Okadabooks, Amazon Kindle, Amazon paperback, and hard copies can also be ordered by readers from Parresia Publishers via the website or walk-in to 1st Floor Ibilola Nelson House, 82 Allen Ave, Ikeja.

  • Minister okays renewables production through DBO

    Minister okays renewables production through DBO

    Minister of Innovation, Science and Technology, Chief Uche Nnaji, has said his ministry would cooperate with companies ready to invest in the renewable energy sector, especially companies with the capacity to Develop, Build, Own and Operate (DBO).

     He said this while welcoming representatives of Hecate Global Renewables of USA.

     The minister told the investors that his style is more actions, less talk.

    He said many investors had indicated interest in the renewable energy sector— solar, wind and hydro.

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    Nnaji urged Hecate Global Renewables to show seriousness by initiating actions to build.

     He spoke about some abandoned solar power projects across the country and suggested that the company should consider working to complete the abandoned projects.

     The company representative, Ms. Catherine Jimmy Mfere, Head of Business Development, Sub-Saharan Africa, standing in for the CEO, David Wilhelm, said HGR had established solar power plants in some countries in Africa including Ghana— 60MW, Sierra Leone—50MW, Gambia—50MW, Malawi—40MW and Zambia—100MW.

     The Director General of Energy Commission of Nigeria (ECN), Dr. Abdullahi Mustapha, said ECN recognised the need for renewable energy to reduce the country’s carbon footprint and contribute in the effort towards limiting global warming to 1.5 Degrees Celsius.

  • Cement firm unveils 2022 sustainability report

    Cement firm unveils 2022 sustainability report

    Building solutions company, Lafarge Africa Plc, has released its 2022 Sustainability Report.

    It highlights the company’s dedication to sustainability and showcases its commitment to fostering a better future for both people and the planet.

    The report details Lafarge Africa’s achievements across its environmental, social, and governance (ESG) initiatives during the period spanning 1st January 2022 to 31 December 2022.

    The report emphasises the company’s performance across four sustainability pillars: climate and energy, circular economy, nature, and people, underscoring its comprehensive approach to sustainable business practices.

    Chairman of Lafarge Africa, Prince Adebode Adefioye, said: “Our latest sustainability report highlights our steadfast commitment to sustainability and our ongoing journey towards a greener future

    “The theme of this report, ‘Shaping a Greener Future through Innovation and Collaboration,’ encapsulates our dedication to fostering positive environmental and social impacts while upholding strong governance practices.”

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    Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi, stressed that sustainable practices are critical for delivering shared value and building a resilient future, particularly in the light of a challenging business environment.

    “With the unwavering support and collaborative efforts of our shareholders, employees, customers, and communities, we were able to innovate in the areas of manufacturing, supply chain and service delivery to create value for all our stakeholders while preserving our planet for the future generations.

    “Our 2022 Sustainability Report highlights the milestones we have achieved on this journey.”

  • Verdant Zeal chief Olugbodi to deliver OOU faculty lecture

    Verdant Zeal chief Olugbodi to deliver OOU faculty lecture

    Dr. Tunji Olugbodi, the Executive Vice Chairman of Verdant Zeal Group, will be the guest lecturer at the Faculty of Social Sciences of the Olabisi Onabanjo University.

      The lecture is scheduled to hold at the Otunba Gbenga Daniel Hall (OGD) on Thursday.

    The theme is: “Collaborative innovation: Bridging the knowledge and research gap between the industry and academia.”

    It reflects the institution’s  commitment to fostering meaningful connections between the corporate world and the academic realm.  

    Bringing his wealth of  business  experience, Dr.  Olugbodi  is expected to share insights on how collaborative innovation can help bridge the gap between industry practices and the academia. 

    The combination of his knowledge and experience is expected to inspire new thinking and beneficial pillars around the subject matter.

      Olugbodi expressed his enthusiasm about the opportunity.

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    He said: ”I am honored to be part of this academic dialogue at Olabisi Onabanjo University.

    “Collaborative innovation is the key to unlocking new frontiers in knowledge, innovation and social progress. 

    “I look forward to sharing insights and engaging  the students and the academic staff of the institution in meaningful discussions.”

      Verdant Zeal Group, under Dr. Olugbodi’s leadership, has been at the forefront of driving innovation and excellence in the business landscape. He is the Convener of the famous Innovention Series, a yearly thought leadership foray dedicated to front-lining new development routes for societal progress.  The invitation to share his expertise at Olabisi Onabanjo University reflects the recognition of his significant contributions to the industry and his dedication to advancing knowledge-sharing initiatives.

      The event promises to be a thought-provoking session, providing a platform for engaging discussions and fostering collaboration between academia and industry.