Tag: pushes

  • Govt’s funding pushes transmission capacity to 10,000Mw

    Following the investments of the Federal Government in the expansion of electricity transmission, the nation’s transmission capacity would hit 10,000Megawatts (Mw) upon commission of ongoing projects.

    The Nigerian Electricity Supply Industry (NESI) currently maintains over 7,000Mw while the government has deployed state of art technology, changing of control panels were some of the rehabilitations in the substations throughout the country.

    Last week, the Acting Director, Press, Federal Ministry of Power, Mrs. Etore Thomas organised a media tour of Ikeja-West substation in Ayobo-Ipaja, Lagos State. The team also inspected the station at Ejigbo, Akangba and Ijora, where there were similar  rehabilitation.

    She said there “is a rumour that the government is not doing enough in this sector. So, we needed to carry the press to showcase government’s efforts in this sector. This is to showcase all the activities government has been doing to transmit power to households in the country.

  • Dollar shortage pushes naira to N436 in black market

    Dollar shortage pushes naira to N436 in black market

    The naira yesterday hit a new record low of N436 to the dollar on the black market as dollar shortage on the official market persisted, traders said.

    Dollar reserves stood at $24.83 billion by September 19, down by 3.4 per cent from a month ago, to its lowest level in more than 11years.                                        The Central Bank of Nigeria (CBN) sells the greenback on the interbank market to support the naira. The local currency ended at N305.50 per dollar on the official market, a level it has maintained for the past one month.

    The foreign exchange reserves fell to $25.78 billion as of August 16, representing 2.11 per cent plunge from a month ago. The reserves position is expected to provide about five-month import cover for the country.

    Previous data on the reserves showed that they increased marginally by $40 million in March on a 30-day moving average basis to $27.9 billion and have continued to record marginal decline till current position.

    The reserves were also at $28.33 billion at end of June 2015, compared with $34.24 billion at end of December 2014, representing a decrease of 17.3 per cent decline.

    The fall in reserves was due to the sharp decline in foreign exchange inflow from in the economy due to continuous decline in prices of crude oil in the international market.

     

  • Group pushes for State Police to check terrorism

    Group pushes for State Police to check terrorism

    A group known as Civil Society Task Team on Security and Electoral Reform yesterday pushed for the introduction of state police to check terrorism and other crimes in Nigeria.

    Briefing journalists in Abuja, the convener, Ezenwa Nwagwu, also urged the ongoing National Conference not to adopt the report of its committee rejecting state policing.

    According to him, the Nigeria Police, as currently structured, has been unable to stem the tide of insecurity and increasing crime wave in the country.

    He said: “The security situation in Nigeria has deteriorated over time. There are increased cases of armed robbery, kidnapping, assassination and terrorism.”

    He pointed out that protagonists of state police hold the view  that it  is a feature of most federal systems while those opposed to it argue that state governments will misuse it for political and other interests.

    He said:“Most countries especially those that operate federal system of government establish both federal and state police. In the United States of America, there are Federal, State, County and local Police.

    “In Canada, policing is done by the three levels of government. In Australia, policing is done at two levels. In India, there is federal and state police. In Brazil, there are five law enforcement institutions.”

    Recalling that Nigeria had federal, regional and native (local) administration police in Nigeria during the First Republic (1960 to 1966), he said that what is needed now is to put proper mechanism in place to check its abuses.

    Reeling out the recommendations of the team yesterday, he said: “The 1999 Constitution should be amended to provide for state police. The Police Force should be removed from the exclusive legislative list. Policing should be placed on the concurrent legislative list to enable the establishment of State Police.

    “The Federal Police Service Commission should set up standard and policies for the operation of state police in the country.

    “To prevent the abuse of State Police, a proper framework for operation of State Police should be adopted and implemented. The framework will insulate State Police from political control and manipulation.”

  • SEC pushes for regulations on greater women directors

    Securities and Exchange Commission (SEC) will champion the cause of rules and legislations that will encourage companies to appoint more women unto their boards in order to achieve gender diversity and inclusive growth.

    Director General, Securities and Exchange Commission (SEC), Ms Arunma Oteh, who spoke at the annual lecture series of the Women in Management, Business and Public Service (Wimbiz) yesterday in Lagos, said there was need to address gender inequality in board appointments.

    According to her, women must be given more important roles at the highest levels of business governance because it makes economic sense to do so and SEC as the custodian of the code of corporate governance in Nigeria is interested in seeing companies pay more attention to gender diversity at board and senior management levels.

    “This issue has to be addressed. We are going to work with sister regulators to set guidelines that encourage companies to pay more attention to gender diversity on their boards. We will work with the Corporate Affairs Commission (CAC) where necessary to craft legislation that requires companies to apply some form of gender representation quotas on their boards,” Oteh said.

    She added that there is also the need for legislative and administrative reforms to set up effective enforcement machineries to support women in exercising their rights of equal access to economic resources including the right to inheritance and ownership of land and property.

    She noted that there are several opportunities for women to source funds from the capital market pointing out that the meritocratic system of assessment in the capital market provides equal opportunities for all fund raisers.

    According to her, the assessment of companies seeking to raise funds in the capital market is gender-neutral as the focus is on the fundamentals of the company not the promoter.

    She outlined that when a company is accessing the capital market to raise funds, approvals are given based on the soundness of the company and predetermined rules not based on the characteristics of its promoters noting that the best ideas or projects in the capital market usually attract the right level of long term funding at cheaper cost regardless of the gender of the sponsors.

    “Since access to funding is a key challenge for women entrepreneurs, capital market is an important part of the solution. There are multitudes of ways by which capital markets facilitate fundraising whether through equity or debt instruments,” Oteh said.

    She urged women entrepreneurs to list their companies on the Nigerian Stock Exchange (NSE) noting that listing unlocks access to cheaper long term capital for growth and expansion while the companies will also benefit from higher corporate governance standards expected from quoted companies.

  • Netanyahu pushes back on Iran

    Netanyahu pushes back on Iran

    During an aggressive speech at the United Nations on Tuesday, Prime Minister Benjamin Netanyahu of Israel used sarcasm and combative words to portray Iran’s new president, Hassan Rouhani, as a smooth-talking charlatan, one who is determined to continue building a nuclear weapons arsenal.

    Mr. Netanyahu called Mahmoud Ahmadinejad, the previous Iranian president, “a wolf in wolf’s clothing” and Mr. Rouhani “a wolf in sheep’s clothing.”

    Mr. Netanyahu has legitimate reasons to be wary of any Iranian overtures, as do the United States and the four other major powers involved in negotiations over Iran’s nuclear program. But it could be disastrous if Mr. Netanyahu and his supporters in Congress were so blinded by distrust of Iran that they exaggerate the threat, block President Obama from taking advantage of new diplomatic openings and sabotage the best chance to establish a new relationship since the 1979 Iranian revolution sent American-Iranian relations into the deep freeze.

    Mr. Rouhani and the Iranian foreign minister, Mohammad Javad Zarif, have insisted repeatedly that Iran wants only to develop nuclear energy and that obtaining a nuclear weapon would harm the country’s security.

    Even so, Iran hid its nuclear program from United Nations inspectors for nearly 20 years, and the country is enriching uranium to a level that would make it possible to produce bomb-grade nuclear material more quickly. It has also pursued other activities, like developing high-voltage detonators and building missiles that experts believe could only have nuclear weapons-related uses.

    These facts make it hard not to view the upcoming American-brokered negotiations skeptically. But Mr. Netanyahu has hinted so often of taking military action to keep Iran from acquiring a nuclear weapon that he seems eager for a fight. He did it again at the United Nations on Tuesday, warning that Israel reserved the right to strike Iran’s nuclear facilities if it deemed that Iran was close to producing nuclear weapons. “Against such a threat, Israel will have no choice but to defend itself,” he said.

    The Iranians were so angered by what they called Mr. Netanyahu’s “inflammatory” speech that they issued a rebuttal and spoke of the need to “sustain the current positive atmosphere” so that diplomacy could be successful.

    Similarly, they were not happy that Mr. Obama, meeting Mr. Netanyahu at the White House on Monday, took a harsher tone toward Iran than he did when he spoke by phone with Mr. Rouhani last week.

    Both Mr. Obama and Mr. Rouhani have hard-line domestic audiences and allies that they will need to consider and cajole as they undertake this effort to resolve the nuclear dispute and develop a new relationship. For Mr. Obama, that means working closely with Israel and helping Mr. Netanyahu see that sabotaging diplomacy, especially before Iran is tested, only makes having to use force more likely. That would be the worst result of all.

     

    – New York Times