The Nation Newspaper

Tag: MoU

  • Anambra, group sign MoU to build 20,000 shops

    The Anambra State Government and Bukham Group, a firm of real estate developers, has signed a Memorandum of Understanding (MoU) to develop 20,000 units of shops at the Anambra International Trade Centre, Oba, near Onitsha.

    Governor Willie Obiano and the Chairman of the group, Mr. Bukham Hassan, signed the agreement. Under the MoU, Bukham Group would build 20,000 shops, including 2, 000 warehouses and hotels. The group would also build a primary school, a cinema house, police post, health centre and a fire station in the project, which are expected to be completed in five years.

    Represented by Mr. Ifeatu Onejeme, the state Commissioner for Industry, Trade and Commerce, at the signing, Obiano said the government would build access roads to the centre from Onitsha-Owerri road and Oba. He noted that the centre would attract infrastructure, boost the economy and continue to generate employment for the community and its environs.

    “Trade and commerce development is one of the core pillars of our administration and what we have done today speaks volume of the strong desire to make the state a major commercial hub in Africa. Government has agreed to fence the market centre, connect it with electricity as well as ensure adequate security. With this agreement, the developer (Bukham Group) has assured that the market centre will be inaugurated in March with 1,700 shops placed on offer for the public,’’ Obiano said.

    The governor revealed that N3 billion had been set aside for infrastructure development at the centre.

    The chairman of the group said the phase 1 of the project was nearing completion and would be inaugurated in March this year. “The project will gulp about N100 billion and it has been bankrolled by Bukham Group and Enterprise Bank Plc. We already have up to 1,000 youths employed and working to construct the centre in order to meet deadline for the project. When the project is completed, no fewer than 100,000 people will be directly engaged and its multiplier effect will be felt by more than a million families,’’ Hassan said.

    The President-General of Amalgamated Market Traders Association of Anambra State (AMATAS), Chief Okwudili Ezenwankwo, lauded the government for attracting the investment to the state. He, however, urged it and the developer to make the shop rents affordable for traders.

  • Varsity, ACCA sign MoU

    Elizade University, Ilara-Mokin, Ondo State has signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants of Nigeria, (ACCA).

    Its Vice-Chancellor, Prof. Valentine Aletor said the MoU was in fulfillment of the promise that the university would do the needful and lawful to give students an edge. With the pact, in addition to their degrees, Aletor said students would get a globally-recognised professional certification.

    He urged the students to use the numerous opportunities that the university has provided for them. In her remarks, Head of Nigeria Office of the Association, Mrs. Oluwatoyin Ademola said ACCA was partnering with Elizade University because of its uniqueness.

    She added that the association was attracted by the aspiration of the university to become a leading citadel of learning in Nigeria, Africa and the entire world.

    Mrs. Ademola emphasised the readiness of the Association to produce brand ambassadors for both parties.

  • Govt, Chinese firms sign MoU on power

    Govt, Chinese firms sign MoU on power

    Determined to correct past weak capacity of transmission in the Nigerian electricity value chain, the Minister of Power, Professor Chinedu Nebo has urged Chinese companies to bridge the gap so as to boost the nation’s capacity to wheel generated power to end users.

    In a statemnt endorsed by Deputy Director (Press), Ministry of Power, Timothy Oyedeji, the minister underscored the role of transmission in the power value chin by saying it is needless if generated power could not be wheeled to the customers.

    While calling for more foreign investment, Prof Nebo identified the Chinese as special people that have capacity to identify opportunities, “little wonder that China is doing so well with us in the sector”.

    He said: “We will continue to support and defend your interests and investments here.”

    He further requested the Chinese to do  more in terms of investing in the sector, adding that in the area of renewable, a lot of opportunities still exist.

    Prof. Nebo advised the Chinese to also build synergy with distribution and generation companies as they could build mutual relationship in the area of embedded or generated power within a locality and get such distributed through the DISCOs in the area.

  • ITF, OGFTZA sign MoU on vocational training

    The Director-General, Industrial Training Fund (ITF), Dr. Juliet Chukkas-Onaeko, has signed a Memorandum of Understanding (MoU) with the Oil and Gas Free Trade Zone Authority (OGFTZA), Onne, Port Harcourt in Abuja.

    The deal is for collection of contributions for capacity building.

    The ITF boss observed that the   country’s population is growing very fast, and that there was need to harness this potential.

    She said the shortage of technical and vocational skills is constraining enterprise development and restricting employment,

    “Evidence from developed and emerging economies show that requisite expertise constitute a key platform for attaining sustainable economic improvement, which could only be accomplished by a properly planned and implementable system of education and training. In spite of the different governments’ interventions, it is evident that the nation is nevertheless grappling with shortage of skills,” she said.

    She noted that Nigeria does not have the expertise, and that the ITF had proffered options that would address the weaknesses and bridge the capabilities without which it would be hard for Nigeria to  industrialise.

    The Managing Director of OGFTZA, Hon. Alabo Victor, said the free trade zones were designed to attract Foreign Direct Investment (FDI) to the oil and gas sector. He said the oil and gas free trade zones had been active and attracted main oil field operations.

    Hon. Victor pointed out that Onne Oil and Gas Free Trade Zone attracted more than 200 businesses operating in different statuses, ranging from oil service companies, projects, manufacturing and processing, banking and so on.

  • ECOWAS countries join forces to fight oil theft, piracy

    ECOWAS countries join forces to fight oil theft, piracy

    THE Economic Community of West African States (ECOWAS) has signed a Memorandum of Understanding (MoU) to adopt an Integrated Maritime Strategy and Multilateral Agreement on the establishment of Maritime Pilot Zone E to fight oil theft, sea robbery, piracy and other forms of criminality in the sub-region.

    The Zone E countries comprises Republic of Benin, Niger Republic, Nigeria and Togo.

    Speaking in Calabar, the Cross River state, capital during the 2014 Chiefs of the Naval Staff/Heads of Gendarmerie of the ECOWAS Maritime Pilot Zone E Countries meeting, Chief of Naval Staff, Vice Admiral Usman Jibrin, said the Multilateral Agreement on the establishment of Maritime Zone E was to eradicate illegal maritime activities in West Africa.

    Jibrin said that the meeting was organised to finalise important processes towards activation of Zone E Maritime Multinational Coordination Centre (MMCC).

    The Naval boss stated, “Today, we are expected to formally agree on the final operational plan and resource commitment as fine-tuned by our team of operational experts.”

    In his address, Minister of Defense, Lt. Gen. Aliyu Gusau (retd), said that the prospect for optimal exploitation of resources from the maritime environment for sub-regional benefit is hampered by piracy and other transnational criminalities.

    Represented by Mr. Aliyu Sumaila, Permanent Secretary in the Ministry, Gusau said that pipeline vandalism and crude oil theft has greatly affected the country’s revenue generation drive, hence the need for a tight maritime security.

    “Maritime security is a cause for concern, given the export of oil from the Gulf of Guinea of over 5 million barrels per day and also additional discoveries from other member state. I am delighted to witness this memorable occasion for the collaborative engagement mechanism in our drive to effectively secure the Gulf of Guinea maritime domain in order to harness the vast economic resources.

    “I wish to emphasise that collective action from member states is very crucial in confronting maritime threats such as attacks on shipping and resource theft,” he said.

  • SON, NAFDAC, others to sign MoU on fake products

    SON, NAFDAC, others to sign MoU on fake products

    All is set for three regulatory bodies to sign a Memorandum of Understainding(MoU) with the Anti- Counterfeiting Collaboration (ACC), a non-governmental organisation (NGO), its Chairman Enforcement Committee, Tony Oghoghorie has said.

    The bodies are Standard Organisation of Nigeria (SON), National Foods Drugs and Law Enforcement Agency (NAFDAC) and the Consumer Protection Council (CPC).

    Speaking on the sideline of the 6th Anti-Counterfeiting Collaboration (ACC) and Inter TradeMark Association (IITA) Policy Roundtable in Lagos, Oghogborie said the organisation has presented the draft of the MoU  that would be signed by the parties concerned soon.

    He said through the MoU, workers from the three regulatory agencies would be train on how to tackle fake drugs and unwholesome foods in the country.

    He said: “As the chairman of the regulatory and enforcement committee of Anti- Counterfieiting collaboration, I’m leading and putting together a draft of MoU on  counterfieited products.  We want many regulatory bodies that are interested  in parrtnering with us in order to reduce incidence of fake products in Nigeria. “We are starting with three regulatory bodies namely  NAFDAC, SON and the CPC. NAFDAC, a sitting member of ACC has just shown its committent on the issue.’’

    Oghoghorie, who is also the head of Corporate Security and Brand Assurance, Guiness Nigeria, said there is the likelihood that a single MoU would come ouf of the synergies that is taking place among the assocations.

    He said: ‘’It might be that all these would be amalgamated and there would be a single MoU. The draft is already on. As soon as we agree on the provisions of the draft, we would  solicit for the participation of the  regulatory institutions in order to fight aduleteration.’’

    Also, the Director of Enforcement, NAFDAC, Kingsley Ejiofor, said the MoU will help in reducing the proliferation of sub-standard products in the country.

    Ejiofor said NAFDAC and others are working to together to tackle fake products, adding that there is a Federal Task Force on counterfeiting.

    He said the task force comprises of groups that are ready to fight the menace.

    According to him, the Chinese government is not encouraging counterfieiting of products in Nigeria,  stresssing that the government is working with NAFDAC to fight adulterated drugs.

    “We are on the same page with the Chinese government. We are about having  an MoU signed with the Chinese government.We are almost through with it. Its just for us to meet and sign it. Recently, the Chinese Foods and Drugs Agency came to Nigeria to meet NAFDAC’s Director-General on the issue,“ he said.

  • FG, NB sign MoU on accelerated hybrid sorghum development

    FG, NB sign MoU on accelerated hybrid sorghum development

    The Federal Government has signed a Memorandum of Understanding (MoU) with Nigeria Breweries Plc to collaborate on the development and commercialisation of hybrid sorghum as part of its sustainability program.

    The government said that despite Nigeria being the largest producer of food sorghum in the world, the country is yet to reap the benefits of using it for the production of high energy food as it is been done by other countries.

    The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said this on Friday in Abuja during the signing of the signing ceremony on the “development and commercialisation of hybrid sorghum.”

    He added that the fastest way for Nigeria to unlock the potentials in sorghum is to turn it into other values that people can use.

    He disclosed that the ministry reached 96,000 sorghum farmers in 2013 with improved inputs, seeds and fertilizers in other to enhance the development of the value chain, adding that the ministry will scale up the access to about 2.5 million farmers in the North that will grow sorghum.

    The minister said, “We (Nigeria) are the largest producer of food sorghum in the world which means we should use them. We are not doing well in adding values to what we have been blessed with. Sorghum remains a low value crop that people use.

    “The fastest way to unlock those potentials is to turn sorghum into other values that people use. We must add value to every single thing that we have. We will provide financing for them to improve inputs, seeds and fertilizers.

    “What we want to do is make sure that Nigeria doesn’t import high energy food. High energy food is what we need to eradicate malnutrition in Africa. That is why Dansa Foods is setting up high energy food in Nigeria at a cost of $54 million.”

    Earlier, the Chairman of Nigerian Breweries Plc, Chief Kola Jamodu, said the company had invested heavily in the research and development of hybrid sorghum.

    According to him, this will improve the productivity of sorghum through the breeding and selection programs.

    He expressed optimism that the partnership with the ministry will further expand and strengthen the company’s efforts in developing the sorghum value chain in Nigeria.

     

  • Institute, firm sign MOU on membership drive

    The Nigeria Deposit Insurance Corporation (NDIC) has said that it is working on achieving a no policy, no cover policy for the Nigerian financial sector.

    NDIC Managing Director, Umaru Ibrahim said the corporation, HAS included in the ongoing amendments to its Act, a section that will empower it to cover only institutions that have paid their premium.

    He said the implementation of such act, will enable it plug some loopholes and ginger the insured firms to pay their premium promptly.

    He said the Corporation is also working on establishing a ‘Resolution Fund’ that will enable it create more buffers to handle cases, should a bank fail.

    The NDIC covers all deposit taking financial institution licenced by the Central Bank of Nigeria (CBN). These include Deposit Money Banks, Microfinance Banks, Primary Mortgage Banks (PMBs) and Non-Interest Bank. The NDIC currently provides deposit insurance cover to 24 commercial banks, 880 microfinance banks, 77 primary mortgage banks and one Non-Interest Bank.

    Ibrahim explained that NDIC collaborates with the CBN for effective banking supervision, adding that such would protect depositors, foster monetary stability and promote effective and efficient payment system, as well as ensure innovation and competition in the subsector.

    He said the Corporation has for several years, carried out these tasks which have resulted in the   reduction in examination cycles of banks and led to minimal disruptions in the payment system.

    He advised PMBs to adhere to recommended corporate governance practices, based on effective and sustainable risk management practices as instituted by the regulatory authorities.

    “Weak corporate governance and risk management frameworks could result in risky behaviours by PMBs, which could in turn result in the creation of huge toxic assets and ultimately put insured deposits at risk.”

    He lamented that the supervisory authorities were deeply concerned about the build-up of toxic assets of micro finance banks, which stood at about 45.70 per cent as against the prescribed maximum of five per cent, while hinting that the corporation’s attention is now being focused on both Micro Finance Bank and PMB sub-sectors so as to address the emerging challenges.

    He, however, advised that PMBs should be interested in enhanced risk management standards because some mortgage portfolios are on a predominantly variable rate and therefore highly sensitive to interest rate fluctuations.

    He said: “For instance, an increase in interest rate could make mortgage repayment difficult and result in default which may give rise to toxic assets. Furthermore, new mortgages could become less attractive for consumers’ due assets.

    PMBs should be able to assess a consumer’s ability to continue with mortgage repayments in the case of an interest rate rise. A lack of thorough and effective assessments could pose a major risk for many PMBs.”

    Ibrahim stated that the corporation and the CBN were making concerted efforts to ensure that risk management issues in the financial system were continuously addressed via rapidly developing capacity in the implementation of Basel II and III.

    The maximum deposit insurance coverage was increased from its set level of N50,000 at inception to N200,000 in 2006. In 2010, it was further raised to N500,000 for commercial banks.

  • Oyo signs MOU on fish production

    The Oyo State Government has signed a Memorandum of Understanding (MOU) with a private firm for the development of Asejire Dam as a centre for massive fish production.

    The Ministry of Natural Resources signed the MOU on behalf of the government with Triton Aqua Africa Limited to produce hatchery for tilapia and catfish at the dam.

    Signing the agreement in Ibadan , the State Commissioner for Natural Resources, Mr. Fatai Abimbola, disclosed that, the Asejire project would comprise tilapia and catfish production in cages in the water body and in ponds. He added that It would also house a nursery for hatchery operations.

    Abimbola further explained that the firm was already finalising plans for a large scale hatchery for catfish and tilapia with an initial capacity of 10 million fingerlings per year, and which is expandable to 25 million fingerlings per year.

    When the project gets up in full swing, the commissioner said Oyo State would be leading in fish production in Southwest and the country at large.

    “The project is very significant to the Ministry of Natural Resources and the state. It is the baby of the newly created ministry which was carved out of the former Ministry of Agriculture and Natural Resources by the present administration and it is in line with the intentions of the Governor Ajimobi-led administration to bring development to every sector of the state’s economy

    “The project will generate at least 1,000 jobs for the teeming unemployed youths and more food for the people. Besides, it will generate more revenue to the coffers of the state and I think it is very significant to the Ministry of Natural Resources and the entire people of the state.” Abimbola said

    While assuring the investor of a friendly operating environment before signing the MoU, Abimbola urged the firm to adhere to the terms of the agreement by providing employment opportunity to the youths while also operating in line with best known practices.

    In her welcome address,the Managing Director of  Triton Aqua Africa Limited, Mrs Oby Inuwa, explained that the Asejire Dam project includes an initial capital outlay of around $3 million which will gradually be expanded.

    She said: “We are keen to undertake the aquaculture project across Nigeria and are willing to commit investment of around $60 million in the next five to seven years.

    “We have already set up a commercial scale hatchery in Lagos with a production capacity of two million fingerlings,  We hope to get the production facility at Asejire Dam operational within six to 12 months since all the formalities have been completed.”

    She expressed optimism that the pioneer project would be a a reference point and formidable milestone in the history of aquaculture ventures in Nigeria.

  • Fed Govt signs power station MoU

    Fed Govt signs power station MoU

    The Federal Government and the United States (U.S) governments signed yesterday a memorandum of understanding (MoU) on 1,500 megawatts (MW) gas/fuel power station and 70MW solar panel station.

    The U.S said the 70MW power generating station would be used in rural areas and last for 30-50 years, if properly maintained.

    It said the solar power station would consolidate and strengthen the Power sector.

    The Minister of Power, Prof. Chinedu Nebo, saigned both pacts for the Federal Government while the U.S Ambassador to Nigeria, Amb. James Entwistle, signed for his country.

    Nebo said: “With regard to the Power Africa Initiative, when President (Barack) Obama visited Africa last year, he decided that in the first phase, six African countries would be the beneficiaries of the initiative. Nigeria happens to be one of them. Nigeria and the U.S have had very good relationship in the past.

    “Through the USAID, the United States government has provided professional advisory works for many areas of our Power sector. Some of the policies that came out are being bestowed…

    “The USAID has been in the forefront of policy making, backing up the Nigerian electricity trading company as well as the Nigerian Electricity Regulatory Commission. Together, we can say that the journey so far is a very decent one…”

    Entwistle said: “I’m struck that almost every conversation I have with every Nigerian always comes down to the problems in the Power sector, which defines everything in this country and the rest of Africa.

    “A good number of people around the world, including Nigeria, do not have access to reliable electricity. Power Africa Initiative is not just about electricity. It is about the power to transform lives. The access to electricity will increase the number and variety of jobs and decrease poverty, better health care, better access to education that will improve the economy…”