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Federal Government Collaborates with GSK to Enhance Local Drug Production

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The Federal Government of Nigeria is strengthening its commitment to establish a self-sustaining healthcare system by partnering with pharmaceutical giant GSK to boost local drug production. This initiative aligns with President Bola Tinubu’s Presidential Initiative aimed at unlocking the Healthcare Value Chain (PVAC).

Key Highlights of the Collaboration

  • Minister’s Announcement: The Minister of Health and Social Welfare, Prof. Muhammad Pate, announced the collaboration via his official X (formerly Twitter) account in Abuja. He emphasized the initiative’s goal to transform Nigeria into a hub for high-quality health product manufacturing and reduce the country’s dependency on imported medical supplies.
  • Local Production Focus: During discussions with GSK, Pate highlighted the government’s focus on enhancing local production of essential pharmaceutical products, which is crucial for improving health security in Nigeria. He stated, “GSK’s commitment to investing in Nigeria’s health sector through localized production marks a significant step toward achieving our health security objectives.”
  • Economic Resilience and Job Creation: The partnership supports the Nigeria Health Sector Renewal Investment Initiative (NHSRII), which is a vital component in building a robust healthcare system that addresses the needs of Nigeria’s growing population. Through the PVAC framework, the government aims to decrease reliance on imports, enhance economic resilience, and create jobs in the health sector.
  • Regional Leadership: Pate emphasized that the collaboration with GSK is not only about fulfilling Nigeria’s internal healthcare needs but also about positioning the country as a leader in the African healthcare industry.

Conclusion

By fostering partnerships like this, the Nigerian government is working towards making high-quality healthcare accessible to all citizens, aligning with the ambitious vision laid out by President Tinubu under the PVAC initiative. This strategic collaboration is expected to significantly impact the pharmaceutical landscape in Nigeria, promoting self-sufficiency and economic growth in the health sector

Record Increase in Global Tuberculosis Cases: WHO Report

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The World Health Organization (WHO) has reported a record 8.2 million new cases of tuberculosis (TB) diagnosed worldwide in 2023, marking the highest figure since the agency began monitoring global TB statistics in 1995. The findings are detailed in the WHO’s Global Tuberculosis Report 2024, released on Tuesday, which reveals a mixed landscape in the global battle against TB, characterized by significant challenges and underfunding.

Key Findings from the Report

  • Rise in New Cases: The total number of new TB cases rose from 7.5 million in 2022 to 8.2 million last year. However, the WHO estimates that the actual number of people who contracted the disease in 2023 was around 10.8 million, indicating that many cases go undiagnosed.
  • Decrease in Deaths: While the number of new infections increased, TB-related deaths decreased from 1.32 million in 2022 to 1.25 million in 2023, reflecting some progress in treatment and care.
  • Incidence Rate: The TB incidence rate reached 134 new cases per 100,000 people, representing a slight increase of 0.2 percent compared to the previous year.

Global Distribution and Demographics

TB remains a significant health challenge, particularly in 30 high-burden countries. The report highlights that five countries—India, Indonesia, China, the Philippines, and Pakistan—account for more than half of the global TB burden, with India alone accounting for over a quarter of all cases. Demographically, 55 percent of those who developed TB were men, 33 percent were women, and 12 percent were children and young adolescents.

Causes and Risk Factors

The WHO identified several major risk factors contributing to the rise in TB cases, including:

  • Undernutrition
  • HIV infection
  • Alcohol use disorders
  • Diabetes
  • Smoking, particularly among men

Funding Shortfall

The report also underscores a critical funding shortfall, revealing that only $5.7 billion of the required $22 billion global annual funding target for TB prevention and care was met last year. The WHO has called for countries to fulfill their commitments to expand the use of existing tools for TB prevention, detection, and treatment.

Conclusion

Dr. Tedros Adhanom Ghebreyesus, the WHO chief, expressed his frustration over the continued impact of TB, stating, “The fact that TB still kills and sickens so many people is an outrage, when we have the tools to prevent it, detect it and treat it.” He urged all countries to prioritize TB control efforts to end the epidemic and ensure the well-being of vulnerable populations.

Rivers State Police Command Arrests Officers for Extortion

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The Rivers State Police Command has apprehended three female officers—Inspector Sarah Anendei, Inspector Caroline Promise, and Inspector Christiana Jatau—for allegedly extorting motorists in Port Harcourt. Their arrests occurred under the Rumuokoro flyover in the Obio/Akpor Local Government Area, where they reportedly operated an unauthorized checkpoint.

Details of the Incident

According to reports, these officers had been involved in illegal activities for some time. The arrests were confirmed by Grace Iringe-Koko, the Police Public Relations Officer and Superintendent of Police, who stated that the command had been monitoring their actions following multiple complaints from the public.

During the operation on October 29, 2024, a team from the Commissioner of Police’s Monitoring Unit observed the officers engaging in corrupt practices against innocent motorists. Notably, two of the arrested officers were not in uniform at the time of their arrest, which violates police regulations.

Evidence and Investigation

The officers were caught on video during the incident, which served as evidence of their misconduct. Upon investigation at the scene, operatives discovered cash that had been extorted from motorists in their possession. Iringe-Koko emphasized the police command’s commitment to upholding ethical standards and maintaining public trust by swiftly addressing corrupt practices within the force.

Conclusion

The Rivers State Police Command’s prompt action in arresting these officers highlights ongoing efforts to combat corruption within the police force. The incident serves as a reminder of the importance of accountability and ethical conduct in law enforcement, aiming to restore public confidence in the police’s role in ensuring safety and justice.

Nigeria’s Latest Petrol Price Hike: An Overview

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The Nigerian National Petroleum Company Limited (NNPCL) has recently increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,025 per litre in Lagos, up from ₦998. In Abuja, the price rose to ₦1,060 from ₦1,030. This marks the third increase in just two months, reflecting a troubling trend in fuel pricing amidst fluctuating crude oil prices.

Context of the Price Increase

The latest adjustment coincides with a drop in the price of Nigeria’s Bonny Light crude, which has fallen from $75 per barrel to $72, indicating an 8.2% shortfall against the budget reference price of $77.96 per barrel for 2024. Following this announcement, filling stations in Lagos quickly adjusted their prices, with motorists flocking to outlets that had not yet raised their prices.

The NNPCL had previously increased petrol prices earlier in the month due to the deregulation of petrol pricing by the Federal Government, which allows for adjustments based on market forces. Currently, the naira is trading at ₦1,664/$, which has further pressured petrol pricing.

Industry Reactions

Industry sources indicated that the recent price hike is a result of market dynamics, with deregulation allowing prices to fluctuate based on supply and demand. The CEO of the Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, acknowledged the difficult times Nigerians are facing and called for government interventions to alleviate their burdens.

A major oil marketer commented on the potential for future price reductions, stating that as crude oil prices decrease, consumers could see a corresponding drop in petrol prices. There are also calls for the government to reduce operational costs and offer incentives to small and medium-sized enterprises, which have been adversely affected by the recent price surges.

Civil Society Response

The Joint Action Front (JAF) and the Movement for a Socialist Alternative (MSA) have condemned the price increase, labeling it an attack on the working masses amid a broader neoliberal agenda. They urged Nigerian workers to revolt against the continuous hikes and to demand policies that prioritize the welfare of the populace over corporate profits.

Independent Marketers’ Actions

Independent marketers are also expected to follow suit, with reports of some already selling petrol at prices as high as ₦1,150 to ₦1,200 per litre, reflecting their practice of aligning with NNPCL pricing.

Conclusion

The recent petrol price increase highlights the ongoing challenges faced by Nigerians as they navigate rising living costs and economic instability. While the NNPCL and industry leaders suggest potential for future price adjustments, the immediate financial strain on households continues to grow, calling for urgent government intervention and support for the populace.

PISE-P Programme: A Call for Renewed Hope and Action in the South-East

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The Peace in the South-East Project (PISE-P), initiated by Rt. Hon. Benjamin Kalu, the Deputy Speaker of the House of Representatives, was launched amidst great expectations for enhanced security and peace in a region plagued by persistent insecurity. The initiative garnered significant support from both Igbo and non-Igbo residents who were hopeful for effective solutions to the ongoing crises.

Kalu and his team framed PISE-P as a proactive approach to negotiating peace and security in the troubled South-East, and the program was inaugurated with much fanfare, featuring prominent figures such as Vice-President Kashim Shettima, distinguished traditional rulers, and notable leaders from the Igbo community. This high-profile launch instilled a sense of optimism among the residents.

The framework of PISE-P is built upon eight pillars:

  1. Education
  2. Agriculture
  3. Commerce/Industry
  4. Infrastructural Development
  5. Culture and Tourism
  6. Sports/Entertainment
  7. Governance/Leadership
  8. Reconciliation/Rehabilitation/Reintegration

Kalu emphasized that the operational plan for the project aims to tackle socio-economic challenges while fostering security and peace-building efforts. This includes stakeholder engagement, strategic implementation, resource management, monitoring and evaluation, and communication strategies spearheaded by experts to ensure alignment with sustainable development goals.

Moreover, plans were made for a town hall meeting involving lawmakers from the five South-East states—Abia, Anambra, Imo, Ebonyi, and Enugu—to discuss strategic lawmaking and conflict resolution.

However, ten months after its launch, the situation in the South-East has deteriorated rather than improved. The initial enthusiasm surrounding PISE-P has diminished, and many community members are now unaware of the project’s objectives or how to engage with its framework to address their pressing issues. This disconnect raises concerns about the effectiveness of the initiative and the need for renewed efforts to engage the community actively.

To rekindle hope and effectiveness in PISE-P, it is essential for Kalu and his team to increase awareness about the project, ensure transparent communication about its goals and progress, and involve community members in the dialogue. Empowering residents with the knowledge and tools to leverage PISE-P could be key to addressing the challenges facing the South-East and ultimately restoring faith in the initiative.

Amaokai Community Protests for Road Connectivity

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Residents of Amaokai community recently staged a peaceful protest to highlight the deteriorating condition of their roads, specifically calling for the connection of the newly constructed road, attracted by Senator Orji Uzor Kalu, to the Afia Orie-Amaokai Ugwueke road. While they expressed their gratitude for the new road, they emphasized that linking it to the dilapidated 300-meter stretch of the existing road is essential for improving accessibility and easing the struggles of local residents.

During the protest, participants displayed placards with messages such as “We need solid and quality road construction in Amaokai community,” “Afia Orie-Amaokai Ugwueke road needs quick intervention,” and “Flood has collapsed Amaokai bridge.” The community leaders praised Senator Kalu for his dedication to improving infrastructure in the area and appealed for his support in connecting the two roads.

Mr. Sunday Obiokpara, Vice-President of the Amaokai Ugwueke Development Union (AUDU), spoke on behalf of the protesters, stating, “We are not rejecting the new one-kilometer road he attracted, but since Senator Orji Uzor Kalu is the one who attracted the first road leading from Afia Orie to Amaokai Ugwueke, we are pleading with him to link the two roads because only this will benefit the community.”

Obiokpara further clarified that while the new road is appreciated, it is crucial to prioritize the rehabilitation of the existing road that connects the two areas. “Instead of starting this road rehabilitation from here, we urge you to begin from the 300 meters that were previously completed but have since fallen into disrepair.”

The community’s concerns underscore the importance of integrated road networks in enhancing accessibility and facilitating economic activities. The media aide to Senator Kalu, Mr. Maduka Okoro, responded to the protest, promising to reach out to the contractor handling the project for further discussions.

The collective voice of the Amaokai community reflects a commitment to collaboration with their representatives to ensure that infrastructure development meets the actual needs of the residents.

Controversy Erupts Over Leadership in Enu-Agu Autonomous Community

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In a dramatic turn of events, community leaders in the Enu-Agu autonomous community of Akpugo, located in Nkanu West Local Government Area of Enugu State, have vocally rejected the newly elected Igwe, Chief Sylvester Nnaji. They claim his election did not adhere to due process and allege he was imposed upon the community without proper consultation.

These leaders are demanding that the Enugu State Government conduct fresh elections to ensure that a credible and widely accepted traditional ruler emerges. The discontent extends to the community’s President-General, Ikenna Ogbodo, who the leaders have labeled “self-acclaimed” and not duly elected. Together, they describe both Nnaji and Ogbodo as impostors unfit to lead the community.

The group of aggrieved leaders includes prominent figures such as Mr. Anni Nneji, Stephen Sunday, National Chairman of Enugu Village, Chief Festus Chukwuemeka Chukwuma, PG of Ugwuafor, Chief Felix Ikechukwu Edeh, National Chairman of Offiaigweshi Village, and Chief Michael Edeh, a former traditional Prime Minister of Ugwuafor.

Their protest has led them to the Enugu State House of Assembly, the Ministry of Chieftaincy Affairs, and the Government House in Enugu, as they assert that addressing these grievances is essential for restoring peace in the community.

In a public statement, the group distanced themselves from what they termed “fabricated and unveiling lies” propagated by Nnaji and Ogbodo, particularly allegations regarding Chief John Edeh, a Labour Party chieftain and former candidate for the Nkanu East/West Federal Constituency. They asserted that claims questioning Edeh’s origins in the community are false, emphasizing that he was born and raised in Enu-Agu and has contributed significantly to its development.

The community leaders are also urging the state government to establish a panel of inquiry to investigate alleged communal discrimination against specific families, who they claim have been unjustly labeled as “slaves.” They argue that these families constitute 98% of the community’s population.

The unfolding situation in Enu-Agu reflects deeper issues of governance, representation, and community relations, underscoring the need for transparency and adherence to democratic processes in local leadership.

Outrage Over Destruction of NOUN Study Centre in Imo State

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The recent arson attack on the National Open University of Nigeria (NOUN) Study Centre in Ezeoke Nsu, Ehime Mbano Local Council Area of Imo State, has sent shockwaves through the community. The destruction, reportedly carried out by suspected hoodlums, has left the facility—a product of significant investment and effort from local residents—in ruins.

This federal institution was strategically established in a region that had previously seen little governmental presence. The estimated damage exceeds ₦4 billion, impacting crucial facilities including a new regional JAMB Centre, a state-of-the-art auditorium, and advanced science laboratories designed for skills acquisition. These vital resources have now been reduced to rubble.

The motives behind this tragic event appear rooted in misinformation and incitement, with speculation surrounding individuals driven by hatred, jealousy, and ignorance. A community leader described the incident as “willful destruction” and a “gross act of arson,” indicating that those responsible acted out of a misguided sense of purpose.

Efforts to enhance the study centre included collaborations with private sector operators and government agencies to train local youth and equip them for future opportunities. Ironically, it was these very youths who were misled into believing the centre was an internally displaced persons (IDP) camp, resulting in its destruction.

Senator Frank Ibezim, one of the project’s facilitators, and his family are among those who have suffered immense losses, having seen their life’s work and property consumed in the chaos spurred by erroneous branding of the institution.

As the community reflects on this devastation, pressing questions arise: What do the people of Ndigbo stand to gain from turning against themselves? What is achieved through the destruction of public property? How long will it take to recover and replace what has been lost at the NOUN centre? Why must progressive initiatives be sabotaged?

The implications of this incident are profound, not only for the Ezeoke Nsu community but for the Ndigbo at large. The loss of such educational and developmental resources represents a significant setback, calling for introspection and unity among the people to prevent further self-inflicted harm.

Enugu State Governor Launches New Road Construction

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Governor Dr. Peter Mbah of Enugu State has officially launched the construction of the 44.8 km Amah-Eke–Oghe-Iwolo-Olo-Umulokpa Road. This major infrastructure initiative will connect the Udi, Ezeagu, and Uzo-Uwani Local Government Areas (LGAs), including a spur from Akama Oghe to Aguobuowa, aiming to enhance the state’s economic corridors and improve connectivity.

At the groundbreaking ceremony held in Eke, Udi LGA, on Tuesday, Governor Mbah emphasized that this event symbolizes the many road projects awarded in the Enugu West Senatorial District. He noted that the new road will facilitate seamless travel between Adani and Nsukka, thus further integrating the region.

Articulating his vision, Mbah stated, “What I see when I do this flag-off or when I go for commissioning is a $30 billion economy. I am also seeing the eradication of poverty, enhanced human welfare, and capital development. These are essentially what good roads do for you beyond ease of movement and reduction in travel time.”

He highlighted the transformative potential of the new roads, which will create a travel circle that can be traversed in under one hour, thereby facilitating economic activities throughout the region.

Assuring the public of the project’s timely completion, Mbah called for continued support for his administration. He said, “When we award contracts, we are quite focused on timeline and cost. So, in three months, we are back here to cut the ribbon and commission this road.” He stressed that his administration would hold the contractor accountable for adhering to the timeline, with zero tolerance for delays.

Additionally, Arc. Uchenna Nwatu, the Special Adviser to the Governor on Projects Development and Implementation, provided further insights, assuring that measures would be put in place to prevent erosion, thereby ensuring the road’s durability and functionality.

In closing, Governor Mbah encouraged the community to support both his government and the contractor during the construction phase, emphasizing a commitment to action over rhetoric.

ENUGU STATE GOVERNOR DR. PETER MBAH LAUNCHES CONSTRUCTION OF A NEW ROAD

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Governor of Enugu State, Dr. Peter Mbah, has officially launched the construction of the 44.8 km Amah-Eke–Oghe-Iwolo-Olo-Umulokpa Road. This significant infrastructure project will traverse the Udi, Ezeagu, and Uzo-Uwani Local Government Areas (LGAs) and includes a spur from Akama Oghe to Aguobuowa. The initiative aims to enhance the economic corridors of the state and improve connectivity.

During the groundbreaking ceremony held at Eke in Udi LGA on Tuesday, Governor Mbah emphasized that this event is symbolic of the numerous road projects awarded in the Enugu West Senatorial District. He pointed out that the new road will facilitate seamless travel from Adani to Nsukka, further integrating the region.

Mbah articulated a vision beyond just the construction of asphalt roads, stating, “What I see when I do this flag-off or when I go for commissioning is a $30 billion economy. I am also seeing the eradication of poverty, enhanced human welfare, and capital development. These are essentially what good roads do for you beyond ease of movement and reduction in travel time.”

He highlighted the transformative impact of the roads, indicating that they would create a travel circle that can be traversed in less than one hour, facilitating economic activities throughout the region.

The governor assured the public of the timely completion of the project, urging continued support for his administration. “When we award contracts, we are quite focused on timeline and cost. So, in three months, we are back here to cut the ribbon and commission this road,” he stated. Mbah reiterated that his administration would hold the contractor accountable, emphasizing that there would be no tolerance for delays.

Additionally, Arc. Uchenna Nwatu, the Special Adviser to the Governor on Projects Development and Implementation, provided further details, stating that adequate measures would be implemented to prevent erosion, ensuring the road’s durability and functionality.

Governor Mbah concluded by encouraging the community to support both his government and the contractor during the construction phase, reinforcing a commitment to action over rhetoric.

GE VERNOVA AND ECOWAS PARTNER TO IMPROVE POWER SUPPLY IN WEST AFRICA

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Power supply in West Africa is set to see significant improvements due to a collaboration between GE Vernova and the Economic Community of West African States (ECOWAS). GE Vernova announced the deployment of its GridOS orchestration software at the newly completed Information and Coordination Centre (ICC) in Abomey-Calavi, Benin. This center will play a crucial role in transforming the region’s energy landscape through the West African Power Pool (WAPP) initiative.

The ICC will act as the centralized command center for the interconnected power grids of 14 ECOWAS member countries, including Benin, Burkina Faso, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This establishment represents a significant milestone toward creating a unified power market, which aims to deliver more reliable, sustainable, and affordable energy across West Africa.

According to the International Energy Agency (IEA) Africa Energy Outlook 2022, Africa’s GDP is projected to grow by an average of 4.6% annually between 2022 and 2040, leading to a 2.8% annual increase in energy demand and a doubling of electricity consumption by 2040. The ICC, powered by the West Africa Power Pool, is positioned to bridge the gap between rising energy needs and reliable supply by expanding power capacity and enhancing forecasting capabilities.

Equipped with state-of-the-art electric grid management technologies, the ICC utilizes various components of GE Vernova’s GridOS software. Key features include:

  • Energy Management System (EMS): Designed for efficient dispatching.
  • Wide Area Monitoring System (WAMS): Focused on maintaining grid stability.
  • Advanced Market Management System: Facilitates power trading among ECOWAS nations.

Additionally, the ICC integrates GE Vernova’s GridOS forecasting solution to maximize the value of Variable Renewable Energy (VRE) in the electricity market through advanced forecasting and ramping tools. This integration allows engineers to access near real-time data on energy flow within the WAPP interconnected network, enabling effective monitoring, analysis, and optimization of power distribution.

Mahesh Sudhakaran, General Manager for GE Vernova’s Grid Software business, expressed pride in partnering with WAPP, emphasizing the importance of modern software capabilities to automate grid operations and increase energy transaction rates across the region. GE Vernova has a track record of working with national electric utilities and regional power pools in Africa, contributing to the continent’s energy transition with initiatives like the recently inaugurated Coordination Control Center in the Southern African Power Pool (SAPP).

This partnership marks a critical step forward for West Africa, aligning with the region’s goals for energy sustainability and enhanced grid resilience.

BIDEN’S “GARBAGE” COMMENT ON TRUMP SUPPORTERS SPARKS BACKLASH

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US President Joe Biden faced criticism on Tuesday after he appeared to refer to supporters of Republican Donald Trump as “garbage” during a video call with the nonprofit VotoLatino.

Biden’s comments came in response to controversy stemming from remarks made by one of Trump’s speakers at a New York rally, who described Puerto Rico as a “floating island of garbage.” In the call, Biden stated, “The only garbage I see floating out there is his supporters,” while condemning Trump’s rhetoric as “unconscionable” and “un-American.”

In response to the backlash, the White House clarified that Biden was referencing the rhetoric from the rally, not the supporters themselves. Andrew Bates, a White House spokesperson, stated, “The President referred to the hateful rhetoric at the Madison Square Garden rally as ‘garbage.’”

The remarks quickly became a focal point for Trump’s campaign, with Trump himself labeling Biden’s comments as “terrible” during a rally in Pennsylvania. He drew parallels to Hillary Clinton‘s infamous 2016 comment about “deplorables,” saying, “Garbage, I think is worse, right?”

Trump’s running mate, J.D. Vance, also criticized Biden, calling the comments “disgusting.” He argued that Biden and Vice President Kamala Harris were effectively attacking a significant portion of the country.

The original comments made at the Trump rally by comedian Tony Hinchcliffe about Puerto Rico and further disparaging remarks regarding African Americans and Hispanic immigrants have also come under fire. While residents of Puerto Rico, a US territory, cannot vote in federal elections, nearly six million Puerto Ricans in the diaspora within the United States are eligible voters, highlighting the potential impact of such statements in the upcoming election.

As the election approaches, Biden’s comments and the subsequent fallout reflect the heightened tensions and divisions in American politics, especially as Harris is engaged in a tightly contested race against Trump for the White House.

GOVERNOR OBASEKI URGES PRIORITIZATION OF AGRICULTURAL DEVELOPMENT FOR NIGERIA’S ECONOMIC FUTURE

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Governor Godwin Obaseki of Edo State has emphasized the urgent need for Nigeria to prioritize agricultural development as a means to reshape its economic future. Speaking at the inauguration of the Edo Agricultural Hub on Tuesday in Benin, Obaseki described the initiative as a crucial part of efforts to drive economic growth, ensure food security, and promote sustainable development within the state.

Over the past eight years, Obaseki’s administration has concentrated on establishing a strong foundation for a progressive and prosperous Edo, with the goal of positioning the state among Africa’s leading sub-nationals.

“I appreciate former Governor, Chief Lucky Igbinedion; our achievements are partly due to continuing his successful policies,” Obaseki stated. He highlighted the administration’s success in de-risking agriculture, supporting farmers, and prioritizing investments in the sector to enhance agricultural productivity.

Obaseki underscored that agriculture is not only the backbone of Edo but also a significant contributor to Nigeria’s GDP. He stressed its importance, particularly in ensuring food security amid rising food costs that have left many Nigerians struggling to afford basic meals.

“To achieve self-sufficiency, Nigeria must prioritize local food production instead of relying on imported food, which undermines national food security,” he said. The governor expressed concern over the nation’s annual expenditure of over $500 million on imported dairy products, asserting that Nigeria possesses the potential to develop its own dairy industry with effective leadership.

Governor Obaseki’s remarks reflect a broader vision for transforming Nigeria’s agricultural landscape and enhancing the nation’s economic resilience through local food production.

SENATE APPROVES BILL TO STRENGTHEN NDIC AND ENHANCE DEPOSITOR PROTECTION

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The Senate has passed a bill aimed at bolstering the Nigeria Deposit Insurance Corporation (NDIC), enhancing its capacity to protect depositors’ funds and ensure stability within financial institutions. This legislation is expected to promote confidence in Nigeria’s banking sector.

The approved bill grants the President the exclusive authority to appoint the Managing Director and Executive Directors of the NDIC, streamlining the appointment process by eliminating the requirement for recommendations from the Central Bank of Nigeria (CBN) Governor. While the CBN will retain its supervisory role over the corporation, the NDIC will benefit from increased autonomy.

Titled the “Nigeria Deposit Insurance Corporation Act No 33 of 2023,” the bill was sponsored by Senator Mukhail Adetokunbo Abiru from Lagos East and co-sponsored by 40 Senate members from the Committee on Banking, Insurance, and Other Financial Institutions.

Senator Abiru emphasized that the bill aligns the NDIC with current financial realities and best practices. It also introduces provisions for interim management, allowing the Minister of Finance to establish a temporary committee if a new board is not appointed within 30 days of a previous board’s term expiration.

“The NDIC Amendment Bill, 2024, is a vital piece of legislation aimed at strengthening Nigeria’s financial system,” Abiru remarked. He noted that the amendments are a critical response to evolving financial challenges, aiming to empower the NDIC to better protect depositors and foster trust in financial institutions.

Additionally, the legislation removes the provision that designated the Permanent Secretary of the Ministry of Finance as the NDIC Board Chairman, acknowledging the demands of that position.

Abiru highlighted a consensus among stakeholders regarding the need to update the NDIC’s framework to address contemporary challenges, ensuring it remains effective in its essential role in the financial sector. The bill received significant support, with over 30 written memoranda and multiple oral submissions during Senate hearings.

“This amendment ensures the NDIC can carry out its mandate of protecting depositors and stabilizing the financial system,” Abiru stated, calling it a positive step forward for Nigeria’s banking sector and overall economic growth.

DANGOTE REFINERY REVEALS 500 MILLION LITRES OF PETROL STOCK, MARKETERS SURPRISED

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Nigerian oil marketers were taken aback by comments from Aliko Dangote, Chairman of Dangote Refinery, who disclosed that the facility holds a stockpile of approximately 500 million litres of petrol available for sale and distribution to retailers.

Dangote made this announcement during a meeting of the Implementation Committee on Crude Oil and Refined Products Sales in Naira, convened by President Bola Tinubu at the State House on Tuesday. He stated, “I assured Mr. President, we will be able to supply the market a minimum of 30 million litres per day, and we’ll be ramping up as we go on. So, we’re ready. We’re more than ready.”

He urged retailers to come forward and load their products, emphasizing that either the NNPCL or the marketers should cease importing fuel and instead purchase from his refinery. “I don’t know whether you understand what it takes to have 500 million litres inside our tank. It’s costing me money every day,” Dangote explained. He expressed that if retailers collected the petrol, there would be no queues at filling stations.

However, in response to Dangote’s announcement, a CEO of a prominent oil marketing firm, who requested anonymity, expressed skepticism. “It is not just a surprise, but also intriguing that the management of the refinery finds it convenient to disclose a huge stock of fuel to the Presidential team and not to the marketers who are to patronize the refinery,” the CEO said.

The executive also pointed out the contradiction in Dangote’s claim, noting that the refinery had previously communicated to marketers about purchasing based on allocated quantities. “If such huge stock is available, why ration what marketers can buy?” he questioned, highlighting concerns over transparency and communication within the oil supply chain.

RUBEN AMORIM COMMENTS ON MAN UTD INTEREST AMID TEN HAG SACKING

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Ruben Amorim stated on Tuesday that “nothing is decided yet” regarding his potential move to Manchester United, who have reportedly made the Sporting Lisbon coach their top target following the sacking of Erik ten Hag.

United ended Ten Hag’s two-year tenure on Monday after a disappointing 2-1 defeat to West Ham, which left the club languishing in 14th place in the Premier League. Amorim quickly emerged as the leading candidate for the role, especially after a statement from Sporting indicated that United was willing to pay his 10 million euro (£8.3 million, $10.8 million) release clause.

Following Sporting’s League Cup victory against Nacional on Tuesday night, Amorim was cautious when asked if that match might have been his last with the Portuguese club. “Nobody knows whether this was my farewell match. Nothing is decided yet,” he said, according to the sports daily A Bola.

Despite substantial summer spending in the transfer market, United have struggled, winning just one of their last eight games across all competitions. In the interim, former United striker Ruud van Nistelrooy has been appointed as the acting manager, but the focus seems to be on securing Amorim, recognized as one of Europe’s top young coaches. Since joining Sporting in March 2020, he has led the team to two Portuguese league titles.

Earlier in the week, Amorim had downplayed the speculation about his future, saying, “I’m not going to talk about my future. I’m very proud to be the coach of Sporting Lisbon.”

In light of the ongoing discussions, Brighton’s Fabian Hurzeler, a young manager making strides in the Premier League, shared insights on what advice he would offer Amorim should he decide to leave Portugal for Old Trafford.

FEDERAL GOVERNMENT DEFENDS TOLL GATES ON ABUJA-KEFFI-MAKURDI EXPRESSWAY

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The Federal Government has confirmed that the four toll gates along the 260km Abuja-Keffi-Makurdi expressway comply with the requirements set by the Infrastructure Concession Regulatory Commission (ICRC).

Minister of Works, David Umahi, addressed concerns raised by commuters regarding the tolls, stating that the law establishing the ICRC outlines both minimum and maximum requirements for tolling roads under concession agreements.

Although the toll gates are not yet operational, commuters have expressed worries that having four toll payment points on a 260km stretch could be burdensome. However, they have also praised the federal government for the timely completion of the expressway project.

Umahi explained, “The total length of that road is 260 kilometres, and it is dualised, which means you are talking about 520 kilometres, and I don’t think that we have more than four toll gates on that road.”

He reassured that the government has adhered to the legal framework regarding tolling and mentioned the establishment of a committee focused on implementing a cashless toll collection system. This committee will meet with the minister next week to discuss ways to assist those who may have difficulty with electronic payment systems, particularly individuals who may struggle with technology.

The minister noted, “We are trying to ensure that we carry such people along.”

Earlier, on October 17, Umahi inaugurated a committee tasked with the implementation of the cashless tolling system under the Highway Development and Management Initiative. This initiative aims to create a sustainable transportation ecosystem, with committee responsibilities including designing the cashless system and establishing relief stations equipped with essential services like supermarkets, clinics, and security outposts along the highway.

Umahi emphasized the commitment to safety, stating, “Within 10 minutes of any incident along the route, security people will be able to respond.”

FEDERAL HIGH COURT BARS RELEASE OF MONTHLY ALLOCATIONS TO RIVERS STATE

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The Federal High Court sitting in Abuja has barred the Federal Government from releasing further monthly allocations to Rivers State.

Justice Joyce Abdulmalik delivered the judgment on Wednesday, specifically restraining the Central Bank of Nigeria (CBN) from allowing the state to draw funds from the consolidated revenue account.

The ruling followed a suit marked: FHC/ABJ/CS/984/24, brought before the court by the Hon. Martins Amaewhule-led faction of the Rivers State House of Assembly.

Cited as defendants in the matter were the Central Bank of Nigeria, Zenith Bank Plc, Access Bank Plc, and the Accountant-General of the Federation (AGF). Others included Governor Siminalayi Fubara, the Accountant-General of Rivers, the Rivers Independent Electoral Commission (RSIEC), Chief Judge of Rivers, Hon. Justice S.C. Amadi, Chairman of RSIEC, Hon. Justice Adolphus Enebeli (rtd.), and the Government of Rivers State.

The plaintiffs sought the court’s intervention to withhold all federal monthly allocations meant for Rivers State. They based their case on the grounds that Governor Fubara had yet to comply with a court order directing him to present the 2024 Appropriation Bill to the Amaewhule-led faction of the Rivers State House of Assembly.

According to the plaintiffs, the high court had previously recognized Hon. Amaewhule as the authentic Speaker of the Rivers State House of Assembly in a ruling delivered by Justice James Omotosho. They noted that the court invalidated the 2024 budget proposal presented before a four-member faction of the Assembly led by Hon. Victor Oko-Jumbo.

FORMER SDP DEPUTY GOVERNORSHIP CANDIDATE SUSAN GBEMISOLA ALABI JOINS APC

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The former deputy governorship candidate of the Social Democratic Party (SDP) in Ondo State, Mrs. Susan Gbemisola Alabi, has officially joined the ruling All Progressives Congress (APC).

Mrs. Alabi’s resignation from the SDP stemmed from irreconcilable differences with the party’s governorship candidate, Otunba Bamidele Akingboye.

Governor Lucky Aiyedatiwa, the APC candidate in the upcoming November 16 governorship election, welcomed Alabi into the party during his campaign tour of Akoko North West Local Government Area.

In his remarks, Aiyedatiwa emphasized that the 2025 budget would focus on development across all parts of Ondo State, ensuring no region is left behind. “The 2025 budget will be well-structured to guarantee that every area of Ondo State benefits from development initiatives,” he stated, adding that improvements in infrastructure and services would soon reach the Akoko North West area.

Aiyedatiwa expressed gratitude to the local monarchs for their support during the APC primaries and their renewed endorsement ahead of the election. The Owa of Ogbagi, Oba Olasehinde Ojo Adetona, spoke on behalf of 27 traditional rulers in the area, pledging their unwavering support and assuring the governor of strong voter turnout for the APC due to their trust in his leadership.

While addressing party supporters in Oke Irun, Aiyedatiwa underscored the importance of unity and active participation to ensure victory for the APC in the upcoming election. He pointed out that his campaign route through major areas in the local government was intentional, allowing him to gain firsthand insights into the communities’ challenges.

“By personally visiting these communities, I can see their needs directly, allowing me to respond quickly and ensure that no issue affecting your communities is overlooked,” Aiyedatiwa stated.

He further assured residents that concerns raised during the tour would be taken into account in future planning, with a focus on enhancing the quality of life across the state. The atmosphere was celebratory in Oke Agbe, the local government headquarters, where Governor Aiyedatiwa reaffirmed his administration’s commitment to critical areas, including security, infrastructure, and agriculture.

AMOTEKUN DETAIN 20-YEAR-OLD FOR KILLING 65-YEAR-OLD WOMAN OVER N3,000

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The Ondo State security outfit, Amotekun, has detained Akinmade Friday, a 20-year-old suspect, for allegedly killing a 65-year-old woman over a sum of N3,000.

Reports indicate that Friday attacked the elderly woman with a wooden plank, accusing her of entering his room and stealing the money. In his statement to the police, Friday admitted, “I took a plank and hit her on the head twice,” although he claimed he did not intend to kill her. Unfortunately, the woman later succumbed to her injuries.

Amotekun Commander, Chief Adetunji Adeleye, briefed reporters on the arrest, highlighting that Friday’s detainment was part of a larger operation that led to the arrest of 27 suspects for various crimes across Ondo State. Among those arrested was a 21-year-old man facing attempted murder charges and a 30-year-old involved in multiple offenses, including cultism and assault on law enforcement officers.

Adeleye pointed out that the current economic situation is contributing to a rise in crimes such as housebreaking, theft, and violent offenses. Other individuals apprehended included a 20-year-old linked to motorcycle theft and a group of young men aged 22-25 suspected of burglary and property damage.

Addressing the overall security situation, Adeleye assured Ondo residents of continued security efforts, stating, “The Ondo State Security Network Agency will continue to engage criminals… to ensure people can sleep with their two eyes closed.” He emphasized that most local government areas remain peaceful, with only minor exceptions at border areas where some kidnapping cases have been reported.