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Nigeria To Re-Design Social Security Unemployment Programme

By
Rhoda Onuzulike
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Minister of Finance and Coordinating Minister for the Economy, Wale Edun says President Bola Ahmed Tinubu has directed the re-design of the Social Security unemployment programme to ensure payment of unemployed Nigerian youths and provide immediate reinstatement of transfer of N25,000 to 12 million households for 3 months.

He made this known after the FEC meeting on Monday presided by President Bola Tinubu at the Council Chamber, State House Abuja.

The Minister of Finance also disclosed that the government is also considering another programme that will boost the purchasing power of the Nigerian youth thereby considering another programme to boost the purchasing power of the Nigerian youth.

He said: “At this period of heightened food prices, Mr President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line, he has committed and instructed that the Social Security unemployment program be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole.

“So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular.

“Finally, all in the same line, to emphasize that there is empathy. And there is feeling for those who are less well off, or feeling particularly the pains of this adjustment, there is a social consumer credit programme.

“So, by making consumer credit available, of course, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” he stated.

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Edun also spoke on the review carried out by the Special Presidential Panel on the National Social Investment Programme (NSIP), which has submitted a preliminary report to the president.

He told Journalists that the president gave the highlights to the Council meeting, noting that what was carried out was “A review of the existing mechanisms, a review of the existing programmes, and where there have been successes, such as the 400,000 beneficiaries of the Geep programme.

“Those that have been identified and recognized are school feeding programmes which is another example of relative success. And whilst there is still some further work to be done, particularly, as regards the availability of the financial data, which is still being looked at, the interim report has been submitted and a key recommendation of the panel was that, especially given the heightened, limited household purchasing power at this time, rising prices, particularly elevated food prices, it’s important to restart the programme.

“So, the direct payments to 12 million households comprising 60 million Nigerians are to resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number.

“Therefore, payments will be made into bank accounts or mobile money wallets. So, whether it is before or after, there is verification of the identity of beneficiaries.

“Each person that receives 25,000 naira for a total of three months will be identifiable, even after they have received the money, it will be clear who it went to and when it went to them. And that is the big change that has allowed Mr. President to approve the restart of that direct payment to beneficiaries programme.” The Minister added.

Four States to Experience Blackout Tuesday – TCN

By
Rhoda Onuzulike
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Communities in Adamawa, Jos, Taraba and Gombe states will experience four-hour power outages on Tuesday.

The Transmission Company of Nigeria disclosed this on Monday in a statement signed by its Public Affairs General Manager, Ndidi Mbah.

According to Mbah, the outages would occur because the TCN maintenance crew would test and inaugurate the new 330kV Red Phase current transformer at Gombe Transmission Substation from 9am to 1pm on Tuesday.

Transmission Company Of Nigeria Installs 60MVA Power Transformer To Boost Electricity Supply

As a result, Mbah noted that the Jos and Yola electricity distribution companies will be unable to supply electricity to their customers within Gombe, Biu, Potiskum, Yola, Savannah, Jalingo, Mayo-Belwa and Damaturu towns within the four-hour.

While regretting the inconveniences the outages may cause electricity consumers within the affected areas, the TCN emphasised that maintenance was important to ensure power installations are in good condition.

The statement read, “The maintenance crew of the Transmission Company of Nigeria will test and commission the new 330kV Red phase current transformer at Gombe Transmission Substation from 9am to 1pm on Tuesday, February 27, 2024.

“Regrettably, Jos Disco and Yola DisCos will be unable to supply electricity to its customers within Gombe, Biu, Potiskum, Yola, Savannah, Jalingo, Mayo-belwa and Damaturu towns in four hours.

“We regret any inconveniences this may cause electricity consumers within the affected areas. Please note that these maintenances are important to make sure equipment is in good condition in order to supply bulk electricity to consumers.”

The country has been grappling with a low power supply occasioned by gas constraints for two months ago.

FEC Approves N1 Trillion Road Construction Project

By
Rhoda Onuzulike
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The Federal Executive Council (FEC) has approved a contract of about N1 trillion for the construction of the first phase of the coastal roads across Nigeria.

Minister of Works, Dave Umahi, who stated this after the meeting presided over by President Bola Tinubu at the presidential Villa, Abuja, explained that the phase is part of the 700-kilometer road which cuts across nine states and with two links leading to the northern states.

Umahi who revealed that Monday’s  FEC approved the fund for the first phase made of 47.47 kilometres of dual carriage way of five lines on each side and a train track in the middle, added that the project will be constructed with concrete.

Nigeria’s Minister Of Works Bans Use Of Laterite As Foundation In Road Construction

“Today, we had the approval of FEC for the construction of 700 kilometres of coastal routes running from Lagos through the nine coastal routes or states up to cross the river, meaning that it goes to Lagos, the Lekki Deep Seaport, Ogun state, Ondo State, Delate Bayelsa, Port Harcourt and Akwa Ibom.

“But we also have two spurs that lead to the north, from the ongoing Badagry-Sokoto route and the one that leads to the trans-Sahara route that goes from Ogoja down to Cameroon.

“Now, it is a dual carriageway. Each carriageway has five lanes and a provision for a train infrastructure that will be in the middle.

“The October 30th, FEC had approved that this project be procured under EPC+ Engineering, Procurement, Construction and Financing. And so in favour of High Tech Construction African Limited, which means that they were supposed to search for funding.

“They already have started searching for the funding, but hitches here are there. And so, the Ministry went back to Mr. President to ask for two things and that was on January 18. We asked can we fast fast-track this.

“Since this project was going to be procured in two phases and multiple sections, can we get the federal government to fund phase one, which is what are 47.47 kilometres running from Ahmadu Bello in Lagos down to Lekki Deep Seaport? Mr. President graciously approved.

“We also have the challenge of a lot of infrastructure on this on-the-road corridor. So, we requested Mr. President to approve that we realign the road, so that we move closer to the ocean shore, and then avoid those properties which could lead to litigation. Mr. President also approved.

“But then that led to a new challenge. And the challenge is the need to start the project as quickly as possible to protect, you know, the communities along the corridor.

“So today, we have procured the first section, which is 47.47 kilometers, under 10 lanes and FEC graciously approved the contract for N1.067tn with no objection.”

The Minister also informed that FEC approved that the second section be procured and funded by the federal government which is about 57 kilometres and that runs from Lekki deep Seaport to the boundary between Ogun and the section of two phase one.

“And then the third section is to start from the end of the road, which is Calabar. And so that’s about 50 kilometres, and is procured under section three of phase one, and is running from you know, Calabar and going towards Akwa Ibom and Port Harcourt.

“Then the other sections and other places will still be under EPC+F in favour of High Tech Construction Africa Limited.

CBN Begins Sales of Dollars To BDCs Operators

By
Rhoda Onuzulike
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The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

World Bank Warns CBN Against FX Control, Others

The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.

It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024).

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”

It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.

The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.

CBN Raises Interest Rate to 22.75%

By
Rhoda Onuzulike
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0

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate by 400 basis points to a record 22.75%.

CBN Governor, Olayemi Cardoso, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday in Abuja.

Addressing journalists at the end of the two-day meeting in Abuja, Cardoso said the committee voted to adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points and raised the cash reserve ratio from 32.5 percent to 45 percent.

CBN Adopts New Cash Reserve Measure

“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 per cent from 18.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points, He said.

“The committee also raised the cash reserve ratio from 32.5 per cent to 45 per cent while retaining the liquidity ratio at 30 per cent.”

At the last meeting in July 2023, the MPC, headed by the former acting governor of the apex bank, Folashodun Shonubi, increased the monetary policy rate by 25 basis points to 18.75 per cent, from 18.5 per cent in May last year.

The capital requirement ratio was retained at 32.5 per cent while the liquidity ratio stood at 30 per cent.

Since then, the MPR has risen from 13 per cent in May 2022 to 18.75 per cent in July 2023 when the last MPC was held.

Years-Long Legal Battle Between Former U.S. Ambassador, French Auction House Leader Continues

By
Koko Lawrence
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New details have emerged in a protracted legal battle between a former US Ambassador to France and the leader of France’s Tajan auction house.

The lawsuit was initially filed in France by the ambassador, Craig Stapleton, against Seward in the Judicial Court of Paris, alleges Rodica Seward, president and chief executive of Tajan and an art collector. The suit claims that Rodica failed to fulfill her obligations under a handshake agreement to select and sell artworks on his behalf, with the two sharing the profits of the sales.

According to legal documents filed in 2022, Seward was entrusted in 2010 with procuring artworks for resale, all of which Stapleton paid for. She never sold the works, the suit claims, and subsequently refused to return the them or disclose their location.

The works were allegedly bought between 2011 and 2016, and were invoiced by Seward via Tajan or a British company called RBS Art Limited, of which she owns a 25 percent stake. The remaining 75 percent is held by a Samoan company called Rocks Capital Limited, owned by the wealth manager Charles de la Baume, who, according to the International Committee of Investigative Journalists, was listed in the Panama Papers and is reportedly under investigation for “aggravated money laundering.” In the 2022 filing, de la Baume is named director of Tajan.

Since then, according to people familiar with case, Seward has returned 23 of the 32 paintings. An appraisal conducted for the remaining nine pieces, among which are works by Richard Aldrich, Katherine Bernhardt, and Farah Atassi, values them at more than $1 million.

The crux of the disagreement lies in the terms of the agreement between Stapleton and Seward. While Stapleton claims that Seward was supposed to sell the artworks and share the profits, Seward contends that she incurred expenses related to storage, framing, and insurance for the artworks, and is now seeking reimbursement. The particulars of the case rest on the common art world practice of handshake deals and verbal agreements in lieu of contracts, which contain clearer, more defined terms.

Nigerian Entertainment Industry Gets Major Boost With New 12,000 Capacity Arena

By
Koko Lawrence
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Stakeholders in the Nigerian music industry have over the years restated the need for a world-class arena that can host music concerts and entertainment festivals.

Lagos State is set to get its first world-class infrastructure with work commencing at the 12,000 capacity Arena backed by Live Nation and Oak View Group.

The project is a partnership between Live Nation, OVG Persianas Group, and the Nigerian Sovereign Investment Authority (NSIA). The Lagos State governor Babajide Sanwoolu was present at the groundbreaking ceremony that was held on Saturday, February 24, 2024.

Excess of $100m is expected to go into the Arena which is slated for completion in December 2025.

Read More: Pastor Chris Leads 10,000 Voices In Rapturous Praise

The arena is expected to be capable of hosting 200 events annually including UFC, WWE, boxing and basketball events, music concerts, festivals, and award ceremonies.

“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market,” said Tim Leiweke, chairman and chief executive of OVG. “We want to change that. This consortium, headed by Tayo Amusan, has shown enormous tenacity and entrepreneurial spirit in getting this project off the ground and we are proud to be their partner,” he added.

Enyimba FC To Get $750,000 For African Football League Participation

By
Emenike Agu
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0

Nigeria Premier Football League (NPFL) club, Enyimba FC may have faced an early departure from the inaugural African Football League (AFL) season, but their participation has proven to be financially rewarding.

Despite being eliminated by Moroccan giants Wydad Casablanca, Enyimba received a substantial windfall of $750,000, a testament to the lucrative nature of their involvement in the tournament.

The People’s Elephant, as Enyimba is fondly called, was among the eight prominent clubs in African football that participated in the maiden edition of the CAF and FIFA tournament for African clubs.

While their journey in the AFL was cut short with a 4-0 aggregate defeat by Wydad Casablanca in the first round, the financial gains from their participation are significant.

The Confederation of African Football (CAF), the governing body behind the AFL, allocated generous prize funds to all participating clubs, totaling $4 million.

Enyimba’s share of this largesse is expected to be utilized to reinvest in the club’s development, focusing on enhancing facilities and infrastructure. This strategic investment aims to inspire the next generation of football stars and elevate the club’s status both domestically and continentally.

Despite their on-field challenges against Wydad Casablanca, Enyimba’s financial success in the AFL underscores the potential for future growth and development.

The influx of funds not only provides a financial cushion but also lays the groundwork for long-term sustainability and competitiveness.

With CAF’s generosity, Enyimba FC is poised to emerge stronger and more resilient, signaling a promising future for Nigerian football on the continental stage.

Nigeria’s Super Falcons Defeat Cameroon To Reach Paris Olympic Games Final Qualifying Round

By
Emenike Agu
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The Super Falcons of Nigeria defeated Cameroon 1-0 to reach the final qualifying round for the 2024 Paris Olympic Games women’s football event.

Both teams entered the second leg of their 3rd qualifying round clash level on aggregate following a 0-0 first-leg result at the Stade de la Reunification in Douala, Cameroon, on February 23.

At the Moshood Abiola Stadium, Abuja, Nigeria’s Super Falcons got the job done to move a step closer to the 2024 Paris Olympic Games.

Nigeria coach Randy Waldrum made a significant decision by naming reigning CAF Women’s Player of the Year, Asisat Oshoala, on the bench for the all-important game.

It took 14 minutes for Nigeria to take the lead in Abuja. Esther Okoronkwo finished off a great move by Juventus star Echegini to put the Super Falcons 1-0 up.

Super falcons of Nigeria
Esther Okoronkwo celebrates her goal for Nigeria vs Cameroon.

The Falcons created a flurry of chances to add to the scoreline, but their efforts yielded no fruit against the compact Indomitable Lionesses.

Cameroon finished the contest with ten players following a stoppage-time red card, with the Falcons holding on to seal a 1-0 victory.

Randy Waldrum tutored Nigerian Falcons will now face either South Africa or Tanzania in the final qualifying round scheduled for April 1-9, 2024.

Africa is allotted two slots for the Women’s Football event of the 2024 Paris Olympics Games.

Ghana, Zambia, Morocco, and Tunisia are the other countries in contention for the slots.

NLC Protest: Niger Police Set to Forestall Hijack

By
Rhoda Onuzulike
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0

Niger State Commissioner of Police, CP, Shawulu Ebenezer Danmamman has announced that adequate measures have been put in place ahead of the Nigeria Labour Congress, NLC, proposed nationwide protest to avert its hijack by miscreants in the state.

The protest is slated for February 27th and 28th, 2024, across the country.

In a statement signed by the Police Public Relations Officer, DSP Wasiu Abiodun, the CP directed the Department of Operations of the Command, Area Commanders, Tactical Commanders and Division Police Officers (DPOs) to ensure visibility policing during the protest.

NLC Protest: NPF Deploy Officers, Warn Against Hijack

He also ordered deployment of adequate police personnel and operational assets to dominate public places and monitor situations through intelligence-led/visibility policing.

The CP also directed that critical infrastructures, government offices, banks, police stations and other public assets must be adequately protected for public safety.

“The CP had admonished the intended protesters during an interface in his office today that despite having the citizen’s right of peaceful protest, which the Police must protect, they must ensure that all processions are conducted within the ambit of the law.

“In the process of exercising their rights, other people’s rights must not be violated and conduct themselves in a very civilized manner devoid of unruly character, as the Police will be on ground to provide security and subdue anyone or group of persons who may want to use such avenue to cause breach of public peace,” the statement said.

The CP further admonished parents and guardians to warn their wards against any act of violence during the protest, while also urging members of the public to be law-abiding and go about their lawful businesses.

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