The Nation Newspaper

Tag: approves

  • Buhari approves Adamu as acting IG as Idris bows out today

    Assistant Inspector General of Police (AIG) Abubakar Adamu Mohammed Lafia has been named as the acting Inspector-General of Police (IG).

    Adamu’s appointment reportedly got the blessing of President Muhammadu Buhari, who met with IG Ibrahim Idris, who is expected to bow out of service today after attaining the retirement age of 60.

    The appointment came following opposition from some quarters against possible tenure extension for IG Idris, who has also attained the statutory 35 years in service.

    It was gathered that the acting IG was selected by the president among three names submitted to him after weeks of shopping for Idris’ replacement.

    AIG Adamu, The Nation gathered, is a course mate of Force Secretary AIG Taiwo Lakanu and former Economic and Financial Crimes Commission (EFCC) boss Ibrahim Lamorde.

    Until his appointment, the Lafia, Nasarawa State-born Adamu was serving at the National Institute of Policy and Strategic Studies (NIPSS).

    It was gathered that the officer, who, like Idris, spent many years working with the United Nations (UN) and the International Police (INTERPOL), will be officially announced today (Tuesday).

    Confirming the development to The Nation, a source close to IG Idris said the decision was taken yesterday.

    The source said: “It is true but the announcement has not been made yet. Oga (Idris) retires on Tuesday (today) having clocked 35 years in service. He has done well for the police and brought in many innovations.

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    “The new IG once served as Deputy Commissioner in Ekiti State Command, among other postings.”

    The development confirmed a story exclusively reported by this newspaper on January 10.

    The Nation said in the report that the President may not extend IG Idris’ despite pressure from lobbyists.

    It reported that the IGP might be directed to hand over to the most senior DIG next week (this week).

    A source, who spoke in confidence, told The Nation on January 9: “The President is not likely to extend the tenure of the IGP but he  is waiting for the statutory retirement day before making a pronouncement. You know, Buhari is a due process leader.

    “The outgoing IG is most likely to hand over to the most senior Deputy Inspector-General of Police pending the appointment of a substantive holder.

    “ If Idris leaves, there will be an Acting IGP and this will not affect security arrangement for the general elections So far, the IGP is expected to be preparing his handover note.”

  • Fed Govt approves N42.68b for ASUU, Nigeria Airways ex-workers

    President Muhammadu Buhari has approved N42.68 billion for workers in the aviation and education sectors.

    The release of N22.68 billion is for the settlement of part of the retirement benefits of former workers of the defunct Nigeria Airways Limited (NAL). The other N20 billion is for the revitalisation of public universities in line with demands of the Academic Staff of Universities (ASUU).

    Finance Minister Hajia Zainab Ahmed who broke the news yesterday to reporters in Abuja noted that the initial submission regarding the retirement benefits of ex-NAL workers in liquidation was N78 billion.

    The minister said: “The amount was verified by the Presidential Initiative on Continuous Audit (PICA) and other relevant stakeholders in line with the conditions of service of Nigeria Airways and other extant rules and regulations.

    “At the end of the verification, the sum of N45 billion was agreed as the total retirement benefits of the affected staff.”

    The former workers have not been paid their retirement benefits for the past 15 years despite the liquidation which inflicted on them inconveniences.

    “This unfortunate situation”, Hajia Zainab said, “cannot be allowed to continue under a responsible administration.

    “It is on this basis that President Buhari approved the immediate release of N22.68 billion being 50 per cent of N45.3 billion total entitlements of the ex-workers of Nigeria Airways limited in liquidation.”

    To ensure the implementation of the President’s directives in line with extant financial rules, the minister constituted a committee to be headed by the PICA Secretary.

    To serve on the committee are: representatives of the office of the Head of Civil Service of the Federation, ministries of Aviation and Finance, the Bureau of Public Enterprises (BPE), Office of the Accountant-General of the Federation, Pension Transitional Arrangement Directorate (PTAD), Union of ex-NAL workers and Budget Office of the Federation.

    The Committee has been mandated to physically verify the claims of the Pension and relevant next-of-kin before the release of the funds to the genuine beneficiaries.

    On the funds released for the revitalisation of public universities, Hajia Ahmed stated that the ASUU signed a memorandum of understanding with the Federal Government in 2013 to improve funding for staff welfare and the provision of critical infrastructure in public universities but some challenges had dogged the implementation of the bilateral agreement due to revenue shortages and other reasons.

    She said: “To revitalise public universities and ensure smooth running of the tertiary education in the country, it was decided that N20 billion be immediately released for the public universities through the revitalization scheme.

    “These funds will be released to the beneficiary universities in line with the established criteria used by the Nigerian Universities Commission (NUC).

    “The government will monitor the progress of the implementation with a view to resolving emerging issues and keeping the promises to the relevant stakeholders.

    ASUU Vice President Emmanuel Osodeke wondered why government was releasing only N20 billion, which was to have been a palliative since September 2017.

    He said: “What we expect to be discussing now is how to properly fund public universities sustainably without recourse to national budgets.”

  • Fed Govt approves gold buying centre, refinery

    The Federal Government has approved a gold buying centre and refinery in the country.

    Acting Minister of Mines and Steel Development, Hon. Abubakar Bwari said the approval would halt current exploitation of the country’s gold and gemstones by artisanal small scale mine operators.

    According to him, the country’s gold and gemstones are mostly smuggled out of the country in unrefined/unprocessed form, leading to massive losses of revenues to government and the producers.

    He said the establishment of a gild refinery and faceting centre in Nigeria would go a long way in preventing gold/gemstone smuggling.

    Speaking during the ainauguration of  AMRAN Faceting Incubation Centre in Abuja,  Hon. Bwari said: “Nigeria is endowed with gold and gemstone resources located in several  states that are currently exploited by ASM operators. These are mostly smuggled out of the country in unrefined / unprocessed form leading to massive losses of earnings for government and the producers, as the gold / gemstones are mostly not appropriately priced.

  • Buhari approves Fayemi’s leave

    President Muhammadu Buhari has approved a leave of absence requested by Minister of Mines and Steel Development, Dr. Kayode Fayemi.

    The leave is to allow Fayemi, former governor of Ekiti State, to seek the nomination of his party, the All Progressives Congress (APC) to stand as a candidate in the July 14 governorship poll.

    A statement signed by Fayemi’s media aide, Mr. Olayinka Oyebode, said the leave commenced on April 9.

    It reads: “The attention of the media office of Dr Kayode Fayemi, Minister of Mines and Steel Development, has been drawn to media some reports putting the date for the commencement of his leave at April 30th.

    “As a matter of fact, Dr Fayemi had commenced the one-month leave on April 9, as approved by the President, following the Minister’s request.

    “This is just to put the record straight and avoid any further mix up on the issue of the leave approved for the Minister, who is a governorship aspirant on the APC platform.”

    Oyebode noted that the clarification became necessary to educate certain individuals calling for Fayemi’s disqualification over non-resignation as minister before joining the governorship race.

  • Lagos approves new festival for Ikorodu division

    Lagos approves new festival for Ikorodu division

    THE Lagos State government has released a calendar containing over 70 arts and culture programmes for 2018 aimed at promoting its tourism potential. The list contains state-sponsored and state-endorsed events which include the newly introduced Asa festival, revived by the Ikorodu Rebirth Foundation (IREP) last November in Ikorodu area of the state. The festival, according to the Lagos State calendar, will hold in the month of November every year.

    The Commissioner for Tourism, Arts and Culture, Mr Steve Ayorinde, in a statement during the week, said Governor Akinwunmi Ambode approved the Asa festival and other new events on the list as part of his determination to tap into the tourist potential of all parts of the state in his bid to reposition Lagos State in all facets of life. The major events also listed in the calendar include the Ikorodu Oga festival, Gidi Fest, Lagos Water Regatta and Fanti Carnival around the Easter period.

    Speaking on the listing of Asa festival as part of state-recognised events for the year, Hon. S.O.B Agunbiade, convener of IREP, who is also the Majority Leader of the Lagos State House of Assembly, expressed satisfaction with Governor Ambode’s decisions to support the revival of the Asa festival, which, according to him, is one cultural value that binds the entire people of Ikorodu division together.

    “When we decided at IREP to commit time and resources to the revitalisation of the Asa festival and other cultural values of our division, we were banking on the readiness of this government to support our cause and now, with the listing of Asa festival by the government, we are not disappointed. IREP will continue to champion the cultural rebirth of Ikorodu division,” he said.

  • Ambode approves four LASEMA Response Units, fire station

    Governor Akinwunmi Ambode has approved the establishment of four Lagos State Emergency Management Agency (LASEMA) Dispatch Centres and a fire station to improve response time during emergency.

    Commissioner for Special Duties Oluseye Oladejo said this at a meeting for all emergency stakeholders organised by LASEMA to review the state’s Emergency Response Plan (ERP).

    According to Oladejo, the dispatch centres would be located at Temu, Ikorodu, Costain and Badagry, adding that all the centres would be delivered this year.

    Oladejo said Ambode has also approved the establishment of a fire station in Ijegun.

    He said: “We want to significantly reduce delay in responding to emergency situations and in achieving this, we recognise the role of all relevant stakeholders.

    “With concerted efforts to save lives and property within the ‘Golden Hour’, the establishment of more LRUs will complement these efforts and this will automatically result in deployment of more equipment and training of our personnel occurrences.”

    LASEMA General Manager Adesina Tiamiyu said the meeting was to avoid discordant tunes among emergency responders.

    He said the gathering would afford stakeholders the opportunity of in-depth review of their roles in disaster prevention, response and recovery.

    According to Tiamiyu, LASEMA as the coordinating agency was committed to ensuring that all emergency responders were up-to-date with international best practices and are provided tools required to do their jobs.

    “This is because of the compelling necessity of effective disaster management. It is more so, since all over the world, surmounting emergencies take the collaborative efforts of the stakeholders on one hand, and the collaboration of the populace,” he said.

    Tiamiyu decried the continued stay of tankers and containers on bridges, saying they pose dangers to residents and motorists.

    Director, Lagos State Fire Service, Rasaq Fadipe said the department recorded 484 fire incidents in January.

    Rapid Response Squad (RRS) Commander Olatunji Disu spoke on the need for residents to give way to his men on rescue mission.

  • NSE approves delisting of Seven-Up after takeover bid

    The Nigerian bourse has approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority shareholder aimed at restructuring the soft drinks bottler.

    The stock exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last week.

    In January, Seven-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.

    The bottler received the takeover proposal last August after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda distributor.

    Seven-Up Bottling last traded at 101.97 naira per share, valuing the company at 65.32 billion naira ($214 million).

    The soft drinks bottling industry has been hit by slow demand arising from weak economic growth in Nigeria, Africa’s most populous nation, which recently emerged from a recession and a currency crisis that stifled raw material imports.

    The Seven-Up Bottling takeover comes six years after its main rival Coca-Cola delisted its local bottling unit in a $136 million buyout deal to expand the business and fend off competition.

  • UBA board approves 2017 audited report, dividend payment

    The United Bank for Africa (UBA) Plc Board of Directors has approved the audited report and accounts of the bank for the year ended December 31, 2017. At the board meeting on Monday, the directors also approved the payment of final dividend for the 2017 business year.

    The bank’s Group Company Secretary, Bili Odum, confirmed the approval of the audited report and proposal for dividend payment, noting that the approved audited report has been forwarded to the Central Bank of Nigeria (CBN) for endorsement.

    He said the actual final dividend recommendation and the audited report would be released to the investing public after the approval of the apex bank.

    UBA’s share price continued its rally on Monday with a gain of 1.56 per cent to close at N13 per share. Ahead of the board meeting, it had risen by 2.48 per cent at the weekend, 343 per cent above equities market’s average gain of 0.56 per cent. As the equities market staged its first rally in five days last Friday, UBA chalked up 31 kobo to close at N12.80 per share.

    The All  Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) recorded average gain of 1.22 per cent and 0.56 per cent on Monday and Friday respectively.

    UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 24.3 per cent at the opening of the stock market on Monday.

    Market sources said they expected the bank to increase its dividend payout, citing the improvement in the overall performance of the bank in 2017.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results. It declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of the bank for the nine-month period ended September 30, 2017, showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 per cent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Under the enhanced listing rules at the NSE, which took effect on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end and published same in at least, two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

  • AfDB board approves third sovereign lending instrument

    The Board of Directors of the African Development Bank Group (AfDB) has approved the bank’s third sovereign lending instrument called the Results-Based Financing (RBF) policy.

    The RBF will be the bank’s third financing instrument to complement the two existing instruments, namely investment lending and programme-based operations (PBOs). The RBF is an additional, innovative, financing instrument that supports government-owned programmes and links disbursements directly to the achievement of programme results.

    The approval of the RBF policy comes at a critical juncture where countries are increasingly harnessing resources for structural transformation and seeking financing and expertise from development partners, in flexible ways, to improve the effectiveness and efficiency of their development programmes.

    The policy will, therefore, enhance the bank’s responsiveness to such growing demands from its clients. It will also sharpen the bank’s results focus and help scale up financing in the high five priority areas recently adopted by the institution.

    In so doing, the bank will increase accountability and incentives for delivering and sustaining results, while promoting institutional development and enhancing development effectiveness concurrently.

    The bank will embark on the development of a solid pipeline of RBF operations, carefully selecting priority government programmes that will deliver ambitious results in regional member countries. In the coming year, the Bank will enhance dialogue with countries in order to scale up RBF financing.

    Also, the African Development Bank-managed Sustainable Energy Fund for Africa (SEFA) has approved $985,000 to Parque Eólico da Namaacha S.A SPV, to support project preparation activities for a utility-scale wind farm project in Mozambique.

    The project will provide reliable and clean power to the grid-connected population and industries in Maputo Province add 60 Mega Watt peak power to the grid and expand transmission capacities. Further, SEFA aims at rendering the project a replicable wind farm reference for the Southern Africa Region.

    The intervention will trigger bankability and financial close of what will likely be the first utility-scale wind farm in Mozambique, contributing to reducing the significant peak-load gaps exhibited by the grid in Southern Maputo Province.

  • Akeredolu approves committee on first year anniversary

    Akeredolu approves committee on first year anniversary

    Ondo State Governor Oluwarotimi Akeredolu (SAN) yesterday approved the setting up of a committee on the first anniversary celebration of the ruling All Progressives Congress (APC) government in the state.

    The committee, which will plan and execute a weeklong celebration between Monday, February 19, to Sunday, February 28, has Finance Commissioner Wale Akinterinwa as its Chairman.

    Other members include Femi Agagu (Commissioner for Education Science and Technology), Yemi Olowolabi (Information and Orientation), Prince Solagbade Amodeni (Physical Planning and Urban Development) and Mrs Omowunmi Olatunji-Edet (Women Affairs and Social Development).

    The list also include Olayiwola Aminu (Special Adviser on Lands, Works and Infrastructure), Mrs. Olubunmi Olubukola Ademosu (Special Adviser on Public and Inter-Governmental Relations), Akinboboye Taiwo Oyewumi (Special Adviser on Development and Investments), Dr. Ajibayo Adeyeye (Special Adviser on Health), Alaba Isijola (Special Adviser

    Ondo State Governor Oluwarotimi Akeredolu (SAN) yesterday approved the setting up of a committee on the first anniversary celebration of the ruling All Progressives Congress (APC) government in the state.

    The committee, which will plan and execute a weeklong celebration between Monday, February 19, to Sunday, February 28, has Finance Commissioner Wale Akinterinwa as its Chairman.

    Other members include Femi Agagu (Commissioner for Education Science and Technology), Yemi Olowolabi (Information and Orientation), Prince Solagbade Amodeni (Physical Planning and Urban Development) and Mrs Omowunmi Olatunji-Edet (Women Affairs and Social Development).

    The list also include Olayiwola Aminu (Special Adviser on Lands, Works and Infrastructure), Mrs. Olubunmi Olubukola Ademosu (Special Adviser on Public and Inter-Governmental Relations), Akinboboye Taiwo Oyewumi (Special Adviser on Development and Investments), Dr. Ajibayo Adeyeye (Special Adviser on Health), Alaba Isijola (Special Adviser on Union Matters) and Tunji Fabiyi (Special Adviser on Political Matters) and Princess Oladunni Odu (Chairman, SUBEB).

    The rest are: Gbenga Edema (Chairman, OSOPADEC), Kunle Adebayo (Senior Special Assistant on Research and Documentation), Jimoh Dojumo (Senior Special Assistant on Security), Tosin Ogunbodede (Chief of Protocol), Ade Adetimehin (Acting State, Chairman of APC, Ondo State), Mrs. Omodara Atiba (Ondo State APC Woman Leader), Mr. F. O. Osedinbola (Ondo North APC Senatorial Chairman), Paul Oyeto (Ondo South APC Senatorial Chairman), Omooba Abayomi Adesanya (APC Publicity Secretary), Mr. Ikoto Atili (Commissioner, OSOPADEC) and Alalabiaye Ojo (Idanre Local Government, Education Secretary).

    The committee members also include Allen Sowore (Special Assistant on New Media), Banji Olabanji (Special Assistant on Youth and Students’ Affairs), Olutayo Babatayo (APC Youth Leader), Mrs. Lanre Helen Oyelade (APC chieftain), Mrs. Tola Awoh (APC chieftain), Olayato Aribo (APC chieftain), Bolakale Daodu (APC Chairman, Akoko South West) and Mrs. Taiwo Kolawole (Permanent Secretary and Secretary of the committee).

    A statement by the Chief of Staff, Chief Olugbenga Ale (JP), said the terms of reference of the committee are: to organise Mr. Governor’s media chat on the anniversary, to make suggestions for the anniversary lecture and the guest lecturer and to identify completed projects for inauguration and new projects to lay foundations for.

    The committee will also organise Jum’at and church thanksgiving services, determine the invited/special guests for each programme, arrange anniversary political rally (Unification Rally) for the grand finale, determine the cost implication for the programmes and any other matters as may be determined by the committee.

    on Union Matters) and Tunji Fabiyi (Special Adviser on Political Matters) and Princess Oladunni Odu (Chairman, SUBEB).

    The rest are: Gbenga Edema (Chairman, OSOPADEC), Kunle Adebayo (Senior Special Assistant on Research and Documentation), Jimoh Dojumo (Senior Special Assistant on Security), Tosin Ogunbodede (Chief of Protocol), Ade Adetimehin (Acting State, Chairman of APC, Ondo State), Mrs. Omodara Atiba (Ondo State APC Woman Leader), Mr. F. O. Osedinbola (Ondo North APC Senatorial Chairman), Paul Oyeto (Ondo South APC Senatorial Chairman), Omooba Abayomi Adesanya (APC Publicity Secretary), Mr. Ikoto Atili (Commissioner, OSOPADEC) and Alalabiaye Ojo (Idanre Local Government, Education Secretary).

    The committee members also include Allen Sowore (Special Assistant on New Media), Banji Olabanji (Special Assistant on Youth and Students’ Affairs), Olutayo Babatayo (APC Youth Leader), Mrs. Lanre Helen Oyelade (APC chieftain), Mrs. Tola Awoh (APC chieftain), Olayato Aribo (APC chieftain), Bolakale Daodu (APC Chairman, Akoko South West) and Mrs. Taiwo Kolawole (Permanent Secretary and Secretary of the committee).

    A statement by the Chief of Staff, Chief Olugbenga Ale (JP), said the terms of reference of the committee are: to organise Mr. Governor’s media chat on the anniversary, to make suggestions for the anniversary lecture and the guest lecturer and to identify completed projects for inauguration and new projects to lay foundations for.

    The committee will also organise Jum’at and church thanksgiving services, determine the invited/special guests for each programme, arrange anniversary political rally (Unification Rally) for the grand finale, determine the cost implication for the programmes and any other matters as may be determined by the committee.