Tag: plan

  • ICYMI: $1b anti-Boko Haram battle plan sparks row

    ICYMI: $1b anti-Boko Haram battle plan sparks row

    Govt: it’s to finish off insurgents

    Shettima defends plan 

    Wike demands special cash for Niger Delta

    SERAP kicks

    Nigeria plans to lend its neighbours a hand in the anti-Boko Haram war, it was learnt at the weekednd.

    The Federal Government requested for $1billion from the Excess Crude Account (ECA) to  bolster the military’s capacity to assist neighbouring countries, Defence Minister Gen. Mansur Dan-Ali said.

    The conference of Ministers of Defence and Chiefs of Defence Staff of member-states of the Multinational Joint Task Force (MJTF) held in Chad recommended an inclusive plan to  clear out Boko Haram insurgents from the region.

    The Federal Government has got the approval of the National Economic Council (NEC) to spend $1billion from the ECA.

    Gen. Dan-Ali said  in Lagos that the approval of the money “is in order” because it was needed to “finish off the degraded Boko Haram”.

    Gen. Dan-Ali was in Lagos for the retirement/graduation of 403 soldiers who underwent skills acquisition training at the Nigerian Armed Forces Resettlement Centre (NAFRC), Oshodi, Lagos.

    The retired soldiers are 281 from the Army, 17 from the Navy and 105 from the Air Force.

    The Minister said: “Boko Haram has been really degraded. I just returned from Chad from the Conference of Ministers of Defence of the Multinational Joint Task Force.

    “These are (the $1b) some of the initiatives we are looking forward to from the Federal Government so that this Boko Haram is finally degraded and finished off.”

    It was gathered that a greater chunk of the money would be spent on the acquisition of military equipment and capacity building for the Nigerian troops and militaries of neighbouring countries.

    The government was worried that Boko Haram had more firing power and expertise than the armed forces of some of our neighbouring countries.

    A source said: “One of the reasons this Boko Haram insurgency became difficult to contain is because the armed forces of our neighbours lack capacity. They neither have the equipment nor the expertise to prosecute the war. That is why the terrorists always run to their countries when they cannot withstand the heat from Nigeria.

    “Another problem is that they see the war as a Nigerian thing. But with the JTF, all the countries affected have come to realise the need to be ready. I can tell you that the $1b is to be used for state-of-the-art equipment and boost the capacity of the forces of these countries.”

    Borno State Governor Kashim Shetima also defended the approval by the National Economic Council (NEC) of $1billion from the Excess Crude Account (ECA) to battle Boko Haram.

    The decision has been criticised in some circles, particularly because the government had declared Boko Haram degraded.

    Shettima said the decision was in line with international best practices.

    He argued that the best time to strengthen a country’s military is not when it is suffering defeat or weak but rather when it is in a position of strength either by winning a war or when there are no security challenges.

    Shettima, whose state is the epicentre of the Boko Haram crisis, spoke in Kaduna yesterday in his capacity as Chairman of the Northern Governors Forum. He attended the Kaduna (Northern) centenary celebration on Saturday.

    Shettima said: “First, I think it is really important for us not to play politics with national security because whatever ambition anyone might have for 2019, first, Nigeria has to be in continued existence before such ambition can make any sense. I was laughing when I read series of attacks on the Federal Government over that approval of one billion dollars. Some of these statements even said it was an irony for such an amount to be budgeted whereas the Federal Government has claimed to have decimated the Boko Haram. I think those saying this need to have a better understanding of what National Security entails. The fact that Boko Haram is incapacitated is even the more reason why we should strengthen our military because the best time to make your military strong is when you are in position of strength not when you are weak. Let me give you one example.  According to the 2017 Global Peace Index, whichý ranked 163 countries according to their levels of safety and peacefulness, Switzerland is ranked amongst the first ten countries that are the safest and most peaceful in the world. Switzerland is spending 4.8 billion dollars to strengthen the capacity of its military. Mind you, Switzerland has a population of only 8.3 million and they don’t have Boko Haram, they don’t have ethnic militias, they don’t have rural armed bandits, they don’t have cattle rustlers, they don’t have kidnappers, they don’t have militancy and ethno-religious conflicts. Switzerland is not even vulnerable to external aggression of terrorists. The crime rate in Switzerland is one of the lowest on earth yet they are spending 4.8 billion dollars to make their military stronger than it already is.”

    “As second example, still from the 2017 Global Peace Index, Denmark is the fifth most peacful and safest country in the world. Denmark has a population of only five million people but they are spending $3billion to strengthen their military. The entire country is less than any of  our most populated states, like Kano and Lagos. Denmark doesn’t have one per cent of our kind of security challenges yet they are spending huge to raise their military.

    ”Gathering information is expensive.  I know what it entails for information to be gathered before one single successful operation against a group of Boko Haram is carried out. ýI think those people saying all sorts of things should please not play politics with the security of this country.”

    Shettima added: “The NEC that approved that fund had Governors from different political parties. As responsible leaders, governors know what security entails because every governor deals with one or more security issues. Before you hear of one security incident, many might have been averted through proactive intelligence gathering and actions and these cost money. ýThe President Buhari we all know will not preside over a situation where monies meant for arms will be shared or misappropriated by anyone for whatever reason. President Buhari has proved to be more than sincere in all his efforts so far, in fighting Boko Haram. I am on the ground.”

    Rivers State Governor Nyesom Wike said a special cash should also be given to Niger Delta to battle insecurity and environmental degradation

    Wike said while he would not condemn the release of a $1billion to tackle Boko Haram, the environmental and security challenges  in the Niger Delta far outweighed the Boko Haram conflict.

    Speaking during the Annual General Meeting of Okpo Club of Nigeria (Association of Ikwerre Lawyers) at the weekend in Port Harcourt, he said:

    “Niger Delta environmental problems are as serious as the Boko Haram Insurgency. I am not saying that you should not fight Boko Haram.

    “If you can get funds from the National Pool to tackle  Boko Haram, then you should go to the pool to get funds to fight environmental problems in Ogoni and other Niger Delta communities.”

    The Socio-Economic Rights and Accountability Project (SERAP) urged President Muhammadu Buhari to “urgently explain to Nigerians why the government decided to withdraw $1 billion from the ECA to fight Boko Haram insurgency in the North East, if his government is to avoid the intense secrecy and lack of accountability and oversight of the spending on Boko Haram that characterised the administration of former President Goodluck Jonathan.”

    In a statement, SERAP Deputy Director Timothy Adewale, said: ”Nigerians should have some sense of what it is the government is doing in our name, especially against the background of the declaration by the authorities that the anti-insurgency war has ended and the Boko Haram terror group defeated, as well as the unresolved questions on how over $2bn was spent by former Jonathan’s administration to fight Boko Haram. The government also ought to tell Nigerians whether and how the legal requirements for approving the extra-budgetary allocations were met.”

  • 2019: Atiku’s plan shaky as governors seize PDP

    2019: Atiku’s plan shaky as governors seize PDP

    Makarfi, Tambuwal, Kwankwaso, Lamido, Shekarau on shopping list

    Former Vice-President Atiku Abubakar’s presidential ambition was hanging in the balance at the weekend, with the governors taking control of the Peoples Democratic Party ( PDP ).

    New power brokers have emerged in the party — courtesy of the Saturday national convention where erstwhile leaders’ influence took a big bashing.

    Some of their candidates for National Working Committee (NWC) positions were rejected by governors based on a “Unity List” produced by the new power brokers whose emergence has shattered Atiku’s  hope of securing with ease the party’s 2019 presidential ticket.

    Atiku has just quit the All Progressives Congress (APC) for the main opposition party.

    The governors are weighing  the following aspirants and likely defectors, among others:  ex-Governor  Ahmed Makarfi;  ex-Governor Sule Lamido, ex-Minister of Education Ibrahim Shekarau, Gombe State Governor Ibrahim Dankwambo, ex-Governor Rabiu Kwankwaso (still being wooed by PDP)  and Governor Aminu Waziri Tambuwal (who is a political ally of the coordinator of the power brokers, Rivers State Governor Nyesom Wike). Tambuwal is of the APC.

    Atiku , who has the backing of ex-Presidents Babangida and Jonathan, will have to court the governors to secure the ticket.

    The governors are said to have had their list of presidential aspirants before Atiku rejoined the PDP.

    It was learnt that the governors had an “unwritten pact with Makarfi” who fulfilled his part of the bargain, with the election of Prince Uche Secondus as chairman.

    Although Tambuwal and Kwankwaso have not shown interest in defecting to PDP,  the opposition party is believed to have been pleading with them to come back.

    Some of Tambuwal’s supporters reportedly  prefer a return to PDP.  Kwankwaso’s are thinking of mounting the  Peoples Redemption Party (PRP) platform to displace APC in Kano State in 2019.

    A party source said: “Atiku has many hurdles to cross before he can get the party’s presidential ticket. He has to  convince the governors to support him. He will also face tough primaries with many presidential aspirants who are not ready to step down for him,

    “The emergence of Secondus has altered Atiku’s permutations of an automatic presidential ticket.

    “Atiku’s case is more complicated by the fact that some of the governors are disposed to Makarfi going by the way he was resilient in tackling the PDP crisis.

    “It is an open secret in PDP that there was ‘an unwritten agreement’ between the governors and Makrafi on the election of the new national chairman and 2019 presidential poll. Secondus’ victory showed  some signs of a deal by the two camps.

    “There are also fears in the party that Wike might woo Tambuwal back to PDP and allow him to try his luck for the presidential ticket. With the huge resources displayed at the convention, Tambuwal may alter equations in the party.

    “Atiku is certainly in a tight corner. As an experienced politician, he could see the signs. He has been ingenious politically and he can find his way through the landmines.”

    Investigation by our correspondent revealed that the roll call of the new power brokers, who determined the outcome of Saturday elective convention, includes new brigade of leaders taking over the PDP.

    The power brokers are Nyesom Wike, Ayo Fayose and nine other governors;  former Senate President David Mark, Deputy Senate President Ike Ekweremadu, Senate Minority Leader Godswill Akpabio; ex-Governor Ibrahim Shema; ex-Minister of Women Affairs Hajiya Zainab Maina; ex-Governor Gabriel Suswam; a businessman, Ladi Adebutu; ex-Minister of Special Duties Tanimu Turaki; ex-Governor Babangida Aliyu, ex-Minister Aminu Wali, ex-Federal Capital Territory (FCT) Minister Bala Mohammed; Chief Dan Orbih and others.

    It was gathered that the “Unity List”, which facilitated the election of the new PDP National Chairman, Prince Uche Secondus and NWC members was the outcome of a tough political compromise by the governors and the new top leaders of the party.

    Most of those on the Unity List were anointed candidates of the power brokers.

    A breakdown of the list of the concessions by the power brokers is as follows:

    • National Chairman—(Uche Secondus)——Governor Nyesom Wike(Rivers)
    • Deputy National Chairman(South) —(Elder Yemi Akinwonmi) by Ladi Adebutu(Ogun)
    • Deputy National Chairman(North)—(Sen. Gamawa Babawa Garba) by ex-Minister of FCT, Sen. Bala Mohammed
    • National Secretary——(Sen. Ibrahim Tsauri)—by ex-Governor Ibrahim Shema(Bauchi)
    • Deputy National Secretary—(Dr. Agbo Emmanuel)—by ex-Governor Gabriel Suswam(Benue)
    • National Treasurer—(Hon. Aribisala Adewale)—produced by Governor Ayo Fayose(Ekiti)
    • Deputy National Treasurer—(Alh. Wada Masu) —a Personal Assistant to ex-Minister of Foreign Affairs, Amb. Aminu Wali(Kano)
    • Financial Secretary—(Abdullahi Husseini Maibasara)—handpicked by ex-Governor Babangida Aliyu
    • National Organising Secretary—(Col. Austin Akobundu)—by Governor Okezie Ikpeazu of Abia State
    • National Publicity Secretary—(Mr. Kola Ologbodiyan) —slot conceded to Mark.
    • Deputy National Publicity Secretary—(Diran Odeyemi) produced by Governor Ayo Fayose.
    • National Legal Adviser—(Emmanuel Enoidem)— by the Senate Minority Leader, Sen. Godswill Akpabio and Governor Emmanuel Udom
    • National Youth Leader— (Ude Okoye)—by Ekweremadu and Governor Ugwuanyi of Enugu State.
    • Deputy National Youth Leader—(Umar Babangida Maina)—son of a former Minister of Women Affairs, Hajiya Zainab Maina.

    It was learnt that others were products of zonal consensus and micro-zoning.

    A source, who spoke in confidence, said: “The PDP governors decided to do away with the old order in the party by engaging in fresh political permutations on how to win the general election in 2019.

    “In some states, they threw away the baby with the bathwater to please some power brokers. For instance in Ogun State, they opted for Ladi Adebutu’s candidate instead of deferring to ex-Governor Gbenga Daniel.

    “In Niger State, the governors romanced ex-Governor Babangida Aliyu and abandoned the likes of a former Minister of Information, Prof. Jerry Gana.

    “The governors are hopeful that the Unity List can take the party far in 2019. And they are likely to dictate who will be the party’s candidates for some offices, it is evident that they are now in charge of the party.”

    But, to another party source, the “so-called Unity List is an ambitious agenda to take over the structure of PDP by the governors”. “We believe that the politics behind the list is projection for 2019 general election,” he said, pleading not to be named.

    “They also used the list to split the North in order to test the waters for 2019. For instance, the North agreed to vote en masse  for a former Minister of Education, Prof. Tunde Adeniran until the Unity List was released and the story changed at the last minutes,” the source added.

    The governors’ joker has created a setback for some leaders who indirectly and covertly supported some candidates.

    These leaders include ex-Military President, Gen. Ibrahim Babangida, ex-President Goodluck Jonathan, ex-Vice President Namadi Sambo, ex-Governors Gbenga Daniel, Rashidi Ladoja, Ibrahim Idris,  Idris Wada, and  Ramalan Yero; Prof. Jerry Gana, Jimi Agbaje, Raymond Dokpesi  and ex-Deputy President of the Senate, Ibrahim Mantu, who supported Adeniran.

    Others are ex-Minister of Finance Nenadi Usman, ex-Deputy Governor of Bauchi State Abdulmalik Mahmood, former Woman Leader Hajiya Inna Ciroma (the wife of one of the founders of PDP, Alh. Adamu Ciroma).

    A PDP leader said: “The advice of some of these leaders did not count. For instance, Gen. Babangida wanted the chairmanship slot for the Southwest but the governors ignored his permutations.

    “ If ex-President Jonathan had his way, he would have loved a former Minister of National Planning, Prof. Abubakar Olarewaju Suleiman, to be the party’s National Publicity Secretary. The governors thought otherwise.

    “Mantu and Gana did not hide their preference for Adeniran for national chairman, but the intrigues surrounding the election of Secondus caused them a setback.

    “Sambo backed Abubakar Mustapha from Kaduna for National Secretary but his candidate lost to the governors’ choice.”

     

     

    How national chairman, others won

    Prince Uche Secondus scored 2,000 votes out of 2,396 votes cast at the party’s national convention, which ended in the early hours yesterday  at the Eagle Square, Abuja.

    Chairman of the Electoral Sub-Committee of the convention and former Governor of Benue, Gabriel Suswan, announced the results.

    “In this contest, nine gentlemen indicated their interests to contest, but here, four of them sent letters of withdrawal and so four were left.

    “The other ones we were told have withdrawn but there was no letter to that effect.

    “The four gentlemen that contested were Uche Secondus, Chief Raymond Dokpesi, Founder of Daar Communications; Prof. Tunde Adeniran, former Education Minister and Prof. Taoheed Adedoja, former Minister of Sports and Special Duties.

    “Secondus scored 2,000 votes; Dokpesi, 66; Adeniran, 230 while Adedoja scored no vote,” Suswan said.

    The candidates that withdrew are: Chief Bode George, former Deputy National Chairman; Gbenga Daniel, Rasheed Ladoja, erstwhile Governors of Ogun and Oyo States, respectively, and Jimi Agbaje, PDP governorship candidate in Lagos State in 2015 elections.

    Other elected officers are Sen. Babayo Garmawa, Deputy National Chairman (North); Mr Yemi Akinwunmi, Deputy National Chairman (South); Sen. Umar Tsauri National Secretary and Mr Agbo Emmanuel, Deputy National Secretary.

    Retired Col. Austin Akobundu is National Organising Secretary, Yakubu Hassan, Deputy National Organizing Secretary; Mr Kola Ologbondiyan, National Publicity Secretary and Diran Odeyemi, Deputy National Publicity Secretary.

    Mr Abdullahi Maibasira emerged National Financial Secretary, Irona Gerald, Deputy National Financial Secretary;  Aribisala Adewale, National Treasurer; Wada Masu, Deputy National Treasurer; Adamu Mustapha, National Auditor and Arong Divine, Deputy National Auditor.

    Mariya Umar was elected National Women Leader, Umoru Hadiza, Deputy National Women Leader, and Emmanuel Enoidem, National Youth Leader.

  • Gas key to Fed Govt’s diversification plan, says NGA

    Gas key to Fed Govt’s diversification plan, says NGA

    The Nigerian Gas Association (NGA) has said the inclusion of gas sector in Federal Government’s economic diversification plans will engender substantial growth.

    NGA Chairman Mr. Thomas Dada stated this during a night with Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, and inauguration of NGA Advisory Board in Lagos.

    Dada said the inclusion of the gas sector in the economic diversification plans of the government became necessary in order to fully tap into opportunities that abound in the sector.

    He said the sector hsld  much prospects in view of its 187 trillion standard cubic feet (scf) of proven gas reserves and over 600 trillion scf of unproven gas reserves at the disposal of Nigeria.

    The NGA organised a dinner for the chief executive officers of oil and gas companies at the Eko Hotel & Suites, Lagos where Baru was the special guest of honour. Dada said the gas sector had potential that could easily translate to growth. He said the potential if well harnessed, would accelerate the growth of the economy.

    He said gas is used for domestic purposes by individuals and industrial concerns and petrochemical industries as well as by turbines to generate electricity. It is also exported as liquefied product, among other usages.

    Dada said: “Gas is used across the value chain. The power generation companies (GenCos), fertiliser companies, refinery plants and other institutions use gas a lot. Gas has a multiplier effect on the economy as it provides windows for improving productivity and earning income for the operators including the government. Diversification seeks to move the country from a mono-economy, which is oil, to a multiple economy that comprises of various sectors. Diversification engenders growth and gas would help in this regard.”

    He said while some potentials have been discovered by the operators including the government, others are yet to be unearthed, urging the government to put in place concrete measures to discover and utilise them well for the growth of the economy.

    According to him, the sector provides net revenue for the government, after oil, advising the government against focusing on non-oil sectors alone, in its diversification programmes.

    Dada said gas is the only antidote to the power problem in Nigeria where about 70 per cent of the electricity generated is through the gas turbines.

    “Once gas is made available for the power sector, there would be electricity and economic growth. Companies depend solely on power for operation and the moment firms have electricity to bank on, activities and revenue would shoot up. More people would get jobs and the Gross Domestic Product (GDP) would increase as well. Conversely, where there is no gas, there is no power and no economic development,” he added.

    He observed that some fields that contain associated gas are idle due to neglect, advising operators to explore gas in those fields with a view to improving productivity in the economy.

    Dada said huge gas deposits are available upstream, midstream and downstream segment of the oil and gas sector for collection, warning against wastage of the resources.

    Also, Dr. Maikanti Baru said stakeholders in the gas sector must play one role or other if gas will influence the growth of the economy. He said the issue of making gas contribute to economic growth must be left at the doorstep of the Nigerian Gas Association alone, and enjoined the support of the Advisory Board that was constituted by NGA on the matter.

    The Board, Baru said, is made up of tested and experienced personnel in the oil and gas industry, adding that it is time for them to make their experience to bear on the gas sector.

     

  • Our plan to invest $133m additional capital, by firm

    Subscription Video on Demand (SVoD) service provider for emerging markets, iflix, has completed a $133 million additional funding round, bringing the total amount raised this year by the South Africa-based entertainment firm to over $220 million.

    iflix Co-founder/CEO Mark Britt said the proceeds from the funding round would be invested in the company’s local content strategy. He said iflix had unveiled its first exclusive original production, Oi Jaga Mulut, an audacious, uncensored, no-holds-barred stand-up comedy series.

    Noting that the series, which made its debut in Malaysia, last week, hadskyrocketed to the leading show on the service. He added that iflix, in partnership with TVOne, also launched a live premiere football streaming, available for the first time in Indonesia.

    Britt said the programme immediately became one of the highest performing shows there with more than 34,000 unique viewers tuning in in the first week of airing.

    Also, iflix Philippines, he said, has announced its collaboration with the Philippines’ Queen of All Media, Kris Aquino, to commission an original drama series.

    The firm had earlier announced plans to launch services in Nigeria and other African countries this year as part of strategy to increase its global footprint to 23 territories worldwide, with additional regional markets to be added soon.

    With the establishment of iflix Africa, with headquarters in Cape Town, South Africa, and trading commercially as ‘iflix,’ the firm plans to bring its world class service to sub-Saharan Africa.

    The Nation exclusively learnt that the funding round upon which the company plans to invest in its local content strategy attracted significant interest from new and existing investors and shareholders, and was led by Hearst, one of America’s largest diversified media, information and services companies.

    Existing shareholders such as Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. also increased their investments.

    Britt said: “We are thrilled to welcome Hearst to the iflix family. As iflix continues to grow and pioneer new ways for consumers to enjoy entertainment on their terms, we were looking for a partner who could bring additional expertise and knowledge to our business.

    “Hearst is a leading investor and has many of the world’s most innovative and iconic video brands, including ESPN, A+E Networks, Vice, AwesomenessTV, Complex and more. This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix’s continuing growth.”

    The iflix CEO said that from the beginning, the firm’s vision was to build a word-class service for the local customer, transforming the way everyday consumers enjoy entertainment in emerging markets.

    “These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets,” Britt stated.

    For the President of Hearst Entertainment & Syndication, Mr. Neeraj Khemlani, “iflix is riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and Western content.”

    Since going live in May 2015, iflix rapidly established a clear leadership position in emerging markets, setting a new standard for delivering a world-class streaming entertainment service, passionately focused on local customer experiences.

    Over the last 12 months, the service has seen extraordinary growth across all segments of the business, expanding from four markets to 19 across Asia, the Middle East and Africa.

    The company has additionally built deep integrated distribution partnerships with 27 leading telecommunications operators to bundle the iflix service with customers’ mobile and data subscriptions, all sponsored by the telecommunications provider.

  • Chinese investors storm Bayelsa, plan massive investment

    Chinese investors storm Bayelsa, plan massive investment

    A group of Chinese investors have entered into discussion with Governor Seriake Dickson to invest massively in key sectors of the state.

    Their discussion centred on multiple job creation and supporting the government to further provide opportunities for other businesses in the state to grow.

    Leader of the delegation and chairman of Wave Investment, Xue Yuebin, made this known, when the group paid a courtesy call on Dickson at the Government House in Yenagoa.

    The team had spent several days, going round the state to inspect areas of interest for investment and some of the laudable ongoing and completed projects of the state government.

    Yuebin, who is also a senior member of the Communist Party in China expressed optimism that, the entrance of members of the private sector from the Asian country to the state will also help to consolidate the existing relationship between Nigeria and China.

    He thanked the governor for the warm reception accorded them and his efforts in creating an enabling environment to attract investors to the state and for businesses to thrive.

    Dickson appreciated the business delegation for the visit and for showing the zeal to be part of the ongoing revolution in the state’s economy that the government is embarking on.

    The governor used the opportunity to outline the place of Bayelsa, as the new destination for any investor, pointing out that, aside the abundance of natural resources like oil and gas, the state has been adjudged to be one of the safest in the country.

    “We are pleased to have you as a partner to see how we can utilise you to promote prosperity and create jobs. We are working on the Eco-Industrial Park, the land has been acquired, clearing will start almost immediately and we are working with our multi-national partners to see how we can utilise the abundant gas resources right there, convert it to power to generate 24 hours non-stop electricity for the first time in any state in Nigeria.

    All these are to give the investing public from your country and other countries the great opportunity to come to Bayelsa and be located at the Industrial Park with access to everything. Let me add that being in Bayelsa captures the entire Nigeria market and even beyond because Bayelsa is at the heart of the gulf of Guinea,” he said.

    The Chief Economic Adviser to the governor, Duate Iyabi, explained the reason for the visit and highlighted areas of interest for investment by the visiting team, as well as the desire of manufacturers of BMW automobiles to setup a market to sell their cars at relatively cheap prices.

    Other members of the team are, Robert Kermanshaitche, Ma Guoxing, Ai Lian, and Adam Yang.

  • No plan to increase fuel price, says Senate panel chair

    •CNPP backs labour, students

    The National Assembly has denied any plans to increase the pump price of Premium Motor Spirit (PMS) by N5, saying such an action has not been discussed on the floor of the Senate.

    Senate Committee on Works Chairman Kabiru Gaya (APC-Kano) made the clarification in an interview with reporters in Abuja at the weekend.

    But despite the clarification, the Conference of Nigeria Political Parties (CNPP) threw its weight behind Nigeria’s organised labour over the “planned increment”.

    CNPP accused the National Assembly of taking more anti-people decisions than resolutions that could better the lives of the already impoverished masses.

    Gaya, however, said information about the “Road Fund Bill” proposed by his committee was misinterpreted, saying that those speculating it are creating negative perception in the hearts of the people against the Senate.

    The senator, who accused some persons of trying to make mountains out of mole hills, said the misinformation on the proposed bill was an attempt aimed at denting his image and that of the President Muhammadu Buhari’s administration by mischief-makers, who should rather educate the public on the true position of the bill.

    He said: “They said the Senate is increasing fuel price? That was wrong! They don’t even understand what we are talking about. In the last seven years, I have been in the Senate. There was a N5 levy for which the Petroleum Pricing Regulatory Agency (PPRA) was supposed to be deducted, not to increase, even when pump price was sold at N87 per litre from the amount sold and remit to FERMA to maintain roads.

    “From our calculation, PPRA has not paid N167 billion to FERMA. I raised this issue then and wanted to continue this time again that the same N5, which was supposed to be paid before and they didn’t pay and now should also be deducted and removed from the N145 not to increase.

    “People are complaining because they don’t know the challenges before we in the Committee of Works. We have a lot of work to do because there are about 34 projects that were not included in the 2016 budget. But we make sure that they are now included in the 2017 budget.

    “They were in 2016 budget but were shortchanged and the Buhari administration approved these jobs, but they were not in the contracts in the budget. So, we said there is no way the executive council will approve a project and it’s been announced and it is not included in the budget.

    “The Committee of Works said these projects should be included and we commended the Senate President and the Speaker of the House, who ensured that those projects are included in the budget.”

    But the CNPP, in a statement by its Secretary General, Chief Willy Ezugwu yesterday, said: “We assure the Senate and the Federal Government that their proposed N5 per litre of fuel tax will be resisted.”

    The Alhaji Balarabe Musa-led umbrella body of all registered political parties and associations in Nigeria also warned the Presidency of the imminent consequences of adding to the pains of the ordinary people of Nigeria by raising the pump price of fuel under any guise.

    “Our findings have shown that the bill titled: ‘National Roads Fund (Establishment, etc) Bill 2017’, proposing that N5 to be paid per litre of fuel imported into the country is a ploy by the Federal Government to impose more hardship on Nigerians at a time the burden of recession in the country is becoming unbearable.

    “We thought that the Federal Government should be thinking of reducing the already biting hardship in the country after failing to fulfil the promised increment in minimum wage and non-payment of arrears of workers’ salaries and allowances in the past two years.

    “It seems that the current government at the federal level and their National Assembly collaborators enjoy inflicting more and more pains on Nigerian masses.

    “We wonder why the Senate Committee on Works in its final report on the bill would make such proposal.

    “Are they saying that the only way this government can raise funds is by increasing pump price of petroleum prices and punishing the masses?” the CNPP queried.

    The Nigerian organised labour, students and others have vowed to resist any attempt by government to indirectly or otherwise introduce a hike in the pump price of fuel, given the country’s economic hardship.

  • Portland Paints outlines growth plan

    Portland Paints and Products Nigeria (PPPN) Plc yesterday assured shareholders that it would consolidate its growth by implementing strategic initiatives that will boost performance in the new business year.

    At the annual general meeting in Lagos, Chairman, Portland Paints and Products Nigeria (PPPN) Plc, Mr. Larry Ettah, said the company proactively worked on cost reduction and optimization in all areas of its operations to ensure sustainable growth and value creation for stakeholders.

    He said the company will now focus on consolidation of all the initiatives that it launched in 2016 while implementing new strategic initiatives to drive growth in the new business year.

    “In 2017,  your company will focus on further consolidating on the initiatives we started in 2016, expand our distribution network and improve our brand visibility to ensure we deliver on our corporate objectives,” Ettah said.

    He pointed out that the company had recently concluded a new capital raising under which the company was able to raise two-thirds of the offer size.

    According to him, Portland Paints and Products Nigeria will continue to focus on its restructuring push to drive further growth and enable it deliver better value to all stakeholders.

    He noted that the company has started witnessing a turnaround as it reversed a loss of N232.98 million posted in 2015 with a modest profit after tax of N8.6 million in 2016. Turnover however dropped marginally by 9.0 per cent from N2.17 billion in 2015 to N1.97 billion in 2016.

    Portland Paints recently raised about N668.8 million in new equity funds from its recent shares issue. PPPN had in the first quarter of this year launched a rights issue to raise N1.02 billion from existing shareholders through a rights issue of 600 million ordinary shares of 50 kobo each at N1.70 per share. The provisional allotment for the rights issue was on the basis of three new ordinary shares for one ordinary share.

    Regulatory documents showed that a total of 393.42 million shares were validly accepted at N1.70 per share, totaling N668.8 million. The supplementary shares have been listed at the Nigerian Stock Exchange.

    The net proceeds from the rights issue would be used to restructure the company’s balance sheet and support its business expansion programme.

    In June 2013, UAC of Nigeria (UACN) Plc, Nigeria’s largest conglomerate, acquired the majority equity stake of 51 per cent in Portland Paints.

  • ‘No plan to ban exporters of unprocessed minerals’

    The Federal Government will not ban individuals or companies that export unprocessed solid minerals until it grows the sector to its full potential, an aide to the Mines and Steel Minister, Mr. Yinka Oyebode, has said.

    He said the Ministry had neither penciled any institution for proscription nor used any of its agencies to stop people from exporting unprocessed mineral resources Europe or other continents as claimed in some quarters.

    He said instead, the government was focusing on how to develop the sector by providing incentives to local and foreign investors, who want to build plants for processing solid minerals into other products in the country.

    In an interview with The Nation in Lagos, he said the Ministry and the Federal Government were interested in making the sector a major contributor to the nation’s Gross Domestic Product (GDP) by welcoming investors into the industry.

    Oyebode said such incentives include equipment leasing, funding, expertise, less stringent import requirements, access to funding, and tax holiday.

    He said investors might enjoy tax holiday, a development, that would exclude them from paying taxes over  time. According to him, investors will be provided with information that would aid excavation.

    He added that the idea would enable investors to know where, how and why the plants should be sited at a location.

    He said mining equipment were expensive, adding that the incentives would help investors to mitigate their costs.

    Oyebode, a Senior Special Assistant(SSA) Media, Dr Kayode Fayemi, said a conducive environment was vital to the sector’s growth, adding that the idea would enable the Federal Government to achieve its goals of diversifying the economy by not depending only on crude oil.

    He said: “Though the government is not happy that its people are exporting unprocessed minerals, it is not interested in banning the firms that engage in such activities. Rather, the government is concentrating on how to grow the sector by providing incentives to investors that intend to build processing plants in the country. By so doing, Nigeria would be enjoying some value additions where the solid minerals are taken for processing and not countries abroad.

    “Venezula extracts petrochemical materials from Nigerian crude oil, among deriving other value additions. To prevent this in solid minerals, the Federal Government wants investors to build plants for processing of minerals such as gold and other minerals into finished products.

    “For instance, if a mining processing plant is cited in Ibadan (South west) or Kaduna in the North and it creates 1,000 jobs or more, it will have a multiplier effect on the economy as many people will benefit from it.’’

  • Appraising Kaduna’s smart infrastructure plan

    SIR: Kaduna State government surely knows that infrastructural development is a straightforward way to inject money into the economy and lay the foundation for long-term growth. This is why it has committed N108 billion of its 2016 budget to capital expenditure and N130 billion in 2017.

    Already, 421 contracts have been awarded for renovation of public primary and secondary schools in the state. These renovations are complete with the provision of solar-powered bore holes and cubicle toilet blocks. The aim is to expand class sizes to the extent that they cater for school enrolment rates which have soared from about 1 million pupils in 2015 to 1.8 million currently.

    In the same vein, the Dangote Group alongside the Bill and Melinda Gates Foundation have provided funding support to the Kaduna State government for the renovation and equipping of one Primary Health Care centre in each of the 255 wards in the state. Imagine how much of the state’s health burden will be relieved if 255 PHC’s function optimally across the state.

    In the years leading up to 2015, much of the state was without potable water. This will change in early 2018 when the N50 billion Zaria water facility is completed. Thanks to the African Development Bank and Islamic Development Bank, the Zaria water project will supply 150 million litres of water daily and provide water coverage for 2.2 million people across seven local government areas. Even for agriculture, the sludge generated from the water treatment process will be used as fertilizer.

    In 2012 and 2014, construction on the project was disrupted when the contractors abandoned site due to the inability of the government to offset some N3.2 billion payment for completed and future works. Now, thanks to a deal brokered by the governor and his team, the contractors will accept staggered payments of N300 million monthly until all outstanding on the project are cleared.

    It is in making smart deals like these that the state raises the required funds for most of its infrastructural projects.

    Already, the state government has begun a redesign of its entire transport infrastructure. With the support of the Nigeria Infrastructure Advisory Facility (NIAF) and funds from the UK Department of International Development (DFID), a transport policy was launched in 2016. The policy will ensure accessible and reliable public transport service that meets the mobility needs of the state.

    The Zaria road in Rigassa, the Rabah road and Kawo roads are very major entry, intra and exit ways for Kaduna State. Unfortunately, these roads have become peculiar traffic areas. The State Government has responded to this by implementing measures that streamline traffic inclusive of dualizations, repairs to dilapidated roads and the introduction of a bus rapid transport (BRT). The BRT will have an exclusive lane such that it can operate even at times when traffic is the most congested.

    Besides these efforts, a N10 billion proposal was included in its 2016 budget to construct a Metropolitan Rapid Rail Line. The line will run through the Millennium City to Rigassa and Mararaban Rido, Zaria expressway to Sabon-tasha, Mando and Nnamdi Azikwe expressway. Expressions of interest have been sent out and a prequalification carried out on 18 companies.

    The Kaduna State Governor, Nasir Ahmad el-Rufai knows that infrastructure spending unlike any other form of government expenditure puts an economy firmly on the path of sustained progress. This is why his administration is committed to putting in place infrastructure that guarantees easier access to both education and health services, improved transportation systems that result in easy accessibility and an overall increment in the standard of living.

     

    • Bukola Ogunyemi,

     Lagos.

  • How to make economic recovery plan work, by experts

    How to make economic recovery plan work, by experts

    For Nigeria to achieve the strategic objectives outlined in the Economic Recovery and Growth Plan (ERGP), there is need for consistency in its implementation, experts have said.

    The experts, among them, Prof. Olu Ajakaiye and the Rwandan High Commissioner, Stanislas Kamanzi, spoke at the second edition of the Bullion Lecture organised by Centre for Financial Journalism in Lagos. They said the Federal Government must be consistent in implementing the policy.

    Noting that the ERGP could propel the country’s economic growth and development, they, urged the government to be committed, creative and determined to see it through.

    Ajakaiye, Chairman of African Centre for Shared Development Capacity Building (ACSDCB) in Ibadan, the Oyo State capital,   said past efforts to turn around the nation’s economic fortunes failed primarily because of  inconsistent implementation.

    In his lecture titled: “Nigeria’s economic recovery and growth plan: options for low cost financing of the programmes”, Ajakaiye expressed optimism that the recently-launched ERGP would not go the way of others before it.

    According to him, there are indications that the ERGP-2017-2020 will be accompanied by a Federal Government’s investment programmes, raising the prospects of a strong plan-budget link, a pre-requisite for an orderly effective and efficient plan implementation.

    He also expressed hope that state governments as well as private sector operators would be guided by the Federal Government’s Investment Programme (FGIP) in their investment plans.

    Ajakaiye, who also serves on the Federal Government’s Economic Advisory Group, said it was important for the government to be mindful of the dangers of another round of external debt overhang.

    He, spelt out options for low-cost financing of the programmes articulated in the plan. For instance, he stressed the need to broaden the tax base and improve the nation’s tax administration capacity and processes.

    According to him, this was to mobilise additional non-oil revenue to support the various programmes and activities aimed at structural transformation of the economy envisaged in the ERGP.

    Ajakaiye also suggested that Federal Government should consider using the stock market to privatise commercially viable national assets. “The government should list all of its commercial enterprises on the stock exchange (SE). This way, the government portfolio can be divested to the general public, including foreign investors and avoid the controversial and sometimes questionable privatisation arrangements,” he said.

    The ACSDCB chairman said in this case, the government divestment could be instrumental in mobilising financial resources to support worthy development activities, including infrastructure projects.

    “Clearly, the major attraction for Nigeria is the oil industry, making it imperative to ensure peace and stability in Niger Delta region if the projected annual foreign direct investment flow of around N970 billion is to be realised,” he further said.

    Ajakaiye regretted that Nigeria was experiencing stagflation, which, according to him, is marked by high inflation, low employment and negative growth. These, he pointed out, made it necessary for the government to pursue low cost measures to financing the multi-trillion naira investments envisaged in the ERGP.

    For the Chief Consultant, B. Adedipe Associates, Dr. Biodu Adedipe, there is need to deploy the over N7 trillion Pension Fund to finance the growth of the economy. He also noted that Pension Fund Administrators (PFA) can be encouraged to invest in bonds.

    The expert argued that the nation’s economic recovery would depend on the government’s commitment, creativity and determination to see through her well-thought out ideas and bring them into fruition. He advised on the need for the country to stand its ground on its convictions and economic models to stimulate the economy.

    Adedipe, for instance, recalled how the World Bank campaigned against the development of the steel sector in South Korea, but because of the country’s resolve, it now boasts cars that are sold all over the world.

    Citing instances with other countries that rejected some so-called expert advice by some global financial institutions and overseas countries, Adedipe advised government to pursue the policy without recourse to what anybody outside the country says.

    He regretted, for instance, that while South Korea took Nigeria’s model from Ajaokuta steel rolling mill and made something out of it, Nigeria sold hers as scrap, helping foreigners to engage in asset stripping. “No economy can grow with the way we do things,” he said.

    The expert, therefore, advised the Federal Government and policy makers to take time to study the country’s peculiar situation to determine what is good for her and insist on that path of growth rather than being dictated to by development partners and other countries.

    Kamanzi said micro finance was a  tool for poverty alleviation and wealth creation.

    The envoy said micro finance was essential to people-centred development, as it is an important stimulant of the creation of a middle income class that is critical for African economies to substantially take off.

    Ambassador Kamanzi, who was special guest at the lecture, added that it was important for lay people to understand the tenets and mechanisms of micro finance. He, therefore, challenged financial journalists to play a key role in this connection and to build on synergies with the operators in micro finance.

    He said in the past decade, Rwanda has been able to move more than a million people above the poverty line through a combination of strategic investment meant to uplift livelihoods of identified poor communities and tapping their own capacity to solve their problem, with a minimal push from Government.

    Former Acting Managing Director of Niger Delta Development Commission (NDDC), Mrs Ibim Semenitari, urged the government to be consistent in the implementation of its programmes.

    Mrs Semenitari challenged players in the private sector to show interest by identifying with government programmes and the need for them to see themselves as partners in progress with the government.

    Listing some factors that could aid the realisation of teh government’s programmes, Mrs Semenitari said: “There must be transparency on the part of government and all its agencies; the elite must show interest to the point of insisting that the right things must be done.

    “There must be a justice sector that guarantees transparency and fairness; there must be strong institutions that guarantee the actualisation of the plans, and matter of security is something we cannot wish away.”