Gov Idris Approves N309m As Foreign Scholarships For 86 Students

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April 24, 2024

Kebbi State Governor, Nasir Idris has approved the sum of N309,584,041:80 for the payment of foreign scholarships to indigenes of the state studying in India and Egypt respectively.

A press statement made available to newsmen by the State governor spokesman, Ahmed Idris quoted the State Commissioner for Higher Education, Alhaji Isah Abubakar-Tunga making this known in his office.

Giving the breakdown, the Hon. Commissioner said the sum of N228,150,148:00 is for 63 students studying in India, while N81,433,893:80 is for 23 students studying in Egypt.

The remaining 50 foreign students shall have their expenses settled within the shortest possible time.

He said in February 2024, the governor had paid local scholarships to all the state students studying in 36 tertiary institutions across Nigeria.

The commissioner said the ministry remained appreciative of all the worthy efforts of the governor in the higher education sector.

Education Ministry Summons British International School Over Bullying Allegations

By

Nzubechukwu Anodo

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April 24, 2024

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The Federal Ministry of Education has convened an urgent meeting in response to an alarming online video circulating regarding alleged bullying incidents at Lead British International School.

The Minister of State for Education, Dr. Yusuf Sununu emphasized the government’s steadfast stance against any form of harassment or intimidation within educational institutions.

During the meeting, Dr. Sununu expressed deep concern over the circulated video and took decisive action by appointing a seven-member committee to thoroughly investigate the circumstances surrounding the documented incidents.

The committee’s mandate is to investigate the events at depicted in the videos and come up with expanded investigation to other schools, using Lead British International School as a case study, to address broader social vices.

Additionally, Dr. Sununu underscored the importance of establishing stronger bonds between school authorities and Students to facilitate immediate responses to similar incidents in the future, emphasizing the critical role of communication in resolving such issues.

Assuring the Nigerian populace of the government’s commitment to ensuring safety and protection of the rights of all students, Dr. Sununu reiterated the seriousness of the Federal Ministry of Education in addressing and eradicating vices within the education sector.

The Permanent Secretary Education, Didi Walson-Jack , OON, mni inquired about the existence of an anonymous suggestion box at the School, where students can lodge their complaints discreetly.

she recommended fostering relationships between Teachers and Students, enabling Students to feel comfortable reporting directly to them.

Representatives from Lead British International School, led by Head of School at LBIS Abuja, Abraham Ogunkanmbi assured the Ministry that appropriate measures has been taken in response to the incidents, including disciplinary actions in accordance with school policies.

The Federal Ministry of Education remains steadfast in its dedication to fostering safe and conducive learning environments for all Students across the Nation.

E-Payment Transactions Soar To N234Tn In Q1, 2024

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Rhoda Onuzulike

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April 24, 2024

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Electronic payment (e-Payment) transactions in Nigeria witnessed a remarkable surge in the first quarter (Q1) of 2024, hitting a total of N234 trillion, which was an 89.3 percent increase from the N123.8 trillion recorded in the corresponding period of 2023.

The significant growth trajectory was unveiled in latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting the expanding digital footprint within the country’s financial ecosystem.

However, Point of Sale (POS) transactions witnessed a 7.92 percent downturn in the review period, dropping from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of this year.

Collaboration Will Strengthen Nigeria’s Payment System- NCC

A breakdown of the electronic payment landscape revealed that January witnessed transactions amounting to N72.11 trillion, indicating a substantial uptake in digital financial services. This trend continued into February, with the total transaction value surging to N79.33 trillion, reflecting sustained momentum and increasing reliance on electronic payment platforms. As the quarter progressed, March saw a further increase in electronic transactions, reaching a noteworthy N83.05 trillion.

The consistent growth witnessed month-on-month underscored the burgeoning prominence of e-payment solutions in Nigeria’s financial landscape, signifying a shift towards greater digitalisation and efficiency in financial transactions.

Comparing this to 2023, the first quarter breakdown of the analysis of electronic transactions value in Nigeria revealed that in January 2023, Nigerians engaged in electronic transactions amounting to N38.8 trillion on various platforms.

Subsequently, in February, the value of e-payments stood at N36.8 trillion while in March 2023, the country witnessed a further increase in electronic transactions, reaching N48.3 trillion.

However, a separate data on PoS transactions for the first quarter of 2024, indicated a fluctuating trend. For instance, January saw transactions amounting to N850.09 billion, followed by a slight decrease in February to N805.05 billion. However, March witnessed a notable increase, reaching N961.86 billion. Cumulatively, the three months’ figures sum up to N2.61 trillion.

For the year 2023, the breakdown of value in PoS transactions revealed transaction values in January saw a robust start with transactions amounting to N807.16 billion. The momentum continued into February, with a notable increase in transaction values, reaching N883.45 billion while March recorded a substantial surge, marking a peak in PoS transaction values at N1.15 trillion, the peak month for 2023.

Additionally, data on Bank Verification Number (BVN) enrolment revealed that as of April 2024, the total count was 61,605,261 individuals.

This marked a noteworthy uptick of 1,449,901 registrations over the span of four months, compared to the figure of 60,115,360 people recorded at the close of 2023.

High Radiation: Congo Suspends Mining Operation

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Rhoda Onuzulike

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April 24, 2024

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A Congolese copper and cobalt operation, primarily owned by China’s Zijin Mining Group Co. Ltd, faced rejection of its mineral shipments due to excessively high radiation levels.

The Congolese mines minister told the COMMUS project, where Zijin maintains a 72% stake of the temporary suspension of its license pending an inquiry into the issue.

“I am informed of the return of your shipments that exported … mineral products to South Africa on the grounds that their radioactivity content exceeds the regulatory threshold,” Mines Minister Antoinette N’Samba Kalambayi said in a letter. COMMUS has not issued a comment.

Benue Gov Alia suspends all mining activities

Based near the southern city of Kolwezi in the Democratic Republic of Congo, COMMUS produced 129,000 tonnes of copper and approximately 2,200 tons of cobalt in 2023, according to ministry data.

An internal directive from the ministry outlined the investigation’s steps, including verifying COMMUS’ adherence to export procedures and assessing potential risks posed by radioactive materials in the export chain.

Congo ranks as the world’s third-largest copper producer and the leading producer of cobalt, a critical element in electric vehicle and mobile phone batteries.

2024 Forecast To Set New Record For Electric Car Sales

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Rhoda Onuzulike

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April 24, 2024

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Sales of electric cars are surging and expected to break another record in 2024, the International Energy Agency said on Tuesday, with China a big market for that growing demand.

In its annual report on the sector, the Paris-based IEA said the world’s electric car fleet continued to “grow strongly” although momentum was greater in some markets than others.

“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” said IEA director Fatih Birol.

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“The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly.”

Lower profit margins, volatile prices for battery raw materials, high inflation, and the end of subsidy programmes for EV purchases in some countries had fuelled concern about the sector’s growth.

This weaker outlook was mainly in Europe, the IEA said, although noting that electric cars were still forecast to represent about one in four vehicles sold there in 2024.

China remained the world’s leading market for electric car sales, with 10 million new vehicles expected to hit the road in 2024.

In the first quarter of 2024, electric car sales increased globally by another 25 percent compared with the same period in 2023. Last year set a new record with 14 million electric cars sold.

“Growth expectations for 2024 build on a record year,” the IEA said.

“Electric car sales keep rising and could reach around 17 million in 2024, accounting for more than one in five cars sold worldwide.”

In 2024 sales of electric vehicles are expected to account for 45 percent of all cars sold in China, 25 percent in Europe and 11 percent in the United States, the report said.

Competition between manufacturers, the fall in battery and car prices, and government subsidies are driving the trend, it added.

In China, electric models are already often cheaper than their non-electric equivalents, and prices are falling as well elsewhere.

The second-hand market is also growing rapidly, lowering the cost of access to electric technology.

The IEA said that nearly one in three vehicles driving in China should be electric in 2030, and one in five in Europe and the United States.

“This shift will have major ramifications for both the auto industry and the energy sector,” Birol said.

This boom has particularly benefited Chinese manufacturers, who produce more than half the electric cars sold worldwide, yet only 10 percent of non-electric models.

Minister, Ex NCDMB Boss, Disagrees Over $500m Funds

By

Rhoda Onuzulike

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April 24, 2024

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The Minister of State for Petroleum Resources, Heineken Lokpobiri, has reiterated claims that the Nigerian Content Development and Monitoring Board (NCDMB), under the leadership of the former executive secretary, Simbi Wabote, “wasted” over $500 million of the industry’s fund on equity investments, private establishments, and non-performing loans.

Lokpobiri was reacting to a recent media statement by Wabote that his office requested an increase in the NCDMB budget by N30bn for the minister’s office.

“It is a blatant lie from the pit of hell,” Lokpobiri said in a statement signed by his Senior Adviser Media and Communication Officer, Nneamaka Okafor.

Lokpobiri had last week said the government was reviewing the loans and projects estimated at $500 million executed by the NCDMB, accusing Wabote of wasting the funds on questionable projects and loans.

Lopkobiri, who spoke at a dinner held in Lagos last week by The Petroleum Club, alleged that Wabote paid $35 million for the Brass modular refinery in Bayelsa State without anything to show for it.

Also, he claimed that $20 million was paid for a fertiliser factory, which has yet to be seen. The minister alleged that about $350 million was taken to the Bank of Industry by the board to give loans to investors, stating that the fund was mismanaged with 90 percent non-performing loans.

The former NCDMB boss had said Lokpobiri’s “reckless statements” in the past months were not new to him.

He said, “My problem as the Executive Secretary started with Lokpobiri in December 2023 when he sent one of his undocumented aides within his ministry to my office in Yenagoa (Blackson) requesting me to increase the NCDMB budget by N30bn for the office of the Minister, and I said it had never been done before.”

Wabote claimed he told the oil minister he had served two ministers and none of them ever requested such a thing from the NCDMB, saying the board only made provision for the office of the Chairman of the Council, which covers his travel expenses.

Local Content Development will Drive Economic Growth – Wabote

“I said to him that the maximum the NCDMB budget has ever got to in the past is circa N80bn for all our activities, adding N30bn will be too much for his office and I was not going to do it,” he stated.

However, in a response, Lokpobiri noted that investigations are ongoing and that all funds belonging to the generality of Nigerians will be recovered.

“Let me add that these revelations are not new, they were first made during an investigative hearing of the House of Representatives Committee on Local Content. Again, the records are there and you are welcome to verify these facts.

“The Minister has never been part of any budgeting process of any parastatal under the ministry.

‘’Secondly, the minister has no aide called Blackson. All his aides were duly selected in line with extant laws and have documents to that effect.

“Thirdly, the said Atlantic Refinery was supposed to be built in Mr Wabote’s home town, he should show Nigerians where that refinery is.

‘’Fourthly, the Brass Fertilizer and Petrochemical company was also paid for.

‘’Finally, the Minister’s office is run with a budget superintended by the permanent secretary and so one will wonder, how the Minister will ask another entity to make provisions for the budget of his office. The Minister has an impeccable record from his time as minister of agriculture, and will continue to stand for the truth.

“The minister and indeed the Chairman of the Governing Council of the NCDMB, will not abdicate his responsibility to please anyone. He has a responsibility to ensure that, that which belongs to Nigerians is judiciously used for Nigerians

‘’I have had course to read Mr Wabote’s release, and everyone can see that he is still nursing the wounds of being replaced even after spending seven years at the Board. At best, this is a clear case of when you fight corruption, corruption will fight back,” the statement said.

Lokpobiri then challenged Wabote, to provide proof that he had requested for an increase on the NCDMB budget by N30 billion.

Nigerian Govt. Recovers N57bn Debt From 10 MDAs

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Rhoda Onuzulike

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April 24, 2024

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The Federal Government of Nigeria has announced the recovery of N57 billion from the N5.2 trillion liabilities owed the Federal Inland Revenue Service (FIRS) and other bodies by Ministries, Departments and Agencies (MDAs) of government.

The Permanent Secretary, Special Duties, Federal Ministry of Finance, Okokon Ekanem Udo made the disclosure on Tuesday in Enugu State during a Sensitisation Workshop on Federal Government Debt Recovery Drive through Project Lighthouse Programme for South-East geo-political zone.

While declaring the event open, Ekanem stated that the debts came to the spotlight from data aggregated from over 5,000+ debtors across more than 93 MDAs. This was according to a statement by a spokesman for the ministry, Mohammed Manga.

Represented by the Ministry’s Director, Special Projects, the Permanent Secretary, Aisha Omar, informed that it also received refunds to the government from companies who failed to deliver on projects for which payment had been made, adding that others are unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry (BOI), Bank of Agriculture (BOA), Judgment Debt in favor of Government and debts owed Pension Transitional Arrangement Directorate (PTAD) by Insurance Companies amongst others.

CBN Recovers $22m, N115.5 Excessive Charges

Udo added that data from Project Lighthouse revealed that many companies and individuals, who owe government agencies and refused to honour their obligations were still being paid. This, he said, was done through government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over these transactions.

According to him, in actualising debt recovery goal, the Federal Ministry of Finance initiated Project Lighthouse, which has enabled the aggregation of relevant economic and financial information from multiple agencies who hitherto did not share data.

Ekanem explained that, generally, revenue loopholes have been aided by poor information sharing and enforcement. It may interest you to note that the Ministry, through the consolidation efforts of the Debt Analytics and Reporting Application, has been able to aggregate monumental debts of approximately N5.2 trillion, he said.

The Permanent Secretary who informed further that the debt aggregation effort is still ongoing stated that currently, approximately N57 billion has been recovered so far from this amount due to concerted efforts on the part of stakeholders and the Federal Government

He disclosed that the Ministry has taken steps to address this major revenue loophole, through the issuance of a Ministerial directive to all MDAs to aggregate all Government debt across the Public Finance Space as well as having a single window on the credit profile of Government.

Poor Financing Reason for Poor Power Supply-Minister

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Rhoda Onuzulike

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April 23, 2024

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The Minister of Power, Adebayo Adelabu, has blamed inadequate financing and insufficient gas supply as some of the factors responsible for the energy deficit across the country.

The minister stated this on Tuesday in his opening address at the power sector stakeholders’ interactive dialogue organised by the House of Representatives Committee on Power in Abuja.

Adelabu who lamented the current state of power supply across the country, however, assured Nigerians of the determination of the President Bola Tinubu-led administration to address the challenges and make Nigeria a suitable place for business.

Nigeria To Tackle Powers Deficit With Alternative Energy Sources

He said “No sector can function optimally without the power sector. Over the years, poor financing, and inadequate gas supply have been responsible for the energy deficit we have in the country. But a lot of work is going on to address these challenges.”

The event is being attended by the Speaker of the House of Representatives, Tajudeen Abbas; Chairman, Senate Committee on Power, Enyinnaya Abaribe; his House of Representatives counterpart, Victor Nwokolo and the Group Managing Director of the Sahara Power Group, Kola Adesina, among others.

CBN Resumes Forex Sale to BDCs at N1,021/$

By

Rhoda Onuzulike

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April 23, 2024

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The Central Bank of Nigeria has resumed the sales of dollars to Bureau De Change operators.

It disclosed this in a circular referenced TEM/FEM/PUB/001/013 uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it is set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

CBN Directs BDCs to Sell Dollar at N1,269

Earlier, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

The current rate is 7.27 per cent less than the previous price. This current release is hoped to further strengthen the local currency.

On Monday, the Naira reportedly depreciated against the United States Dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

As the CBN continues to defend the naira, the latest data on its website showed that Nigeria’s foreign exchange experienced a sharp decline.

Again, Dangote Slashes Diesel, Aviation Fuel Prices

By

Rhoda Onuzulike

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April 23, 2024

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Dangote Petroleum Refinery on Tuesday announced a further reduction in the prices of both diesel and aviation fuel to N940, and N980 per litre respectively.

This is coming in the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.

The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

FG Asked To Remove Fees on Locally Refined Diesel

Speaking on the new development, the Head of Communication, Anthony Chiejina, explained that the new price aligns with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable prices, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”

He further stated that the partnership would be extended to other major oil marketers. “The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.

It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely two weeks ago.

This marks the third major reduction in diesel price in less than three weeks when the product was sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.

President Bola Tinubu had also commended Dangote for the initial price reduction, describing it as an “enterprising feat.”

Reacting to the latest development, the Director General of the Manufacturers Association of Nigeria, Ajayi Kadiri, said, “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

He added “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, amid inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”