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  •  The Nigerian National Petroleum Company Limited NNPC Ltd has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying The company in a statement on Thursday by Garba Muhammad Group General Manager Group Public Affairs Division NNPC Ltd said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja Kogi He also said that an incidence of a failed road section around Badegi Agaie highway in Niger State also contributed Consequently vehicles especially fuel tankers are finding alternative roads to get to their intended destinations NNPC Ltd is working assiduously in collaboration with relevant government agencies to open up this major highway While we do that we urge the general public to remain calm and not to engage in panic buying of petroleum products he advised According to him the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit PMS as the NNPC Ltd has a thirty day products sufficiency NewsSourceCredit NAN
    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd
     The Nigerian National Petroleum Company Limited NNPC Ltd has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying The company in a statement on Thursday by Garba Muhammad Group General Manager Group Public Affairs Division NNPC Ltd said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja Kogi He also said that an incidence of a failed road section around Badegi Agaie highway in Niger State also contributed Consequently vehicles especially fuel tankers are finding alternative roads to get to their intended destinations NNPC Ltd is working assiduously in collaboration with relevant government agencies to open up this major highway While we do that we urge the general public to remain calm and not to engage in panic buying of petroleum products he advised According to him the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit PMS as the NNPC Ltd has a thirty day products sufficiency NewsSourceCredit NAN
    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd
    General news2 months ago

    Fuel Queues: Don’t panic, we have enough supply in stock – NNPC Ltd

    The Nigerian National Petroleum Company Limited  (NNPC Ltd) has informed the public that it has sufficient stock of petroleum products and the public should not give in to panic buying.

    The company in a statement on Thursday by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC Ltd. said the current queue situation in some parts of Abuja and its environs was as a result of delays in arrival of fuel trucks.

    Muhammad said this was happening as a result of heavy flooding that had submerged parts of the highway passing through Lokoja, Kogi. He also said that an incidence of a failed road section around Badegi-Agaie highway in Niger State also contributed.

    “Consequently, vehicles, especially fuel tankers, are finding alternative roads to get to their intended destinations.

    “NNPC Ltd is working assiduously, in collaboration with relevant government agencies, to open up this major highway.

    “While we do that, we urge the general public to remain calm and not to engage in panic buying of petroleum products,” he advised.

    According to him, the current situation is temporary and has nothing to do with shortage of Premium Motor Spirit (PMS) as the NNPC Ltd has a thirty-day products’ sufficiency.


    NewsSourceCredit: NAN

  •   The African Energy Chamber AEC is proud to announce the return of the National Oil Company NOC Summit at Africa s premier event for the oil and gas sector the African Energy Week AEW https AECWeek com which will take place from October 18 to 21 2022 in Cape Town Following a successful edition of the NOC Summit at AEW 2021 this year s edition under the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment will continue the discussion on the role NOCs play to boost investment in as well as exploration and production of Africa s hydrocarbon sector With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria Libya Algeria Angola and Egypt NOCs have an important role to play in leading and accelerating exploration activities to boost production In Nigeria for example Africa s largest crude oil producer where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022 the National Oil Corporation Nigerian Petroleum NNPC has an important task play on increased exploration and gradual increase in production With the implementation of the Petroleum Industry Act in 2021 the Nigerian government completely overhauled the NNPC restructured the company and consequently redefined the role of the organization in the petroleum sector Since then the NNPC has been operating on a commercial basis driving exploration and production in a more market oriented manner Furthermore as the exit of large international companies such as TotalEnergies Shell Eni and ExxonMobil are expected to affect production in Africa NOCs must ensure that production remains optimal despite divestment The NOC Summit aims to address these challenges featuring discussions and presentations on how NOCs can increase oil and gas production across the continent In addition investments within Africa s upstream segment continue to fall due to global climate politics and as such a compelling need has emerged for African NOCs to reform business operations to attract investment Therefore the NOC Summit at AEW 2022 will bring together African energy stakeholders government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production African NOCs have an important role to play in driving investment and development across the energy value chain in Africa and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today Building on the success seen at last year s summit the AEW 2022 NOC summit will build an Africa focused narrative on oil gas and exploration said Tomas C Gerbasio director of strategy and business development at the African Energy Chamber In addition Africa s NOCs have a critical role to play in driving the growth of the continent s gas economy increasing collaboration with major financial institutions and stimulating development across the value chain Algeria s Sonatrach and Egypt s EGAS have been at the forefront in this regard recently signing agreements with Italy s Eni for further cooperation to intensify local gas production to meet domestic demand as well as to increase exports to Europe Despite having 125 3 billion barrels of crude oil reserves one of the largest in the world Africa exports most of its resources while importing refined products due to lack of investment and refining capacity As a result more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages Angola for example Africa s third largest oil producer with 8 2 billion barrels of proven oil reserves relies heavily on energy imports and spends more than 1 7 billion on imports to meet domestic demand Accordingly the NOC Summit will address the role African NOCs play in this sector emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development
    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions
      The African Energy Chamber AEC is proud to announce the return of the National Oil Company NOC Summit at Africa s premier event for the oil and gas sector the African Energy Week AEW https AECWeek com which will take place from October 18 to 21 2022 in Cape Town Following a successful edition of the NOC Summit at AEW 2021 this year s edition under the theme Exploring and Investing in Africa s Energy Future While Driving an Enabling Environment will continue the discussion on the role NOCs play to boost investment in as well as exploration and production of Africa s hydrocarbon sector With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria Libya Algeria Angola and Egypt NOCs have an important role to play in leading and accelerating exploration activities to boost production In Nigeria for example Africa s largest crude oil producer where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022 the National Oil Corporation Nigerian Petroleum NNPC has an important task play on increased exploration and gradual increase in production With the implementation of the Petroleum Industry Act in 2021 the Nigerian government completely overhauled the NNPC restructured the company and consequently redefined the role of the organization in the petroleum sector Since then the NNPC has been operating on a commercial basis driving exploration and production in a more market oriented manner Furthermore as the exit of large international companies such as TotalEnergies Shell Eni and ExxonMobil are expected to affect production in Africa NOCs must ensure that production remains optimal despite divestment The NOC Summit aims to address these challenges featuring discussions and presentations on how NOCs can increase oil and gas production across the continent In addition investments within Africa s upstream segment continue to fall due to global climate politics and as such a compelling need has emerged for African NOCs to reform business operations to attract investment Therefore the NOC Summit at AEW 2022 will bring together African energy stakeholders government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production African NOCs have an important role to play in driving investment and development across the energy value chain in Africa and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today Building on the success seen at last year s summit the AEW 2022 NOC summit will build an Africa focused narrative on oil gas and exploration said Tomas C Gerbasio director of strategy and business development at the African Energy Chamber In addition Africa s NOCs have a critical role to play in driving the growth of the continent s gas economy increasing collaboration with major financial institutions and stimulating development across the value chain Algeria s Sonatrach and Egypt s EGAS have been at the forefront in this regard recently signing agreements with Italy s Eni for further cooperation to intensify local gas production to meet domestic demand as well as to increase exports to Europe Despite having 125 3 billion barrels of crude oil reserves one of the largest in the world Africa exports most of its resources while importing refined products due to lack of investment and refining capacity As a result more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages Angola for example Africa s third largest oil producer with 8 2 billion barrels of proven oil reserves relies heavily on energy imports and spends more than 1 7 billion on imports to meet domestic demand Accordingly the NOC Summit will address the role African NOCs play in this sector emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development
    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions
    Africa2 months ago

    2022 African Energy Week (AEW) National Oil Company (NOC) Summit prioritizes African-led energy solutions

    The African Energy Chamber (AEC) is proud to announce the return of the National Oil Company (NOC) Summit at Africa's premier event for the oil and gas sector, the African Energy Week (AEW) (https://AECWeek.com/), which will take place from October 18 to 21, 2022, in Cape Town. Following a successful edition of the NOC Summit at AEW 2021, this year's edition, under the theme "Exploring and Investing in Africa's Energy Future While Driving an Enabling Environment", will continue the discussion on the role NOCs play to boost investment in, as well as exploration and production of, Africa's hydrocarbon sector.

    With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria, Libya, Algeria, Angola and Egypt, NOCs have an important role to play in leading and accelerating exploration activities to boost production.

    In Nigeria, for example, Africa's largest crude oil producer, where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022, the National Oil Corporation Nigerian Petroleum (NNPC) has an important task.

    play on increased exploration and gradual increase in production.

    With the implementation of the Petroleum Industry Act in 2021, the Nigerian government completely overhauled the NNPC, restructured the company and consequently redefined the role of the organization in the petroleum sector.

    Since then, the NNPC has been operating on a commercial basis, driving exploration and production in a more market-oriented manner.

    Furthermore, as the exit of large international companies such as TotalEnergies, Shell, Eni and ExxonMobil are expected to affect production in Africa, NOCs must ensure that production remains optimal despite divestment.

    The NOC Summit aims to address these challenges, featuring discussions and presentations on how NOCs can increase oil and gas production across the continent.

    In addition, investments within Africa's upstream segment continue to fall due to global climate politics and as such, a compelling need has emerged for African NOCs to reform business operations to attract investment.

    Therefore, the NOC Summit at AEW 2022 will bring together African energy stakeholders, government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production.

    “African NOCs have an important role to play in driving investment and development across the energy value chain in Africa, and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today.

    Building on the success seen at last year's summit, the AEW 2022 NOC summit will build an Africa-focused narrative on oil, gas and exploration,” said Tomas C.

    Gerbasio, director of strategy and business development at the African Energy Chamber.

    In addition, Africa's NOCs have a critical role to play in driving the growth of the continent's gas economy, increasing collaboration with major financial institutions and stimulating development across the value chain.

    Algeria's Sonatrach and Egypt's EGAS have been at the forefront in this regard, recently signing agreements with Italy's Eni for further cooperation to intensify local gas production to meet domestic demand, as well as to increase exports to Europe.

    Despite having 125.3 billion barrels of crude oil reserves, one of the largest in the world, Africa exports most of its resources while importing refined products due to lack of investment and refining capacity.

    As a result, more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages.

    Angola, for example, Africa's third-largest oil producer with 8.2 billion barrels of proven oil reserves, relies heavily on energy imports and spends more than $1.7 billion on imports to meet domestic demand.

    Accordingly, the NOC Summit will address the role African NOCs play in this sector, emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development.

  •   The September October 2022 issue of Luxury and Business PLEASURES Magazine www PleasuresMagazine com ng highlights the African Industrial Conference and the 2022 AIDCA Awards won by Her Majesty Ogiame Atuwatse III the Olu of Warri Emir of Zazzau His Highness Amb Ahmed Nuhu Bamalli Overseer General of the Redeemed Christian Church of God RCCG Pastor Enoch Adeboye and Group CEO of The Nigerian National Petroleum Company Limited NNPC Ltd Malam Mele Kolo Kyari among others The air of glitz that radiated from the epoch making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency Arc Namadi Sambo Former Vice President of Nigeria Chief of the Naval Staff Vice Rear Admiral Awwal Zubairu GamboSr John Asein CEO Nigerian Copyright Commission NCC Senator Andy Ubah Dr Ibukun Adebayo CEO Rock Realty Limited Dr Umaru Abdul Mutallab Chairman Jaiz Bank Plc and Bashir Ahmed Assistant special on digital communications of President Buhari Other dignitaries among those who attended the event also included Inimfon Etuk Founder She Forum Africa Her Excellency Alayingi Sylva wife of the Minister of Petroleum Hon Kabir Tukura Ibrahim Member of the House of Representatives Zuru Fakai Danko Wasagu Sakaba Federal Constituency of Kebbi Stat Ahmed Modibbo General Manager Highland Disc Acquisition Co Ltd Ing Ali Rabiu Council for the Engineering Regulation in Nigeria COREN Mr Oke Afolabi CEO Managing Director Global Infoswift Technologies Abba Bello Dan Adalan Katsina MD CEO Nigerian Export Import Bank NEXIM Bank Prof Mohammed Nasir Sambo Executive Secretary CEO of the National Health Insurance Scheme NHIS Mohammed Sani Sidi MFR former Director General of the National Emergency Management Agency NEMA and Alhaji Lawal Bindawa Zannan Katsina Warri s Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker Traditional Ruler Award Year of AIDCA Similarly Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy Humanitarian of the Year The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme Enabling Transformation in the Digital Economy At the well attended creme de la creme event Dr Ibrahim Bello Dauda director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress APC won the Outstanding Exemplary Leader award from the Year 2022 while Charles Chukwuemeka CEO of Tent Group Limited emerged as AIDA s Outstanding Real Estate Company of the Year 2022 Hajiya Nana Aisha Gambo the wife of Vice Admiral Awwal Zubairu Gambo currently serving as the National President of Naval Officers Wives Association NOWA Hajia Aisha Bagudu Founder Mallpai Foundation and First Lady of Kebbi State the former first arch lady of Benue state Yemisi Suswam Ph D FNIA won the 2022 Outstanding Humanitarian of the Year Award Additionally Afro Arab Group of Companies Chairman and CEO Ambassador Alhaji Salamu Amadu took home the 2022 AIDA Entrepreneur of The Year Award while Dr Lola Bayode founder of the Dorian Home for Charity and Social Development took home the AIDA Outstanding 2022 Humanitarian of the Year award Meanwhile Dr Remi Duyile President and CEO of Image Consulting Group USA won the AIDA Outstanding Diaspora Leader of The Year 2022 award All honorees were widely accepted in their fields of activity as pioneers and bridge builders with a history of excellence and a clear vision in leadership AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance Associated Press and The Times of Jerusalem It featured global thought leaders who shared ideas and discussed the latest development trends economic issues and experiences from different countries on the continent www dtcoms com www PleasuresMagazine com ng
    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue
      The September October 2022 issue of Luxury and Business PLEASURES Magazine www PleasuresMagazine com ng highlights the African Industrial Conference and the 2022 AIDCA Awards won by Her Majesty Ogiame Atuwatse III the Olu of Warri Emir of Zazzau His Highness Amb Ahmed Nuhu Bamalli Overseer General of the Redeemed Christian Church of God RCCG Pastor Enoch Adeboye and Group CEO of The Nigerian National Petroleum Company Limited NNPC Ltd Malam Mele Kolo Kyari among others The air of glitz that radiated from the epoch making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency Arc Namadi Sambo Former Vice President of Nigeria Chief of the Naval Staff Vice Rear Admiral Awwal Zubairu GamboSr John Asein CEO Nigerian Copyright Commission NCC Senator Andy Ubah Dr Ibukun Adebayo CEO Rock Realty Limited Dr Umaru Abdul Mutallab Chairman Jaiz Bank Plc and Bashir Ahmed Assistant special on digital communications of President Buhari Other dignitaries among those who attended the event also included Inimfon Etuk Founder She Forum Africa Her Excellency Alayingi Sylva wife of the Minister of Petroleum Hon Kabir Tukura Ibrahim Member of the House of Representatives Zuru Fakai Danko Wasagu Sakaba Federal Constituency of Kebbi Stat Ahmed Modibbo General Manager Highland Disc Acquisition Co Ltd Ing Ali Rabiu Council for the Engineering Regulation in Nigeria COREN Mr Oke Afolabi CEO Managing Director Global Infoswift Technologies Abba Bello Dan Adalan Katsina MD CEO Nigerian Export Import Bank NEXIM Bank Prof Mohammed Nasir Sambo Executive Secretary CEO of the National Health Insurance Scheme NHIS Mohammed Sani Sidi MFR former Director General of the National Emergency Management Agency NEMA and Alhaji Lawal Bindawa Zannan Katsina Warri s Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker Traditional Ruler Award Year of AIDCA Similarly Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy Humanitarian of the Year The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme Enabling Transformation in the Digital Economy At the well attended creme de la creme event Dr Ibrahim Bello Dauda director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress APC won the Outstanding Exemplary Leader award from the Year 2022 while Charles Chukwuemeka CEO of Tent Group Limited emerged as AIDA s Outstanding Real Estate Company of the Year 2022 Hajiya Nana Aisha Gambo the wife of Vice Admiral Awwal Zubairu Gambo currently serving as the National President of Naval Officers Wives Association NOWA Hajia Aisha Bagudu Founder Mallpai Foundation and First Lady of Kebbi State the former first arch lady of Benue state Yemisi Suswam Ph D FNIA won the 2022 Outstanding Humanitarian of the Year Award Additionally Afro Arab Group of Companies Chairman and CEO Ambassador Alhaji Salamu Amadu took home the 2022 AIDA Entrepreneur of The Year Award while Dr Lola Bayode founder of the Dorian Home for Charity and Social Development took home the AIDA Outstanding 2022 Humanitarian of the Year award Meanwhile Dr Remi Duyile President and CEO of Image Consulting Group USA won the AIDA Outstanding Diaspora Leader of The Year 2022 award All honorees were widely accepted in their fields of activity as pioneers and bridge builders with a history of excellence and a clear vision in leadership AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance Associated Press and The Times of Jerusalem It featured global thought leaders who shared ideas and discussed the latest development trends economic issues and experiences from different countries on the continent www dtcoms com www PleasuresMagazine com ng
    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue
    Africa2 months ago

    Pleasures Magazine Highlights African Industrial Conference & Awards (AIDCA), Features Aisha Gambo, Charles Chukwuemeka, Emir of Zazzau, Mohammed Badugu in September-October Issue

    The September/October 2022 issue of Luxury and Business PLEASURES Magazine (www.PleasuresMagazine.com.ng) highlights the African Industrial Conference and the 2022 #AIDCA Awards, won by Her Majesty Ogiame Atuwatse III, the Olu of Warri , Emir of Zazzau, His Highness, Amb. Ahmed Nuhu Bamalli, Overseer General of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and Group CEO of The Nigerian National Petroleum Company Limited (NNPC Ltd), Malam Mele Kolo Kyari, among others.

    The air of glitz that radiated from the epoch-making event echoed far beyond the shores of Nigeria as the winners won grand prizes supported by eminent personalities such as Her Excellency, Arc. Namadi Sambo, Former Vice President of Nigeria, Chief of the Naval Staff, Vice Rear Admiral Awwal Zubairu GamboSr. John Asein, CEO, Nigerian Copyright Commission (NCC), Senator Andy Ubah, Dr. Ibukun Adebayo (CEO - Rock Realty Limited), Dr. Umaru Abdul Mutallab, Chairman, Jaiz Bank Plc, and Bashir Ahmed (Assistant special on digital communications of President Buhari).

    Other dignitaries among those who attended the event also included Inimfon Etuk (Founder, She Forum Africa), Her Excellency Alayingi Sylva, wife of the Minister of Petroleum, Hon. Kabir Tukura Ibrahim, Member of the House of Representatives, Zuru/Fakai/Danko-Wasagu/Sakaba Federal Constituency of Kebbi Stat, Ahmed Modibbo, General Manager, Highland Disc Acquisition Co. Ltd., Ing. Ali Rabiu, Council for the Engineering Regulation in Nigeria (COREN), Mr. Oke Afolabi, CEO/Managing Director, Global Infoswift Technologies, Abba Bello (Dan Adalan Katsina), MD/CEO Nigerian Export Import Bank (NEXIM Bank), Prof. Mohammed Nasir Sambo, Executive Secretary/CEO of the National Health Insurance Scheme (NHIS), Mohammed Sani Sidi, MFR, former Director General of the National Emergency Management Agency (NEMA) and Alhaji Lawal Bindawa (Zannan Katsina).

    Warri's Olu emerged as the AIDCA Humanitarian Royal Father of the Year after coming top in an online vote, while His Highness Emir of Zazzau took the AIDCA Outstanding Peacemaker/Traditional Ruler Award.

    Year of AIDCA.

    Similarly, Mele Kolo Kyari won the 2022 AIDA Outstanding Industrial Revolution Leader of the Year award, and Pastor Enoch Adeboye emerged as the 2022 AIDA Outstanding Clergy/Humanitarian of the Year. The AIDCA Award which took place at Transcorp Hilton Hotel Abuja was held with the theme: "Enabling Transformation in the Digital Economy".

    At the well-attended creme de la creme event, Dr. Ibrahim Bello Dauda, ​​director general of the Sahelian Center for Leadership and Development and national head of the All Progressives Congress (APC), won the Outstanding Exemplary Leader award from the Year 2022, while Charles Chukwuemeka, CEO of Tent Group Limited, emerged as AIDA's Outstanding Real Estate Company of the Year 2022.

    Hajiya Nana Aisha Gambo, the wife of Vice Admiral Awwal Zubairu Gambo, currently serving as the National President of Naval Officers' Wives Association (NOWA), Hajia Aisha Bagudu - Founder, Mallpai Foundation and First Lady of Kebbi State, the former first arch lady of Benue state.

    Yemisi Suswam (Ph.D., FNIA) won the 2022 Outstanding Humanitarian of the Year Award.

    Additionally, Afro Arab Group of Companies Chairman and CEO, Ambassador Alhaji Salamu Amadu, took home the 2022 AIDA Entrepreneur of The Year Award, while Dr. Lola Bayode, founder of the Dorian Home for Charity and Social Development, took home the AIDA Outstanding 2022 Humanitarian of the Year award.

    Meanwhile, Dr. Remi Duyile, President and CEO of Image Consulting Group, USA, won the AIDA Outstanding Diaspora Leader of The Year 2022 award.

    All honorees were widely accepted in their fields of activity as pioneers and bridge builders, with a history of excellence and a clear vision in leadership.

    AIDCA 2022 was packaged by Dotmount Communications Group in collaboration with Yahoo Finance, Associated Press and The Times of Jerusalem.

    It featured global thought leaders who shared ideas and discussed the latest development trends, economic issues, and experiences from different countries on the continent.

    www.dtcoms.com.

    www.PleasuresMagazine.com.ng

  •  Mr Adewale Adebote Federal Ministry of Works Engineer supervising section one of the ongoing Lagos Ibadan Expressway on Wednesday said the project was over 90 per cent completed The News Agency of Nigeria reports that section one of the Lagos Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc Section two extends from Sagamu Interchange to Ojoo in Ibadan and is being handled by Reynolds Construction Company Ltd Adebote during inspection of the project said the construction work was progressing fast because three teams were working simultaneously on various sections He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer with only about six kilometres remaining If you take the total length of 43 6 kilometres we have gone far we are above 90 per cent Assiduously we are working on three sections and we always carry out construction from the most challenging sections he said He said the mandate given by the Minister for Works and Housing Mr Babatunde Fashola to the contractor was to deliver the road pavement fast and with clemency of weather it would be achieved He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure Ongoing construction on the Lagos Ibadan Expressway on Wednesday in Lagos The Project Supervisor enumerated challenges slowing down construction to include rainfall law enforcement agents and other vehicles driving against traffic reckless driving highway trading touting among others You can imagine last week we could not work for three days because of the rain he said Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow He appealed to motorists to be patient around the construction zones to drive with caution and obey traffic rules to curb gridlock Responding to recent protest and calls for creation of alternative routes around the Long Bridge he said it was not possible because the portion was sitting on gas pipelines He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions adding that the portion was also a flood plain We have never opened that road as alternative but because people are impatient they started taking it When they were causing distortion to the traffic that was the road they were using They come in through Punch under the bridge and try to come out here at OPIC So what we did was to severe the road we cut it he said Some motorists who spoke to NAN commended the improved flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road In the past weeks the gridlock around the area had seen motorists spending two to three hours on the stretch on some days NewsSourceCredit NAN
    Lagos-Ibadan Expressway section one over 90 per cent completed – Official
     Mr Adewale Adebote Federal Ministry of Works Engineer supervising section one of the ongoing Lagos Ibadan Expressway on Wednesday said the project was over 90 per cent completed The News Agency of Nigeria reports that section one of the Lagos Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc Section two extends from Sagamu Interchange to Ojoo in Ibadan and is being handled by Reynolds Construction Company Ltd Adebote during inspection of the project said the construction work was progressing fast because three teams were working simultaneously on various sections He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer with only about six kilometres remaining If you take the total length of 43 6 kilometres we have gone far we are above 90 per cent Assiduously we are working on three sections and we always carry out construction from the most challenging sections he said He said the mandate given by the Minister for Works and Housing Mr Babatunde Fashola to the contractor was to deliver the road pavement fast and with clemency of weather it would be achieved He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure Ongoing construction on the Lagos Ibadan Expressway on Wednesday in Lagos The Project Supervisor enumerated challenges slowing down construction to include rainfall law enforcement agents and other vehicles driving against traffic reckless driving highway trading touting among others You can imagine last week we could not work for three days because of the rain he said Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow He appealed to motorists to be patient around the construction zones to drive with caution and obey traffic rules to curb gridlock Responding to recent protest and calls for creation of alternative routes around the Long Bridge he said it was not possible because the portion was sitting on gas pipelines He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions adding that the portion was also a flood plain We have never opened that road as alternative but because people are impatient they started taking it When they were causing distortion to the traffic that was the road they were using They come in through Punch under the bridge and try to come out here at OPIC So what we did was to severe the road we cut it he said Some motorists who spoke to NAN commended the improved flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road In the past weeks the gridlock around the area had seen motorists spending two to three hours on the stretch on some days NewsSourceCredit NAN
    Lagos-Ibadan Expressway section one over 90 per cent completed – Official
    General news2 months ago

    Lagos-Ibadan Expressway section one over 90 per cent completed – Official

    Mr Adewale Adebote, Federal Ministry of Works Engineer supervising section one of the ongoing Lagos-Ibadan Expressway on Wednesday said the project was over 90 per cent completed.  

    The News Agency of Nigeria reports that section one of the Lagos-Ibadan Expressway project stretches from Ojota in Lagos to Sagamu Interchange and is being handled by Julius Berger Nigeria Plc.   Section two extends from Sagamu Interchange to Ojoo in Ibadan, and is being handled by Reynolds Construction Company Ltd.   Adebote; during inspection of the project, said the construction work was progressing fast because three teams were working simultaneously on various sections.  

    He said that the usual gridlock experienced on the axis had eased off because several portions had been constructed to the final layer, with only about six kilometres remaining.  

    “If you take the total length of 43.6 kilometres, we have gone far; we are above 90 per cent.

    “Assiduously, we are working on three sections and we always carry out construction from the most challenging sections,” he said.  

    He said the mandate given by the Minister for Works and Housing, Mr Babatunde Fashola, to the contractor was to deliver the road pavement fast, and with clemency of weather, it would be achieved.  

    He said polymer modified ashalt was being used for strengthening of the final layer because government was focusing on quality assurance to deliver a durable road infrastructure.

    Ongoing construction on the Lagos-Ibadan Expressway on Wednesday in Lagos.   

    The Project Supervisor enumerated challenges slowing down construction to include rainfall, law enforcement agents and other vehicles driving against traffic, reckless driving, highway trading, touting, among others.  

    “You can imagine, last week, we could not work for three days because of the rain,” he said.  

    Adebote said the ministry held a stakeholders meeting with Ogun State officials on Tuesday towards resolving some challenges.  

    He said the traffic regulatory agencies and the Police were on ground collaborating with the ministry in ensuring seamless flow.  

    He appealed to motorists to be patient around the construction zones, to drive with caution and obey traffic rules to curb gridlock.  

    Responding to recent protest and calls for creation of alternative routes around the Long Bridge, he said it was not possible because the portion was sitting on gas pipelines.  

    He said the NNPC pipelines laid along the length of the bridge cannot take pressure from heavy vehicles because it could cause explosions, adding that, the portion was also a flood plain.  

    “We have never opened that road as alternative but because people are impatient they started taking it.

    “When they were causing distortion to the traffic, that was the road they were using.  

    “They come in through Punch, under the bridge and try to come out here at OPIC.

    So what we did was to severe the road, we cut it,” he said.  

    Some motorists who spoke to NAN commended the improved  flow of traffic on Wednesday and appealed to the ministry to sustain the tempo to prevent hardship on the road.

    In the past weeks, the gridlock around the area had seen motorists spending two to three hours on the stretch on some days.


    NewsSourceCredit: NAN

  •  An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the Escravos gas to liquids EGTL Gas Project The committee said the project which should cost 2 9 billion dollars was quoted as 10 7 billion dollars The committee on the Joint Venture of the NNPC limited raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja The Chairman of the committee Rep Hassan Fulata APC Jigawa demanded for explanation and the reasons behind the review of the cost of the project from 2 9 billion to 10 7 billion Fulata said that a similar project was executed in Qatar for less than 2 5 billion within a very short period He said that NNPC limited should have protested the cost review and demanded a value for money audit Responding Chevron s Director of Joint Venture Mr Monday Ovuede told the committee that several factors caused the upward review of the cost of the project from the initial 2 9 billion to 10 7 billion Ovuede explained that immediately after the project was signed prices of commodities like oil and steel went up necessitating an upward review of the project He added that Chevron agreed to a value for money audit despite not having it in the contract for the project This is a very complex technology to be executed in this part of the world When project construction started in 2005 coincidentally if you check the record commodity prices including that of oil and steel started rising in the international market The project was given as engineering procurement and logistics which means the sum was fixed In the course of executing the contract the contractors came back he said On the Qatar project Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase According to him there was access to skilled labours compared to Nigeria but such skills were hard to come by The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there It has access to skilled labour from Europe when you come to our side we try to build for some of the technology we had to develop the local labour to the level required to implement the project he said Inspite of the explanations the legislators remained dissatisfied and requested for documents to back the claims Rep Ibrahim Isiaka APC Ogun moved a motion for Chevron to submit a written response justifying the increment In his ruling Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim He ruled Chevron should appear again on Tuesday Oct 11 with relevant documents to defend its claims NewsSourceCredit NAN
    Reps C’ttee queries .7bn gas-to-liquids project
     An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the Escravos gas to liquids EGTL Gas Project The committee said the project which should cost 2 9 billion dollars was quoted as 10 7 billion dollars The committee on the Joint Venture of the NNPC limited raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja The Chairman of the committee Rep Hassan Fulata APC Jigawa demanded for explanation and the reasons behind the review of the cost of the project from 2 9 billion to 10 7 billion Fulata said that a similar project was executed in Qatar for less than 2 5 billion within a very short period He said that NNPC limited should have protested the cost review and demanded a value for money audit Responding Chevron s Director of Joint Venture Mr Monday Ovuede told the committee that several factors caused the upward review of the cost of the project from the initial 2 9 billion to 10 7 billion Ovuede explained that immediately after the project was signed prices of commodities like oil and steel went up necessitating an upward review of the project He added that Chevron agreed to a value for money audit despite not having it in the contract for the project This is a very complex technology to be executed in this part of the world When project construction started in 2005 coincidentally if you check the record commodity prices including that of oil and steel started rising in the international market The project was given as engineering procurement and logistics which means the sum was fixed In the course of executing the contract the contractors came back he said On the Qatar project Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase According to him there was access to skilled labours compared to Nigeria but such skills were hard to come by The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there It has access to skilled labour from Europe when you come to our side we try to build for some of the technology we had to develop the local labour to the level required to implement the project he said Inspite of the explanations the legislators remained dissatisfied and requested for documents to back the claims Rep Ibrahim Isiaka APC Ogun moved a motion for Chevron to submit a written response justifying the increment In his ruling Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim He ruled Chevron should appear again on Tuesday Oct 11 with relevant documents to defend its claims NewsSourceCredit NAN
    Reps C’ttee queries .7bn gas-to-liquids project
    General news2 months ago

    Reps C’ttee queries $10.7bn gas-to-liquids project

    An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the  Escravos gas-to-liquids (EGTL) Gas Project.

    The committee said the project which should cost 2.9 billion dollars was quoted as 10.7 billion dollars.

    The committee on the Joint Venture of the NNPC limited, raised concerns when the management of Chevron Nigeria Limited appeared before the lawmakers in Abuja.

    The Chairman of the committee, Rep. Hassan Fulata (APC-Jigawa), demanded for explanation and the reasons behind the review of the cost of the project from $2.9 billion to $10.7 billion.

    Fulata said that a similar project was executed  in Qatar for less than $2.5 billion within a very short period. 

    He said that NNPC limited should have protested the cost review and demanded a value-for-money audit.

    Responding, Chevron’s Director of Joint Venture, Mr Monday Ovuede, told the committee that several factors caused the upward review of the cost of the project from the initial $2.9 billion to $10.7 billion.

    Ovuede explained that immediately after the project was signed, prices of commodities like oil and steel went up, necessitating an upward review of the project.

    He added that Chevron agreed to a value-for-money audit despite not having it in the contract for the project.

    “This is a very complex technology to be executed in this part of the world.

    When project construction started in 2005— coincidentally, if you check the record, commodity prices, including that of oil and steel started rising in the international market. 

    “The project was given as engineering, procurement and logistics, which means the sum was fixed.

    In the course of executing the contract, the contractors came back,” he said.

    On the Qatar project, Ovuede explained that the project was built in an industrial complex with a seaport and access to an international airbase. 

    According to him, there was access to skilled labours compared to Nigeria, but such skills were hard to come by.

    “The plant in Qatar is built in an industrial complex close to a seaport and there is an international airbase there.

    “It has access to skilled labour from Europe, when you come to our side, we try to build—for some of the technology, we had to develop the local labour to the level required to implement the project,” he said.

    Inspite of the explanations, the legislators remained dissatisfied and requested for documents to back the claims.

    Rep. Ibrahim Isiaka (APC-Ogun) moved a motion for Chevron to submit a written response justifying the increment.

    In his ruling, Fulata alleged that Chevron was claiming capital allowance for the project without capital importation or a certificate to make such a claim.

    He ruled Chevron should appear again on Tuesday, Oct. 11 with relevant documents to defend its claims.


    NewsSourceCredit: NAN

  •  An Oil and Gas Expert Mr Olabode Sowunmi has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country The expert called for continuity in projects that matter for example the on going construction of the Ajaokuta Kaduna Kano Natural Gas Pipeline AKK Trans Saharan Gas Pipeline TSGP and West African Gas Pipeline Sowunmi Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited NNPC Ltd to transport natural gas from Ajaokuta Kogi through states and urban centres in Nigeria The project which is expected to be completed the first quarter of 2023 is a segment of the Trans Nigeria Gas Pipeline TNGP and the Trans Saharan Gas Pipeline projects The AKK when completed would provide enough gas for both domestic and export purposes revive industries along the AKK corridor Speaking on the Nigeria s attainment to 62nd independence he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved So one government must do it well and pass on to another government which will equally do it well till we get to the end the expert advised Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline According to him EU could as well become ultimate beneficiary through the support in the building of the pipeline The oil and gas industry particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this he said The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 PIA NewsSourceCredit NAN
    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan
     An Oil and Gas Expert Mr Olabode Sowunmi has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country The expert called for continuity in projects that matter for example the on going construction of the Ajaokuta Kaduna Kano Natural Gas Pipeline AKK Trans Saharan Gas Pipeline TSGP and West African Gas Pipeline Sowunmi Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited NNPC Ltd to transport natural gas from Ajaokuta Kogi through states and urban centres in Nigeria The project which is expected to be completed the first quarter of 2023 is a segment of the Trans Nigeria Gas Pipeline TNGP and the Trans Saharan Gas Pipeline projects The AKK when completed would provide enough gas for both domestic and export purposes revive industries along the AKK corridor Speaking on the Nigeria s attainment to 62nd independence he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved So one government must do it well and pass on to another government which will equally do it well till we get to the end the expert advised Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline According to him EU could as well become ultimate beneficiary through the support in the building of the pipeline The oil and gas industry particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this he said The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 PIA NewsSourceCredit NAN
    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan
    General news2 months ago

    Nigeria @ 62:  expert seeks continuity, consistency on Nigeria gas master plan

    An Oil and Gas Expert, Mr Olabode Sowunmi, has called for continuity and consistency on the Nigeria Gas Master Plan to ensure infrastructure development and availability of gas in the country.

    The expert called for continuity in projects that matter, for example the on-going construction of the Ajaokuta-Kaduna-Kano Natural Gas Pipeline (AKK), Trans Saharan Gas Pipeline (TSGP) and West African Gas Pipeline.

    Sowunmi, Senior Legislative Aid to the Senate President on Gas and Power made the call in an interview with the News Agency of Nigeria on Monday in Abuja.

    NAN reports that the AAK project which spans a length of 614km is being developed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to transport natural gas from Ajaokuta, Kogi through states and urban centres in Nigeria.

    The project, which is expected to be completed the first quarter of 2023, is a segment of the Trans-Nigeria Gas Pipeline (TNGP) and the Trans-Saharan Gas Pipeline projects.

    The AKK, when completed would provide enough gas for both domestic and export purposes, revive industries along the AKK corridor.

    Speaking on the Nigeria’s attainment to 62nd independence, he said that consistency on the projects should be considered greatly to fast track completion and energy sufficiency.

    “Governance is a continual thing and the real things that matter sometimes take decades or half a century to be achieved.

    “So one government must do it well and pass on to another government which will equally do it well till we get to the end,” the expert advised.

    Sowunmi said the projects would ensure that the power sector became the major consumer of gas while there would be availability of gas to industries like the methanol plants and fertiliser plants.

    He further said the AKK and the Trans Saharan gas pipelines projects were birthed by the policies of the gas master plan.

    He said that the only way the EU would get alternative gas supply to EU countries from Nigeria would be through the Trans Saharan Gas pipeline.

    According to him, EU could as well become ultimate beneficiary through the support in the building of the pipeline.

    “The oil and gas industry, particularly the gas sector offers Nigeria a very clear road to a genuine industrialisation in every Local Government we should take advantage of this,’’ he said.

    The expert however expressed satisfaction that some reforms have started in the industry in view of the implementation of the Petroleum Industry Act 2021 (PIA).


    NewsSourceCredit: NAN

  •  The Nigeria Security and Civil Defence Corps NSCDC have arrested a marine welder Iyamba Edem Iyamba in Calabar for attempting to vandalise NNPC s pipeline The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company Mettle Energy and Gas Company if it had been successful A similar thing happened in the same company in 2020 when one of the company s tanks was used to syphon petroleum products from the NNPC pipeline Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term They forfeited some cars and other property to the Federal Government NSCD s commandant in Cross River Mr Samuel Fadeyi said on Monday in Calabar while parading Edem Iyamba before newsmen He said NSCDC operatives arrested Edem Iyamba on Sept 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company Gabriel Ajom Ajom had earlier been arrested in connection with the crime Fadeyi said that on Aug 26 men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company leading to the NNPC pipeline at the jetty According to the Commandant Edem Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products At first we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal The mastermind was hiding but our men were able to track him to his hideout in Calabar South he said Fadeyi explained that NSCDC s earlier decision to disband its anti vandalism team and re strategise the fight against fuel theft was yielding positive results A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped he said Fadeyi assured that the suspects would be arraigned at the conclusion of investigation The suspect Edem Iyamba who said he was a marine welder told the News Agency of Nigeria that desperation for money lured him into the act I was arrested in connection with an attempt to vandalise the NNPC pipeline I know what I did was bad I am pleading with the NSCDC to forgive me I won t be involved in this again We were four in number that dug the tunnel the three other persons came in from Port Harcourt he told NAN NewsSourceCredit NAN
    NSCDC arrest marine welder in Calabar over pipeline vandalism
     The Nigeria Security and Civil Defence Corps NSCDC have arrested a marine welder Iyamba Edem Iyamba in Calabar for attempting to vandalise NNPC s pipeline The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company Mettle Energy and Gas Company if it had been successful A similar thing happened in the same company in 2020 when one of the company s tanks was used to syphon petroleum products from the NNPC pipeline Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term They forfeited some cars and other property to the Federal Government NSCD s commandant in Cross River Mr Samuel Fadeyi said on Monday in Calabar while parading Edem Iyamba before newsmen He said NSCDC operatives arrested Edem Iyamba on Sept 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company Gabriel Ajom Ajom had earlier been arrested in connection with the crime Fadeyi said that on Aug 26 men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company leading to the NNPC pipeline at the jetty According to the Commandant Edem Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products At first we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal The mastermind was hiding but our men were able to track him to his hideout in Calabar South he said Fadeyi explained that NSCDC s earlier decision to disband its anti vandalism team and re strategise the fight against fuel theft was yielding positive results A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped he said Fadeyi assured that the suspects would be arraigned at the conclusion of investigation The suspect Edem Iyamba who said he was a marine welder told the News Agency of Nigeria that desperation for money lured him into the act I was arrested in connection with an attempt to vandalise the NNPC pipeline I know what I did was bad I am pleading with the NSCDC to forgive me I won t be involved in this again We were four in number that dug the tunnel the three other persons came in from Port Harcourt he told NAN NewsSourceCredit NAN
    NSCDC arrest marine welder in Calabar over pipeline vandalism
    Defence/Security2 months ago

    NSCDC arrest marine welder in Calabar over pipeline vandalism

    The Nigeria Security and Civil Defence Corps (NSCDC) have arrested a marine welder, Iyamba Edem-Iyamba, in Calabar for attempting to vandalise NNPC’s pipeline.

    The attempted vandalism would have facilitated the syphoning of petroleum products into the facility of a company, Mettle Energy and Gas Company, if it had been successful.

    “A similar thing happened in the same company in 2020 when one of the company’s tanks was used to syphon petroleum products from the NNPC pipeline.

    “Five persons were convicted then for vandalising the NNPC pipeline and they served their jail term.

    “They forfeited some cars and other property to the Federal Government,’’ NSCD’s commandant in Cross River, Mr Samuel Fadeyi, said on Monday in Calabar, while parading Edem-Iyamba before newsmen.

    He said NSCDC operatives arrested Edem-Iyamba on Sept. 13 in Calabar South following cooperation received from the security man of Mettle Energy and Gas Company, Gabriel Ajom. Ajom had earlier been arrested in connection with the crime.

    Fadeyi said that on Aug. 26, men of the NSCDC on patrol discovered a tunnel that was being dug from Mettle Energy and Gas Company, leading to the NNPC pipeline at the jetty.

    According to the Commandant, Edem-Iyamba is the mastermind of the group that attempted to vandalise the pipeline and breach distribution of petroleum products.  

    “At first, we arrested the security guard of Mettle Energy and Gas Company who gave us useful information about those that approached him for the illegal deal.  

    “The mastermind was hiding, but our men were able to track him to his hideout in Calabar South,’’ he said.  

    Fadeyi explained that NSCDC’s earlier decision to disband its anti-vandalism team and re-strategise the fight against fuel theft was yielding positive results.  

    “A few individuals cannot be gaining at the detriment of other Nigerians by sabotaging the economy.  

    “All hands are on deck and we are working in synergy with other security agencies to ensure that oil theft and pipeline vandalism are stopped,’’ he said.  

    Fadeyi assured that the suspects would be arraigned at the conclusion of investigation.  

    The suspect, Edem-Iyamba, who said he was a marine welder, told the News Agency of Nigeria that desperation for money lured him into the act.  

    “I was arrested in connection with an attempt to vandalise the NNPC pipeline.

    I know what I did was bad; I am pleading with the NSCDC to forgive me, I won’t be involved in this again.  

    “We were four in number that dug the tunnel; the three other persons came in from Port Harcourt,’’ he told NAN.    


    NewsSourceCredit: NAN

  •  The Nigerian National Petroleum Company Limited NNPC LTD has completed the acquisition of OVH Energy Marketing Limited OVHEM downstream assets under an Accelerated Network Expansion ANEX Initiative Unveiling the acquisition on Saturday in Abuja Sen Margery Okadigbo NNPC Ltd Board Chairman said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM operators of Oando filling stations include reception jetty ASPM with 240 000MT monthly capacity and eight LPG Plants Others include three Lubes blending plants three Aviation Depots and 12 warehouses Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1 500 stations We will be the largest petroleum product retail network in Africa We are going to have the Biggest filling station collection in Africa OVH has given us so much to look after the investment we have you on the package to continue to work with us Okadigbo said Malam Mele Kyari NNPC Ltd Group Chief Executive GCEO said the merger was achievable through NNPC Ltd robust system and network being an institution with the capabilities to deliver to shareholders Kyari said the acquisition was in line with President Muhammadu Buhari s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition By this merger we are the largest downstream company with robust network in the country and in Africa This is vehicle to ensure we deliver on the energy transition in the country We will use it to deliver Liquefied Petroleum Gas LPG and Compressed Natural Gas C into the market Poor citizens who rely on biomass to cook 70 per cent of Nigerians don t have access to clean cooking fuel downstream company with robust network in the country and in Africa This is an opportunity for us to utilise this privilege and expand it Today what we have struggled for years have been attained We will deliver value to our stakeholders and guarantee energy to all he said In a remark Huub Stokman OVH CEO said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business Stokman said this acquisition from NNPC which would transform downstream energy sector in West Africa came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 PIA As the demand is still increasing also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector he said NewsSourceCredit NAN
    NNPC Ltd acquires OVH energy marketing limited assets
     The Nigerian National Petroleum Company Limited NNPC LTD has completed the acquisition of OVH Energy Marketing Limited OVHEM downstream assets under an Accelerated Network Expansion ANEX Initiative Unveiling the acquisition on Saturday in Abuja Sen Margery Okadigbo NNPC Ltd Board Chairman said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM operators of Oando filling stations include reception jetty ASPM with 240 000MT monthly capacity and eight LPG Plants Others include three Lubes blending plants three Aviation Depots and 12 warehouses Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1 500 stations We will be the largest petroleum product retail network in Africa We are going to have the Biggest filling station collection in Africa OVH has given us so much to look after the investment we have you on the package to continue to work with us Okadigbo said Malam Mele Kyari NNPC Ltd Group Chief Executive GCEO said the merger was achievable through NNPC Ltd robust system and network being an institution with the capabilities to deliver to shareholders Kyari said the acquisition was in line with President Muhammadu Buhari s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition By this merger we are the largest downstream company with robust network in the country and in Africa This is vehicle to ensure we deliver on the energy transition in the country We will use it to deliver Liquefied Petroleum Gas LPG and Compressed Natural Gas C into the market Poor citizens who rely on biomass to cook 70 per cent of Nigerians don t have access to clean cooking fuel downstream company with robust network in the country and in Africa This is an opportunity for us to utilise this privilege and expand it Today what we have struggled for years have been attained We will deliver value to our stakeholders and guarantee energy to all he said In a remark Huub Stokman OVH CEO said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business Stokman said this acquisition from NNPC which would transform downstream energy sector in West Africa came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 PIA As the demand is still increasing also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector he said NewsSourceCredit NAN
    NNPC Ltd acquires OVH energy marketing limited assets
    General news2 months ago

    NNPC Ltd acquires OVH energy marketing limited assets

    The Nigerian National Petroleum Company Limited (NNPC LTD.

    ) has completed the acquisition of OVH Energy Marketing Limited (OVHEM) downstream assets under an Accelerated Network Expansion (ANEX) Initiative.

    Unveiling the acquisition on Saturday in Abuja, Sen. Margery Okadigbo, NNPC Ltd Board Chairman, said it would strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security.

    The News Agency of Nigeria reports that downstream assets acquisition which were from OVHEM, operators of Oando filling stations, include reception jetty (ASPM) with 240,000MT monthly capacity and eight LPG Plants.

    Others include three Lubes blending plants, three Aviation Depots, and 12 warehouses.

    Okadigbo said the acquisition would bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo to its journey of attaining 1,500 stations.

    “We will be the largest petroleum product retail network in Africa.

    We are going to have the Biggest filling station collection in Africa.

    “OVH has given us so much to look after the investment we have you on the package to continue to work with us,” Okadigbo said.

    Malam Mele Kyari, NNPC Ltd. Group Chief Executive (GCEO), said the merger was achievable through NNPC Ltd robust system and network, being an institution with the capabilities to deliver to shareholders.

    Kyari said the acquisition was in line with President Muhammadu Buhari’s zeal for the NNPC to consistently provide energy security for Nigeria which involved access to products and management of the every transition.

    “By this merger, we are the largest downstream company with robust network in the country and in Africa.

    “This is vehicle to ensure we deliver on the energy transition in the country.

    “We will use it to deliver Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (C into the market.

    “Poor citizens who rely on biomass to cook.

    70 per cent of Nigerians don’t have access to clean cooking fuel downstream company with robust network in the country and in Africa.

    This is an opportunity for us to utilise this privilege and expand it.

    “Today what we have struggled for years have been attained.

    We will deliver value to our stakeholders and guarantee energy to all,” he said.  

    In a remark, Huub Stokman, OVH CEO, said the company was enthusiastic of the future potential and capabilities of the combine entity and was ready to bring efficiency in leading business.

    Stokman said this acquisition from NNPC, which would transform downstream energy sector in West Africa, came at a critical time in the Nigerian energy sector and in the light of the enactment of the Petroleum Industry Act 2021 (PIA).

    “As the demand is still increasing, also there should be deliberate effort to increase the supply in consumption of Natural Gas energy transition.

    “The combined entity will be well positioned to take advantage of these opportunities in a way the will really positively impact oil and gas downstream sector,” he said.


    NewsSourceCredit: NAN

  •   Assessing Nigeria s foreign policy evolution since independence Assessing Nigeria s foreign policy evolution since independence President Muhammad Buhari By Mark Longyen News Agency of Nigeria Analysts are of the view that since gaining political independence from Britain on Oct 1 1960 Nigeria s foreign policy has evolved under different past administrations with notable consistency of Africa as its centerpiece They note that since independence Nigeria s foreign policy has been conducted by successive governments in a manner that demonstrated varying distinctive priorities and style within a broad conceptual framework without a marked departure at any point from its Afro centric focus Many are of the view that the nation s foreign policy implementation its decision making and direction have by and large been deliberately anchored formulated tailored and predicated by its policy architects on the basis of the nation s overall national interest and Africa centeredness The predominant preoccupation of Nigeria s foreign policy in the immediate two post independence decades for instance they say was African solidarity the decolonisation of all African countries that were still under colonial rule and the war against Apartheid in South Africa among others In all of these Nigeria clearly demonstrated exemplary leadership in Africa and its status as the Giant of Africa by using multiple platforms of multilateral organisations of which she is a member to pursue her foreign policy aims goals and objectives with astonishing results While the Afrocentric focus forms the inner core of the nation s foreign policy experts are of consensus view that Nigeria s membership and involvement in global organisations constitutes the outer core of the nation s foreign policy focus To this end they say Nigeria played an active role in the formation in 1963 of the defunct Organisation of African Unity OAU now Africa Union AU and also in the formation of the sub regional economic bloc the Economic Community of West African States ECOWAS in 1975 which has its permanent headquarters in Abuja Nigeria s capital They also note that the outer core focus of Nigeria s foreign policy has over the past 62 years ensured that she pursued her national interests through her active involvement in the affairs of international organisations or playing key roles in their affairs Similarly upon becoming an independent nation state Nigeria joined the British Commonwealth of Nations the Non Aligned Movement NAM the United Nations UN and its multiple agencies globally where she played and is still playing key roles in their activities Nigeria has continued to pursue such foreign policy interests through her membership of and participation in global organisations like the UN the Commonwealth the defunct OAU now AU and the Economic Community of West African States ECOWAS with tremendous successes Prof W A Fawole a foreign policy analyst and professor of International Relations Obafemi Awolowo University Ile Ife while reinforcing the Afrocentric stance of Nigeria s foreign policy said that no significant change had taken place to warrant any school of thought that there has been a shift from Afrocentricism According to him 62 years since independence the conduct of Nigeria s foreign policy has been in such a manner that it continues to play a leading and stabilising role on the continent of Africa All in all Nigeria s Afrocentric bend remains President Buhari was made the continent s anti corruption leader because of the reputation he had sustained over the decades But what needs to be understood is that virtually all the issues that stood Nigeria out in the past that is opposition to apartheid decolonisation African unity etc have all been settled and now replaced with new ones Overall I think domestic circumstances like pervasive insecurity separatist agitations weakening economic capacity collapsing naira official corruption have combined to vitiate a dynamic foreign policy he said Prof Fawole however noted that Nigeria s recent showing at the African Union was less than stellar as it lost a high profile election to the most pivotal organ of the AU by putting forward the wrong candidate although it was later able to regain composure Corroborating Fawole s view Associate Prof Efem Ubi Director of Research Nigerian Institute of International Affairs NIIA noted that since independence to date Nigeria has continued to focus on its Africa centered foreign policy According to him when Buhari came to power over seven years ago he set out to once again take Nigeria s leading position in Africa He said that this was done with some form of successes even though minimal especially in the efforts towards stemming the scourge of terrorism and other forms of insecurity in Nigeria He said This is showcased in the role that Nigeria under Buhari and other ECOWAS member states played in upholding with sacrosanct democracy in Africa to resolve The Gambia s election crisis the coup crisis in Mali and other places etc President Buhari immediately on assumption of office visited different nations ranging from Nigeria s immediate neighbors the West African sub region and the continent at large to harness international concerted efforts towards mitigating the challenges of terrorism Buhari started well by getting the affected neighbouring countries Niger Republic Cameroon and Chad to put more efforts through the Multinational Joint Task Force MNJTF to tackle the problem and his approach initially yielded fruits The NIIA Director of Research described Nigeria s foreign policy under the current dispensation as a tripartite foreign policy posture which revolves around three thematic issues namely the fight against corruption insecurity and economic development He argued that Nigeria under the current administration has exceedingly upheld Nigeria s foreign policy tenets irrespective of the odds adding that Buhari did not after all inherit a rosy and healthy nation in 2015 On his part Dr Salami Olawale of the Department of History and Diplomatic Studies Olabisi Onabanjo University Ago Iwoye Ogun State however sees economic diplomacy which was popularised by the Babangida military regime in 1988 as the major lynchpin of Nigeria s foreign policy Olawale noted that in spite of the lofty intentions of economic diplomacy under the Babangida administration the global response to Nigeria s economic diplomacy was not as enthusiastic as the Nigerian government had envisaged He attributed the shortcomings of the administration s economic diplomacy to the inconsistent and incoherent domestic policies lack of infrastructural facilities and insincerity in government circles leading to massive corruption in high places In the face of these problems the attitude of foreign investors was not surprising as various global investors had to re design their strategies in the face of rampaging globalisation The new economic diplomacy was also expected to encourage Nigerian business groups to shop for partners and then invest more both at home and abroad but this was not to be as they preferred just like their friends in governments to own property in choice areas of western countries Even the state sponsored attempt through the Nigerian National Petroluem Corporation NNPC to shop around the world for petroleum related investment outlets did not produce significant results he said Olawale therefore concluded that the failure of the Nigerian state in all ramifications and the conspiracy and hostility of the international environment combined to frustrate the lofty ideas contained in Babangida s economic diplomacy He however said that for the Nigerian state to fully realise its great potentials for the benefit of the people the managers of the country should have a change of attitude and put Nigeria first in all respects The government at all levels and individuals should be fully involved in the fight against corruption which has become a malignant tumour in the medulla of an average Nigerian At the level of the economy the government should encourage the industrial class and not the merchant class to produce more goods at home as it is on their shoulders that the realisation of government s international economic objectives rest It is in search of relevance in the international environment and in the continuation of the actualisation of its Afrocentric policy that Nigeria leading other West African states ventured into the Liberian crisis to build peace and restore democratic governance he added Although it was in June 1988 that economic diplomacy was officially adopted as a major plank of Nigeria s foreign policy Nigeria s contemporary foreign policy under the Buhari administration also adopted it 30 years after Since 1960 successive Nigerian governments have demonstrated an appreciation of the linkage between the country s foreign policy and economic circumstances hence in the first 25 years after independence that is from 1960 to 1985 there were overlapping patterns or strands of strategies that emerged in the history of Nigeria s economic diplomacy In officially adopting economic diplomacy as a major plank in its foreign policy initiatives the Buhari administration unveiled the National Economic Diplomacy Initiative NEDI in 2018 which underscores the continuity and consistency in Nigeria s foreign policy Ubi is of the view that the economic diplomacy initiative of the Buhari administration emerged in response to the inherited daunting domestic socio economic challenges before the country He said NEDI was also designed to leverage on Nigeria s bilateral and multilateral trade engagements with other countries to accelerate domestic growth and development It was also informed by the need to realise the lofty targets of regional economic integration as embellished in the ideals of the African Continental Free Trade Area agreement AFCFTA Nigeria s signing of AFCFTA which is projected to become the world s second largest free trade area is a remarkable stride in Nigeria s contemporary foreign policy s economic diplomacy AFCFTA provides opportunities to exploit new frontiers and reach larger markets with Nigerian exports of manufactured goods and services The cornerstone of AFCFTA is the promotion of industrialization sustained growth and development in Africa It is projected to boost intra African trade stimulate investment and innovation foster structural transformation and improve food security AFCFTA is also projected to enhance economic growth and export diversification and rationalise the overlapping trade regimes of the main regional economic communities Nigeria has also signed a number of bilateral agreements and memoranda of understanding with some African and non African countries aimed at strengthening its relations with them and driving Foreign Direct Investment FDI to the country Nigeria s Minister of Foreign Affairs Mr Geoffrey Onyeama summed up Nigeria s contemporary foreign policy when he spoke with journalists on the sidelines of the just concluded 77th Session of the UN General Assembly UNGA in New York According to the minister Nigeria is now highly respected and appreciated by the international community due to the repositioning of the country as a bastion of democracy by President Buhari in the past seven years We have been able to gain respect for Nigeria and secure Nigeria s place as an important partner and player at the multilateral level In seven years President Buhari has showcased Nigeria as a champion of good governance and an important partner in the African sub region and beyond We have been praised for the role we played in ensuring that democracy survived in The Gambia as well as in pushing for peace in the West African sub region We have been successful in areas such as getting through resolutions of the UN on illicit financial flows which we could not achieve for many years the minister said We have been seen as a champion for nuclear disarmament and a nuclear free world because we were very active in those areas During this period we have been at the forefront of actions to push for global justice and peace advocating justice for the oppressed in the world The centrepiece of the event for us was the national statement by the president which was very well received he said Onyeama explained that President Buhari touched on sensitive national regional and global issues when he addressed the UN General Assembly He disclosed that the country s delegation had a good mix of bilateral meetings with other countries as well as engaged with the private sector Analysts are therefore of the view that Nigeria s foreign policy as conducted by successive administrations since independence in 1960 has been consistently dominated by an enduring Afrocentric focus as well as the benefits of economic diplomacy to achieve the country s overall national interest s aims goals and objectives NANFeatures If used please credit the News Agency of Nigeria NewsSourceCredit NAN
    Assessing Nigeria’s foreign policy evolution since independence
      Assessing Nigeria s foreign policy evolution since independence Assessing Nigeria s foreign policy evolution since independence President Muhammad Buhari By Mark Longyen News Agency of Nigeria Analysts are of the view that since gaining political independence from Britain on Oct 1 1960 Nigeria s foreign policy has evolved under different past administrations with notable consistency of Africa as its centerpiece They note that since independence Nigeria s foreign policy has been conducted by successive governments in a manner that demonstrated varying distinctive priorities and style within a broad conceptual framework without a marked departure at any point from its Afro centric focus Many are of the view that the nation s foreign policy implementation its decision making and direction have by and large been deliberately anchored formulated tailored and predicated by its policy architects on the basis of the nation s overall national interest and Africa centeredness The predominant preoccupation of Nigeria s foreign policy in the immediate two post independence decades for instance they say was African solidarity the decolonisation of all African countries that were still under colonial rule and the war against Apartheid in South Africa among others In all of these Nigeria clearly demonstrated exemplary leadership in Africa and its status as the Giant of Africa by using multiple platforms of multilateral organisations of which she is a member to pursue her foreign policy aims goals and objectives with astonishing results While the Afrocentric focus forms the inner core of the nation s foreign policy experts are of consensus view that Nigeria s membership and involvement in global organisations constitutes the outer core of the nation s foreign policy focus To this end they say Nigeria played an active role in the formation in 1963 of the defunct Organisation of African Unity OAU now Africa Union AU and also in the formation of the sub regional economic bloc the Economic Community of West African States ECOWAS in 1975 which has its permanent headquarters in Abuja Nigeria s capital They also note that the outer core focus of Nigeria s foreign policy has over the past 62 years ensured that she pursued her national interests through her active involvement in the affairs of international organisations or playing key roles in their affairs Similarly upon becoming an independent nation state Nigeria joined the British Commonwealth of Nations the Non Aligned Movement NAM the United Nations UN and its multiple agencies globally where she played and is still playing key roles in their activities Nigeria has continued to pursue such foreign policy interests through her membership of and participation in global organisations like the UN the Commonwealth the defunct OAU now AU and the Economic Community of West African States ECOWAS with tremendous successes Prof W A Fawole a foreign policy analyst and professor of International Relations Obafemi Awolowo University Ile Ife while reinforcing the Afrocentric stance of Nigeria s foreign policy said that no significant change had taken place to warrant any school of thought that there has been a shift from Afrocentricism According to him 62 years since independence the conduct of Nigeria s foreign policy has been in such a manner that it continues to play a leading and stabilising role on the continent of Africa All in all Nigeria s Afrocentric bend remains President Buhari was made the continent s anti corruption leader because of the reputation he had sustained over the decades But what needs to be understood is that virtually all the issues that stood Nigeria out in the past that is opposition to apartheid decolonisation African unity etc have all been settled and now replaced with new ones Overall I think domestic circumstances like pervasive insecurity separatist agitations weakening economic capacity collapsing naira official corruption have combined to vitiate a dynamic foreign policy he said Prof Fawole however noted that Nigeria s recent showing at the African Union was less than stellar as it lost a high profile election to the most pivotal organ of the AU by putting forward the wrong candidate although it was later able to regain composure Corroborating Fawole s view Associate Prof Efem Ubi Director of Research Nigerian Institute of International Affairs NIIA noted that since independence to date Nigeria has continued to focus on its Africa centered foreign policy According to him when Buhari came to power over seven years ago he set out to once again take Nigeria s leading position in Africa He said that this was done with some form of successes even though minimal especially in the efforts towards stemming the scourge of terrorism and other forms of insecurity in Nigeria He said This is showcased in the role that Nigeria under Buhari and other ECOWAS member states played in upholding with sacrosanct democracy in Africa to resolve The Gambia s election crisis the coup crisis in Mali and other places etc President Buhari immediately on assumption of office visited different nations ranging from Nigeria s immediate neighbors the West African sub region and the continent at large to harness international concerted efforts towards mitigating the challenges of terrorism Buhari started well by getting the affected neighbouring countries Niger Republic Cameroon and Chad to put more efforts through the Multinational Joint Task Force MNJTF to tackle the problem and his approach initially yielded fruits The NIIA Director of Research described Nigeria s foreign policy under the current dispensation as a tripartite foreign policy posture which revolves around three thematic issues namely the fight against corruption insecurity and economic development He argued that Nigeria under the current administration has exceedingly upheld Nigeria s foreign policy tenets irrespective of the odds adding that Buhari did not after all inherit a rosy and healthy nation in 2015 On his part Dr Salami Olawale of the Department of History and Diplomatic Studies Olabisi Onabanjo University Ago Iwoye Ogun State however sees economic diplomacy which was popularised by the Babangida military regime in 1988 as the major lynchpin of Nigeria s foreign policy Olawale noted that in spite of the lofty intentions of economic diplomacy under the Babangida administration the global response to Nigeria s economic diplomacy was not as enthusiastic as the Nigerian government had envisaged He attributed the shortcomings of the administration s economic diplomacy to the inconsistent and incoherent domestic policies lack of infrastructural facilities and insincerity in government circles leading to massive corruption in high places In the face of these problems the attitude of foreign investors was not surprising as various global investors had to re design their strategies in the face of rampaging globalisation The new economic diplomacy was also expected to encourage Nigerian business groups to shop for partners and then invest more both at home and abroad but this was not to be as they preferred just like their friends in governments to own property in choice areas of western countries Even the state sponsored attempt through the Nigerian National Petroluem Corporation NNPC to shop around the world for petroleum related investment outlets did not produce significant results he said Olawale therefore concluded that the failure of the Nigerian state in all ramifications and the conspiracy and hostility of the international environment combined to frustrate the lofty ideas contained in Babangida s economic diplomacy He however said that for the Nigerian state to fully realise its great potentials for the benefit of the people the managers of the country should have a change of attitude and put Nigeria first in all respects The government at all levels and individuals should be fully involved in the fight against corruption which has become a malignant tumour in the medulla of an average Nigerian At the level of the economy the government should encourage the industrial class and not the merchant class to produce more goods at home as it is on their shoulders that the realisation of government s international economic objectives rest It is in search of relevance in the international environment and in the continuation of the actualisation of its Afrocentric policy that Nigeria leading other West African states ventured into the Liberian crisis to build peace and restore democratic governance he added Although it was in June 1988 that economic diplomacy was officially adopted as a major plank of Nigeria s foreign policy Nigeria s contemporary foreign policy under the Buhari administration also adopted it 30 years after Since 1960 successive Nigerian governments have demonstrated an appreciation of the linkage between the country s foreign policy and economic circumstances hence in the first 25 years after independence that is from 1960 to 1985 there were overlapping patterns or strands of strategies that emerged in the history of Nigeria s economic diplomacy In officially adopting economic diplomacy as a major plank in its foreign policy initiatives the Buhari administration unveiled the National Economic Diplomacy Initiative NEDI in 2018 which underscores the continuity and consistency in Nigeria s foreign policy Ubi is of the view that the economic diplomacy initiative of the Buhari administration emerged in response to the inherited daunting domestic socio economic challenges before the country He said NEDI was also designed to leverage on Nigeria s bilateral and multilateral trade engagements with other countries to accelerate domestic growth and development It was also informed by the need to realise the lofty targets of regional economic integration as embellished in the ideals of the African Continental Free Trade Area agreement AFCFTA Nigeria s signing of AFCFTA which is projected to become the world s second largest free trade area is a remarkable stride in Nigeria s contemporary foreign policy s economic diplomacy AFCFTA provides opportunities to exploit new frontiers and reach larger markets with Nigerian exports of manufactured goods and services The cornerstone of AFCFTA is the promotion of industrialization sustained growth and development in Africa It is projected to boost intra African trade stimulate investment and innovation foster structural transformation and improve food security AFCFTA is also projected to enhance economic growth and export diversification and rationalise the overlapping trade regimes of the main regional economic communities Nigeria has also signed a number of bilateral agreements and memoranda of understanding with some African and non African countries aimed at strengthening its relations with them and driving Foreign Direct Investment FDI to the country Nigeria s Minister of Foreign Affairs Mr Geoffrey Onyeama summed up Nigeria s contemporary foreign policy when he spoke with journalists on the sidelines of the just concluded 77th Session of the UN General Assembly UNGA in New York According to the minister Nigeria is now highly respected and appreciated by the international community due to the repositioning of the country as a bastion of democracy by President Buhari in the past seven years We have been able to gain respect for Nigeria and secure Nigeria s place as an important partner and player at the multilateral level In seven years President Buhari has showcased Nigeria as a champion of good governance and an important partner in the African sub region and beyond We have been praised for the role we played in ensuring that democracy survived in The Gambia as well as in pushing for peace in the West African sub region We have been successful in areas such as getting through resolutions of the UN on illicit financial flows which we could not achieve for many years the minister said We have been seen as a champion for nuclear disarmament and a nuclear free world because we were very active in those areas During this period we have been at the forefront of actions to push for global justice and peace advocating justice for the oppressed in the world The centrepiece of the event for us was the national statement by the president which was very well received he said Onyeama explained that President Buhari touched on sensitive national regional and global issues when he addressed the UN General Assembly He disclosed that the country s delegation had a good mix of bilateral meetings with other countries as well as engaged with the private sector Analysts are therefore of the view that Nigeria s foreign policy as conducted by successive administrations since independence in 1960 has been consistently dominated by an enduring Afrocentric focus as well as the benefits of economic diplomacy to achieve the country s overall national interest s aims goals and objectives NANFeatures If used please credit the News Agency of Nigeria NewsSourceCredit NAN
    Assessing Nigeria’s foreign policy evolution since independence
    Features2 months ago

    Assessing Nigeria’s foreign policy evolution since independence

    Assessing Nigeria’s foreign policy evolution since independence Assessing Nigeria’s foreign policy evolution since independencePresident Muhammad Buhari By Mark Longyen, News Agency of Nigeria Analysts are of the view that since gaining political independence from Britain on Oct. 1, 1960, Nigeria’s foreign policy has evolved under different past administrations with notable consistency of Africa as its centerpiece.

    They note that, since independence, Nigeria’s foreign policy has been conducted  by successive governments in a manner that demonstrated varying distinctive priorities and style within a broad conceptual framework, without a marked departure at any point from its Afro-centric focus.

    Many are of the view that the nation’s foreign policy implementation, its decision making and direction have, by and large, been deliberately anchored, formulated, tailored, and predicated by its policy architects on the basis of the nation’s overall national interest and Africa centeredness.

    The predominant preoccupation of Nigeria’s foreign policy in the immediate two post-independence decades, for instance, they say, was African solidarity, the decolonisation of all African countries that were still under colonial rule, and the war against Apartheid in South Africa, among others.

    In all of these, Nigeria clearly demonstrated exemplary leadership in Africa and its status as the Giant  of Africa, by using multiple platforms of multilateral organisations, of which she is  a member to pursue her foreign policy aims, goals and objectives – with astonishing results.

    While the Afrocentric focus forms the inner core of the nation’s foreign policy, experts are of consensus view that Nigeria’s membership and involvement in global organisations constitutes the outer core of the nation’s foreign policy focus.

    To this end, they say, Nigeria played an active role in the formation in 1963 of the defunct Organisation of African Unity, OAU, now Africa Union (AU) and also in the formation of the sub-regional economic bloc, the Economic Community of West African States (ECOWAS) in 1975, which has its permanent headquarters in Abuja, Nigeria’s capital.

    They also note that the outer core focus of Nigeria’s foreign policy has over the past 62 years ensured that she pursued her national interests through her active involvement in the affairs of international organisations or playing key roles in  their affairs.

    Similarly, upon becoming an independent nation-state, Nigeria joined the British Commonwealth of Nations, the Non-Aligned Movement (NAM), the United Nations (UN), and its multiple agencies globally, where she played, and is still playing key roles in their activities.

    Nigeria has continued to pursue such foreign policy interests through her membership of, and participation in, global organisations like the UN,  the Commonwealth, the defunct OAU (now AU) and the Economic Community of West African States (ECOWAS) with tremendous successes.

    Prof. W.

    A Fawole, a foreign policy analyst and professor of International Relations, Obafemi Awolowo University, Ile-Ife, while reinforcing the Afrocentric stance of Nigeria’s foreign policy, said that no significant change had taken place to warrant any school of thought that there has been a shift from Afrocentricism.

    According to him, 62 years since independence, the conduct of Nigeria’s foreign policy has been in such a manner that it continues to play a leading and stabilising role on the continent of Africa.

    “All in all, Nigeria’s Afrocentric bend remains.

    “President Buhari was made the continent’s anti-corruption leader because of the reputation he had sustained over the decades.

    “But what needs to be understood is that virtually all the issues that stood Nigeria out in the past, that is, opposition to apartheid, decolonisation, African unity, etc.

    ,  have all been settled and now replaced with new ones.

    “Overall, I think domestic circumstances like pervasive insecurity, separatist agitations, weakening economic capacity, collapsing naira, official corruption have combined to vitiate a dynamic foreign policy,” he said.

    Prof Fawole, however, noted that Nigeria’s recent showing at the African Union was less than stellar as it lost a high-profile election to the most pivotal organ of the AU by putting forward the wrong candidate, although it was later able to regain composure.

    Corroborating Fawole’s view, Associate Prof. Efem Ubi, Director of Research, Nigerian Institute of International Affairs, (NIIA) noted that since independence to date, Nigeria has continued to focus on its Africa-centered foreign policy.

    According to him, when Buhari came to power over seven years ago, he set out to once again take Nigeria’s leading position in Africa.

    He said that this was done with some form of successes, even though minimal, especially in the efforts towards stemming the scourge of terrorism and other forms of insecurity in Nigeria.

    He said, “This is showcased in the role that Nigeria under Buhari and other ECOWAS member states played in upholding with sacrosanct, democracy in Africa to resolve The Gambia’s election crisis, the coup crisis in Mali and other places, etc.

    “President Buhari immediately on assumption of office visited different nations ranging from Nigeria’s immediate neighbors, the West African sub-region,and the continent at large, to harness international concerted efforts towards mitigating the challenges of terrorism.

    “Buhari started well by getting the affected neighbouring countries, Niger Republic, Cameroon and Chad to put more efforts through the Multinational Joint Task Force (MNJTF) to tackle the problem and his approach initially yielded fruits.

    ” The  NIIA Director of Research described Nigeria’s foreign policy under the current dispensation as a tripartite foreign, policy posture, which revolves around three thematic issues; namely, the fight against corruption, insecurity, and economic development.

    He argued that Nigeria under the current administration has exceedingly upheld Nigeria’s foreign policy tenets, irrespective of the odds, adding that Buhari did not after all inherit a rosy and healthy nation in 2015. On his part, Dr Salami Olawale of the Department of History and Diplomatic Studies, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, however, sees economic diplomacy, which was popularised by the Babangida military regime in 1988 as the major lynchpin of Nigeria’s foreign policy.

    Olawale noted that, in spite of the lofty intentions of economic diplomacy under the Babangida administration, the global response to Nigeria’s economic diplomacy was not as enthusiastic as the Nigerian government had envisaged.

    He attributed the shortcomings of the administration’s economic diplomacy to the inconsistent and incoherent domestic policies, lack of infrastructural facilities and insincerity in government circles, leading to massive corruption in high places.

    “In the face of these problems, the attitude of foreign investors was not surprising, as various global investors had to re-design their strategies in the face of rampaging globalisation.

    “The ‘new’ economic diplomacy was also expected to encourage Nigerian business groups to shop for partners and then invest more both at home and abroad, but this was not to be, as they preferred, just like their friends in governments, to own property in choice areas of western countries.

    “Even the state sponsored attempt, through the Nigerian National Petroluem Corporation (NNPC), to shop around the world for petroleum-related investment outlets, did not produce significant results,” he said.

    Olawale, therefore, concluded that the failure of the Nigerian state in all ramifications and the conspiracy and hostility of the international environment, combined to frustrate the lofty ideas contained in Babangida’s economic diplomacy.

    He, however, said that for the Nigerian state to fully realise its great potentials for the benefit of the people, the managers of the country should have a change of attitude and put ‘Nigeria first’ in all respects.

    “The government at all levels and individuals should be fully involved in the fight against corruption, which has become a malignant tumour in the medulla of an average Nigerian.

    “At the level of the economy, the government should encourage the industrial class and not the merchant class, to produce more goods at home, as it is on their shoulders that the realisation of government’s international economic objectives rest.

    “It is in search of relevance in the international environment and in the continuation of the actualisation of its Afrocentric policy, that Nigeria, leading other West African states, ventured into the Liberian crisis, to build peace and restore democratic governance,” he added.

    Although it was in June 1988 that economic diplomacy was officially adopted as a major plank of Nigeria’s foreign policy, Nigeria’s contemporary foreign policy under the Buhari administration also adopted it 30 years after.

    Since 1960, successive Nigerian governments have demonstrated an appreciation of the linkage between the country’s foreign policy and economic circumstances, hence, in the first 25 years after independence, that is, from 1960 to 1985, there were overlapping patterns or strands of strategies that emerged in the history of Nigeria’s economic diplomacy In officially adopting economic diplomacy as a major plank in its foreign policy initiatives, the Buhari administration unveiled the National Economic Diplomacy Initiative (NEDI) in 2018, which underscores the continuity and consistency in Nigeria’s foreign policy.

    Ubi is of the view that the economic diplomacy initiative of the Buhari administration emerged in response to the inherited daunting domestic socio- economic challenges before the country.

    He said NEDI was also designed to leverage on Nigeria’s bilateral and multilateral trade engagements with other countries to accelerate domestic growth and development.

    It was also informed by the need to realise the lofty targets of regional economic integration as embellished in the ideals of the African Continental Free Trade Area agreement, AFCFTA.

    Nigeria’s signing of AFCFTA, which is projected to become the world’s second largest free trade area is a remarkable stride in Nigeria’s contemporary foreign policy’s economic diplomacy.

    AFCFTA provides opportunities to exploit new frontiers and reach larger markets with Nigerian exports of manufactured goods and services.

    The cornerstone of AFCFTA is the promotion of industrialization, sustained growth and development in Africa.

    It is projected to boost intra-African trade, stimulate investment and innovation, foster structural transformation, and improve food security.

    AFCFTA is also projected to enhance economic growth and export diversification, and rationalise the overlapping trade regimes of the main regional economic communities.

    Nigeria has also signed a number of bilateral agreements and memoranda of understanding with some African and non-African countries aimed at strengthening its relations with them and driving Foreign Direct Investment (FDI) to the country.

    Nigeria’s Minister of Foreign Affairs, Mr Geoffrey Onyeama, summed up Nigeria’s contemporary foreign policy when he spoke with journalists on the sidelines of the just concluded 77th Session of the UN General Assembly (UNGA) in New York. According to the minister, Nigeria is now highly respected and appreciated by the international community due to the repositioning of the country “as a bastion of democracy” by President Buhari in the past seven years.

    “We have been able to gain respect for Nigeria and secure Nigeria’s place as an important partner and player at the multilateral level.

    “In seven years, President Buhari has showcased Nigeria as a champion of good governance and an important partner in the African sub-region and beyond.

    “We have been praised for the role we played in ensuring that democracy survived in The Gambia as well as in pushing for peace in the West African sub-region.

    “We have been successful in areas, such as getting through resolutions of the UN on illicit financial flows, which we could not achieve for many years,” the minister said.

    “We have been seen as a champion for nuclear disarmament and a nuclear-free world because we were very active in those areas.

    “During this period, we have been at the forefront of actions to push for global justice and peace, advocating justice for the oppressed in the world.

    “The centrepiece of the event for us was the national statement by the president, which was very well received,” he said.

    Onyeama explained that President Buhari touched on sensitive national, regional and global issues when he addressed the UN General Assembly.

    He disclosed that the country’s delegation had a good mix of bilateral meetings with other countries, as well as engaged with the private sector.

    Analysts are, therefore, of the view that Nigeria’s foreign policy as conducted by successive administrations since independence in 1960, has been consistently dominated by an enduring Afrocentric focus, as well as the benefits of economic diplomacy to achieve the country’s overall  national interest’s aims, goals and objectives.

    (NANFeatures) If used please credit the News Agency of Nigeria
    NewsSourceCredit: NAN

  •  Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
     Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
    Economy2 months ago

    Nigeria at 62: Capital market has made commendable progress – Operators

    Some experts have said the Nigerian capital market made substantial contributions to the nation’s economic growth and national development since independence in 1960. They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos, while reviewing the performance and evolution of the Nigerian capital market since independence.

    Mr David Adonri, Executive Vice Chairman, HighCap Securities Ltd., said the capital market, since independence, had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth.

    Citing how the market had been beneficial to the country, Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd. (NGX).

    According to him, the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital, while investors continued to enjoy appropriate returns on their investments.

    Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978, he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises, an opportunity they still enjoyed to date.

    Adonri cited how the banking industry through the Exchange in 2005, achieved its recapitalisation exercise, which was mandated by the Central Bank of Nigeria (CBN), to shore up banks’ capital base from N2 billion to N25 billion.

    In achieving the desired sustainable growth, the expert said the gap in economic performance needed to be addressed.

    Adonri, however, noted that the Nigerian capital market had the potential to intervene in providing solution, especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough.

    Engineering infrastructure are facilities for various areas of activity servicing the economy and the population.

    According to him, Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads, rails, ports, hospitals, among others.

    He listed the engineering infrastructure to comprise technical education, minning, metalogical and machine making and agriculture equipment.

    “I expect that should be the area of focus for the capital market moving forward, so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough,” Adonri said.

    Malam Garba Kurfi, Managing Director, APT Securities, coroborated Adonri’s view on how the capital market has faired so far.

    Kurfi said the over N26 trillion market capitalisation of the NGX, currently above the national budget, showed how positively the market had grown over years.

    He said, “Today, we are talking of N26 trillion market capitalisation.

    it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation.

    “Today, we also have not just Airtel Nigeria, but Airtel Africa and this means that shareholders have their shares also in the African market.

    Dangote Group has 17 companies and it shareholders have shares in all these companies.

    “In the last 10 years, five companies which are Dangote Cement, Seplat, MTN, Airtel, BUA Foods, BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation.

    ” According to him, the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies’ willingness to get listed on the Exchange.

    He said the capital market also assisted the Federal Inland Revenue Service (FIRS) in generating 50 per cent of its revenue from corporate tax paid by quoted companies.

    Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities.

    Kuffi said that might not have been possible without the support of the capital market.

    The managing director, however, said the capital market could still do better, especially if compared with some of its counterparts in other countries.

    “Our market capitalisation against Gross Domestic Product(GDP) is less than 10 per cent.

    “New York Stock Exchange’s market capitalisation is over 100 per cent when compared to GDP of the U.

    S and same with London’s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP.

    “However, ours is just 10 per cent because big companies like NNPC, NLG, among others, and even those in the power sector and the telcoms such as Glo, 9 Mobile and Nitel are not listed.

    “Assuming all of them are listed on the exchange, our market capitalisation will go up.

    Today we already ahead of the entire budget of Nigeria,” he added.


    NewsSourceCredit: NAN

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