Barely two months after Nigeria’s Federal Government signed an MoU with Boeing, the aircraft manufacturer has invited Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, to Dublin, Ireland, for the Airline Economics Conference on January 12, 2025. The conference aims to assist Nigeria’s domestic operators with aircraft leasing solutions.

Recently, Nigeria’s global aviation rating improved from 70.5% to 75.5%, following the signing of the Cape Town Convention Practice Direction and the Updated Procedure for Recordation of Irrevocable Deregistration and Export Request Authorization (IDERA). This upgrade, led by the Aviation Working Group co-chaired by Boeing and Airbus, signals increased confidence in Nigeria’s aviation market.

In a letter dated October 24, 2024, Commercial Sales Director Moore Ibekwe acknowledged Keyamo’s leadership in enhancing Nigeria’s aviation industry. He highlighted the positive media attention on Nigerian aviation and expressed Boeing’s intention to capitalize on this momentum. Boeing has also been collaborating with Nigerian banks and Africa Trade Investment Development Insurance (ATIDI) to create a Credit Enhancement product, boosting security for global lessors interested in Nigeria.

The forum will feature representatives from the Ministry, the Airline Operators of Nigeria (AON), Nigerian banks, financiers, and Boeing. It aims to support Nigerian airlines in leasing aircraft over the next 24 months by establishing focused opportunities for global lessors, charting a promising path for Nigerian aviation.

Setting and prioritizing financial goals is key to achieving long-term stability and peace of mind. Whether you’re saving for retirement, reducing debt, or building an emergency fund, clear financial goals help you stay focused. Here’s a guide to help you set, organize, and prioritize your financial objectives for the year.

1. Assess Your Current Financial Situation

Start by reviewing your income, expenses, debts, and savings. This assessment helps you set realistic goals by giving a full picture of your financial standing, making it easier to identify immediate opportunities or challenges.

2. Prioritize Early Debt Repayment

If you’re carrying high-interest debt, like credit cards, prioritize repayment. High-interest debt costs more over time and can hinder achieving other goals, so focusing on early repayment reduces financial stress and improves your credit score.

3. Identify Short-Term and Long-Term Goals

List your goals by timeframe: short-term goals, like paying off a small loan, and long-term goals, like retirement planning. This allows you to allocate resources effectively, balancing immediate needs with future aspirations.

4. Build an Emergency Fund

An emergency fund, ideally covering three to six months of expenses, is a financial safety net. It prepares you for unexpected costs and helps keep you on track with other goals. Start small and increase your contributions over time.

5. Save for Retirement

Begin retirement savings early to take advantage of compound interest. Review contributions annually and increase them when possible, ensuring a secure financial future.

6. Invest for the Future

Investing helps grow your wealth over time. Allocate part of your income to stocks, bonds, or property based on your risk tolerance. Early investing benefits from compound returns, which support long-term financial growth.

7. Create a Realistic Budget

A budget is essential for financial management. List your income and expenses, and allocate funds toward your goals. A balanced budget supports disciplined financial progress.

8. Regularly Track and Adjust Your Goals

Financial situations change, so adjust goals as needed. Tracking progress helps you stay accountable and ensures you’re moving toward financial success.

Prioritizing financial goals provides a roadmap to stability and success. By setting clear objectives, focusing on debt repayment, building savings, and planning for retirement, you’ll build a solid foundation for your future. Regular reviews and adjustments help you stay on track, ensuring steady progress toward long-term financial security.

President Bola Tinubu on Tuesday praised the efforts of the Implementation Committee on Naira-based sales for crude oil and refined products and encouraged swift solutions to any initial challenges. In a review meeting held at the State House in Abuja, he emphasized that the decision to conduct oil transactions in Naira was intended to bypass exchange rate complexities that have previously hindered the industry.

“Whatever solution we propose for crude oil and refined products sales in Naira should not revert us to the experiences of the past 40 years,” President Tinubu stated. He emphasized that while adjustments in oil sector costs and revenue may be necessary, the approach should fundamentally differ from past practices.

Tinubu called on key players, including the Nigerian National Petroleum Corporation Ltd. (NNPCL) and the Dangote Refinery, to prioritize improving the economy and enhancing the livelihoods of Nigerians. He stressed the importance of focusing on domestic supply to curb dependency on petroleum imports, thus freeing up foreign exchange for investment in the real sector.

To facilitate Naira pricing, the President recommended using Afreximbank as a settlement bank, highlighting its current role as financial adviser for the initiative. “The market must determine what we are doing. Once we allow the market to define profit and loss, independent marketers and government can find common ground,” he stated.

As part of the Federal Government’s efforts to reduce transportation costs, the Presidential Compressed Natural Gas Initiative (PCNGI) has signed an agreement with Airport Taxi Operators at Nnamdi Azikiwe International Airport in Abuja to convert 800 taxis to Compressed Natural Gas (CNG) fuel. This initiative is expected to lower airport taxi fares by about 30%.

At the signing ceremony, PCNGI Programme Director and Chief Executive Engr. Michael Oluwagbemi, represented by Programme Execution Coordinator Mr. Folarin Oworo, highlighted the government’s commitment to providing an affordable, cleaner, and sustainable fuel option. Oluwagbemi reaffirmed the Federal Government’s goal to convert one million vehicles nationwide to CNG, with the initial phase covering 50% (400) of the airport taxis before implementing the fare reduction.

Oluwagbemi detailed that each taxi will display a price card reflecting the 30% discount according to the passenger’s destination, with frequent monitoring to ensure compliance.

On safety, Oluwagbemi assured that CNG cylinders are built to rigorous standards, effectively “bulletproof,” and that the Standards Organisation of Nigeria (SON) has certified the equipment. He advised against illegal conversions, as explosions could only occur with tampering or the use of unauthorized cylinders. PCNGI also plans to introduce various sizes of certified cylinders, including 65 and 75 liters, to minimize refueling time and accommodate diverse vehicle needs.

The Federal Government has announced plans to restore electricity to Northern Nigeria within the next 72 hours. During a session with the Senate Committee on Power, chaired by Senator Enyinnaya Abaribe (APGA, Abia South), Minister of Power Adebayo Adelabu addressed the power outage affecting the northern region and the recurring grid collapses across the country.

Adelabu revealed that as an interim solution, power would be routed through the Ugwuaji-Makurdi transmission line, which will supply approximately 80% of the affected states. “Power will be restored to the North in two to three days. We will use the Ugwuaji-Makurdi transmission line temporarily,” Adelabu stated.

The Minister also noted ongoing collaboration with security agencies to access damaged grid areas currently occupied by vandals. Full restoration, including repairs to the damaged lines, is expected within the next 14 days once full access is granted.

The Transmission Company of Nigeria previously reported that the outage, affecting the North-East, North-West, and parts of North-Central Nigeria, was caused by the tripping of the 330-kilovolt (kV) Ugwaji-Apir double circuit transmission lines on October 22. Nafisatu Ali, Executive Director of the Independent System Operator, further explained that the Shiroro-Kaduna transmission line was vandalized by insurgents. Following the incident, President Bola Tinubu directed the military to secure the power lines while repairs are underway.

Dr. Olubunmi Tunji-Ojo, Nigeria’s Minister of Interior, along with the Permanent Secretary, Dr. Magdalene Ajani, has signed performance contracts with agency heads within the Ministry to enhance service delivery and accountability. The contracts include specific, measurable timelines to ensure that Nigerians experience improved services and security.

At the signing ceremony during a retreat in Abuja titled “United Front for a Secure Nation and Future,” Dr. Tunji-Ojo highlighted that the initiative is focused on achieving substantial improvements in Nigeria’s security and service quality. “This initiative is about the effect on Nigerians and on Nigeria as a whole,” he stated, emphasizing the importance of measurable deliverables and quarterly appraisals for each agency to assess progress. This performance-driven approach is aligned with the “Renewed Hope Agenda” under President Tinubu, aiming for tangible results and reduced excuses.

The Minister stressed that effective leadership is critical for the success of the Ministry’s mandate, describing this as a “business unusual” era. Dr. Ajani added that each staff member in the Ministry now has a clearly defined role, ensuring a unified commitment to achieving measurable improvements across all sectors under the Ministry’s purview.

Lagos State Governor Babajide Sanwo-Olu has denied media reports claiming he filed a lawsuit against the Economic and Financial Crimes Commission (EFCC) to block any alleged plans to arrest or prosecute him after his tenure. In a statement issued by the Attorney General and Commissioner for Justice, Lawal Pedro, on Tuesday, the governor clarified he has neither sued the EFCC nor has any reason to do so.

The statement, addressing widespread reports, stated, “Mr. Sanwo-Olu did not sue the EFCC in any court, as he has no reason to do so.” It emphasized that the governor, still with nearly three years left in office and protected by immunity, has neither been investigated nor contacted by the EFCC regarding any alleged misconduct.

Reports circulated earlier suggesting that Sanwo-Olu had filed a lawsuit through his lawyer, Darlington Ozurumba, at a Federal High Court in Abuja. The purported lawsuit sought to preclude any EFCC action against him following his term. When the case was mentioned in court on Tuesday, EFCC counsel Hadiza Afegbua mentioned she had not reviewed the newly amended summons, prompting Justice Joyce Abdulmalik to adjourn the matter until November 11.

The alleged summons reportedly claimed that potential EFCC actions would infringe upon Sanwo-Olu’s constitutional rights, including his right to privacy and protection against harassment.

The Arewa Consultative Forum (ACF) has urgently called for a State of Emergency regarding the ongoing power outages plaguing northern Nigeria. Over the past week, the region has faced severe electricity supply disruptions, causing near-total paralysis of economic and social activities.

Prof. Tukur Muhammad-Baba, the National Publicity Secretary of the ACF, expressed concern about the situation, stating that it has led to widespread frustration among the populace. He noted that statements from officials at the Transmission Company of Nigeria (TCN) suggest the power issues may continue indefinitely due to technical and security challenges.

The impact of the outages is profound, affecting even the smallest businesses, such as telephone recharge points, barbing salons, and food processors, many of which rely on stable electricity for their daily operations. Medium-scale enterprises, including rice mills and bakeries, are also struggling, particularly those unable to afford high fuel costs or lacking alternative power sources.

“Home and office operations are hindered, with cooling and heating systems failing and nighttime darkness reminiscent of pre-civilization,” ACF highlighted, pointing out the lack of response from government officials regarding the situation. This silence has led to growing speculation about a possible deliberate strategy by the Federal Government to economically disadvantage the North.

The ACF criticized the apparent indifference of federal leaders, including the Minister for Power and state governors, noting that the issue has not prompted significant reactions from state assemblies. Only a few voices in the National Assembly have bravely spoken out, highlighting the entrenched silence among elected officials.

The organization also pointed out the inequities in electricity generation and distribution, emphasizing that, despite the North’s significant contribution to electricity generation, it receives the least supply. For instance, while Lagos has eight substations, the entire northern region, which holds more than half of Nigeria’s population, has only three substations located in Jos, Kaduna, and Kano.

The ACF’s statement underscores the urgency of the power crisis, framing it as a national security threat and a clear abdication of responsibility by public officials.

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued nine Licenses to Establish (LTEs), seven Licenses to Construct (LTCs), and four Licenses to Operate (LTOs) for modular refineries, signaling a significant move towards enhancing the country’s domestic refining capabilities.

During his keynote address at the 18th OTL Africa Downstream Energy Week in Lagos, NMDPRA Chief Executive Engr. Farouk Ahmed highlighted the government’s ambition to achieve a production target of three million barrels of crude oil per day and to increase domestic gas utilization to 10 billion standard cubic feet per day. He stated that expanding local refining capacity would position Nigeria as a net exporter of petroleum products.

“In the past year, the NMDPRA has engaged stakeholders to revise and consolidate regulations, streamlining the regulatory framework to enhance compliance,” Ahmed noted, adding that efforts are underway to automate processes for improved regulatory clarity.

Ahmed also addressed the development of the West African Gas Pipeline (WAGP) project, which aims to facilitate natural gas movement across West Africa, and suggested a potential partnership with East and Southern African regulators to establish a pan-African Energy Regulators Association.

He emphasized the promotion of Compressed Natural Gas (CNG) as an alternative fuel, with plans to expand CNG infrastructure through initiatives like the Pi-CNG, the Decade of Gas Program, and the MDGIF. “Our goal is to accelerate CNG infrastructure expansion at most retail outlets, supporting the growing number of CNG vehicles nationwide,” he added.

Mr. Adetunji Oyebanji, Chairman of the OTL Africa Downstream Energy Week Advisory Board, commended the recent deregulation of Nigeria’s downstream sector and the commissioning of the Dangote Refinery, which has a capacity of 650,000 barrels per day. He emphasized that this development marks a significant milestone for Nigeria and the West African region, fostering competition, transparency, and stability within the sector.

Lagos State Governor Babajide Sanwo-Olu urged investors to collaborate with the government to meet the rising energy demands of the state, stating, “Our government is committed to ensuring that Lagos leads in energy innovation, investment, and sustainability. We have created an investment-friendly environment that encourages sustainable practices and technological advancement.”

The government’s initiatives aim to create a robust energy sector that promotes growth, innovation, and inclusivity, contributing to a transformative period in Nigeria’s refining capacity and energy infrastructure.

The Ogun State government has taken decisive action by shutting down Obada Grammar School in Obada, Idi-emi, following the tragic death of Master Monday Arijo, an SS2 student. The closure comes in the wake of the arrest and suspension of the teacher allegedly responsible for the student’s death due to corporal punishment.

Mrs. Tamrat Onaolapo, the school’s principal, has also been suspended for permitting corporal punishment in violation of established state regulations. The closure was ordered by the state governor, Prince Dapo Abiodun, who has mandated the establishment of a panel to investigate the circumstances surrounding this unfortunate incident. The governor has vowed that anyone found culpable in the investigation will face the full consequences of the law.

Representatives from the Ministry of Education, Science and Technology visited the family of the deceased student to express condolences and gather firsthand accounts of the incident for a thorough investigation. The delegation included the Director of the Secondary and Higher Education Department, as well as officials from various educational unions and associations.

During the visit, the officials conveyed their heartfelt condolences to the family and assured them of the state government’s support during this difficult time. They emphasized their commitment to conducting a comprehensive investigation to uncover the facts and ensure accountability for this tragic event.

A government report released on Tuesday indicates that suicide rates among elementary, junior high, and high school students in Japan remained alarmingly high in 2023. According to the 2024 Suicide Prevention White Paper, a total of 513 students from these educational levels took their own lives, which is just one fewer than the record high of 514 reported in the previous year.

The breakdown of the data reveals that 347 high school students, 153 junior high students, and 13 elementary students died by suicide in 2023. The report identified common causes for these tragedies, noting that discipline and reprimands from families were significant factors in the suicides of elementary school students. In contrast, junior high and high school boys often cited academic struggles and career concerns as the primary reasons for their actions.

Overall, Japan recorded a total of 21,837 suicides in 2023, reflecting a decrease of 44 from the prior year. The national suicide rate remained stable at 17.6 deaths per 100,000 people.

Since 2020, suicide rates have seen an increase across most age groups in Japan, with the highest rates reported among the unemployed. However, the data also indicated a rise in suicides among working individuals, underscoring a broader societal issue that continues to affect various demographics.

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that the country’s daily petrol consumption currently fluctuates between 45 million and 50 million litres. This disclosure was made by NMDPRA’s Chief Executive Officer, Mr. Farouk Ahmed, during the ongoing 18th Africa Downstream Energy Week in Lagos.

The 2024 OTL Africa Downstream Energy Week is themed “Alliances for Growth.” Ahmed noted that the increase in petrol consumption during the fourth quarter, particularly around the holiday season, is typical due to heightened industrial and consumer activities.

He expressed optimism that recent price adjustments and market liberalisation would help reduce cross-border smuggling, allowing more petrol to remain within Nigeria. “We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country,” he stated.

While Ahmed acknowledged that actual petrol consumption levels might decline, he indicated that a significant drop was unlikely.

In discussing the conference’s theme, he highlighted the critical role of alliances in enhancing efficiency and reducing costs within the industry. He proposed that fewer shared facilities would lead to greater efficiency compared to numerous idle private depots, ultimately benefiting both businesses and consumers.

“Collaborations or alliances among stakeholders will lead to greater efficiency and lower costs for consumers,” he asserted. Ahmed emphasized that shared facilities among agencies such as NMDPRA, the Nigerian Maritime Administration and Safety Agency, and the Nigeria Ports Authority could mitigate operational inefficiencies.

He clarified that while NMDPRA does not intend to enforce mergers, industry players are encouraged to explore partnerships, particularly in saturated markets, to enhance efficiency and reduce costs for consumers.

The abductors of Rev. Fr. Thomas Oyode, the Rector of the Immaculate Conception Minor Seminary of the Catholic Diocese of Auchi in Ivhianokpodi, Etsako East Local Government Area of Edo State, are reportedly demanding a ransom of N200 million for his release. Oyode was kidnapped on Sunday while attending evening mass.

Rev. Fr. Peter Egielewa, the Director of Communications for the Catholic Diocese of Auchi, confirmed the ransom demand in a brief message to journalists in Benin City, stating, “It is true.”

A source, who requested anonymity, revealed that the kidnappers contacted the Auchi Catholic Diocese on Monday evening, requesting the ransom for the release of the kidnapped priest. As of the latest updates, negotiations had not yet begun, and it remains unclear if the Catholic community will engage in discussions regarding the ransom.

During the kidnapping incident, it was reported that the gunmen also abducted two students after firing sporadically. Rev. Fr. Oyode reportedly pleaded with the kidnappers to release the students and instead opted to take him, who serves as the Rector and custodian of the students. The gunmen subsequently released the two students and took Oyode into custody.

According to a statement released by Rev. Fr. Peter Egielewa, the incident occurred on October 27 at approximately 7 p.m., when priests and seminarians were attacked during evening prayers and Benediction. The statement indicated that while Rev. Fr. Oyode was abducted, the Vice Rector and all seminarians were accounted for and safely relocated to a secure area until security measures around the seminary are reinforced.

The diocese has lodged an official report with law enforcement agencies and is seeking their assistance in securing the release of Fr. Oyode. The Catholic Diocese of Auchi has called upon all people of goodwill to join in prayers for the safe return of the abducted priest.

The Immaculate Conception Minor Seminary, established by the Catholic Bishop of Auchi, Most Rev. Dr. Gabriel Dunia, in 2006, has trained over 500 students for the priesthood.

The Police Command in Imo State has detained 17-year-old Jesse Chidebere, a student at Imo State University (IMSU), for faking her own abduction and death. This incident has caused considerable distress to her family and the university community.

According to ASP Henry Okoye, the Police Public Relations Officer in Imo, the situation began on October 26, when police received a distress call reporting Chidebere missing. A message sent from her WhatsApp account claimed she had been abducted and killed, urging her family to visit the Orji Police Station for confirmation.

In response, police operatives launched a search for Chidebere, only to discover the following morning, October 27, that she was alive and had fabricated the story as a social media prank.

Okoye stated that an investigation is underway to determine the motive behind her actions, and she will face prosecution. The Commissioner of Police, Mr. Aboki Danjuma, condemned the “irresponsible behavior,” which he said wasted valuable resources and caused public panic.

He urged parents to caution their children against engaging in dangerous pranks and spreading misinformation, emphasizing that the command is committed to combating misinformation and ensuring a safe environment for all in the state.

Former Niger Delta militant leader Asari Dokubo has publicly accused President Bola Tinubu of backing former Rivers State Governor Nyesom Wike in efforts to destabilize the current Rivers State government led by Governor Fubara. This claim reflects ongoing tensions in the state, particularly a rift between Wike and Fubara that has intensified since Fubara assumed office in 2023.

During an appearance on Arise TV, Dokubo expressed disappointment in President Tinubu for allegedly supporting Wike’s actions, which he believes threaten the peace and stability of Rivers State. He characterized Wike’s behavior as disruptive and indicative of a broader agenda to undermine the current governor.

Dokubo warned that if efforts to impeach Governor Fubara proceed, there could be serious consequences. He emphasized that such actions would not go without a response from the people of Rivers State.

He stated his belief that he holds a degree of responsibility regarding Tinubu’s performance as president, claiming he would be accountable for any failures to meet the expectations of the Nigerian people, not just those from the Niger Delta region.

Dokubo highlighted his longstanding relationship with Tinubu, expressing gratitude for the support he received during difficult times, including threats to his life in the past. This loyalty influences his current stance, as he feels compelled to speak out about the situation in Rivers State.

Dokubo’s comments underscore the volatile political landscape in Rivers State and reflect deeper tensions between various factions. His accusations against President Tinubu and former Governor Wike reveal concerns over political maneuvering that could disrupt governance and stability in the region. As the situation unfolds, it remains to be seen how these dynamics will impact both local politics and broader governance in Nigeria.

The National Petroleum Authority of Ghana (NPAG) is proposing to import refined petroleum products from Dangote Refinery as part of its strategy to enhance energy security and strengthen regional economic cooperation. Dr. Mustapha Abdul-Hamid, the Chief Executive Officer of NPAG, announced this initiative during the 2024 OTL Africa Downstream Energy Week in Lagos.

Key Highlights from the Announcement:

• Energy Security: The agreement with Dangote Refinery aims to reduce Ghana’s reliance on costly imports from Rotterdam, thereby bolstering the country’s energy security.
• Regional Cooperation: Ghana has expanded its export agreements to include Burkina Faso, Mali, and Niger, which involves supplying operational facilities for international purposes, including U.S. military bases.
• Infrastructure and Currency Concerns: Abdul-Hamid emphasized the need for unified investments in infrastructure to lower transportation costs and improve distribution within West Africa. He also called for the establishment of a common West African currency to mitigate foreign exchange volatility, which currently strains local currencies and inflates operational costs.
• Shared Resources: He suggested that pooling human and infrastructure resources across the region could significantly strengthen economies, stressing that no African nation could achieve sustainable growth in isolation.
• Regulatory Framework: Abdul-Hamid advocated for aligned regulatory policies within the ECOWAS framework to facilitate seamless trade and enhance economic stability.
• Shared Infrastructure: The Ghana-Burkina Faso pipeline agreement was cited as a successful model for reducing dependence on tanker transport and ensuring consistent supply.

Commentary from Other Industry Leaders

Ms. Oluwatosin Aina, Group Head of Energy at First Bank of Nigeria Ltd., echoed Abdul-Hamid’s calls for a unified currency, noting the challenges posed by dollar-based transactions in petroleum dealings. She highlighted that ending Nigeria’s fuel subsidy has opened up investment opportunities in the downstream and midstream sectors.

Both Abdul-Hamid and Aina stressed the importance of aligning fiscal policies, petroleum infrastructure, and regulatory frameworks to address currency challenges and ensure affordable petroleum pricing for citizens.

Conclusion

The proposed importation of refined petroleum from Dangote Refinery signifies a strategic move by Ghana to enhance energy security while fostering regional cooperation. The discussions at the OTL Africa Downstream Energy Week highlight the urgent need for a collective approach among West African nations to overcome challenges in the energy sector and improve economic stability

The Abia State House of Assembly has challenged the Abia chapter of the Nigeria Labour Union (NLC) to provide evidence for its claims that the state government intends to seize 90% of local government allocations, leaving councils with only 10%.

This statement came during a media briefing in Umuahia following a meeting between Assembly members and Governor Alex Otti at his residence in Isiala Ngwa South council. Speaker of the Assembly, Hon. Emmanuel Emeruwa, emphasized that while the constitution allows the House to legislate on local government affairs, there is currently no such bill being considered.

Emeruwa stated, “I challenge the NLC to produce evidence of what they wrote because you cannot say what you don’t know. There is nothing like that before me. If we are making any new law regarding local governments, it is our legitimate right and mandate because the constitution gives the House of Assembly the right to oversee the local government.”

The Speaker also condemned the behavior of Hon. Alex Ikwechegh, the lawmaker representing Aba South/Aba North in the House of Representatives, who was seen in a widely circulated video harassing a Bolt driver. Emeruwa apologized on behalf of Ikwechegh for his actions.

He further expressed solidarity with Governor Otti, commending his policies and programs aimed at improving the state. The Speaker noted the unity within the Assembly, stating that both opposition members and those from the Labour Party are in agreement in supporting the upcoming local government elections scheduled for November 2nd.

Emeruwa urged the electorate to come out en masse on election day to vote for their preferred leaders, regardless of political affiliations. He emphasized that a strong local administration is crucial for effective governance and community development.