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Tag: Federal Government of Nigeria

  • Federal Government of Nigeria Subscribes to the ₦150 Billion Series 1 Issuance of MREIF to Address Nigeria’s Housing Deficit 

    Federal Government of Nigeria Subscribes to the ₦150 Billion Series 1 Issuance of MREIF to Address Nigeria’s Housing Deficit 

    The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), has fully subscribed to the Series 1 issuance of ₦150 billion for the Real Estate Investment Fund (MREIF), a landmark initiative designed to address the nation’s housing deficit and stimulate economic activity in the real estate and construction sectors. 

    The full subscription to the Series 1 Fund underscores the Federal Government’s pivotal role as the sponsor while empowering the private sector to lead the implementation and management of the initiative. By seeding the fund with ₦150 billion, the Federal Government has laid a strong foundation for MREIF’s success, ensuring its sustainability and long-term impact under the stewardship of private sector expertise. 

    ARM Investment Managers (ARM), the appointed Fund Manager for MREIF, will oversee the deployment of funds to provide long-term, low-cost mortgage financing for homeowners and offtake guarantees for developers. These measures are set to ensure the improvement in homeownership and the timely delivery of quality, affordable housing across Nigeria while boosting economic growth. 

    MREIF aims to transform Nigeria’s housing landscape by facilitating access to low-cost, long-term mortgages for aspiring homeowners. The Fund also has the objective of incentivizing real estate developers through offtake guarantees to raise funding for the construction of affordable housing units as well as stimulating job creation and boosting economic activity in the construction and real estate industries. 

    With the successful subscription of the entire ₦150 billion in Series 1 issuance and the allotment of 100% of the units to MOFI, the Series 2 issuance of ₦100 billion will be open for private and commercial investors, subject to the Securities and Exchange Commission’s approval. This is a unique opportunity for institutional investors, high-net-worth individuals, and other private stakeholders to participate in a transformative initiative that promises both economic impact and competitive financial returns. 

    By investing in MREIF, private investors will be supporting the improvement of homeownership in Nigeria, while also benefiting from:  

    • Attractive returns on investment. 
    • Diversification of their portfolios with a focus on impact-driven projects. 
    • Contribution to Nigeria’s economic growth and housing solutions. 
    • Alignment with the United Nation’s Sustainable Development Goals (SDGs). 

    The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is an initiative of President Bola Tinubu’s vision, championed by the Honorable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to improve homeownership and spur inclusive economic development.  

  • Fed Govt lists N4.21b savings bonds

    Fed Govt lists N4.21b savings bonds

    The Federal Government of Nigeria has listed N4.214 billion of its April 2024 Savings Bonds on the Nigerian Exchange Ltd. (NGX) platform.

    The listing was announced yesterday in a market bulletin by Head of NGX’s Issuers Regulation Department, Godstime Iwenekhai.

    Iwenekhai indicated that the bond specifications included FGS April 2026 of 1.228 million units valued at N1.228 billion and a coupon rate of 17.046 percent.

    According to him, FGS April 2027 amounting to 2.986 million units, was also listed and had a total value of N2.986 billion at 18.046 percent coupon rate.

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    The bonds, he added, as stipulated by the debt office, were charged against Nigeria’s general assets and supported by the Federal Government’s full confidence and credit.

     He said: “Trading license holders are hereby notified that the April 2024 issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on NGX on May 13.

     “FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.”

     In addition, Iwenekhai outlined how the Debt Management Office (DMO) on behalf of the federal government unveiled the retail savings bond product in 2017 with a view to ensuring the continuous development of the domestic market by democratising its activities in the bond market and making it accessible to Nigerians.

     He said: “The product is also aimed at bridging the infrastructure deficit which has been a constraint to economic growth.

  • Falana to FG: It is unlawful to stop salaries of striking ASUU members

    Lagos lawyer, Femi Falana (SAN) has urged the federal government to withdraw its directive stopping the salaries and allowances of the striking members of the Academic Staff Union of Universities (ASUU).

    Falana said the directive was not justified in law.

    The federal government had last week directed the Vice Chancellors of all federal universities in the country to apply Section 43 of the Trade Disputes Amendment Act by seizing the salaries and allowances of the striking members  of the Academic Staff Union of Universities (ASUU).

    But Falana, in a statement issued in Lagos on Momday titled, “Why “no work no pay” rule is never applied to striking employees contended that the directive could not be justified in law on  the grounds that only the governing councils of the affected institutions are empowered by the relevant laws to subject the academic staff to any form of disciplinary action.

    He also argued that the salaries and allowances of striking lecturers could  not be seized without due process.

    Rather, Falana advised the federal and state governments to accelerate the ongoing negotiations  between the authorities and the ASUU so that the striking  lecturers could return to the classrooms as soon as  possible.

     He disagreed with the claims of the Minister of Labour and Productivity, Dr. Chris Ngige reported to have said  that until section 43 of the  Trade Disputes Amendment Act which disentitles employees to payment of salaries and allowances  during strikes “is expunged or repealed through legislative process by the  National Assembly, it remains not just applicable but a  point of law for compliance by all citizens of  Nigeria.”

    Falana wondered why the minister  has not challenged the  decisions of the Supreme Court which he cited and which held  that it is the exclusive powers of the Governing Council of  every university to discipline lecturers whose employment enjoys statutory flavour.

    He maintained that the “no work no pay” policy has always been put in abeyance to ensure the effective resolution of the subject matter of any industrial action.

     “Therefore, since the federal  government has  endorsed the payment of salaries and  allowances of striking lecturers the controversial directive

    to the Vice Chancellors of all federal universities ought to  be immediately withdrawn”, he said.

    Falana said it was curious why the minister did not disclose that the federal government has always put the law aside in a bit to end strikes embarked upon by workers  in the public service.

    According to him, “a clause is usually inserted in collective agreements that employees who had  taken part in an industrial action would not be damnified in any manner whatsoever and howsoever.

    “The practice was  judicially endorsed  in the case of Senior Staff  Association of Nigerian Universities v Federal Government of  Nigeria (unreported suit no  NIC/8/2004 whose judgment was  delivered on May 8, 2007)  where the National Industrial  Court held  that ” …it is perfectly lawful for an  employer to choose to dispense with the ‘no work no  pay’ rule.

    “In other words, strike pay is lawful if an employer chooses to pay same and not to penalise the strikers in any other way for the strike.

    “It is lawful for employees to agree with their employer that wages will be paid and no other detriment suffered even when strike actions are embarked upon”, he contended.

    “With particular reference to strikes by university lecturers the federal government has always entered into Collective Agreements with ASUU  to the effect that “nobody shall be victimised in any way whatsoever for his/her role in the process leading to these resolutions and Agreement”.

    “The clause was inserted in the 1992, 2009 and 2013 Collective Agreements which were freely signed by the representatives of the federal and state governments as well as ASUU”, he recalled.

  • Poor, vulnerable Nigerians benefit from $500m World Bank aid – FG

    The Federal Government’s Special Intervention programmes under the Social Safety Nets coordinating office has received a boost of $500 million credit from the World Bank.

    The National Coordinator, National Social Safety Nets Coordinating Office (NASSCO), Iorwa Apera, who stated this in Abuja on Monday said that the Federal Government is utilizing a three year World Bank grant to the tune of $500 million to energize its special intervention programmes which include conditional cash transfers and youth development initiatives.

    While speaking on activities of the NASSCO and the Social Safety nets programmes of the current administration, Apera said that the programmes, including the Conditional Cash Transfer, the Youth Empowerment and Social Support Operations (YESSO) and the Community and Social Development Project (CSDP) were also being funded with the $322 million Abacha loot received from the government of Switzerland.

    “The World Bank credit will run for three years, adding that the coordinating office has a responsibility to every two years review the social register to identify families that might have exited the poverty line and those who might have fallen in due to circumstances,” he said.

    “NASSCO has so far developed a social register for poor and vulnerable Nigerians in 20 states of the federation affecting 578,645 Poor and Vulnerable Households (PVHHs), 2, 276, 996 individuals with 1, 128,390 males and 1,148,576 females.”

    He added that the data of the poor and vulnerable being captured in the states by NASSCO is difficult to hijack by politicians adding that the register is compiled with direct inputs from affected communities.

    While defending the decision to divert funds like the Abacha loot toward social safety nets, Apera said that studies have found that 68 percent of cash transferred to pregnant women at the rate of N5,000 goes into consumables.

    “The affected women are found to easily patronize local shops and groceries, a development he said have immediate impact on purchasing power, turnovers and capacity to pay tax at the local levels.

    “Investments in human capital is not only impactful but a stimulant to support development objectives.”

  • We can’t meet ASUU’s demand now – FG

    The Federal Government, on Monday, said it doesn’t have the financial power to meet the demands of the Academy Staff Union of Universities (ASUU).

    The government accused the administration of late President Umaru Yar’Adua, of making bogus promises to the union during a period of oil boom.

    ASUU has embarked on an indefinite strike to press home the implement of 2009 agreement with the government and other demands.

    Minister of Education, Malam Adamu Adamu, who addressed reporters at the headquarters of the Federal Ministry of Education, explained that the crash in the prices of oil globally had affected the economic fortunes of Nigeria.

    This, he explained, had dire consequences on all sectors of the economy, including education.

    The minister said: “I must say that this is difficult to reconcile with all the efforts and positive achievements we have been able to make.

    “Let me begin by saying that the Issues necessitating this strike dates back to 2009 when the then government of late President Umaru Musa Yar Adua signed an agreement with the ASUU on funding of the federal universities in the country.

    “The agreement provided for funding of Universities to the tune of N1.3trillion over a period of six years. It is instructive to know that Nigeria was experiencing the oil boom at that time. It was therefore expected that government will be able to meet the terms of agreement.

    “However, international oil prices crashed in subsequent years thereby throwing the country into economic hardship, at the inception of this administration the country’s economic fortunes worsened, nose diving into recession, with dire consequences on all sectors of the economy, including education.

    “We exited recession not too long ago, and we are just beginning to recover from the consequences of low oil prices, which are happily beginning to pick up.

    “If this trend continues, definitely, the education sector will also improve, in other words, the well-being of the education sector and any other sector of the country’s economy is a function of the international oil prices, this is the stack reality for now which all of us must acknowledge and accept.”

    The minister appealed to both parents, ASUU and students to exercise restraint in their response to the education sector.

    He said the union should be mindful of the fact that other sector of the economy were competing with similar financial needs.

    Adamu said: “Against this background I want to appeal to all Nigerian parents, students and in particular women and men of ASUU to continue to exercise restraint in terms of their response to the plight of the education sector.

    “We must also be mindful that there are other sectors with similar competing needs, if our universities produce graduates, such graduates must work in other sectors of the economy which must also be supported by government.”

    ASUU on Monday embarked on an indefinite strike after its National Executive Council NEC meeting held in Akure, Ondo state, on Sunday.

    ASUU’s current strike is hinged on delays in implementing the Memorandum of Understanding (MOU) the government agreed to in 2017, including to compel government to conclude the renegotiation of other agreements also collectively reached in 2009.

    National President of ASUU, Prof Biodun Ogunyemi while announcing the commencement of the strike had re-echoed the insincerity of government in meeting their demands.

    Ogunyemi had said: “Having waited patiently for action and meaningful negotiation with reasonable men using the principle of collective bargaining that ASUU at its NEC meeting of 3rd and 4th November 2018 at the Federal University of Technology, Akure (FUTA) resolved to resume the nationwide strike action it suspended in September 2017 with immediate effect.

    “This strike will be total comprehensive and indefinite. Our members shall withdraw their services until government fully implement all outstanding issues as contained in the MOA of 2017, and concludes the renegotiation of the 2009 agreements.

    “We have today been subjected to 20 years of continued re-colonization under alleged democracy in which all that the ruling circle have been regrouping among themselves in their various faction they called political parties.”

    The ASUU President had also buttressed the necessity of the strike when he said the release of a paltry N20 billion revitalisation fund was despite the fact that the same government released N1.3 trillion to a distressed bank recently.

    Ogunyemi has also argued that the government was not interested in public universities as the children of the top politicians and rich men in the society patronised private universities at the detriment of public institutions.

  • We have Three million subscribers in Nigeria -StarTimes

    Mr William Masy, StarTimes Overseas Public Relations Director on Thursday disclosed that about three million Nigerians are subscribed to the organisation’s products and services across the country’s six geo-political zones.

    William disclosed this while receiving a Delegation of Nigerian Journalists at the StarTimes Corporate Headquarters in Beijing, China.

    According to him, Nigeria has been a big market for the company’s products and services in Africa.

    “StarTimes, which was founded in 1988, has now established subsidiaries in more than 30 countries, including Rwanda, Nigeria, Kenya, Tanzania, Uganda, Mozambique, Guinea, Democratic Republic of Congo (DRC), South Africa and others.

    “Nigeria is currently the largest market for our products and services than other countries. We currently have three million subscribers in the whole of Nigeria.

    “On the whole, StarTimes currently has 10 million subscribers across these countries,’’ he said.

    The organisation’s public relations director said that StarTimes had been selected for the Access to the Satellite TV for the 10,000 African Villages’ project.

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    He said that the company was prepared to assist the Federal Government of Nigerian in achieving its ongoing digitalization programme.

    William, who also announced the company’s plans to soon embark on knowledge transfer to young Nigerians, added that about 80 per cent of its employees were Nigerians.

    The company’s spokesperson also said that StarTimes was looking for a suitable place in Nigeria to establish its factory like it had done in Kenya and other countries.

    “As soon as we are able to secure location rights, we will definitely establish our factory in Nigeria, because Nigeria is our big market.

    “With a global vision, StarTimes began to expand its services to Africa in 2002, and has been working closely with African governments in promoting digitalization and information.

    “StarTimes has introduced more than 480 quality international channels, most popular African channels and Chinese mainstream media channels.

    “These programmes are broadcast in nearly ten languages, including English, French, Portuguese, Chinese, Swahili, Hausa  Yoruba and others,’’ he said.

    NAN

  • US plotting to use Amnesty International to unsettle Nigeria – Group

    A group, the Progressives Yoruba Youth Congress, PYYC, has cried out to the international community over a plot by the United States of America’s backed self-styled human rights watchdog, Amnesty International to use fictitious reports to create tension in the country.

    It said the report was targeted at discrediting the Nigerian military on its fight against insurgency.

    The youth group therefore called on AI and its agents to come out clean on their plots to heat up polity in the country through its conjured report.

    Comrade Akintola Festus, national leader of the group, while addressing newsmen on Wednesday, drew the attention of the United Nations (UN), the European Union and other international bodies to what it described as plots by AI’s local franchise to promote terrorism in Nigeria.

    Festus lamented AI’s periodic reports, which accused the Nigerian military and sister security agencies of human rights violation in their efforts to bring a lasting peace to this entity called Nigeria.

    The youth leader decried that the international agency is doing everything possible to see a stage-managed implosion in Nigeria, a country gradually and steadily recuperating from bile terrorism.

    He, therefore called on the Nigerian government to without delay commence the process of the expulsion of Amnesty International from the country.

    His speech reads below.

    “We believe we are aware of the difficulties experienced in the past administration in checkmating terrorism, especially Boko Haram, IPOB and the Islamic Movement in Nigeria has reached alarming proportion for all Nigerians to be concerned.

    The manifest cruelty and appetite for bloodletting in atrocious acts and heinous crimes against Nigerians by these sects is legendary. And we know the sects are ennobled by the sponsorship, funding, and backing of foreign forces bent on foisting evil on our land to destabilize our country.

    “We are persuaded to draw the attention of World bodies like the European Union (EU), the United Nations (UN) and the Federal Government in Nigeria about some twists and ugly developments concerning winning streaks of Nigerian military against Boko Haram terrorists.

    “We strongly suspected sustained and covert actions and activities of terrorists agents, particularly, some international organizations’ domiciled in Nigeria who are discreetly working day and night to promote the scourge of terrorism on Nigeria.

    “The Republic of Iran has never concealed this devilish plot on Nigerian and the leaders of these sects, particularly, Boko Haram factional leader, Abubakar Shekau have also affirmed this fact. And the dragnet of sponsors, paid agents and sympathizers’ with terrorists in Nigeria is expansive and obscure. These covert agents operate under different official or unofficial banners.

    “To this end, we have realized lately and suspect a strong bond between the Iranian Republic, Boko Haram terrorists and the Amnesty International (AI) in festering the menace of terrorism in Nigeria. AI is an international organization whose mandate is to conscientiously monitor human rights violations in the countries they operate.

    “We also note that AI has strong affinity with the United States of America (USA). AI is America’s pet child and America has this inglorious history of dubious interventions in the internal affairs of developing countries like Nigeria.

    “AI’s periodic reports are usually based on unsubstantiated allegations and falsehood, alluding to rights violations perpetrated by the Nigerian military and sister security agencies. The reports are primed to limitlessly and baselessly indict the military; while emboldening the terrorists in their suspected sponsored assignment to destroy and delete Nigeria from the map of the world.

    “We are mincing no words to assert that no external force can govern us; we must govern ourselves and the rude disrespect by AI to testify before lawfully constituted Probe Panels is an undisguised affront on the powers and sovereignty of Nigeria.

    “AI is doing everything possible to see a stage-managed implosion in Nigeria, a country gradually and steadily recuperating from bile terrorism.

    “Therefore, we plead with our international partners especially the UN to undertake a critical investigation into the sinister operations of Amnesty International in Nigeria and the complicity of the US Government. We have every cause to suspect AI and America’s covert support of the organization in the evil conspiracy against Nigeria to promote terrorism, an idea hatched by foreign forces against the unity and peace of Nigeria.

    “We consequently, call on the Federal Government of Nigeria (FGN) to immediately commence the process of the expulsion of Amnesty International from Nigeria. Nigerians cannot compromise or allow anybody or organization, not even AI and its local franchise to reverse the gains the country has recorded on the terrorism war. We are not prepared to return to the dark days of reckless bombings, agonies and deaths arising from terrorism.”

  • Fed Govt cautions firm on workers’ safety

    The Federal Government of Nigeria has warned that it would not hesitate to invoke relevant sections the Factories and Employees Act on any company found not conscious of its employees safety.

    It cautioned companies operating in the country against buying wrong personal protective equipment, saying “safety consciousness is an important prerequisite in all situations”.

    Speaking at the Health, Safety and Environment (HSE) workshop organized by Okomu Oil Plc, Mr. Tajudeen Afekhai, a Director in the Federal Ministry of Labour and Productivity said safety and health issues among workers were the core fundamentals of a productive economy.

    He said it was dangerous for a singular worker to be on duty and stressed that whenever a default occurs there would be no excuse as the injured worker must be compensated for injuries and damage.

    “A company will always pay for negligence and the fines are heavy. The factories Act and the Employees Act will apply”, he said even as he warned against buying wrong personal protective equipment.

    On the Okomu Oil Palm Company Plc, Alufokhai commended it for so far complying with relevant labour laws and urged it to maintain the standard,

    Managing Director of Okomu Oil Plc, Dr. Graham Heifer, said the company spent N70m annually to purchase Personal Protective Equipment (PPE) for its workers to meet international safety standards.

    Dr. Heifer said the oil palm company had complied with all regulations and laws defining its operation as well as working with host communities to make sure the environment is safe.

    According to him, “The company is not happy for workers to lose their lives. Safety is our utmost concern, our health and safety obligations are the most crucial aspects of our operations and we carry out all that is required of us to ensure that our surroundings are safe.

    “Our company make sure the environment is safe. We make sure the waterways, forestry areas and the 2500 hectares buffer zones are safe. It is part of our project to make health of the community members is improved. We provide boreholes, basic medical facilities. We need to do this government has important role to play.

    “We look after the environment and remain within the law”.

     

  • Group condemns masquerades’ attack on Catholic priest

    Prof. Ishaq Akintola, Director, Muslim Rights Concern (MURIC), has called for the prosecution of masqueraders, who attacked a Catholic seminarian in Nsukka on March 29.

    A Catholic seminarian, Lawrence Ezeugwu, was attacked by masqueraders in Nsukka, and was beaten to coma at Ugwuoyia, Nsukka, Enugu State.

    The group, in a statement on Tuesday, condemned the exhibition of religious extremism by traditionalists, describing it as crude.

    Akintola called on the Inspector-General of Police, to ensure that those who carried out the attack are fished out and punished.

    “We call the attention of the Federal Government of Nigeria to the excesses of traditionalists, particularly in Southern Nigeria.

    “Even in the South-West, the Oro cult worshippers behave as if they are above the law.

    “Traditionalists impose illegal curfew without being challenged by the authorities.

    “A good example is the curfew imposed by Oro cultists in Ikorodu, Lagos State, during the last Ramadan season, which nearly caused a violent clash between Muslims and traditionalists.

    “It is well known that Muslims shuttle between the mosques and their homes day and night during Ramadan.

    “The imposition of a curfew during such a period was not only illegal but also provocative.

    “Although the 1999 Constitution of the Federal Republic of Nigeria Section 38 (i) & (ii) guarantees freedom of religion, thereby empowering traditionalists to freely practice their faith.

    “It does not allow one group to laud it over another.

    “The right of traditionalists to religious freedom stops where it begins to encroach on others’ rights and vice versa.

    “For genuine and enduring peace, Nigerians must learn to respect one another’s rights.

    “This country has witnessed too many human and material losses as a result of religious crisis.

    “And the only way to guard against recurrence is for the authorities to strictly apply sanctions against those who violate the sanctity of religious freedom,” the group said.

    MURIC also advised state and local governments to ban illegal proclamation of curfews by cultists.

  • Natural Gas: Preferential energy source for industries’ power generation

    Natural Gas: Preferential energy source for industries’ power generation

    The epidemic supply of electricity and high tariff in Nigeria has been associated with the high cost of imported diesel.

    Inherently, this not only results in a high cost of living for the people of Nigeria, but also in high operational costs for most industries, disincentivising investment in heavy manufacturing facilities, which is the backbone of an industrialised nation.

    Moreover, given energy costs are up to 40% of total costs for some manufacturers, inflationary pressures persist in Nigeria, resulting in the rising price of goods and services.

    Industrial giants have often constructed new facilities close to a gas pipeline to benefit from the cost effective and environmentally friendly energy source.

    However, the gas pipeline infrastructure in Nigeria is very limited, meaning that many industrial customers who want to switch to natural gas are unable to.

    Of a truth, Powergas was the pioneer in the Nigerian Compressed Natural Gas (CNG) market, delivering an innovative ‘gas on wheels’ solution to customers across the country. CNG is a popular alternative fuel source to diesel globally as it is easy and safe to transport directly to remote areas via high pressure skids.

    Speaking recently at a conference, the CEO of Powergas Africa Limited, Mr. Deepak Khilnani, stated that Powergas is heavily committed to providing industries with a cheaper, cleaner and more efficient fuel through our Gas on Wheels solution.

    CNG is primarily used for power generation and industrial process in Nigeria, although the potential as an automobile fuel is also huge. Natural gas vehicles are widely used in Europe, North America, India and many other developing nations given the expensive price of gasoline and efforts to reduce carbon emissions.

    Besides simply the financial savings of operating natural gas instead of diesel, gas combustion emits approximately just one-tenth the amount of nitrogen oxides as diesel – having a very positive environmental impact. Moreover, natural gas is domestically sourced, boosting local employment, economic growth and reducing strain on the foreign exchange market for US Dollars. In contrast, despite the vast crude oil reserves in Nigeria, diesel is refined in foreign markets and imported into Nigeria.

    The Federal Government of Nigeria is committed to increasing domestic natural gas utilization rather than importing expensive and polluting diesel. The government’s investment and support in the power and natural gas industry is very good for Nigeria’s long term growth.

    The majority of private industries in Nigeria today operate on diesel generators for their power requirements due the unavailability of natural gas. However the rate of switching to natural gas generators is very fast as both the pipeline infrastructure widens and awareness of CNG grows in Nigeria. Analysts forecast that natural gas fired generation is likely to dominate the market given the clear financial savings.