2,180 Unemployed Ondo Youths Train in Agric-Business

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October 13, 2023

The Federal Government in collaboration with the International Fund for Agricultural Development/Livelihood Improvement Family Enterprises in Niger Delta Project have trained no fewer than 2,180 unemployed youths in Ondo State since 2020.

The gesture was part of the efforts to encourage youths to go into agriculture for abundant provision of food and employment generation. Many of the trainees were empowered with equipment to work with after the training.

Speaking at a media round table, on Thursday, the Ondo State Project Coordinator of the project, Ademola Olawale, said the beneficiaries were drawn from 10 out of the 18 local government areas of the state.

Rice Production: Malaysian Firm Partners Ondo State Yields

According to Olawale, the programme, which started in 2020, was in two phases as second phase would start in 2025. He explained that the beneficiaries were trained in various fields of agriculture which include: poultry, fishery piggery cassava vegetable production among others.

He said, “This programme started in 2020 and we have trained 2,180 incubatees (unemployed youths) in the last three years which is the first phase. Some of them have been empowered with tools to work and are now self-reliant after the training.

“The second phase is coming up in 2025, the project is fully funded by the Food and Agriculture Organization with counterparts funding from Ondo State and before the end of this year, we would have empowered over 2,500 youths.”

In her remarks, the Rural Institutions Gender and Youth Officer of IFAD/ND-Life Project in the state, Bolanle Ajibade, affirmed that the training covers processing, packaging and marketing of agricultural products.

Speaking, one of the beneficiaries Mercy Ojo, commended the organisations and the sponsors of the projects, saying it had transformed her life from being unemployed to an employer of labour.

FG Grants First Oil Exploration Licence Under PIA

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Rhoda Onuzulike

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October 13, 2023

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The Federal Government has granted a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, which is the first of such licence to be issued under the Petroleum Industry Act 2021.

It said the licence, which was granted by the Nigerian Upstream Petroleum Commission, was in compliance with the provisions of Section 71 (1) – (10) of the PIA.

It also announced, on Thursday, that Nigeria’s oil drilling rigs had increased from 10 in 2022, to 31 in August this year, a development that gave rise to increased crude oil output in September.

Nigeria’s Petroleum Industry Act Implementation To Begin Next Year

The Chief Executive, NUPRC, Gbenga Komolafe, said the Petroleum Exploration Licence was under the licence agreement which the commission and TGS-PD executed for a geophysical survey project.

He said in a statement he personally signed that the licence was for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data, adding that the development would attract investment in the oil and gas sector.

“Without data, reserves cannot be auctioned for development and revenue attraction. Data acquired under the PEL is not proprietary but speculative/multi-client survey data acquired in partnership with the NUPRC.

“The licence therefore authorises TGS-PetroData Offshore to carry out non-exclusive petroleum exploration operations on a multi-client basis within the licensed area and permits the use of the acquired 3D seismic and gravity data by exploration companies,” Komolafe stated.

On the rise in Nigeria’s rigs count, the NUPRC boss noted that in the years preceding the enactment of the PIA, investments in the Nigerian oil and gas industry declined mostly due to regulatory uncertainty, de-funding of fossil fuel development occasioned by energy transition and the global call for decarbonisation.

Usman Set For Middleweight Debut Against Chimaev

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Emenike Agu

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October 13, 2023

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Former welterweight champion, Kamaru Usman, has been confirmed to fight Khamzat Chimaev at UFC 294 after Paulo Costa was forced out of the clash due to an injury and Dana White confirmed the Nigerian as his replacement.

The bout had been thrown into doubt when Costa was forced to undergo elbow surgery. Usman will now move up to middleweight, from welterweight, to face Chimaev in a blockbuster UFC clash.

Usman will be making his first appearance in the middleweight division after losing back-to-back title fights to Leon Edwards at welterweight. He had previously held the belt for three years from 2019 to 2022.

It is already the second change to UFC 294’s main event, with Alexander Volkanovski facing Islam Makhachev. Charles Oliveira was forced to withdraw due to a nasty cut he suffered above his eye during sparring.

Usman had always been reluctant about making the move to middleweight as he was not keen to face his compatriot, Israel Adesanya, who is the former two-time middleweight champion.

His reasoning was that it is better to have two Nigerian-born fighters be UFC champions than just one, and perhaps now that neither of them are champions, he has changed his mind.

SON Links Poor Standards To Declining Exports

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Rhoda Onuzulike

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October 13, 2023

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The Standards Organisation of Nigeria, SON has identified substandard packaging, inadequate testing, certification gaps, and lack of quality assurance as key factors behind rejections of Nigerian exports.

Data from the National Agency for Food and Drug Administration and Control also revealed that over 70 per cent of food exports from Nigeria are rejected abroad, resulting in substantial financial losses for exporters and the nation.

Poor packaging and labeling are responsible for 30 per cent of the rejections, according to experts.

The Director-General of SON, Mallam Farouk, while addressing industrialists in Lagos, emphasised the urgent need for Nigerian industries to adhere to rigorous quality standards.

Report sees Nigeria’s exports hit $112 billion by 2030

According to Farouk, “Some of our products are rejected abroad because they do not meet certain standards. We must adhere to quality standards.

He encouraged industries to focus on enhancing the quality of their goods and ensure they meet the required standards.

Farouk further urged businesses to actively engage with SON to establish and maintain international quality standards for Nigerian products, fostering acceptance in the global market.

He said, “Collaborate closely with regulatory bodies for guidance. The necessity of collaboration between industries, customers, and regulatory bodies cannot be overstated.”

“The use of fertilizers and pesticides, which contain chemicals, could lead to some of the food exports being rejected,” he warned.

Peseiro, Mancini eye first friendly win in Portugal

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Emenike Agu

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October 13, 2023

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Coaches Jose Peseiro and Roberto Mancini will be aiming for their first win in a friendly

Game when they lead their respective teams out in an international friendly at the Estádio

Municipal de Portimao, Portugal on Friday.

The kick-off time for the international friendly, which is the second between both teams,

Kicks off by 5pm. Their only encounter, another friendly, ended in a 0-0 stalemate in 2010 in

Austria.

Peseiro and Roberto Mancini are yet to taste victory in friendlies since they took charge of

Nigeria and Saudi Arabia respectively.

While Peseiro has failed to record a win in friendly games against Portugal, Costa Rica,

Algeria, Ecuador and Mexico since his appointment in 2022, Mancini also has suffered the

Same fate, losing his first two games as coach of the green falcons.

Both coaches will seek to make amends in tonight’s game, which serves as preparations for

Their respective tasks ahead.

Mancini, who watched his side lose 3-1 to Costa Rica and 1-0 to Korea Republic in his opening

Two games, will also aim to end the green falcons’ six-game winless run in the encounter, as

The Saudis head into the game against Nigeria after losing all their last six matches.

LCCI Decries Manufacturing Sector Shrinking Capital

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Rhoda Onuzulike

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October 13, 2023

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The Lagos Chamber of Commerce and Industry, LCCI has raised concerns about the significant influx of loans and bonds into the manufacturing sector during the first half of the year.

The Chamber noted in a statement that this situation reflects the challenges facing the manufacturing sector and the need to meet short-term obligations and slowing business activities.

The National Bureau of Statistics reported an 88.16 per cent increase in capital inflow into the manufacturing sector in the first half of 2023 at $861.16 million compared to $457.67 million in the first half of 2022.

LCCI Tasks Members To Re-Evaluate Operations, Business Models

For example, Dangote Group and Tolaram raised N300 billion in bonds, $38 million, respectively, the statement noted.

The Director-General of LCCI, Dr Chinyere Almona said, “The significant increase reflects a low base of capital imported in the previous year and investors’ reaction to the two critical reforms, fuel subsidy removal and exchange rate harmonization, in the first month of the new administration.

According to Almona, the “Inflow in H1 2023 is expected to impact the manufacturing sector, particularly firms mitigating against current challenges, meeting short-term obligations, and falling consumer demand.

“Despite the harsh operating environment, the sector continues to demonstrate a degree of resilience and grew by 1.61 per cent and 2.20 per cent in Q1 and Q2 2023 respectively.

Explore Capital Market Funding- SEC Tells Private Sector

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Rhoda Onuzulike

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October 13, 2023

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The Director General of the Securities and Exchange Commission, Lamido Yuguda, has urged private sector players to source for long-term financing from the capital market to fill the infrastructure gap in the West African sub-region.

Yuguda said this on Thursday at a pre-event press briefing on the forthcoming West Africa Capital Market Conference scheduled to be held in Lagos October 25-26 with the theme ‘Infrastructural deficit and sustainable financing in an integrated West Africa Capital Market’.

The SEC DG said, “This (infrastructure) deficit poses a significant challenge to the region’s sustainable development. To address this gap, there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilise the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals.”

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He disclosed that in many countries, the responsibility for the provision of infrastructure has been steadily moving away from the government to the private sector owing to increasing demand and reduced ability of the government to fund infrastructure alone.

Yuguda added that the need to tackle the infrastructure deficit in the sub-region as well as embrace principles of sustainable finance to promote economic development are some of the issues to be discussed at the conference.

It was revealed that the WACMaC 2023 will bring together a distinguished array of experts, regulators, policymakers, and industry leaders who will share their insights, experiences, and strategies to proffer solutions to the region’s massive infrastructure deficit.

The third biennial WACMaC 2023 is being jointly organised by the West Africa Securities Regulators Association comprising the Securities and Exchange Commissions in Nigeria, Ghana, and Autorite de Marche’s Financiers in collaboration with the Economic Community of West African States, the West Africa Capital Market Integration Council and the West African Monetary Institute.

Stakeholders in Tech Calls for Collaboration

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Rhoda Onuzulike

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October 13, 2023

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Stakeholders in tech have called for collaboration with the government to properly regulate the technology industry.

They made this call at the recent Texcellence conference which took place in Lagos, Thursday, and was themed “Innovating for the Future.”

The Group Chief Executive Officer, CWG Plc, Adewale Adeyipo, said there must be some deliberate activities to help work within the regulatory framework to aid acceleration of innovation and co-creation in the industry.

He said, “In any emerging economy like Nigeria, there must be pioneers driving and creating the blueprints in terms of the roadmap going forward. A decent framework is needed to leverage the industry’s ecosystem. In terms of the viability of the market, we do not have enough organisation yet to be able to capture what is available. Looking at the economy like ours, you would see that the number of start-ups within the economy space in comparison to the population, Nigeria is not close at all.

Tech Training Application for Nigerians Opens Friday

“There is the place of the private sector, that is where you find the start-ups, and there is the place of the regulators, which is where you find the regulators, when we both curate a blueprint in our offices, then it is going to speed up execution. In Nigeria today, the private sector is leading innovation; we have countries around the world where the government is leading innovations. The issue I can see is both parts are not spending time in the same room discussing the way forward.”

In the same vein, the Chief Operating Officer, CWG Plc, Afolabi Sobande, said there was a need for innovation to get into partnerships with organisations.

He said, “Innovation is the hallmark for any industry and as technology changes, it is important we should also change, hence African start-ups should embrace innovation which should be aimed at solving problems, it is by then African countries would be at the world stage.”

Meanwhile, the chairman, CWG Plc, Philip Obioha, said innovation was key in driving development, and was essential for a deep look-in by African countries.

He said, “For anything being done to add value, it goes through a process of innovation, and for Africa, there is a need for a focus on innovation, particularly in sustaining businesses, new ways of doing things needs to be found.

Should America Let Israel Wipe Out Hamas Once and for All?

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Henry Williams

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October 13, 2023

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“We stand with Israel,” President Joe Biden said Tuesday. “And we will make sure that Israel has what it needs to take care of its citizens, defend itself, and respond to this attack.”

Statement made by the American president showed the usual vocal support for Israel just like his processors only to be put under pressure to cease hostilities and agree to a cease-fire.

Analyst’s say that America’s support for Israel should go beyond rhetoric and there is a need to walk the talk. Which means true support would have seen Biden and Congress agree to support Israel with time, resources and diplomatic cover to vanquish the demon of Hamas once and for all.

This would entail the U.S vetoing any UN security council overtures for a cease-fire or negotiation except on Israels terms. While encouraging Israel to keep its conditions for a truce an unconditional surrender of Hamas.

Some analysts say it is time to get israel out of the suicidal habit of living in potential threat of annihilation from an unrelenting and unrepentant neighbor, Hamas.

This position on Hamas is informed by history recalling the way world war II began and how it ended. The U.S should remember that it to a concerted effort with Israel agreeing to keep fighting the Axis powers until they had laid down their arms in an unconditional surrender.

That, many say is the fate Hamas and its Palestinian supporters should be confronted with with the civilised world lending its support as Israel presses on.

Sadly Hamas dis not target Israelis alone. Citizens of many countries some holiday makers were killed brutally, turtured and taken hostage. This should be a wakeup call for those who have been playing to the gallery over the threat posed by Hamas refusing to identify it as a terrorist organisation by the military arm of Palestine.

The book may be thrown at Israel with many quoting international law where proportionality turns entirely on one military objective. Looking at what protocol I of the Geneva Conventions, which says combatants must generally avoid civilian casualties that are excessive in relation to the “concrete and direct military advantage” to be gained. It means that if the military objective is legitimate, so is any force that is “necessary and proportional to achieve the objective.

There is no doubt that Israel has a humanitarian obligation to avoid civilian casualties even as it has ordered over one million Palestinians to evacuate Gaza. However it is Hams that has a history of fighting with disregard to Palestinian lives by even using them as human shields.

From inside schools and next to hospitals, Hamas has spent years launching indiscriminate missile attacks against Israel. Need we say these are war crimes? yet the UN call continued to play the ostrich by asking Israel to call off the evacuation.

It is obvious that Palestinian lives (Women and children) to Hamas are seen only as propaganda tools and are most valuable when they are dead in their bid to drum up sentiments and turn the world against Israel.

The despicable strategy has worked till now, the world should not tolerate it any longer and see Hamas for what it truly is.

A totally defeated Hamas might pose challenges that Israel will have to confront which include the re-occupation of Gaza. Unavoidable some analyst say but Israel will cross that bridge when it gets there.

For now, the U.S and the international community must give their unequivocal support to ensure that the threat posed by Hamas to the region is finally dealt with.

Banks Record 117% Increase in Customers’ Complaints

By

Rhoda Onuzulike

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October 13, 2023

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The complaints of customers to five banks rose by 117 per cent to 6,865,217 year-on-year as of June 2023 from 3,156,704 complaints as of the same period in 2022.

Financial claims arising from the various complaints in the review period stood at N326.11bn, up by 289 per cent compared with N83.78bn paid in claims in June 2022.

The reviewed Lenders’ reports obtained from the Nigerian Exchange Limited include United Bank for Africa, Fidelity Bank, Access Holdings, Zenith Bank Plc and Guaranty Trust Holding Company.

Customers’ complaints to UBA rose to 1,930,518 as of June 2023, from 475,121 in the same period in 2022. This marked a 306.32 per cent increase and the highest among the reviewed banks.

The amount involved in the complaints was N125.26bn from N4.39bn as of June 2022.

Access Holdings followed as it witnessed a 132.25 per cent jump in complaints between June 2022 and June 2023. Received complaints rose to 3,222,907 from 1,387,702 with the amount being disputed rising to N136.75bn from N57.87bn.

FG Orders DisCos on Handling Consumers’ Complaints

Fidelity Bank also saw its received complaints rising by 77.69 per cent to 1,010,586 from 568,738 with the amount being claimed standing at N55.20bn, a 268 per cent increment.

For Zenith Bank Plc, received complaints rose by 12.55 per cent to 247,685 from 220,067 as of June 2022. The amount involved in the complaints was N8.38bn, which is about 66 per cent appreciation on the H1 2022 figure of N5.04bn.

Of the reviewed financial institutions, only GTCO saw a decline in its received complaints, which went from 505,076 in H1 2022 to 453,575 in H1 2023, signaling about 10 per cent improvement. The disputed amount also dropped to N517.67m from N1.51bn.

During the period under review, the banking sector had to deal with the fall out of the Naira Redesign policy of the Central Bank of Nigeria which led to an increase in the volume of electronic transactions on the back of a cash crunch.

The Nigeria Inter-bank Settlement System in its e-payment data report released in April revealed that the value of electronic payment transactions rose year-on-year by 298 per cent to N135.52tn in the first quarter of the year from N34.04tn in Q1’22.

Meanwhile, the Managing Director of Financial Institutions Training Centre, Chizor Malize, has fingered the ‘Japa’ trend in the country as one of the reasons for poor services from banks.

Speaking during the launch of a collaboration with online varsity, Nexford University in Lagos to fill skill gaps in the sector, Malize said, “The finance sector is the worst hit when we talk about talent migration. Everyone in this room must have started to face some kind of significant reduction in the quality of services from their financial services providers and a lot of times, you hear that a lot of the people have left or migrated.”

The president of Bank Customers Association of Nigeria, Uju Ogubunka, also hammered on the knowledge gap in the financial sector which he said has led to the surge in customers’ complaints.

Speaking with our correspondent, Ogubunka said, “One of the reasons is the inexperience of the people who deal with customers at the banks in terms of skills and knowledge. In order words, the banks are hiring people without the knowledge of banking and experience.

“Unfortunately, they are not providing enough training. If the staff don’t know what to do, the only thing that will result is putting customers in situations where they have to complain.”

“As far as we know, the critical aspect of the complaints is skill gap. Banking is not like other businesses, so before you go in to serve customers, you should be properly trained.”