The Federal Government says the promise by Alhaji Atiku Abubakar to ‘break the jinx’ in infrastructure financing, if elected president in 2023, is worn.
According to the Federal Government, President Muhammadu Buhari has long done so.
The Minister of Information and Culture, Alhaji Lai Mohammed said this at a media briefing on Thursday in Abuja.
The News Agency of Nigeria reports that the minister was reacting to the recent Economic Blueprint unveiled by Atiku, the opposition Peoples Democratic Party (PDP)’s presidential candidate in the 2023 elections.
“We state unequivocally, that the worst jinx in infrastructure financing was the PDP administration from 1999 to 2015. “Indeed, the Buhari administration has long broken that jinx, leveraging on such innovative schemes as the Presidential Infrastructure Development Fund (PIDF), Sukuk and the Road Infrastructure Tax Credit Scheme (RITCS),” he said According to the minister, the PIDF is being used to finance the Lagos-Ibadan Expressway, 2nd Niger Bridge and the Abuja-Kaduna-Zaria-Kano road, while Sukuk has delivered a total of 1,881 kilometres of roads between 2017 and 2020. He said the RITCS was used for the construction and rehabilitation of Lokoja-Obajana-Kabba-Ilorin road, reconstruction of Apapa Wharf road, construction of Apapa-Oworonsoki-Ojota road and the Bonny-Bodo road with bridge).
Mohammed said that the NNPC-funded part of the RITCS was also delivering nine roads in North-Central, three in North-East, two in North-West, two in South-East, three in South-South and two in South-West for a total of 1,804 kilometres of roads.
He said the Buhari administration’s “warm handshake’’ with the private sector had delivered and was delivering an unprecedented number of projects.
The projects according to the minister, included, the 650,000bpd Dangote Refinery, Dangote Fertilizer plant, Lekki Deep Sea Port, BUA Cement, the 5,000bpd Waltersmith Modular Refinery in Imo State and the 2,500bpd Duport Modular Park in Edo. They also included the 2,000bpd Atlantic Modular Refinery in Bayelsa State; the 12,000bpd Azikel Modular Refinery also in Bayelsa; the five LPG Bottling plants and six LPG depots in 10 northern states and Abuja.
Others are the 48,000 base oil production plant in Rivers and the 10,000 Metric Tonnes Per Day methanol production plant in Bayelsa, just to mention a few.
The minister said the refineries and other projects were the result of a ”warm handshake” between the Nigerian Content Development and Monitoring Board and private sector actors.
On power, the minister said Atiku’s promise to propose legislation to, among others give states the power to generate, transmit and distribute electricity, was also not new.
“It is amazing that His Excellency the former vice president has not heard or read that the Senate has passed the electricity bill 2022 that will allow states to generate and distribute power as well as solve the sector’s challenges,’’ he said.
Mohammed said contrary to Atiku’s position, the Federal Government’s investments in additional generation capacity were not futile and had consideration for the complementary transmission and distribution infrastructure.
He said the Nigeria-Siemens partnership consummated in 2019 to improve “the seemingly-intractable power sector on which the PDP frittered more than 16 billion dollars to procure nothing but darkness would be a game changer.
“The three-phase project will deliver 7,000MW in the first phase, 11,000MW in the second phase and 25,000MW in the third phase.
“This will positively impact job creation, boost investor confidence, accelerate economic growth and reduce cost of doing business.
“For those who may be in doubt, let me say that this project is a game changer.
As you may have read, electricity equipment ordered under the project have started arriving in the country.
“When they are installed, there will be a major improvement in the supply of electricity across the country,’’ he said.
The minister also faulted Atiku on his promise that poverty reduction would be the ‘centerpiece of our economic development agenda’.
He said the Buhari administration’s National Social Investment Programme (NSIP) is unprecedented in impacting the lives of poor Nigerians directly and indirectly and creating jobs, especially for the youths, women and the elderly.
The Presidency says Nigeria, in collaboration with the Africa Business Roundtable, will be organising the second edition of the Nigeria International Economic Partnership Forum (NIEPF) in New York, United States.
NIEPF is a global economic investment platform, and is scheduled for Sept. 22, on the sidelines of the 77th United Nations General Assembly taking place in the American city.
According to a statement by Malam Garba Shehu, the President’s spokesman, the investment platform is being organised as part of continued efforts to further open up the country’s economy to international capital and attract foreign investment.
”Holding alongside the annual global gathering, the NIEPF is expected to draw the presence of world leaders in politics, economy, media as well as Civil Society Oganisations and international media to focus on the vast economic potentials of Nigeria and Africa’s leading economy,” he said.
Shehu discosed that President Muhammadu Buhari would deliver the keynote address at the event.
He said the president would also host a High-Level Presidential Session with fellow Presidents and Heads of delegations on Issues That Need Joint Action for African Countries on the Development Drive such as the Post COVID-19 recovery and financing priorities.
It will also discuss Africa’s Investment Climate and Market as well as De-risking the Continent.
According to him, NIEPF will bring together top Nigerian government functionaries as well as renowned and highly respected global public and private sector players rubbing minds on Nigeria’s Economic Outlook.
He said they would also focuse on Nigeria in The Global Economy; and International Partnership for Nigeria on The Development Drive.
”In view of the wide spectrum of personalities attending the forum, there will be cluster thematic sessions on: (i) Growing Nigeria’s Agriculture for Food Security & Access to Export Market with special focus on Impact of the Russia-Ukraine War which presents opportunities for G720-Nigeria Partnerships in Agriculture.
(ii) Scaling Up International Resources for Financing Education in Africa with emphasis on Making facilities to Link Government, Deal Sponsors and International Pools of Capital in Education.
(iii) Nigeria’s Oil and Gas Sector: Reforms, Results and the Road focusing on Scaling Up Investment into the Gas Market—Plants, Parks, Cylinders, Reinjection.
”Other issues slated for discussion include: Scaling Up International Resources for Healthcare in Africa bordering on: ”Upgrading and expanding Nigeria’s Healthcare Infrastructure towards making Nigeria the “healthcare hub” for Africa.
”Climate Change and Paths to Clean Environment with emphasis on Paths to Clean Economy, Clean Energy and Clean Development.
”Financing Nigeria’s Infrastructure with emphasis on Developing infrastructures such as Farm to market corridor, Farm to ports corridor, Export transport corridor, Railway network, Road network upgrade and expansion, Airport upgrade, including dedicated airports for exports, Power generation, transmission and distribution.
Speakers and panelists at the event include Aliko Dangote, President of Dangote Group; Bill Gates, Co-Founder of Bill and Melinda Gates Foundation; Satya Nadella, Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp. Others are Antony Blinken, Secretary of State of the United States, Florie Liser, President of the Corporate Council on Africa, and Members of the Business Council of International Understanding and Geoffrey Onyeama, Minister of Foreign Affairs, Dr Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, John Kerry, US Special Presidential Envoy for Climate; and Abdul-Samad Rabiu, Executive Chairman of BUA Group, Rabiu is also the President of the France-Nigeria Business Council.
Mark Zuckerberg, Chief Executive Officer of Facebook, Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, Dr. Akinwumi Adesina, President of the African Development Bank and Amina Mohammed, Deputy Secretary General of the United Nations will also speak at the event.
The Federal Government is set to disburse the Cabottage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts.
The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity.
It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones.
Minister of Transportation, Malam Mu-azu Sambo made the declaration about the planned disbursement of the fund when he visited the National Inland Waterways Authority, Area Office in Port Harcourt on Friday.
The ministry stated on Saturday in Abuja that the minister described the CVFF as a low-hanging fruit that would support maritime economy, which could replace oil revenues if properly handled.
While inspecting work at the BUA Ports and Terminal Ltd. situated at the Rivers Port, Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025. He assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.
The Nigerian bourse rebounded on Wednesday with market capitalisation gaining N104.54 billion or 0.39 per cent to close at N26.880 trillion in contrast with N26.775 trillion posted on Tuesday.
Similarly, the All Share Index grew by 193.82 points or 0.39 per cent to 49,836.51, compared with 49,642.69 achieved on Tuesday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: BUA Foods, WAPCO, FBN Holdings and Accesscorp.
Market breadth closed positive as 20 stocks appreciated while 10 declined.
Guinness Nigeria led the gainer’s table with 9.88 per cent to close at N87.90 per share.
Caverton Offshore Support Group followed with a gain of 9.62 per cent to close at N1.14, while Transcorp Nigeria grew by 8.65 per cent to close at N1.13 per share.
Nigerian Exchange Group advanced by 6.43 per cent to close at N22.35 per share.
LASACO Insurance gained by 5.10 per cent to close at N1.03 per share.
On the other hand, Consolidated Hallmark Insurance led the laggard’s table, depreciating by of 7.69 per cent to close at 60k per share.
Unilever Nigeria followed with a loss of 7.22 per cent to close at N12.20, while Sovereign Trust Insurance declined by 7.14 per cent to close at 26k.
Also, UPDC Real Estate Investment Trust depreciated by 7.04 per cent to close at N3.30 per share.
JaizBank fell by 4.44 per cent to close at 86k.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 5.35 per cent.
A total of 367.34 million shares valued at N3.24 billion were exchanged in 3,725 deals.
Sterling Bank recorded the highest volume with 162.45 million traded shares valued at N238.94 million.
Access Holdings followed by trading 27.7 million shares worth N228.03 million, while United Bank for Africa (UBA) sold 26. 58 million shares valued N191.27 million.
FBN Holdings transacted 22.4 million shares worth N244.67 million, Fidelity Bank sold 20.17 million shares valued at N63.77 million.
BUA Foods Plc, an indigenous foods company, has announced the resignation of Mr Isyaku Rabiu, as executive director of the company.
The resignation, which was effective August 17, was contained in a regulatory disclosure by the company to the Nigerian Exchange Ltd. (NGX).
According to the disclosure, the development was in order for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance.
The guideline on family and interlocking directorship stipulates that not more than two members of the same family shall sit on the board of a public company at the same time.
“Prior to his appointment as a member of the Board of BUA Foods in November 2021 (which later became publicly listed BUA Foods Plc in January 2022), Rabiu was a Director of IRS Pasta and Flour Limited.
“The company later merged with other companies to form BUA Foods.
“He, however, remains an executive of BUA Foods Plc with his portfolio remaining unchanged,” the disclosure read.
Trading activities on the Nigerian Exchange Ltd., (NGX) closed on a positive note on Wednesday, with indices growing by 0.22 per cent following gains by BUA Cement, Nestle and Stanbic Bank Specifically, the market capitalisation gained N65 billion or 0.25 per cent to close at N26.253 trillion against N26.188 trillion recorded on Tuesday.
Also, the All-Share Index rose by 120.48 points or 0.25 per cent to close at 48,675.24 compared with 48,554.76 posted on Tuesday.
Market breadth closed positive with 14 stocks gained and 11 stocks declined.
NEM Insurance led the gainers’ table during the day with 44k to close at N4.84 per share.
Stanbic IBTC Holdings followed with a gain of N2.50 to close at N30.50, while Ecobank Transnational added 80k to close at N10.80 per share.
Cutix appreciated by 14k to close at N2.04 and Mutual Benefits Assurance rose by 2k to close at 31k per share.
On the other hand, Fidson Healthcare topped the losers’ chart, shedding 99k to close at N9.11 per share.
FTN Cocoa Processors trailed with a loss of 3k to close at 30k, while Northern Nigeria Flour Mills declined by 1k to close at N7.50 per share.
Unity Bank was down by 7k to close at 42k, while First City Monument Bank(FCMB) lost 1k to close at N313 per share.
Investors traded a total of 167.57 million shares valued at N3.37 billion in 2,269 deals representing 19.60 per cent increase in volume.
This was against the 154.290 million shares worth N2.70 billion exchanged in 3,751 deals the previous day.
Access Holdings was the most active stock, exchanging 27.9 million shares worth N231.14 million.
United Bank for Africa (UBA) followed with an account of 22.9 million shares valued at N160.91 million, while FBN Holdings traded 22.5 million shares worth N241.98 million.
Guaranty Trust Holding Company (GTCO) sold 16.1 million shares valued at N323.99 million, while Zenith Bank exchanged 11.86 million shares worth N261.11 million.
Crucial indices of the Nigerian Exchange Ltd. (NGX) downgraded further on Thursday, dropping by 0.29 per cent following selloffs in highly capitalised stocksThe market capitalisation shed N78 billion or 0.29 per cent to close at N26.723 trillion against N26.05 trillion on Tuesday.
On market movers, the weak performance was driven by selloffs in stocks of BUA Cement, MTNN as well as Acess Bank Holdings and Okumu Oil.Similarly, the All-Share Index which opened at 49.691.17 dipped by 144.79 points or 0.29 per cent to close at 49,546.38.N.
E.M. Insurance Company recorded the highest loss to lead the laggards’ table, dropping by 9.98 per cent to close at N3.97 per share.
Okomu Oil came second with a loss of 9.96 per cent to close at N27.50, while University Press dropped by 9.91 per cent to close at N15.50 per share.
Lasaco Assurance depreciated by 9.57 per cent to close at N28.70, while Caverton Business solutions also declined by 3.96 per cent to close at N1.05 per share.
Conversely, FTN Cocoa Processors led the gainers’ table, increasing by 10 per cent to close at 33k per share.
Regency Alliance Insurance followed with a gain of 8.7 per cent to close at N52.55, while Prestige Assurance Company gained 8.33 per cent to close at N3.99 per share.
Red Star Express appreciated by 5.88 per cent to close at N9.50, while Multiverse Mining and Exploration a chalked up by 8.70 per cent to close at N2.10 per share.
The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.
This was against the N4.12 billion on 128.79 million shares exchanged in 3,492 deals on Wednesday.
FBN Holdings was the most active stock during the day, trading 39 million shares worth N431.89 million.
United Bank for Africa followed with an account of 13 million shares valued at N91.23 million, while Access Bank traded 39.22 million shares worth N80.41million.
Guaranty Trust Holding sold 6.51m shares worth N132.16 million, while Stanbic IBTC Bank exchanged 6.1million shares worth N172.86 million.
Bullish sentiment returned to the Nigerian stock market on Tuesday following investors’ interest in Zenith Bank, Union Bank and Flour Mills of Nigeria, which ensured the first gain of the week.Specifically, the market capitalisation garnered N43 billion or 0.16 per cent to close at N26.811 trillion from N26.768 trillion on Tuesday.Also, the All-Share Index advanced by 80.03 points or 0.16 per cent to close at 49,709.46 against 47,629.43 achieved on Tuesday.Accordingly, the year-to-date returns increased to 16.71 per cent.Overall, the market breadth closed negative as 10 stocks advanced against 22 that declined.Cutix drove the gainers’ chart in percentage terms by 7.5 per cent to close at N2.15 per share.Lasaco Assurance followed with a gain 5.88 per cent to close at N1.08, while Union Bank rose by 3.45 per cent to close at N6 per share.Academy Press went up by 2.97 per cent to close at N2.08, while BUA Cement appreciated by 3.63 per cent to close at N54.60 per share.On the other hand, UPDC Real Estate Investment Trust led the losers’ chart in percentage terms by 9.86 per cent to close at N3.20 per share.PZ Cussons Nigeria followed with 9.27 per cent to close at N9.30 per share.Courtville Business Solutions shed 8.93 per cent to close at 51k, while Japaul Gold and Ventures lost 8.11 per cent each to close at 34k.Also, WAPIC declined by 6.82 per cent to close at 41k per share.Also, the total volume traded decreased by 25.02 per cent to 204.16 million units valued at N1.64 billion and exchanged in 3,643 deals.Transactions in the shares of FBN Holdings topped the activity chart with 36.83 million shares valued at N396.18 million.E-Tranzact International followed with 30 million shares worth N68.4 million, while United Bank for Africa (UBA) traded 20.52 million shares valued at N143.68 million.Access Holdings traded 20.09 million shares valued at N171.5 million, while Eterna transacted 12.31 million shares worth N86.13 million.NewsSourceCredit: NAN
Peter Obi emergesThe presidential candidate of Labour Party, Mr Peter Obi, has emerged the “Man Of The Year’ in the 2022 Leadership Excellence Awards.
In a 14-day Leadership Excellence Awards voting by Nigerians both home and in the Diaspora via online platforms, monitored by the News Agency of Nigeria , Obi was voted ahead of three other nominees.
The online voting was organised by the Igbere TV, a foremost community TV in Nigeria.
Obi defeated three other nominees to emerge winner the voting which took place from Aug. 1st to Aug. 14, via online platforms.
He polled 2, 428, 403 votes to defeat the Chairman and Founder of BUA Group, Abdul Rabiu who polled 1, 124, 172 and popular Nigerian Singer, David Adeleke, a.
k.a Davido who polled 881, 766. The fourth nominee, Apostle Chibuzor Gift Chinyere, the Founder and General Overseer of Omega Power Ministries, had earlier stepped down and publicly endorsed Peter Obi for the award.
The prestigious award, endorsed by the African Union, African Film Institute, will be presented in November 2022 in Abuja.
NAN reports that the prestigious award, which is the fourth in a row, is an annual event; it recognises and honours outstanding impacts of leaders across public and private sectors in Nigeria.
Tthe event promotes outstanding leaders and personalities whose impacts have been felt in Nigeria’s political, social and economic spheres.
In May 2022, Obi became the presidential candidate of the LP in the upcoming 2023 general elections, after defecting from the People Democratic Party.
Obi is a Nigerian businessman and politician who served as governor of Anambra from March to November 2006 – February to May 2007, and from June 2007 to March 2014. Born in Onitsha in 1961, Obi graduated from the University of Nigeria in 1984, he entered business and banking, eventually rising to hold several high-ranking executive positions at banks.
By the early 2000s, Obi was the Chairman of Fidelity Bank before leaving the position to enter politics.
President Muhammadu Buhari in the course of the week reiterated the determination of his administration to uplift the quality of life of the citizens in spite of the harsh socio-economic realities.
He said that the passion and zeal for improving the livelihood of Nigerians had not dwindled, calling for more steadfastness as Nigerians.
The president gave the assurance when he received former State Chairmen of the defunct Congress for Progressive Change (CPC) at the State House, Abuja, on Tuesday.
He, however, urged political leaders to stay focused and uphold the ultimate objective of promoting interest of the country.
The president said the self-centeredness that led to the loss of about a million lives between 1967-1970 must not be allowed to repeat itself.
The president, who is also the Minister of Petroleum Resources, had also consented to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Ltd., a Nigerian outfit.
ExxonMobil, the parent company had earlier entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation of the U.
S.A.The agreement would also enable Seplat Energy to acquire share capital from Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc., both registered in Delaware, USA.
Mr Femi Adesina, the president’s spokesman stated on Monday in Abuja that the president’s consent was in consonance with Nigeria’s drive for increased indigenous participation in the energy sector.
Also on Monday, the president congratulated the Ministry of Youth and Sports Development, Sports Federations and Associations on the performance of Team Nigeria at the 2022 Commonwealth Games in Birmingham, United Kingdom.
Team Nigeria posted an impressive outing at the competition, finishing seventh on the medals table with 12 gold, 9 silver and 14 bronze.
On the same day, Buhari forwarded the name of Muhammad Sabo Lamido to the Senate for confirmation as Executive Commissioner, Finance and Accounts, for the Nigerian Upstream Petroleum Regulatory Commission.
Buhari, in a letter addressed to President of the Senate, Ahmed Lawan, said Lamido was being nominated due to the death of Hassan Gambo, who occupied the position until his demise.
The president also received the new Executive Members of Nigerian Medical Association (NMA), in the Presidential Villa, Abuja, on Tuesday.
At the meeting with the NMA officials, Buhari disclosed that the Federal Government had disbursed N100 billion to indigenous pharmaceutical manufacturers and healthcare investors as loans to expand their capital base.
He said it was also meant to boost local production of medicines and medical consumables.
Buhari stated that the loan was extended through the Central Bank of Nigeria’s support to the private pharmaceutical sector.
The president also announced the appointment of former Permanent Secretary, Ecological Project Office (EPO), Dr Habiba Muda-Lawal, as Special Adviser to him on Policy and Coordination.
Buhari also hosted the Director-General of the All Progressives Congress (APC) Presidential Campaign Organization, Simon Lalong, in the Presidential Villa, Abuja, on Wednesday.
Lalong, who is also the Governor of Plateau, said he was in the Presidential Villa to thank the president for approving the University of Jos as a national cancer centre.
He also lauded Buahri for granting presidential pardon to the former Governor of the state, Joshua Dariye.
According to him, the people of the State will remain grateful to the president for delivering a lot of democratic dividends to the State.
Also on Wednesday, President Buhari joined members of staff and political appointees in the State House in congratulating the Permanent Secretary, Tijjani Umar, on his 59th birthday.
The president congratulated Umar, his family, friends and professional colleagues on the auspicious occasion.
Buhari appreciated Umar’s efforts, sacrifices and dedication to effective management of the State House.
Buhari unveiled the 2023 National Population and Housing Census Project Document, aimed at promoting robust and informed national conversation on procedures for the census.
He unveiled the document at the National Stakeholders Summit on the 2023 census, organised by the National Population Commission (NPC), in collaboration with the UN Population Fund (UNFPA) Nigeria in Abuja on Thursday.
Buhari also hosted representatives of victims of Kaduna train abduction in Abuja, on Thursday.
According to the president, the Federal Government was doing everything within its powers to ensure the safe return of the remaining abducted passengers of the ill-fated Abuja-Kaduna train.
He said, ”since the terrible and cowardly attack by the criminal elements on March 28, the nation had joined them to endure a period of difficulty and emotional pains.
” Buhari also explained his reason for discarding the use of lethal military force in extracting the remaining abductees.
The president, therefore, condoled with the families of the victims and those who lost their loved ones.
Buhari also on Thursday received the new President of the ECOWAS Commission, Dr Omar Touray and his Management Team, telling them the kind of sub-regional body West African leaders desire and must have.
Buhari, also on Friday in Abuja, received the Management of BUA Group at the State House led by the Chairman, Abdul Samad Rabiu.
He also inaugurated the National Crisis Management Doctrine (NCMD), to bridge the gap created by extensive deployment of security services through fostering collaboration among Ministries, Departments and Agencies (MDAs).
The NCMD, which was developed by the Office of the National Security Adviser (ONSA), in coordination with relevant MDAs, would ensure greater successes in tackling national crisis.
The president concluded the week with a closed-door meeting with Gov. Hope Uzodinma of Imo in the presidential villa, Abuja, on Friday.
Uzodinma, who spoke to State House correspondents at the end of the meeting thanked the president for graciously granting his request that the Federal Medical Center (FMC), Owerri be converted to Federal University of Technology Owerri (FUTO) Teaching Hospital.
He also disclosed that he sought president’s approval for the Alvan Ikoku College of Education to become Federal University of Education, Owerri The governor spoke extensively on the forthcoming 2023 General Elections.
HE urged the media to pay more attention to issues like the depletion of the country’s crude oil output and the unsettling security situation in the country.