World Bank Approves Fresh $700m Loan for Nigeria

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September 23, 2023

The World Bank has approved a fresh $700m loan for Nigeria to enhance adolescent girls’ learning and empowerment.

It disclosed this in a statement published on its website on Friday.

The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment.

The statement read, “The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states.

“The additional financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school girls, those who are married, and those who have disabilities.”

It was noted that Nigeria had over 12 million to 15 million out of school children in the school- age group, with many of them in Northern Nigeria.

It was also noted that an estimated one million children were affected by increased insecurity around schools in 2020-2021.

The statement added, “In the seven AGILE programme implementing states – Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau – the number of girls in secondary schools has increased from about 900,000 to over 1.6 million.

“Under the programme, over 5,000 classrooms have been renovated and over 250,000 eligible girls have received scholarships.

“The AGILE programme has supported construction and rehabilitation of WASH facilities in secondary schools and the installation of computers and solar panels which make attending school more convenient and conducive for both girls and boys. Life skills, systems strengthening, and advocacy are other key aspects of the program which address social norms impeding girls’ education.”

The World Bank Country Director for Nigeria, Shubham Chaudhuri, stated that, “Closing the gender gaps in economic empowerment by ensuring girls have access to education and skills is key for Nigeria’s development and economic prosperity.

“Nigeria’s working population will soon be one of the youngest and largest around the world, which means that investing in adolescent girls is imperative when addressing overall economic prospects and growth.”

World Bank Pledges Support For President Tinubu’s Policies, Reforms

The statement noted that aside from the girls that would benefit from the financing, others included over 15 million students and beneficiaries, such as teachers, administrators, families, communities, and staff in existing and newly constructed schools.

It added that the new fund would push the project to 18 states and help Nigeria to achieve better education and health outcomes for girls.

Parents and caregivers of about 300,000 poor female students earlier got N10,000 per term in six states as incentives for schooling.

The six states were Kaduna, Kano, Katsina, Sokoto, Kebbi and Plateau, and the funding was provided through the Adolescent Girls Initiative for Learning and Empowerment Programme.

The World Bank noted that the N10,000 per term was provided to the parents of poor female students for school attendance and re-enrollment.

It was also disclosed that N5,000 was given to each girl’s parent upon registration in the program.

You will recall that this is the third loan facility approved under the administration of Bola Tinubu.

The first was approved on June 9, 2023, with a loan of $750m to boost Nigeria’s power sector.

The second was a loan of $500m to help Nigeria drive women’s empowerment, and was approved on June 22, 2023.

China Civil Engineering Construction Corporation To Deliver Abuja Light Rail In 8 Months

By

Angel Gimalo

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September 23, 2023

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The China Civil Engineering Construction Corporation Ltd, on Wednesday, pledged to complete the Abuja light rail project in 8 months.

The Senior Special Assistant to the VP on Media and Communications, Stanley Nkwocha, revealed on Wednesday, in a statement titled, ‘CCECC commits to delivering Abuja Light Rail project in 8 months.’

Nkwocha said, “Vice President Kashim Shettima extracted this commitment from the management of CCECC when its Chairman, Mr Jason Zhang, led some members of his management team on a courtesy call at the Presidential Villa.”

Shettima described CCECC as part of Nigeria’s history, saying the Chinese construction giant has played a pivotal role in developing Nigeria’s landmark projects, adding that their commitment to the development of Nigeria and Africa is commendable.

He said, “You have been in this country for 42 years. We have to commend you for all the beautiful initiatives and support over the years.

“We share a lot in common with the people of China, just as you have been with us through thick and thin.

“You have the financial firepower and the willingness to support Nigeria and other African countries without interfering in our local politics. This we appreciate a lot.”

He assured the corporation that Tinubu’s administration will sustain the existing relationship with the company and the people of China, saying the Abuja rail project, like others, remains dear to the President and Nigerians.

Speaking earlier, the Managing Director of CCECC, David Waig, reiterated the company’s commitment towards delivering the project within the stipulated period, saying CCECC will go above board and leave no stone unturned in ensuring the delivery of the Abuja light rail line come May 2024.

However, he called on the Federal Capital Territory Administration to engage an operational company that would quickly see the smooth takeoff of the rail project.

Present at the meeting were the Deputy Managing Directors of the company, Mr Jaques Liao and Mr Inain Guo and Mr Eric Yu, who is the General Manager (Business).

UNDP Urges Tinubu To Transmit LG Autonomy Bill To NASS

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Mana Balagbogbo

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September 23, 2023

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The United Nations Development Program (UNDP) in collaboration with Social Development Integrated Centre have called on President Bola Ahmed Tinubu to transmit the Local Government Autonomy Bill to the National Assembly for speedy passage to allow them to function as third tier of government.

The Senior Programmes Officer and Project Manager of Social Action, Dr Prince Ekpere, made the call during a one-day citizen and government consultative dialogue on inclusive budgeting for effective service delivery in Maiduguri.

He said the autonomy of the local government will guarantee development in rural communities, reduce rural urban migration and create more jobs and businesses.

According to him, between 2001 and 2018, N14.7 trillion was disbursed to the 774 local governments in Nigeria, but much of these funds were mismanaged by state governments, while communities wallow in total lack of infrastructure and human capital development.

Tinubu moves to stop Chicago University from releasing school records to Atiku

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Mana Balagbogbo

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September 23, 2023

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President Bola Tinubu has filed an application with the District Court to stop the Chicago State University from releasing his academic records to former Vice President Atiku Abubakar.

A United States Magistrate Court had made an order directing the Chicago State University to within 48 hours release Tinubu’s academic records to the presidential candidate of the PDP.

However, in a fresh motion, Tinubu alleged that the Magistrate breached the constitution by acting as a final court in such matters of discovery.

The president contended that a Magistrate should only report and recommend to the district judge in such matters.

Tinubu further argued that the Magistrate court had issued what seemed to be a final order on September 19, demanding immediate compliance starting on September 21.

“Intervenor asks this court to enter an immediate order delaying the effect of the Magistrate’s order, at least until Monday, September 25, 2023, so the court may fully consider both the scope of the Magistrate’s authority to issue the order without review and the issue of whether the Magistrate’s order was a correct application of the law to the facts presented.”

He requested the court to delay the effect of the Magistrate’s order until September 25, 2023, to fully consider the order’s scope and its application of the law to the facts presented.

In the motion filed by his lawyer, Mr. Carmichael, Tinubu emphasised that other courts, considering the authority of Magistrate to rule on Section 1782 applications opted for issuing reports and recommendations.

“Intervenor raises a substantial question about the Magistrate’s authority to resolve the Section 1782 petition and order immediate compliance by Chicago State University.

“‘If Chicago State University complies with the Magistrate’s order prior to this Court having an opportunity to review the order, Intervenor will suffer prejudice because the information will have been disclosed and effective relief will be impossible.

“The order requires the documents to be produced today. (Dkt. 40, pg. 31.)

“By contrast, Tinubu maintained that he has at least until September 27 to submit material, if not longer, and, as the Magistrate commented, the “tight timeframe” was created “in no small part” by applicant. (Dt. 40, pg. 28.) “That leaves enough time for the Court to review the ruling and, if discovery were permitted to proceed, for the applicant to still obtain the information sought,” the documents read.

Consumers Allege Sabotage as Grid Collapses Worsen Outage

By

Rhoda Onuzulike

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September 23, 2023

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The Nigerian Power Consumers Forum (NPCF) has condemned the spate of disturbances on the national electricity grid and the recent fire incidents around power transmission infrastructure.

NPCF’s Convener, Michael Okoh, raised the concern in a statement issued in Abuja on Thursday.

This was coming few days after the Transmission Company of Nigeria stated that for over 400 days, the grid had been relatively stable.

“From independent assessment which started last year and up to this year, the forum was able to confirm the various initiatives TCN deployed to stabilise the grid including the use of Internet of Things and the deployment of the stop gap system as a placeholder for a smart grid system,” Okoh stated.

“But unfortunately, just after the pronouncement on the efforts of TCN on grid stability, the power sector has recorded at least two system collapses in succession, all caused by a fire incident in the Birnin Kebbi transmission substation and line snap along the 330kV Jebba – Kainji transmission line”.

National Grid Collapse: Nigerian Government Continues Restoration

“These have caused nationwide outages which the NPCF believes is to bring the management of TCN into disrepute.”

He said the forum confirmed that TCN had been maintaining its grid efficiently for 421 days and the grid was looped in some places.

“This rules out the lack of capacity on the part of the company. We are therefore pointing to cases of sabotage by hoodlums who may not mean well for the country,” Okoh stated.

He said this was not the first time critical national infrastructures had been sabotaged as cases abound everyday of oil theft, rupturing of pipelines or hacking of power transmission towers, of which more than 20 of such cases were reported by TCN in the last 12 months.

Okoh stated, “The fire incident at the Birnin Kebbi transmission substation switchyard is more of a sabotage on the national grid systems.

“According to power engineers who have over three decades of experience, they believe that technically, there is no way two power transformers separated by a reasonable distance from each other will be engulfed by fire simultaneously.”

Collaboration Will Strengthen Nigeria’s Payment System- NCC

By

Rhoda Onuzulike

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September 22, 2023

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The Nigeria Communication Commission has emphasised the critical role of collaborative efforts in fortifying the nation’s payment system.

The message was conveyed by the Vice Chairman of NCC, Prof Umar Danbatta, during the 2023 annual conference of the Finance Correspondent Association of Nigeria in Lagos, where the theme was ‘Strengthening digital infrastructure for efficient innovative payment system in Nigeria’.

Represented by Anthony Ikemefuna, a Deputy Director at the NCC, Prof Danbatta stressed the long-term commitment required to enhance digital infrastructure for an innovative payment system. He underlined the significance of collaboration, investment, and adaptability in achieving this goal, leading to a robust and inclusive digital payment ecosystem that benefits citizens and drives economic growth.

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The NCC Vice Chairman emphasised the need for closer cooperation between the NCC and financial regulators, such as the Central Bank of Nigeria, to ensure effective coordination of policies and regulations related to digital payments and telecommunications. This coordinated approach is seen as essential in creating a conducive regulatory environment for innovation and growth.

Furthermore, Prof Danbatta called for increased partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions. He also advocated for leveraging the private sector’s expertise and resources to expand and enhance digital infrastructure.

The government’s role in promoting digital payments and supporting e-government initiatives to facilitate digital payment adoption was highlighted by Prof Danbatta. Additionally, he encouraged telecom operators to collaborate with banks and fintech companies to offer mobile banking and payment services, particularly targeting unbanked and under-banked populations.

Head of Digital Banking at United Bank for Africa, Olukayode Olubiyi, underscored the challenges posed by inadequate infrastructure, operational facilities, and unstable power supply to Nigeria’s electronic payment systems.

He stressed the critical role of collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, in ensuring the success of innovative payment solutions.

Cardoso Assumes Office as CBN Confirms Emefiele’s Resignation

By

Rhoda Onuzulike

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September 22, 2023

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The nominee for the position of governor of the Central Bank of Nigeria, Olayemi Cardoso, officially assumed office on Friday.

According to a statement by Dr. Isa AbdulMumin, the Director, Corporate Communications at the CBN, Cardoso assumed duty as the acting CBN governor pending confirmation by the Senate, who are currently on their annual recess.

It was also noted that the deputy governor-designates have assumed office following the resignation of the previous deputies.

Meet CBN’s New Governor Dr Yemi Cardoso

The statement read, “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria, pending his confirmation by the Senate. This follows the resignation of Godwin Emefiele as Governor of the CBN.

“Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

The deputy-governors-designate are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

The statement noted that Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja on Friday, September 2023.

It added that they have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

The Senate spokesperson and Chairman, the Senate Committee on Media and Publicity, Yemi Adaramodu, earlier revealed that the Senate would screen the apex bank governor and other executives of the CBN as soon as it gets an executive communication to that effect upon its resumption from its annual recess.

FG Warns Fuel Stations Operators Against Pump Alteration

By

Rhoda Onuzulike

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September 22, 2023

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations operators who alters petroleum pumps.

NMDPRA Chief Executive, Farouk Ahmed said this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday in Abuja.

Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction.

He said that the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity of the offence.

According to him, adjustment of fuel pumps by filling station operators is a major concern to the oil regulatory bodies and the Federal Government.

“What we are doing now is that we have some of our staff going round to take on-the-spot checks of some of the petrol stations.

“If you drive into a station, drive out, you will not know if you have been cheated until you do a measurement.

“Sometimes we do a physical measurement where we go to some stations and buy one litre, look at that environment to see whether that one litre is really one litre.

”Then we will know whether or not they have tampered with the pump,” he said.

The NMDPRA boss said that the authority would continue to collaborate with the RMAFC to generate more revenue for the federation.

“We have started the engagement but this is just a formal collaboration on areas where we can improve the revenue generation for the federation.

“There are two areas we have to look at which are either to generate revenue or cut costs,” he said.

He called on citizens to invest in the midstream sector of the economy.

“For example, if you want to build a gas plant, come to us, we will give you the guidelines, the policies, and you will come and invest.

“The area you want to invest in will determine the cost of investment; the investment opportunities are there,” he said.

RMAFC Chairman, Mr Bello Shehu, said that the engagement between both organisations was to strengthen their partnership.

“We are here in order for them to enlighten us on what they do and what we can do as a commission to assist them to better boost revenue generation for Nigeria.

“We are interested in what the authority does to enable us monitor better and know the right questions to ask which will enable us give appropriate information,” he said.

Minister Calls For Partnership With Advertising Industry

By

Rhoda Onuzulike

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September 22, 2023

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Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has called for collaboration with the country’s advertising industry as part of efforts to achieve the Renewed Hope Agenda of President Bola Ahmed Tinubu

He made the call at the 50th Annual General Meeting of the Association of Advertising Agencies of Nigeria, AAAN, held at the International Conference Centre in the Nigerian capital, Abuja.

The Minister, who was represented by the Director of Public Communication and National Orientation, Sunday Baba, called on the AAAN to leverage their creative resources in building a better Nigeria.

“We are soliciting for the cooperation of the AAAN in keying into the Renewed Hope Agenda of this administration and supporting the government’s commitment to the value orientation of citizens,” the Minister told the gathering in Abuja, which included dignitaries and major players from Nigeria’s advertising industry.

“We are forthright in our determination to set this nation on a path of growth,” he noted, adding the “50th Anniversary Conference presents an opportunity for all of us to reflect on the past, celebrate our achievements and chart a course for a brighter future in the advertising industry vis-à-vis Nigeria.”

FG Sacks Advertising Standard Panel Over All Eyes On The Judiciary Billboard

The Minister, acknowledged the immeasurable contributions of the AAAN to national development, noting that in the past five decades, the association has demonstrated a commitment to excellence, professionalism and ethical standards in the field of advertising.

With the theme, 50 Years Young Ready for More, the President of the Association of Advertising Agencies of Nigeria, Steve Babaeko, says the association has come a long way as it positions itself for the future in the country’s marketing communications industry.

Steve highlighted the increasing role of the advertising industry in youth employment and the creative industry as major milestones for AAAN in the last 50 years.

“We are a very substantial part of the nation’s GDP when you look at the creative industry,” he told Voice of Nigeria on the sidelines of the event at the International Conference Centre in Abuja.

From film to music, arts and fashion, Nigeria’s creative sector has become a thriving industry driven by young and talented individuals, with many employed across various value chains.

“So that makes advertising a very major player within the macro-economy of Nigeria,” Babaeko said.

“So I think there’s been a lot of achievement recorded because of that, and with the influx of young talent coming into the industry, we are braced for even way more achievement going into the future.”

Minister Advocates Diversification Of Nigerian Economy

By

Rhoda Onuzulike

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September 22, 2023

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Minister of Communications, Innovation and Digital Economy, Bosun Tijani says the application of technology and innovation can aid Nigeria in diversifying from its heavy reliance on a single sector like the oil industry.

The minister stated this during a tech event in New York themed; Invest in Africa’s Future- Let’s talk about exits.

Tijani, who said Nigeria had been grappling with its over-dependence on oil in the last few years, noted that reducing the over-dependence on oil would require increasing productivity in other sectors.

Tinubu Appoints Tijani as Minister of ICT

He reiterated the commitment of President Bola Tinubu to innovation and technology, stating that there are intentions to collaborate with Nigerian Exchange Limited to stimulate startup listings with the newly created NGX Technology Board.

Set goals by the Minister

The Minister of Communications, Innovation and Digital Economy listed some of his goals and ambitions for Nigeria as follows;

● creation of a regulatory environment for fintech,

● access to funding especially from angel investors,

● improve digital infrastructure,

● facilitate the export of tech products and services and

● collaborate with NGX on tailored listing options for startups via its Technology Board.

Tijani however said “We cannot do all of this as a country if we do not prioritise innovation and encourage entrepreneurs to build. Nigeria is now open to investments. We want to prioritise the ability of our technology companies to export products and we are targeting Africa first and then eventually start selling to the rest of the world”.

At the same event, the Chief Executive Officer of the Nigerian Exchange, NGX, Temi Popoola, stated that the Exchange would work assiduously to support the agenda of the Minister and the mandate of President Bola Tinubu.

Stating that technology was a big enabler of the capital market, Popoola said that NGX was keen on fostering innovation in the capital market, potentially attracting a larger pool of investors and mature tech companies to list on its platform.

Explaining the challenges around listings, he stated that the demand for private capital currently outweighs public capital while revealing that the NGX is in discussions with the Securities and Exchange Commission on private markets to enable the exchange to do business with non-listed companies like startups.

“We will continue to do a lot of work that makes us able to attract local capital and the day tech start-ups come to the exchange, we are confident that there would be a very good audience of investors that would want to own a bit of their shares. This is what we at NGX are doing by removing all barriers for that to happen,” he stated.

Also speaking at the event was the CEO, of Flutterwave, Olugbenga Agboola who noted that his company was focused on the Nigeria project as most of its investable capital had been deployed to Nigeria since inception.

Agboola added that the company would be looking at tapping opportunities created by the markets to scale and further deliver value to its customers and investors.

The Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun expressed optimism that the Nigerian investment community would get the opportunity to participate in the capital formation going on in the tech sector, rather than all the intellectual property that will emanate from it being controlled by foreign markets.

The event was a joint initiative by the Nigerian Ministry of Communications, Innovation and Digital Economy, the Nigerian Exchange and Future Africa, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham.