Nigeria’s Chief of Defence Staff (CDS), General LEO Irabor, has solicited sustainable collaboration among all stakeholders in the value chain of the oil and gas industry in Nigeria.

He made this remark in Abuja the Nations capital, during a meeting with the Governors of oil and gas producing states, heads of security agencies, Chief Executive Officer (CEO) of Nigerian National Petroleum Company (NNPC) Limited as well as CEOs of the Upstream and Downstream sectors of the oil and gas industry.

The meeting, which was mandated by the President, Commander-in-Chief of the Armed Forces of Nigeria, President Muhammadu Buhari GCFR, was to consider a framework for reversing dwindling oil production occasioned by oil theft, illegal oil  bunkering and pipeline vandalism, amongst other economic crimes.

General Irabor said the nation’s economy was bleeding as oil production had become abysmally low thereby adversely affecting the national economy and that of the oil producing states alike.

He added that, environmental degradation and health challenges thrown up by pipeline vandalism, illegal oil bunkering and refining, also impinged on the wellbeing of the communities, due to pollution of the waters, land and air, thereby giving rise to a cycle of poverty and diseases.

Accordingly, General Irabor said he  decided to lead the heads of the security and intelligence agencies as well as the CEOs of the oil and gas regulatory bodies to engage with the Governors of  the concerned states.

‘So, given that the issues demand quick action as mandated by Mr President, we have come to engage with you’, he said.

The resultant framework from the engagement, he added, would involve the whole of society and that, it would be a win-win situation for all stakeholders, including the host communities.

He further addressed the Governors that, ‘as critical stakeholders to address the current challenges, you will be playing a crucial part’ in the industry-wide security of the hydro-carbon infrastructure and overall oil production capacity of the country.

The Grand Ethiopian Renaissance Dam, which pushed Ethiopia into a longstanding dispute with Egypt and Sudan, started generating electricity on Sunday, according to officials.

Ethiopian government officials on Sunday, said a giant hydroelectric dam built on a Nile River tributary has started generating power.

Prime Minister Abiy Ahmed officiated an event which saw one of the 13 turbines of the Grand Ethiopian Renaissance Dam (GERD) begin power generation.

“From now on, there will be nothing that will stop Ethiopia,” Abiy said.

At the same time, the lead engineer noted there was still work to be done.

“We just started generating power, but that doesn’t mean the project is completed,” the dam’s project manager, Kifle Horo said.

“It will take from two and half to three years to complete it,” Kifle added.

Furthermore, he stated that the current phase of the dam has been closely linked to sovereignty and justice in the development of the country.

“We have come to this day with the help of remedial measures taken based on the complexities of the construction process,” the chairman said.

The government has given top priority to the project and it has been successful in resolving the major problems facing the project, Abraham stated, adding that the studied and scientific solutions given to problems are the basis for its success.

Moreover, he elaborated that the dam will significantly contribute to meeting the growing energy demand of the country, which is growing at an annual rate of 13 percent.

The board chairman added that the project will alleviate the suffering of the people when completed.

The project has caused friction in Ethiopia’s bilateral relations with Egypt, which depends on the 6,695 kilometer-long (4,160 miles) Nile for most of its water supply.

The Nile is among the largest rivers in the world and supplies communities all along it with water and hydroelectric power. The drainage basin encompasses ten countries: Burundi, the Democratic Republic of Congo, Egypt, Ethiopia, Kenya, Rwanda, South Sudan, Sudan, Tanzania and Uganda.

The overall construction of the Grand Ethiopian Renaissance Dam (GERD) has exceeded 84 percent, GERD Manager Kifle Horo said in  statement.

The first turbine of the dam began generating 357 MW power today in the presence of Prime Minister Abiy Ahmed and other high level government officials.

Upon completion, the dam will have capacity to generate 15,760 GWh of energy a year with 13 turbines on average.

GERD Manager Kifle Horo said the success in generating power today after passing lots of challenges shows the invincibility of Ethiopia.

According to him, the pace of the construction of the dam that has been slow since 2011 was re-invigorated after the new prime minister Abiy Ahmed came to power and set direction.

At present, the construction of the dam has jumped 84 percent and costed over 163 billion birr.

The manager called on all Ethiopians to redouble their support and help in finalizing the remaining construction of the GERD, which is the symbol of unity for Ethiopians.

GERD Management Board Chairman and Defense Minister, Abraham Belay said on his part that GERD is a project that has transformed the profession into power generation engineering.

The International Monetary Fund’s ‘Nigeria Staff Report for the 2021 Article IV Consultation has disclosed the potential expansion of the use of the eNaira to cross-border fund transfers and agency bank networks could lead to new money-laundering and terrorism financing risks.

According to the report, with the launch of eNaira on October 25, Nigeria became one of the first countries in the world to introduce a Central Bank Digital Currency (CBDC) that is open to the public.

Despite the benefits, such as promoting financial inclusion, there are also some risks around the eNaira, which the Central Bank of Nigeria needs to address.

The IMF welcomed the gradual rollout of the CBDC and highlighted the need for vigilance to various risks, including monetary policy implementation, bank funding, cyber security, operational resilience, and financial integrity and stability, through regular risk assessment and contingency planning.

The IMF said, “Prospective expansion of eNaira use to cross-border fund transfers and agency bank networks may cause new money-laundering/financing of terrorism risks.”

However, the IMF has said that the CBDC is exposed to cyber security risks, unforeseen legal issues and financial integrity risks.

The IMF suggested a way out stating, “There are financial integrity risks which are mitigated by using a tiered identity verification system and applying more stringent controls to relatively less verified users.”

The Washington-based lender stressed the need for attentiveness to the different risks, urging the CBN to fix existing deficiencies in anti-money laundering laws and combat terrorism financing.