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  • BREAKING: Former Anambra gov Ezeife dies at 84

    BREAKING: Former Anambra gov Ezeife dies at 84

    Former governor of Anambra state Chukwuemeka Ezeife is dead. 

    He was aged 84.

    Ezeife’s death came some weeks after the demise of another former governor of the state, Chinweoke Mbadinuju’s burial in his Uli, Ihiala local government area of the state.

    The renowned economist, was said to have died in Abuja on Thursday, December 14, after battling an undisclosed illness.

    The announcement was contained in a statement released by the family, through his younger brother, Chief Rob Ezeife.

    The statement: “On behalf of the Ezeife Dynasty of Igbo-Ukwu, I wish to announce the promotion to glory of our most distinguished son, Okwadike, Dr. Chukwuemeka Ezeife, CON, a former Federal Permanent Secretary, the first Executive Governor of Anambra State, a former Political Adviser to the President and former Presidential Aspirant.”

    “This sad event took place yesterday at 6pm at the Federal Medical Centre, Abuja. More details about the deceased and the arrangements for his State Burial will be announced later.”

    Read Also: Anambra lawmakers repeal law establishing state’s newspaper

    The former governor was born at Igbo-Ukwu, Anambra State on 20 November 1939.

     He did not attend secondary school but taught himself through correspondence courses, qualifying for university admission. 

    He gained a BSc in Economics from the University College Ibadan, then attended Harvard University on a Rockefeller Foundation scholarship where he obtain a masters and then PhD degree in 1972.

     He became a School Headmaster, a lecturer at Makarare University College, Kampala, Uganda, a Teaching Fellow at Harvard University, and a Consultant with Arthur D. Little in Cambridge, Massachusetts.

     Ezeife joined the civil service as an Administrative Officer and rose to the position of Permanent Secretary.

    In 1992, he contested for the governorship of Anambra state on the platform of Social Democratic Party SDP and won

    His tenure under the Military regime of late Military dictator, General Ibrahim Babangida lasted between 2 January 1992 to 17 November 1993.

    It was when General Sani Abacha took power after a military coup.

    He was famous as governor for planning than in addressing immediate developmental needs, and achieved few tangible results while saving money in the state.

    He transferred Nnamdi Azikiwe University and Federal Polytechnic, Oko to the federal government, which helped ensure that they survived in the ensuing military regime.

    During the Nigerian Fourth Republic Ezeife, who describes himself as a social democrat, was appointed presidential Adviser on Political Matters to President Olusegun Obasanjo.

    Ezeife was appointed a member of the board of the Center for Development & Empowerment of Commercial Motorcyclists.In February 2006 the Federal Capital development Authority bulldozed his house in Abuja on the grounds that the plot of land and those of adjacent houses had been acquired improperly.

    In January 2010 he was among thousands who demonstrated in Awka calling for credible and violence-free governorship elections on February In April 2010.

  • Trayc Selasi: My life has always been about entertainment

    Trayc Selasi: My life has always been about entertainment

    British-Ghanaian singer and songwriter, Trayc Selasihas said that music has been a part of her life since childhood.

     In a chat with The Nation, the energetic entertainer described her activities in the entertainment space as a fulfilment of her life’s purpose.

     “To be absolutely honest with you, I do not know what career I will venture into because, since I was eight years old, I always wanted to be in the entertainment industry.”

     Continuing, the Afro-fusion vocalist said, “If not music and dancing, I actually don’t know what career I’d venture into. Music and entertainment are my whole life because I grew up listening to different great artistes from across Africa, from Blay Ambolley, Angelique Kidjo, Fela Kuti, Yvonne Chaka Chaka to other highlife musicians. These are just ‘old school’ cats that my parents used to play for us. So it was always fun back in the day, and I just kind of try and infuse that into my music now.”

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

     Speaking on her inspiration for her newest single titled, ‘International Local Babe (ILB), she said it addressed the issue of culture shock.

     “ILB is a song that passes a message to all the diaspora. Whether you’re from the UK, US, Germany, or wherever you are, be proud of yourself. I don’t think there’s anything to be ashamed of. Be proud of it. Love every part and every aspect of it,” she said.

    Since she burst onto the scene in 2020 with her debut EP entitled, ‘The Art & The Muse’, Selasi has had about eight projects under her belt. She is poised to take over in 2024 with her upcoming body of work.

  • Kunda and friends premieres in Lagos

    Kunda and friends premieres in Lagos

    A popular animated series, ‘Kunda and friends’ recently premiered at the FilmHouse cinemas in Lagos.

     The screening showcased a collection of cartoons which were educational in content with music and other interesting contents. 

     Designed and produced for African children, Oladele Olafuyi CEO and Co-founder ‘Kunda and friends’ talks about the vision and mission.

    Read Also; Sanwo-Olu promises medical palliatives to residents

     ” I became a parent and  realised that the programs available for African children weren’t at world class level. So, my wife and I decided to be the company that would  transform children’s learning and entertainment.”

     Continuing, he said, ” It was really tough at the beginning.  We started  during the pandemic.  The two big issues that have limited the  creative space in Africa especially for children is lack of talent and lack of funding.  We knew that for us to be successful, we need to find good talent and good funding”.

     On her part, the co-founder Louisa Olafuyi talked about the content as well as making sure that the quality is good enough for animation around the world.” It is an incredible opportunity for us to bring Kunda and Friends to Lagos.  It was launched first in the largest cinema in London, then in Nairobi and because of how amazing the Nigerian market is, we had to bring it to Lagos”.

  • LASRRA captures over 6million residents into data base

    LASRRA captures over 6million residents into data base

    By Olubusola Odugbesan

    Lagos State Residents Registration Agency (LASRRA) yesterday said it has so far captured the data of over six million residents of the state.

    Its General Manager, Mrs. Bilikis Adebiyi-Abiola, who spoke with reporters in her office yesterday, advised those who have registered to get the updated version of the card, and urged those yet to be captured to do so at the nearest local government offices close to them at no cost.

    She said having reached six million and still growing, she announced the introduction of the new 2.0 smart identification is to take a step further to put benefits on the card to make life easier for residents of the state.  “The card is a smart card. It comes with a chip. It comes with a wallet account currently residing with Sterling and still open to other banks to partner with.

    “The introduction of the new Lagos Resident 2.0 Smart Card has demonstrated commitment of Lagos State Governor Babajide Sanwo-Olu for the attainment of the Smart City vision,” she said.

    She said the upgrade of LASRRA’s technology from 1.0 to 2.0 was borne out of the need to embrace change. The upgrade of the IT infrastructure and the introduction of the Smart Multipurpose Card, which is the end product of 2.0, is to align with global best practices.

    Read Also; Sanwo-Olu promises medical palliatives to residents

    She said the goal of LASRRA was to ensure proper citizen identification.

    The 2.0 smart card according to her, can serve 28 different benefits which include its ability to be used as an identification card, to provide user a wallet that can be used in the banking system, adding that it can also be used to access all transportation within Lagos State and many other features.

    Adebiyi-Abiola, who recalled the reasons why LASRRA was created, emphasized the significance of effective and realistic planning for the provision of social services and amenities for the Lagos residents.

    Speaking further, she said the upgrade of LASRRA’s technology from 1.0 to 2.0 was to upgrade the IT infrastructure and the introduction of the Smart Multipurpose Card that has many functions that will align with global best practices.

     “The new smart card which combines biometric identification with other functionalities and benefits that cut across some vital issues, such as security, financial services, mobility and access to other government services and amenities, was introduced to ease government’s e-services,” adding that ministries, departments agencies (MDAs) can partner with the initiative through   integration and collaboration together to provide the very best in attaining the smart city.

    The General Manager urged residents to pick up their cards once they have been sent an SMS message that the LAG-ID card has been produced and is ready for collection at their various LCDA. Up to 200,000 cards are yet to be collected, she said urging the owners to go and pick them.

    The GM also advised residents to check for the status of their registration and LAG-ID card by dialing the short USSD code that has just been generated by the Agency which is *3478*641# which should be sent via the phone number used for registration and ‘your status will be stated’.

    She said for anyone to qualify to register as a resident, the person must present his/her permanent voter’s card and any means of identity and must reside in Lagos.

  • Yuletide: United Nigeria Airlines to connect Kano, Southeast

    Yuletide: United Nigeria Airlines to connect Kano, Southeast

    The chairman of United Nigeria Airline (UNA), Prof. Obiora Okonkwo, has assured that flights from Kano to the South East states will commence before the Christmas season to afford travelers faster ease of movement.

    He gave this assurance on Wednesday in response to the request of the Emir of Kano, Aminu Ado Bayero, who urged him to open up routes between Kano and the South East when he led the management team of the airline to pay a courtesy visit to the palace.

    The Emir said he is confident that the addition of Kano to UNA’s destinations will further help the development of the economy of the state.

     He commended Prof. Obiora for keeping to his promise that the airline would commence Kano operations before the end of the year, saying that it shows he has integrity.

    “When Prof. Obiora came here some months ago, he promised me that he will ensure that United Nigeria begins its Kano operations and today, he has fulfilled that promise. This is how you know someone who has integrity. When you make a promise, you keep it and I am very happy this promise has come to fruition.  The tradition of being a commercial center is well known and I hope that with the addition of Kano to the routes, it will be a catalyst for more development. You are assured of my continued support and my hope is that there would be flights to link Kano to the South East states where we have a huge population of Igbos. Given the long standing relationship between Kano and the South East, if a route is open between Kano and the South East, it would further boost economic development in the region and in Kano as well,” he said.

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

    Responding to the Emir’s request, Prof. Obiora expressed his gratitude for the support the palace has given the airline since its inception and promised that there would be flights from Kano to the South East to enable ease of movement for the festive season. The airline currently operates to Anambra, Enugu and Owerri.

    The Emir then commended the Azman Group President who is also the President of Airline Operators of Nigeria (AON), Abdulmunaf Sarina, who he said helped in facilitating the visit and has shown solidarity to other airlines.

    “Some months ago, the Azman chairman came here with the chairman of Air Peace and Prof. Okonkwo and he has been a source of support to them. I am happy that there is no rivalry between them, rather what we see is collaboration and healthy competition which is great for the aviation industry,” the Emir said.

    Meanwhile, Sultan of Sokoto, Muhammad Sa’ad Abubakar III, has described the inaugural flight of United Nigeria Airline (UNA) into the City of the Caliphate as  historic.

    The traditional ruler and the governor joined UNA’s inaugural flight to Sokoto from Abuja on onboard its Airbus A320-200 aircraft after which he received the airline’s team led by its chairman, Prof. Obiora Okonkwo, at his palace.

    Speaking during the courtesy visit, the Sultan expressed joy at the decision of the airline to commence Sokoto operations, revealing that he has known Prof. Okonkwo for many years and when he wanted to start the airline, he informed him (the Sultan) and received his blessings.

    He promised that the palace would support the airline in anyway possible to succeed in its operations to the state and anywhere else. He regretted the aviation industry in Nigeria was faced with enormous challenges and commended the airline for weathering the storm. According to the Sultan, the plan to link Abuja with Sokoto started about eight months ago and expressed delight that the dream had become a reality.

    He said: “United Nigeria Airlines is most welcomed to fly to Sokoto. Obiora told me about this plan eight months ago. I am happy that it has become a reality today. We need to open Sokoto to more airlines and connect more routes from here.

    “The business environment is very tight in Nigeria and you have to be strong to remain in business and I know Okonkwo is very strong, having been in politics and I know that the experience he gathered there will spur him on. This is the first time I am flying with any inaugural flight in this country and you did this. If there are challenges you are facing in the sector, please feel free to tell me. May you continue to fly higher, successfully and safety.”

    After the visit to the Sultan’s palace, Prof. Okonkwo led his team to the government house where he was received by the governor. While speaking, the governor revealed that he has to suspend all his official engagements in Abuja to receive the airline’s management team.

  • Inflation, exchange rate to decline, says CBN

    Inflation, exchange rate to decline, says CBN

    • Projects less revenue from oil export next year
    • ’N18.8b total trade balance in Q3 of 2023’

    The Central Bank of Nigeria (CBN), yesterday, declared in Abuja that rising inflation and exchange rates in the country will drastically reduce in 2024.

    The apex bank also projected less revenue from oil exports in the 2024 fiscal year, just as it declared that total trade from Nigerian Foreign Exchange Market (NFEM), stood at N18.804 billion in the third quarter (Q3) of 2023.

    The CBN Governor, Olayemi Cardoso, made the assertions in his presentation at the National Assembly joint committee on Banking, Insurance and other Financial Institutions.

    Cardoso explained to members of the committee from both chambers of the National Assembly, that the outlook for domestic economy in Nigeria for next year is very positive as both inflation and exchange rates would withstand fluctuating pressures on them and get stabilised.

    “The outlook for the domestic economy remains positive and expected to maintain the positive trajectory for 2024.

    Read Also; Sanwo-Olu promises medical palliatives to residents

    “Inflationary pressures may persist in the short-term but is expected to decline in 2024.  Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market,” Cardoso said.

    He told the committee that the unification of the exchange rate windows in June 2023 has ushered in a new approach to the management of the exchange rate, aimed at reducing arbitrage, rent seeking behaviour and speculation in the market.

    “The policy aims at creating a market where the demand and supply of foreign exchange determines the exchange rate.

    “The premium has narrowed and our focus on increasing the autonomous FX supply, would lead to more stability and further narrowing of the premium.

    “Total trade in the third quarter of 2023, stood at N18.804.68billion. Exports were valued at N10.346.60 billion while total imports stood at N8.457.68billion.

    “This represents positive trade balance which would lead to increase of the external reserves,” he said.

    He however stated that due to domestic prevailing factors, less revenue would be earned from oil exports in 2024.

    He said: “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. OPEC approved quota for Nigeria is 1.8mbpd, which is higher than the 2024 budget assumption.

    “However, the country’s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd, but the highest level of production during the year was about 1.35mbpd in Q3 of 2023.

    “The reasons for the underperformance of the oil production target include crude oil theft and pipeline vandalism, production shut-ins and divestments by major oil companies.”

    Earlier, before the CBN Governor’s presentation, the Chairman of the joint committee,   Senator Tokunbo Abiru (APC-Lagos East), said the interactive session was organized for statutory briefing by CBN in line with extant laws.

    Co-Chairman of the committee, Hon Bahir Bello El-Rufai, in his remarks, commended the CBN governor and the entire management team on measures being put in place to stabilise the economy generally.

  • Sanwo-Olu inaugurates Caverton’s AW 109 Simulator

    Sanwo-Olu inaugurates Caverton’s AW 109 Simulator

    To expand its aviation training facilities to meet with international standard, Caverton Helicopters, yesterday inaugurated its ‘Leonardo AW 109 Level Five Simulator’ at its Aviation Training Center at the Murtala Muhammed lnternational Airport, lkeja Lagos.

    Dignitaries at the event were Chairman, Caverton Offshore Support Group, Mr. Aderemi Makanjuola; his wife, Yoyinsola; Governor of Lagos State, Mr. Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; representrative of Chief of the Naval Staff, Rear Admiral Bolaji Orederu; Chairman, Caverton Helicopters, Mallam Bello Gwandu; Chief Executive Officerof Caverton Offshore SupportGroup, Mr. Bode Makanjuola; Group Chief Operating Officer, Mr. Rotimi Makanjuola; Chief Executive Officer of Air Peace Limited, Mr. Allen Onyema; and former Minister of State for Finance, Ambassador Bashir Yuguda.

    Lagos State Governor Sanwo-Olu praised the founder, Makanjuola, and management for their vision in contributing to the Nigerian economy through job creation.

    According to him, “He could have locked up what God has given to him and not invest it”.

    The governor described Makanjuola as a man that has stayed in an uncommon terrain by the kind of business he does with Caverton, and commended him for the giant stride he has made.

    He said: “It gladdens my heart that indeed, we can have maintenance of aircraft at this highest level, all just tucked in quietly in Lagos and nobody makes a lot of noise about it.

    I thought that was all. Now to also come into a facility that has world-class simulators where we can train, we can retrain, we can certify pilots of various grades. I think it’s an investment indeed.

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

    “We need to commend the leadership of Caverton for being very audacious and for taking these right steps.

    “Today we have seen the unveiling and the commissioning of a new simulator, the Leonardo AW109 simulator. I’ve been to a foreign simulator, but this is my second time, and I tell you, it doesn’t come any better than this. It is real and it has all of the trappings that are inside an aircraft.

    “With this bold step, Caverton is preventing capita flight as all the training are done locally,” he said.

    Sanwo-Olu said: “With this new innovation, the number of skills, the number of military and commercial operators that will come to a facility like this to get adequate training will increase.  Training that is normally being carried out abroad has now been created in our country and in Lagos. And I want to enjoin all players in the industry to rally and  support investment like this. “Let us ensure that whatever training that we require that does not need us to go abroad, we have it all in our locations and in our facility here in Lagos. And I want to commend the leadership and the management of Caverton.”

    Mr Governor ended his speech by commending the company for its safety standard at every level.

    Earlier in his welcome address, Makanjuola, said: “Today is a special day for us as we welcome you all to the launch of Caverton’s AW109 simulator!”

    “It is a a significant milestone in the advancement of aviation training in Nigeria, as we proudly unveil Caverton’s second simulator dedicated to supporting Nigerian pilots and the country’s rotary wing industry.

    “Our first, a full reality AW 139 Simulator enables us to provide comprehensive and realistic training for our pilots, ensuring the highest standards of safety and operational excellence. The brand new AW109 simulator stands as a testament to our commitment to enhancing the capabilities of our pilots and ensuring the highest standards of safety and proficiency in aviation operations.

    “The AW109 helicopter holds a pivotal role in Nigeria’s aerospace landscape, being utilized by crucial entities such as the Navy, Air Force, NIMASA, as well as various civil operators. As such, the introduction of this simulator is a crucial step towards bolstering the competence and preparedness of our pilots who rely on this sophisticated aircraft for a diverse array of missions,” he said.

    Noting that Caverton’s investment in the state-of-the-art simulator underscores the company’s dedication to fostering a culture of excellence and innovation within the Nigerian aviation industry, Makanjuola said, “By providing our pilots with access to advanced training resources, we are not only elevating the standards of safety and operational efficiency but also positioning Nigeria as a regional hub for cutting-edge aviation training and expertise.”

    Others who gave goodwill messages at the occasion included the Deputy Governor Obafemi Hamzat, and the Chief of the Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogala, represented by Rear Admiral Bolaji Orederu.

    In his remarks, Dr Hamzat described the discoveries at Caverton training facility as inspiring.

    Delivering a message on behalf of the Chief of Naval Staff, Rear Admiral Orederu found Caverton’s effort as an achievement that has reduced the stress and cost involved in aircraft maintenance, repairs and training of Nigerian pilots abroad.

     Makanjuola said: “When I was 75  last week, I said I am no more a participant but an adviser to the company”.

    He, however, announced the coming of third simulator, saying that what he had done in the business was to guide the managers who are Bode and Rotimi Makanjuola among others.

    “We look for where the problem is and we provide solution. What I do tell them is to always raise the bar. I tell them that you don’t wait for competitors to come and compete with you before you start raising your bar,” the Chairman said.

    Explaining the beauty of having the MRO and training centre with simulator on ground, 75-year-old Makanjuola said before now, it used to cost Caverton $2 million to train its pilots abroad but that with the simulator available here in Nigeria and at the facility, “We don’t have to do it abroad anymore but right here.”

    He thanked the Federal Government for creating the enabling environment leading to the success of the company.

    He said: “When I started, I didn’t have the money”. With the support we got, here we are. Today “if I go to Bank of Industry and ask for €5 million, they won’t ask me what I  want to use it for because they know that I pay back,” he said in his inspiring regards to guests and upcoming business people at the event.

  • TCN to boost power transmission with 10 new substations

    TCN to boost power transmission with 10 new substations

    Electricity transmission in the Lagos Region will get a massive improvement before the Yuletide as the Transmission Company of Nigeria (TCN), Lagos Region, comprising of Lagos and Ogun states, is set to add 10 new substations currently at the closing stages of construction into its operations.

    The general manager of TCN Lagos Region, Mojeed Akintola, made this known yesterday during a tour of ongoing projects of the TCN in Lagos. He assured that 25 other transmission projects were ongoing within the region which will ultimately raise the bar in transmission of electricity once completed.

    According to Akintola, around the Yaba axis of the company, 100MVA and 132/33KV and 33kva has been completed and ready for commissioning. In Alimosho area, Akintola explained that three voltage transformers has been installed on the secondary T3-100MVA 132/133kv transformer, amongst others.

    “The implication of this is that more electricity can be supplied for transmission to Nigerians. We are ready to up the ante in the sector,” Akintola said. 

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

    He however regretted that the TCN’s operations has majorly been affected by the activities on vandals on its equipments. This, he further explained, made the firm to instal closed-circuit television (CCTV) cameras in its 39 substations in the Lagos zone due to the persistent vandalism of its equipment.

    “We are collaborating with the Nigerian Security and Civil Defence and other security agencies to check the vandals.

    “Transmission Company is also partnering with the local chiefs and kings to help in taming this trend. Definitely, we can’t do it alone without the help of communities where these installations are based,”

    “We have met a number of companies that buy the vandalised equipment. “We asked them to work with us to stop the menace, and the responses of some of them have been positive,” Akintola said.

  • Alake: Local, foreign investors coming

    Alake: Local, foreign investors coming

    Minister of Solid Minerals Development, Mr Dele Alake said in the three months of his administration, local and International investors have been coming into Nigeria in droves.

    He said the pilot of his achievements has been marketing this sector within and outside the country and it has generated a lot of results.

    Alake said the President looks to the era in the nearest future, where all sectors of the Nigerian social, political and economic landscape will return to the days of glory.

    He said this yesterday in Abuja at the 13th Induction ceremony of the Council of Nigerian Mining Engineers and Geoscientist (COMEG).     

    He said, “This is a very significant occasion in the annals of Nigeria. Why is this significant? Because, like I said somewhere else where the cost of history in this country today lies and also because, in today’s world we are in the era of solid media. In today’s world, the world is clamouring for energy transition as a global upsurge the moving away from traditional fossil fuel dependency on oil, hydrocarbon into green and which is cleaning energy.

    “The trend in the globe today and that presupposes that the world must look for those ingredients that would sustain the energy transition that will keep the earth going for not just a decade but keep the earth going for centuries to come. Now where are these minerals? Critical metals, industrial metals, energy metal, they are scattered all over the globe and Nigeria is so lucky to be one of those very significant countries contributors of these energy minerals and that is where solid minerals comes in. Which underscores the importance of this occasion today because you thr inductees form a significant part of the value chain of the exploration, exploitation, extraction and processing of solid minerals in Nigeria.

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

    “Another significant part is that for Nigeria’s economic diversification and survival, must look closer into the solid minerals sector because we have always been with dependent on oil. The world is moving away from oil, if we do not move with the world if we sit on our ass and do nothing, years down the line, Nigeria will be gnashing its teeth.

    “People are saying there is poverty, there is economic crunch, Yes. It is not only peculiar to Nigeria, if you watch the global trends, in terms of prices of commodities and goods globally, you look at the stock markets. You will know that Nigeria is not in isolation with the economic implications of the global trend, however we must be creative in our own survival instincts and efforts, we must think outside the box and that is why in his wisdom, the President, Bola Ahmed Tinubu, decided that we must shift focus, there must be a total paradigm shift from our dependency on oil to activating the potentialities embedded in the solid material.

    “That’s the philosophy behind the creation of the solid ministry or the splitting up of the former mines and steel ministry in order to concentrate for our energy resources, mental capacity into developing this very critical sector. Having expressed all of these sentiments your role in the value chain, cannot be under emphasised or over emphasised because you are professional engineers, professional geoscientist. These are very critical elements needed in the activation of the Solid Minerals sector.

    “So if we do not get it right from your level, Nigeria cannot get right on the levels of exploration, exploitation, not to talk of earning judiciously.

    “Our sector the Solid Minerals is very technical, highly technical. You must avail yourself of constant knowledge, seeking for knowledge, expand your horizons. You are very highly trained and the criticality of your training will be put to bear on the success or otherwise, of the vision of Mr President in this sector, to play the crucial role that would help in contributing to the GDP of Nigeria and of course, earn enough revenue and infrastructural development for the benefit of us all.

    “The President looks to the era in the nearest future, where all sectors of the Nigerian social, political and economic landscape will return to the days of glory.

    “If you notice, since I assumed office in this sector three months ago, the pilot of my achievements has been marketing this sector within and outside the country and it has generated a lot of results, investors both locally and internationally are coming to us in droves, making enquiries, wanting to get involved, wanting to bring in their Direct Foreign Investments to our economy, however the criticality of your role comes with a fore here because ones these investors come in, you are the first bet of our public relations managers to them because they need geoscientist, mining engineers fir visibility study development, exploitation activities, traction and ti add value to their investments.

    “So you are very crucial so to that extent if you do not play your role adequately, they would be disappointed in Nigeria, in fact they would take their money and go back to more serious climes.

    “When you say there are leakages and wastage, we all know that there are leakages in every economy in the world, what we strive to do is make those leakages and loopholes less functional to the system but when you realistically look at these numbers, you realise that we gave a long way to go and that is where solid minerals comes in to save the day and Nigeria, we must begin to do our bid in our various different corners.”

    Alake said as from today, No mining engineer or geoscientist would be recognised by the Ministry of Solid Minerals without being recognised by COMEG because the government needs to sanitise the sector.

  • Retirees get N1.63tr under Contributory Pension Scheme

    Retirees get N1.63tr under Contributory Pension Scheme

    Over the past 15 years, Pension Fund Administrators (PFAs) have disbursed a total of N1.63 trillion to 442,000 retirees through programmed withdrawal and annuity components of the Contributory Pension Scheme (CPS).

    Additionally, N208.86 billion has been paid to 475,000 individuals who lost their jobs, equivalent to 25 percent of their Retirement Savings Account (RSA).

    According to data from Pension Operators of Nigeria (PenOP), the CPS has made significant progress since its introduction in Nigeria two decades ago.

    Members of PenOP have revealed plans for offshore investments in 2024 to diversify pension investment portfolios.

    PenOP Chief Executive Officer, Mr. Oguche Agudah, commended the achievements made in the past 20 years of CPS operations in Nigeria.

    Read Also; Our transformation efforts on economy succeeding with NASS cooperation – Tinubu

    For instance, the number of clients registered for RSA has grown from 2,543,178 in 2007 to 10,023,314 as of July 2023.

    Providing a breakdown of lump-sum payments made through programmed withdrawal, Agudah stated that N99.2 billion was paid to 35,419 applicants in the third quarter of 2011, while N288.5 billion was paid to 117,502 applicants in 2015 (Q3).

    Furthermore, N589.3 billion was disbursed to 227,400 applicants in 2019 (Q3), N887.6 billion to 315,112 applicants in 2022 (Q3), and N964.2 billion to 330,201 applicants in 2023 (Q2).

    Additionally, a total of N356.32 billion has been paid out as death benefits to 91,214 beneficiaries of deceased CPS participants.

    Over the past two decades, contributions from both the public and private sectors to the scheme have significantly increased.

    Public sector contributions rose from N1.57 trillion in the third quarter of 2011 to N4.87 trillion in the second quarter of 2023. Similarly, private sector contributions increased from N454.95 billion in the third quarter of 2011 to N4.5 trillion recorded in the second quarter of 2023.