Nigerian Goalkeeper Chiamaka Nnadozie Named The Best In France

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May 1, 2024

The Nigeria Football Federation (NFF) has entrusted Finidi George with the critical mission of ensuring that the Super Eagles secure a spot in the 2026 FIFA World Cup.

Presently positioned third in their group following two draws against Lesotho and Zimbabwe, the two-time African champions face a pivotal juncture in their World Cup qualification campaign.

Scheduled to host the Bafana Bafana of South Africa on Friday, June 7, followed by a clash against the Squirrels of Benin shortly after, the Super Eagles must clinch victories to bolster their standing in the qualifiers.

Addressing the high stakes of the upcoming matches, Victor Ikpeba, a member of the NFF technical committee, emphasised the imperative of triumph. “In the month of June, Nigeria will play the games of their lives against South Africa and Benin,” Ikpeba remarked to SuperSport. “We are on the back foot after we drew our first two World Cup qualifiers and so we have to win the next games.”

Ikpeba expressed confidence in the talent pool at Finidi’s disposal, asserting that with the right guidance, qualification is within reach. “We have the players and if Finidi can get the best out of them, we will qualify for the World Cup.”

Beyond the immediate task of securing victories, Ikpeba outlined broader expectations for the newly appointed head coach. With Finidi George’s intimate knowledge of domestic football as the coach of NPFL champions Enyimba, Ikpeba emphasised the importance of providing local players with significant opportunities within the Super Eagles squad.

“He lives here, he works here,” Ikpeba affirmed. “He will give the local players a chance in his team. He will have to look inwards, that’s how we got the player Finidi George.”

Vinicuis Jnr Shines As Madrid Hold Bayern In Ucl Semi-Final First Leg

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May 1, 2024

The first semifinal of the 2023/24 Champions League ended in a thrilling draw between Bayern Munich and Real Madrid at the Allianz Arena on Tuesday, April 30, 2024.

The match saw both teams showcasing their attacking prowess, resulting in a 2-2 stalemate.

Real Madrid took the lead midway through the first half with a goal from Vinícius Júnior, set up by Toni Kroos.

However, Bayern Munich quickly responded in the second half, with Leroy Sané equalizing with a powerful strike. Bayern then took the lead through a Harry Kane penalty, but Real Madrid fought back, with Vinícius scoring his second goal of the night from the penalty spot.

The match ended level, leaving everything to play for in the second leg at the Bernabéu. Both Kane and Vinícius were instrumental for their teams, but the outcome of the tie remains uncertain.

In the other semifinal, Paris Saint-Germain will face Borussia Dortmund in what promises to be another exciting encounter, adding to the drama of the Champions League.

Workers’ Day: Nigeria Declares May 1 Holiday

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April 30, 2024

Tinubu Approves N35,000 Provisional Wage Award for Workers

The Nigerian Government has officially declared Wednesday, May 1st, 2024, as a public holiday to commemorate this year’s Workers’ Day celebration.

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, conveyed the announcement on behalf of the Federal Government. He emphasized the paramount importance of excellence, efficiency, and equity across all realms of labour. Additionally, he reiterated the unwavering commitment of President Bola Ahmed Tinubu’s administration to nurturing a workplace culture rooted in innovation, productivity, and inclusivity.

Dr. Tunji-Ojo said: “In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens. Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development.”

While recognising the invaluable contribution of the workforce, the Minister emphasised the necessity of taking proactive steps to address the challenges posed by climate change.

He emphasised the importance of collaboration in implementing sustainable practices and policies that not only safeguard our environment but also prioritize the well-being of employees. This approach, rooted in the principles of integrity, diligence, and compassion, is essential for nurturing a nation that thrives on sustainability and inclusivity.

Additionally, the Minister urged all Nigerians to uphold their commitment to the administration’s Renewed Hope Agenda as he extended heartfelt wishes for a joyous celebration to all workers.

Nigeria to Spend $10bn To Revive Sector- Power Minister

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April 30, 2024

House of Reps Vow to Address Electricity Tariff Hike

The Minister of Power, Adebayo Adelabu, said on Monday in Abuja that Nigeria would need an annual $10 billion for the next 10 years to revive the country’s ailing electricity generation, distribution and supply chain.

Adelabu said that the sum must be spread across the period to end the liquidity challenge in the sector.

The Minister’s disclosure was made at a one-day investigative hearing on halting the proposed increase in electricity tariff by 11 electricity distribution companies.

The session was organised by the Senate Committee on Power, amidst the biting economic situation in Nigeria.

The Minister also said the federal government would need N2.8trn to subsidise electricity this year alone.

Adelabu said, “The government will need about N2.8 trillion to subsidise electricity this year, and we looked at the government budget itself, we looked at the provision for subsidy, we discovered and confirmed that the government could not afford to pay.

“This government budget is N28 trillion N2 trillion is a subsidy for power separately. It is over 10 per cent of the budget, which is not realistic for us to ask the government to pay, ” the Minister said.

His position drew the anger of the lawmakers who in their various contributions bemoaned the country’s power situation.

The Senators decried the experiences of Nigerians on electricity supply over the years, despite the unbundling of the sector.

For instance, Senator Lola Ashiru said Nigerians were paying for inefficiency of power sector operators.

Ashiru, who is the Vice Chairman of the committee said there was a lot of inefficiency across the value chain of generation, transmission and distribution.

He said poor Nigerians must be protected, adding that there was a need to consider a reversal of the tariff increase.

Similarly, Senator Solomon Lalong said there was no consultation before the increase, adding that issues of palliative should have been discussed and provided before the tariff increase.

Senator Enyinnaya Abaribe, who is Chairman of the Committee said what Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.

He also decried the non-appearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians.

He alleged that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

On his part, Senator Adamu Aliero said due consultation was not carried out before the tariff increase.

He said the public was not at peace with the increase, saying that the increase was over 200 per cent, hence the need for a reversal of the tariff increase.

Stakeholders that made presentations at the investigative hearing included the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (MAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

Addressing the gathering, the Minister said, “For this sector to be revived, the government needs to spend nothing less than $10 billion dollars annually in the next 10 years.

“This is because of the Infrastructure requirement for the stability of the sector, but the government cannot afford that.

“And so, we must make this sector attractive to investors and to lenders.

“So, for us to attract investors, and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come.

“But now that we have increased tarrif for a Band, there are interests been shown by investors.”

He attributed the major challenge in the sector to the absence of liquidity, adding that the sector has been operating on a subsidized tariff regime, given the absence of a cost reflective tariff.

This is as he pointed out that subsidies had not been funded over the years as huge liabilities were owed to the Generating Companies (GenCos) and the Gas Companies.

Adelabu said the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation transmission and distribution.

He further said the increase is based on supply, saying that any customer that does not receive 20 hours power supply will not be made to pay the new tariff.

He said the government was committed to ensuring sustainable reform in the sector, saying that there was a need to clear the outstanding debt owed to GenCos and Gas companies.

To improve power supply, he said the government was investing in hydroelectric power, adding that construction of 700-megawatt power in Zungeru had commenced, while Kashimbila Hydroelectric power plant of 40 megawatt was awaiting evacuation to improve generation.

The minister said there was also an ongoing investment of 26 small hydropower dams to boost electricity production across the country.

Lateef Adedimeji, Olaiya Igwe, others to feature in Soyinka Biopic

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April 30, 2024

Coming on wings of preserving Nigeria’s culture and extolling the heroes, Nigeria filmmaker and director, Joshua Ojo has disclosed that Wole Soyinka, a biopic on the life and strides of legendary Nobel Laureate will be hitting cinema soon.

The movie, which took over a year to produce, has been described as ‘right on time’ by the producer, Joshua Ojo.

Speaking during a press conference earlier this week, he remarked that the lack of biopics in the Nigeria entertainment space is very alarming, explaining that at a time when history was no longer taught in schools, it should be on the screen for the sake of the next generation and a proper build up of the society.

According to Ojo, “Wole Soyinka is coming to the cinemas on/before June. We are done with production and just rounding off post production. I’ll be sincere that it took a lot to create this. A lot of research, and investigation. But then, if we don’t tell this stories, who will? Our people run away from telling our own historic stories. We documented every integral aspect of Wole Soyinka.

“The movie was shot in Lagos, Ibadan, and in the United Kingdom. At a point, I had an accident during production. Many of the cast and crew had to leave even though some have been paid. I had to pay a number of others to come back. Finance went off at some point and I had to sell some of my properties but the goal is was fixed. The goal is to preserve culture in the best way we can,”

The graduate of New York film academy, who directed ‘Efunsetan Aniwura’ noted that the most of the set of the movie was created from scratch while commending his team for pulling a great achievement with the production.

Nigeria’s Mineral Reserves Valued at $750b- Minister

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April 30, 2024

Nigeria’s Minister of Solid Minerals Development Orders Illegal Miners To Vacate Sites

Nigeria’s Minister of Solids Minerals Development, Dele Alake, has revealed that a preliminary report by a German firm, GeoScan, indicated that Nigeria sits on several minerals worth $750 billion.

Speaking during a Summit organised by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud on Monday, in Nigeria, Alake said the mining sector has the potential to contribute a large part of the nation’s goal to achieve a trillion-dollar economy as pushed by President Bola Ahmed Tinubu.

Alake, while stating that the president was pushing several reforms to rejuvenate the sector, said there was a need to avoid Nigeria being a mining pit for solid minerals while the processing and conversion to other products are done in other countries.

He stated this was the reason he was pursuing local value addition in products mined in the country.

He however, said the availability of data was important to attract investors that would establish plants in Nigeria to process the minerals and create a multiplier effect on job creation and growth in the economy.

“We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.

“That is a conservative estimate, by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke.

“By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars,” he added.

The Minister added that part of its reform was the establishment of the Nigerian Solid Minerals Corporation.

“When I first read this, a lot of people were taken aback and skeptic because what rang in their mind was NNPC, that is we are going to establish something similar like NNPC, which is a quasi- government venture.

“But no, the proposed corporation is vastly different in nomenclature, structure and operation,” he added, saying the establishment of the corporation was presently before the National Assembly.

“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians at large and 25 per cent to the government,” he said.

Speaking earlier, the Governor of Nasarawa State, Abullali Sule, said investment in solid minerals was the way to go.

He said lithium is the new gold and Nigeria has abundant of it, adding that the biggest lithium processing factory would soon be inaugurated.

The Director General of NIPSS, Ayo Omotaya, said the summit was organised to chart a way forward for the mining sector.

Nollywood Produced 274 films in first Quarter of 2024 – NFVCB

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April 30, 2024

The National Film and Video Censors Board (NFVCB) say it received and classified 274 movies produced by the Nigerian film industry in the first quarter of the year.

Shaibu Husseini, Executive Director/CEO of the board, made this known in a statement in Abuja.

The NFVCB boss said the figure was provided by the Department of Film Censorship and Classification of the board in its first quarter report, capturing all genres of films approved by the board.

The report is for onward submission to the relevant Federal Government agency as input for the compilation of the nation’s Gross Domestic Product for the first quarter (Q1 2024).

As indicated in the report, films in English Language constitute the chunk of the films produced during the period under review.

250 films out of the numbers verified and approved were produced in English, while others include films in Yoruba, Igbo, Hausa and Hindi languages.

According to the report, classification by viewing audience indicates that films classified ’18’, meant for matured audience, constitute over 50% of the total films produced.

The report further showed that films classified as ’15’, ’12’ and those that requires Parental Guidance (PG), as well as those under ‘General viewing’ trailed behind accordingly.

NFVCB is a Federal Government agency that regulates the films and video industry in Nigeria.

The board is empowered by law to classify all films and videos, whether imported or produced locally.

It is also the duty of the board to register all films and videos outlet across the country and to keep a register of such outlets among other functions.

Money Banks Expand Loans Size to N37.2trn

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April 30, 2024

Amidst tight monetary policy and economic contractions, loan portfolio of leading Deposit Money Banks in Nigeria expanded by 57 percent to N37.17 trillion in 2023 against N23.68 trillion recorded in 2022.

The large credit growth was driven by Access Bank, Zenith Bank, First Bank, Guaranty Trust, United Bank for Africa (UBA) Plc, Fidelity Bank, GT Bank, Stanbic IBTC, Sterling Bank, Wema Bank and FCMB.

Details of the loan books showed that tier-1 banks dominated the combined portfolio recording the highest value and growth rate.

Access Bank recorded the largest loan portfolio with N8.04 trillion, while Zenith Bank grew its portfolio to N6.56 trillion, and First Bank increased to N6.36 trillion.

United Bank for Africa (UBA) Plc increased its loan book to N5.23 trillion, while a tier-2 bank, Fidelity Bank Plc, broke into the big five bracket with N3.09trillion loan size forcing GT Bank into sixth position with N2.48trillion.

Also another tier-2 bank, Stanbic IBTC Bank, led the industry growth rate with a 68.6 percent increase in its loan book to N2.03 trillion in 2023, followed closely by a tier-1 bank, First Bank, with 68 percent increase and UBA placing third in growth rate recording 66.7 percent.

The reforms including the removal of the petrol subsidy, exchange rate harmonisation, tax reforms and restoration of a methodological framework for calculating the cash reserve requirements (CRR) provide growth opportunities for the Industry.

Electricity Hike: FG Acting On IMF, World Bank Script – Falana

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April 30, 2024