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The Economic and Financial Crimes Commission (EFCC) says its operatives have arrested Hyginus Nkwocha, a suspected billionaire internet fraudster, in Abuja.
In a statement on Thursday, Dele Oyewale, spokesperson of the anti-graft agency, said 35-year-old Nkwocha was arrested at the Ever-Green Estate in the Lugbe area of Abuja on Wednesday.
Oyewale said the suspect was taken into custody after operatives acted on credible information that confirmed his involvement in internet-related offences.
He said items recovered from the suspect included “a sum of 2,200 dollars, an iPhone 15 Pro Max, a Samsung Galaxy S24 Ultra, a Samsung Galaxy S21 Ultra, an iPhone 13 Pro Max, and a MacBook”.
“Other items recovered include a gold chain and pendant, a gold bracelet, a gold neck chain, a Mercedes Benz ML 350, a Chevrolet Camaro, and a Mustang car,” he added.
“Also recovered are some properties at Cookies Court 2, located in Ocean Palm Estate, Ajah, Lagos; Unit C8, Lugbe Airport Road, Abuja; and Cookies Court 2, 2nd Avenue, Ocean Palm Estate, Ogombo, Lagos State.”
The EFCC spokesperson added that the suspect will be charged in court as soon as investigations are concluded.
In February, the EFCC arrested 26 suspected fraudsters in Abuja.
Items recovered from them included a Toyota Tacoma, a CLS Mercedes 450, three Lexus cars, 40 phones, and seven laptops.
In the same month, the agency arrested 14 undergraduate students of the Federal University of Technology Akure (FUTA) for suspected internet fraud.
Cuppy posted pictures from her recent water baptism at the Holy Trinity church in Brompton, UK, reflecting on her re-dedication.
In her caption, she wrote:
This summer, I made THE best decision of my life— to fully dedicate my life to God. Baptism isn’t just a ceremony; it’s a transformation. I am a new creation, reborn in His grace ?️✝️
The way to live us actually to die…
Ofcourse I am still DJ Cuppy, but now, every beat, every moment, has a deeper meaning. I see life in a new, brighter light. At 31, I finally understand what it really means to live a purpose driven life. Each day, I’m learning to live with intention, guided by something bigger than myself. Thank You, Father, for Your Salvation ?? #GodsVeryOwn
Healthcare professionals are leaving Nigeria in droves despite the Federal Government’s efforts to retain them, BusinessDay has found.
Sixteen thousand doctors have exited Nigeria in the last five years, the Ministry of Health and Social Welfare said.
About 75,000 nurses and midwives left Nigeria within the same period for the United States, Europe and Asia, according to the National Association of Nigerian Nurses and Midwives (NANNM).
Over the past six months, several healthcare workers have made efforts to exit Nigeria but were unable to process their travel documents due to unofficial restrictions imposed on license verification by the Nursing and Midwifery Council of Nigeria (NMCN), limiting them to Nigeria alone.
One of such restrictions is that applicants who want to relocate must have active practicing licenses for at least six months before expiration.
Micheal Nnachi, president of the National Association of Nigeria Nurses and Midwives (NANNM), told BusinessDay that policies that restrict the migration of its members are unacceptable, noting that efforts are afoot to tackle them
“We cannot allow any policy that will restrict the movement of nurses, especially in search of greener pastures. We can’t do that,” Nnachi said.
Olufunmilayo Ogunsanya, a family physician, said unless nurses and other health workers are better treated by the government, any effort to retain them at home will be fruitless.
“Nigerian nurses are overworked, underpaid, overused, under-appreciated and unfulfilled with their work in Nigeria. This is why they want to leave Nigeria,” Ogunsanya said.
“The answer to underpaid, overworked, and unfulfilled health workers is not to hold them hostage in a system and a country they no longer want to be in. We need to address the issues, pay them better, make work more fulfilling, and build a country that professionals are happy to live in,” he added.
Meanwhile, the Federal Government has been rolling out different initiatives to attract healthcare workers to the system, including a new policy offering various incentives to those in the country and the diaspora.
According to a new policy document, special credit facilities, mortgage financing schemes and tax holidays will be created to provide a conducive operating environment for health workers. There will be a periodic review of healthcare workers’ salaries, benefits, pensions, and allowances.
While the policy recognises healthcare workers’ right to international mobility for employment, it also stipulates that this mobility should adhere to principles of social justice, human rights, equity, transparency, and fairness.
However, the criteria for determining what constitutes ‘fair,’ ‘just,’ and ‘equitable’ remain unclear, as there is a risk of potentially hindering career advancement opportunities for some healthcare professionals.
Faruk Abubakar, secretary general and registrar of the NMCN, did not respond to BusinessDay’s inquiries on the current situation of nurses and midwives license verification on the two occasions he was reached via calls and texts.
In March 2024, the council began to implement revised guidelines for the verification of certificates for practice abroad, demanding that nurses and midwives must have at least two years of work experience after receiving their permanent practicing license before working abroad.
It also stipulates that applicants who want to relocate must have active practicing licenses for at least six months before expiration.
They must also provide letters of good standing from direct supervisors at their workplace or training institutions, extending the verification process to at least six months.
Nurses and midwives have begun to fight for the abolishment of the policy or a review that considered their interests.
Abubakar insisted that the Federal Government will not back down on the contentious verification policy in a televised interview conducted earlier, noting that it needs to place the collective welfare of Nigerians ahead of individual pursuits.
He said more than 42,000 nurses left Nigeria over the last three years as training institutions struggle to produce an average of 6,700 nurses yearly.
In 2023, about 15, 000 nurses left Nigeria, implying that despite yearly spending on producing skilled manpower in about 285 schools of nursing and midwifery, Nigeria lost almost all to the international nursing labour market.
“If we allow every Nigerian to leave as they graduate, who is going to handle our healthcare services? We are not against anyone traveling, but Nigerians must be served and provided for with quality healthcare since we produce some of the best work across the world,” Abubakar said during an interview on Channels TV.
He further disclosed that nurses in Nigeria earn between N135,000 and N200,000.
However, depending on the level, experience, and qualifications, the annual salaries of nurses and midwives range between £20,330 and £93,735 yearly in England, according to data gleaned from the United Kingdom website on pay scale in healthcare.
The registrar said the Federal Government aims to produce 47,000 nurses in 2024.
[Businessday]
Chinese authorities have successfully extradited a suspect in a $14 billion crypto pyramid scheme from Thailand.
The suspect named Zhang allegedly masterminded a massive pyramid scheme involving cryptocurrency to the tune of $14 billion and became the first financial crime suspect to be extradited using the China-Thailand extradition treaty since it took effect in 1999.
The extradition was announced by the Chinese Ministry of Public Security on its official website giving a breakdown of the development from the time the financial crime was committed to the moment of extradition.
“ On the evening of August 20, with the strong assistance of relevant domestic departments, the Chinese Embassy in Thailand, and Thai law enforcement agencies, the Ministry of Public Security’s “Fox Hunting Operation” working group successfully extradited Zhang, a major economic crime suspect suspected of organizing and leading pyramid selling activities, from Thailand to China. This case is the first economic crime suspect extradited from Thailand by China after the China-Thailand Extradition Treaty came into effect in 1999.”
It is understood that since 2012, the MBI Group, headed by the criminal suspect Zhang, has required participants to pay fees ranging from 700 to 245,000 yuan to obtain platform membership by issuing virtual digital currency, using high rebates as bait, and using the number of members developed and the amount of funds invested as a method of remuneration or rebate basis to carry out illegal online pyramid schemes. The group has developed more than 10 million members, and the funds involved exceed 100 billion yuan.
In November 2020, the Chongqing Municipal Public Security Bureau filed a case against Zhang in accordance with the law; in March 2021, the Interpol China National Central Bureau issued a red notice against him. On July 21, 2022, the Thai police arrested Zhang. Subsequently, China made an extradition request to Thailand in accordance with the bilateral extradition treaty. On May 21 this year, the Thai Court of Appeal made a final ruling to extradite Zhang to China. On August 14, the Thai government made an administrative decision to support the court’s final ruling.
An official from the Ministry of Public Security’s “Operation Fox Hunt” office said that the successful extradition of Zhang demonstrated the Chinese government’s firm determination and will to safeguard citizens’ rights and interests and defend the dignity of the law. It was a major achievement in China-Thailand law enforcement and judicial cooperation and was of milestone significance in consolidating and deepening the law enforcement and judicial cooperation between the two countries. It will also play a positive exemplary role in the future extradition cooperation between China and other countries.” Chinese Ministry of Public Security stated
In 2021, China banned crypto trading activities on the mainland but many investors still found their way around the rules.
The Chinese authorities have been very strict with crypto entities fleshing out stringent policies to tackle crypto entities operating in the country.
What to Know
Recently, China classified crypto transactions as money laundering in an update to its Anti Money Laundering (AML) laws in a bid to simplify the process of prosecuting crypto-linked money laundering cases.
[Nairametrics]
From ₦150 Billion Presidential Jet To ₦5 Billion Yacht: Tinubu Govt’s Extravagant Purchases Under Scrutiny
Admin
Public discontent continues to grow over the President Bola Ahmed Tinubu administration’s purchase of a new presidential jet.
The government has reportedly allocated over ₦150 billion for the aircraft purchase, a move that has drawn widespread criticism, particularly as Nigerians continue to struggle with a challenging economic climate and an ongoing cost of living crisis.
Policies enacted by President Tinubu, such as subsidy removal and exchange rate unification, have led to price increases for various commodities, contributing to the current inflationary pressures.
Despite the hardships caused by these policies, the president has urged Nigerians to endure the situation. However, the administration seems unwilling to adhere to its own advice, with inflation now at 33%.
This report from Naija News examines some of the most extravagant expenditures by the current government.
Presidential Jet
The Nigerian government has reportedly spent over $100 million on an Airbus A330 to replace the 19-year-old Boeing B737-700(BBJ) acquired during Olusegun Obasanjo’s presidency. This lavish purchase has drawn significant backlash from Nigerians, who view it as a sign of insensitivity.
Even though the National Assembly claimed it has not yet appropriated funds for the purchase, President Tinubu has already used the jet on a trip to France.
Senate President Godswill Akpabio has consistently expressed his readiness to approve any request related to finalizing the purchase.
Former Minister of Education, Oby Ezekwesili, criticized President Bola Tinubu’s decision to purchase a 14-year-old aircraft for use as a presidential jet, stating that there is no justification for such an expense.
“The worst display of Fiscal Rascality is when political and public leaders of a country that is highly overburdened with Debts of all kinds, choose to spend scarce public resources on prestige projects and luxuries.
“Imagine the @NGRPresident and his Vice, @NGRSenate and @HouseNGR of @nassnigeria and the Governors of mostly unviable 36 States enjoying obscene luxuries while asking the Poor “to sacrifice for the future,” Ezekwesili stated.
Similarly, the Labour Party’s 2023 presidential candidate, Peter Obi, has called on the administration of President Tinubu to be transparent about the details surrounding the newly acquired presidential jet and the status of the older jets that are being sold off.
The presidential candidate said, “Now that the Jet is here, can Nigerian taxpayers whose money was used to purchase it need to be privy to how much it cost and how old the aircraft is and how long its been in operation.”
Presidential Yacht
Last year, the government faced significant criticism for planning to purchase a presidential yacht. In the 2023 supplementary budget of ₦2.17 trillion, President Tinubu proposed ₦5 billion for the yacht’s procurement.
Following public outcry, the National Assembly refused to approve the yacht’s funding, reallocating the ₦5 billion to student loans with questions remaining on how the government will finance the yacht.
Amid widespread criticisms over the procurement of a luxury boat for the President in the midst of worsening hardship across the country, the Nigerian Navy affirmed that it ordered the yacht during the administration of former President Muhammadu Buhari.
Naija News reports that the Director of Information, Nigerian Navy, Commodore Adedotun Ayo-Vaughan, in an interview with PUNCH, stated that the yacht had been in the country since June 2023.
The navy noted that the procurement of the yacht was long overdue, stressing that the yacht was for training and not for the pleasure of the President as widely believed.
₦21 Billion House for Vice President Shettima
The administration has also been criticized for reportedly spending ₦21 billion to complete the official residence of Vice President Kashim Shettima. Despite other urgent infrastructure projects, FCT Minister Nyesom Wike prioritized this residential project, drawing public ire.
Nonetheless, the minister completed and commissioned the project, ignoring the criticism.
President Tinubu stressed that the completion of the VP’s residence project, which commenced in 2010, was in line with his Renewed Hope Agenda, which favours the completion of uncompleted projects for the benefit of all Nigerians.
The Socio-Economic Rights and Accountability Project (SERAP) and some other Nigerians expressed anger over the expenditure of ₦21 billion to build the official residence for Vice-President Kashim Shettima, at a time of economic hardship in the country.
According to SERAP: “The reported expenditure of 21 billion Naira on the residence of the Vice President, Mr. Kashim Shettima, is wasteful and a clear instance of misplaced priorities by the Tinubu Administration.”
₦1.5 Billion Cars for the Office of the First Lady
The Office of the First Lady has often been criticized for the influence wielded by its occupants, despite being an unelected position. The cost of running this largely ceremonial office is also a point of contention.
Tinubu decided to spend ₦1.5 billion on vehicles for the Office of the First Lady, an office that is not recognised by the country’s constitution.
In the 2023 supplementary budget, the government proposed ₦1.5 billion for purchasing vehicles for the Office of the First Lady.
₦160 Million Cars for National Assembly Members
In the midst of the current economic crisis, members of the National Assembly received luxurious Sport Utility Vehicles, each costing an estimated ₦160 million. It is unclear what vehicles were provided to the Senate, but they are expected to receive more.
Chairman of the Senate Committee on Services, Sunday Karimi, explained that the leadership of the National Assembly made this choice for lawmakers based on considerations of durability and maintenance over a four-year period.
Karimi also criticized the noise surrounding the purchase of the SUVs, saying that ministers who ride about four official vehicles were not criticized.
₦90 Billion Hajj Subsidy
The government also spent ₦90 billion on the 2024 Hajj pilgrimage to Saudi Arabia. Due to the naira’s devaluation, the cost of the Hajj increased significantly, forcing the National Hajj Commission of Nigeria (NAHCON) to revise the fee multiple times.
The government’s ₦90 billion subsidy is now under investigation by various anti-corruption agencies. The Chairman of NAHCON, Jalal Arabi, and several management staff were arrested by the EFCC for alleged mismanagement of the funds.
The anti-graft agency revealed that a sum of SR314,098 was recovered from Arabi and other high-ranking officials of NAHCON.
The EFCC’s investigation found that funds from the ₦90 billion Hajj subsidy were fraudulently misappropriated, with Arabi allegedly overpaying himself and others for operational costs.
Meanwhile, President Tinubu, along with some of his aides and other government officials, have repeatedly urged Nigerians to remain patient, assuring them that the current hardships citizens are facing will be temporary.
[NaijaNews]
The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has attributed the persistent fuel queues across the country to a weak distribution chain within the downstream sector of the oil and gas industry.
Speaking at the 3rd edition of the PENGASSAN Energy and Labour Summit in Abuja yesterday, Osifo called for urgent reforms to address the issue.
According to him, Nigeria’s distribution chain is outdated and insufficient to meet the demands of its large population.
“There is no country in the world as big as Nigeria, with our population, that relies on a single point of product importation and uses trucks to distribute across the nation,” he said.
He explained that this method is vulnerable to disruptions, including bad roads and flooding, which can lead to fuel scarcity.
The PENGASSAN President emphasised the need for the government to develop and strengthen the country’s value chain to ensure a more efficient and reliable distribution system.
He warned that without these improvements, the country would continue to face recurring fuel shortages.
Osifo also addressed other critical issues facing the oil and gas industry where he noted that the high cost of production in Nigeria, which is 15 to 20 per cent higher than in other parts of the world, is partly due to the burden of security on oil and gas companies.
He called on the government to take over security responsibilities from investors, which would significantly reduce production costs.
Osifo further urged the government to strengthen laws and sanctions against those involved in oil theft, while he advocated for harsher penalties to deter bad behaviour and encourage integrity within the industry.
He said, “Our distribution chain has challenges, that the distribution chain is weak in the downstream section of the oil and gas industry.
So that is why today you see queues in most of the stations. The problem may be solved today, but tomorrow it will surface”.
“Because there is no country in the world that is as big as Nigeria, that has the same population that we have in Nigeria, that brings its product to a particular area and uses trucks to take it around.
Because whenever there are challenges, whenever loads are bad, whenever you have floods, those trucks cannot pass through a certain area and what is going to happen? we are going to have scarcity.
So we must do everything possible to strengthen that area. So as PENGASSAN, we have called for this in the past, and we also reiterate that today, that the value chain must be developed”.
[Leadership]
The federal government says it has set up at least 40 ageing desks basically meant for care of senior citizens in 40 different Ministries, Department and Agencies (MDAs), saying one individual agency or ministry can’t handle issues related to ageing.
Although the government did not list the MDAs that have the section, it, however, warned against discrimination and stigimatisation of the older persons in various sectors, adding that old age should be seen as a beautiful thing to cherish and not to despise.
The Director-General of National Senior Citizens Center (NSCC), Dr Emem Omokaro, disclosed this in Abuja on Thursday during an inaugural training programme for Quality Assurance Assessors certification in the Geriatric Social Care Skills Sector.
The NSCC boss also revealed that the government has developed a Care Quality Assurance System for Nigeria which she said national benchmark and minimum standard for the accreditation of care settings are embedded.
She said, “No one person, no single ministry can handle aging alone because what they do is different statutorily. NSCC has dug deep to understand different mandates of relevant agencies, and we went on a very high-level advocacy, meeting technical partnership.
“I want to say that NSCC now has 40 ageing desks in 40 Ministries, Departments and Agencies (MDAs). Of those partnerships, we ensured that there was a Memorandum of Understanding (MoU). As it is now, we have the Ministry of Health and the National Board for Technical Education.
“These are the foundations that the NSCC is laying by working with different professionals bit by bit, by developing the Nigeria Care Quality Assurance System in the country.
“It is a system, that is why we have national policy guidelines on the geriatrics social care, quality assurance and Standard Operating Procedures. We also have the national benchmark and minimum standard for the accreditation of care settings with domiciliary in social care agencies.
“Before now, anybody will have the permission to do anyhow. Working with the partners, we are bringing standards, qualities, because our older persons deserve it. It is a right to have care that is appropriate, acceptable and available.”
Dr Omokaro stressed that care for older persons in line with global best practices is a skill that requires training.
“For anyone to have this skill you need to be trained, and for you to be trained, you need training providers. So as you have seen here heads of Geriatrics, Consultant Geriatricians, Family Physicians and Nurses from our tertiary institutions, they may have all the knowledge, but they are not certified to assess skills.
“So, these trainees here are nominees of these tertiary institutions who will earn the certification. As Quality Assurance Assessors, you must be able to assess competency, attitude and all other technical things.”
On its part, the National Board for Technical Education, described skills as the global currency of labour, saying to be a competent person, there must be competency based assessment and certification.
The Director of Vocational Technical and Skills Development, Engr Suleiman Yusuf, who represented the agency, said, “If you’re aware, the Federal Government approved Nigerian Skills Qualification Framework, and this is why NSCC is coming under, and is being supervised by NBTE.
“The framework covers all facets of training, and Nigeria has joined the league of qualification framework, looking after competencies, not academic qualification for engagement.”
[DailyTrust]
Popular comedian Ayodeji Richard Makun, also known as AY, has bemoaned how challenging being a Nigerian is.
He lamented that being a Nigerian gets tougher by the minute.
In a statement on his X handle on Thursday, AY wrote, “Being a Nigerian just gets tougher and tougher by minutes.”
Meanwhile, reality TV star Josephine Ijeoma Otabor, popularly known as Phyna, has reacted to the recent increment in the fees for the processing and acquisition of Nigerian passports.
She lamented that the increment was not justified as the Nigerian passport is barely respected around the world.
On her X handle, she wrote: “Increasing the price of our passport that when you get to some countries sef because of the passport you go be like who sh*t for body….is what they are increasing… Omo this country don fall flat…. Nothing good seems to be coming out at all.”
[DailyPost]
The vice-president argued that her personal story and background as a prosecutor made her uniquely qualified to protect Americans’ interests against a former president she cast as only having his own interests in mind.
Kamala Harris took to the stage to a thunderous standing ovation at the Democratic National Convention on Thursday night to officially accept her historic Democratic presidential nomination and outline her plans for the US, should she win in November’s election.
This was her chance to tell Americans who she is and drive home the message of how she would be a superior world leader to her Republican rival Donald Trump, after current Democratic President Joe Biden withdrew from the race last month.
Here are five key takeaways from the Harris speech that closed the convention.
A potential president of historic firsts
The daughter of Jamaican and Indian immigrants, Harris became the first Black woman and person of South Asian descent to accept a major party’s presidential nomination and she would become the first female president if elected.
She didn’t explicitly reference the historic firsts she would set in her 40-minute speech but struck a personal tone as she reintroduced herself to the crowds.
Raised primarily by her mother in a small apartment in San Francisco’s East Bay after her parents’ divorce, Harris described being reared as well by friends and caregivers who were “family by love”.
She also detailed a key part of her political origin story, when Wanda, her best friend from high school, confided in her that she was being abused by her stepfather and came to live with Harris’ family.
“That is one of the reasons I became a prosecutor. To protect people like Wanda,” Harris said.
Outlining her work as a prosecutor, state attorney general, senator and now vice president, Harris declared, “My entire career I’ve only had one client: the people”. Meanwhile, she said Trump has only ever acted in the interests of “the only client he has ever had: himself”.
Steadfast support for Ukraine and NATO
Harris reaffirmed her support for Ukraine against Russia’s war of aggression, in addition to strengthening relationships with fellow NATO members
“As president, I will stand strong with Ukraine and our NATO allies,” Harris said.
She slammed Trump’s past comments on the war, which is in its third year. Trump has previously repeatedly questioned US backing for Ukraine.
Harris said that five days before Russia’s full-scale invasion in February 2022 she had “warned President Zelenskyy” and has since helped mobilise more than 50 countries to counter President Vladimir Putin’s aggression.
Harris added that, unlike her presidential rival, she wouldn’t “cosy up to tyrants and dictators like Kim Jong-Un, who are rooting for Trump”.
“They know Trump won’t hold autocrats accountable — because he wants to be an autocrat,” Harris said. “As president, I will never waver in defence of America’s security and ideals.”
No shift in Gaza war stance
The vice president vowed to work toward an end to Israel’s war against Hamas that can stabilise the rest of the region, while not hesitating to protect US forces from aggression by Iran and other adversaries.
While she pledged to “always stand up for Israel’s right to defend itself” after Hamas’ attack on 7 October and pushed for the release of the hostages and the implementation of a cease-fire deal, she highlighted the plight of Palestinian civilians as well.
Pro-Palestinian protesters and members of the “uncommitted” movement in the arena sharply criticised convention organisers for not inviting a Palestinian American onstage.
“What has happened in Gaza in the last 10 months is devastating, so many innocent lives lost,” Harris said. “Desperate, hungry people fleeing to safety over and over again. The scale of suffering is heartbreaking.”
Protecting women’s reproductive rights
Harris also spoke about one of the key issues from her vice presidency: reproductive rights.
Pledging to restore nationwide access to abortion after the Supreme Court overturned Roe v Wade, which had protected the federal right to abortion for decades, Harris lambasted Trump and Republicans who have enabled abortion bans across two dozen states and have sought to move further.
“Now he brags about it,” Harris proclaimed. “Simply put, they are out of their minds.”
Abortion is an issue many Democrats have been keen to see Harris capitalise on and is a topic that has galvanised Democratic voters.
A direct appeal to Republicans against Trump
Harris made a direct call to Republicans who don’t support Trump to put aside party labels and support her over Trump, who denied his loss to President Biden in the 2020 election, which inspired the 6 January 2021 Capitol riots.
” know there are people of various political views watching tonight, and I want you to know I promise to be a president for all Americans,” Harris said. “I promise to be a president for all Americans to hold sacred America’s constitutional principles, fundamental principles, from the rule of law and fair elections to the peaceful transfer of power.”
The vice-president invoked her prosecutor’s background when she referred several times to Trump’s “explicit intent” to free those who assaulted law enforcement officers at the Capitol, jail political opponents and use the military against US citizens.
“Consider what he intends to do if we give him power again,” she added.
[TheNation]
The Shamsuddeen Usman Foundation (SUF) says it is working to establish the first artificial intelligence (AI) centre in Nigeria to develop education.
Sadiq Usman, a trustee of the foundation, said this while speaking with reporters in Abuja on Thursday.
Usman said Nigeria could use AI to leapfrog “to the fourth industrial revolution”.
“We at the foundation feel that Nigeria and Nigerians must not be left behind in the fourth industrial revolution which is well under way,” Usman said.
“We in Africa are still trying to catch up with the first and second industrial revolution; we’re still talking about building energy, infrastructure, roads, but the world is talking about and moving to the fourth industrial revolution.
“But the beauty of it is that you can leapfrog to the fourth without achieving the second or the third.”
Usman said the foundation and a book –
Public Policy and Agent Interests: Perspective from the Emerging World – by Shamsudeen Usman, a former minister, would be officially unveiled on September 26.
“The book, together with the Foundation, would be publicly unveiled on Thursday, September 26 – one week and a day after his 75th birthday,” he said.
“This book is a unique publication on both the impetus for, and impediments to growth and development in emerging economies.
“It provides a fascinating and penetrating insight into the workings of government and the boardroom, in terms of policy formulation and implementation, economic management as well as the overall growth paradigm in the developing world, with Nigeria as a case study.
“It is also an account of the interactions between the government, its agencies and the private sector and how such engagements impact national growth, investments and the overall performance of the economy.
“The book will therefore be a veritable reference material for policymakers, technocrats, business leaders and public officials on the workings of government and governance and the tradeoffs they have to make in designing and implementing public policy.”
Usman added that the proceeds from the book launch would be used to support the work of the foundation.
Former President Goodluck Jonathan, Vice-President Kashim Shettima and former Vice-President Yemi Osinbajo are some of the dignitaries billed to attend the event.
[TheCable]
More...
Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.
The company confirmed via a press release that the deal has been completed representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset.
The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities.
Recall Italian Oil Major, Eni, reported it had received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.
Eni said NAOC focuses on onshore oil and gas exploration and production as well as power generation in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had also announced that Oando PLC completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
NUPRC Chief Executive, Engineer Gbenga Komolafe disclosed in July that Oando Plc a leading indigenous energy solutions provider has completed its divestment agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
Key Transaction Details
Increased Stake in Key Oil Blocks: The acquisition boosts Oando’s participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%. This expands Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, of which 24 are currently producing.
Enhanced Infrastructure Ownership: Oando now has a stake in vital infrastructure, including approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the KwaleOkpai power plants (960MW capacity). This acquisition further strengthens the company’s infrastructure footprint in Nigeria.
Significant Increase in Reserves: Oando’s total reserves have jumped from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, representing a 98% increase based on 2022 reserve estimates.
Immediate Cash Flow Impact: The transaction is expected to be immediately cash generative, significantly enhancing Oando’s financial position and cash flows.
Strategic Importance
Wale Tinubu, Group Chief Executive of Oando PLC, highlighted the significance of this acquisition as the culmination of a decade-long effort that began with Oando’s acquisition of ConocoPhillips’ Nigerian assets in 2014.
Tinubu stated, “This is a win for Oando and every indigenous energy player as we take our destiny in our hands and play a pivotal role in the next phase of Nigeria’s upstream evolution.”
He further emphasized Oando’s commitment to optimizing the acquired assets’ potential while maintaining a focus on responsible practices, sustainable development, and contributing to Nigeria’s goal of boosting oil production.
Oando has cautioned that while it believes the acquisition will yield significant benefits, the transaction involves inherent risks and uncertainties. These include potential changes in project parameters, the future price of crude oil, and risks associated with international operations. The company advised investors to consider these factors when evaluating its future prospects.
Despite the uncertainties, Oando remains optimistic about the acquisition’s potential to drive growth and value creation, particularly as it explores diversification opportunities in clean energy, agri-feedstock, and energy infrastructure.
[Nairametrics]
The Minister of Works, David Umahi, has declared that the Ministry, under his leadership, would not propose any new project for execution in the year 2025.
Umahi said instead of new projects, the Ministry would focus on completing several ongoing and abandoned projects.
He added that the only that can make the Ministry recommend any new project is if it comes from President Bola Tinubu.
Naija News reports Umahi made the declaration on Thursday in Abuja during a press briefing to mark his first year in office.
The minister said, “We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16tn, most of them were inherited by this administration.
“Some of these projects were awarded when the naira was exchanged for N150 to $1USD.”
The minister further explained that inflation has contributed significantly to the rising cost of most of these projects, and it would be in the nation’s best interest for them to be completed.
Meanwhile, the federal government has disclosed that foreigners operating in the mining sector are responsible for terrorist attacks on miners across mining sites in the country.
The Minister of Solid Minerals, Dele Alake, said the foreign-sponsored attacks intend to scare away the miners for illegal mining to continue.
Alake said this in a statement on Thursday while condemning the killing of 12 miners at Unguwar Magro Village of Niger State.
He assured that security agencies have commenced investigations to apprehend the attackers and their sponsors.
[NaijaNews]
Bolt has blocked numerous accounts involved in the prank between Nigerians and South Africans.
In a trend that took many by surprise, Nigerians and South Africans renewed their online rivalry.
The trend started by the South Africans was tagged: ‘Request in Nigeria Challenge’.
Customers had ordered fake rides and cancelled them after drivers accepted.
Some Nigerians had followed the steps of their South African counterparts.
Several users shared their experiences on X and express their frustration.
One user, @Iamwhykayy, wrote that South Africans were ordering rides from South Africa and then canceling after the driver arrived, “wasting the drivers time & fuel.”
Another user, @Oladapomikky1, claimed that over 40 Bolt and Uber cars were ordered to a single street in Johannesburg by Nigerians, only to be canceled.
The incidents have sparked outrage and concern among X users, who view the behavior as a form of digital harassment and a reflection of underlying prejudices.
Some have argued that the actions are indicative of a “scary kind of obsession” that South Africans have with Nigerians.
Commenting on the situation, Yahaya Mohammed, Country Manager of Bolt in Nigeria, said, “Bolt is aware of the fake ride request incident between some individuals in Nigeria and South Africa. We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community.”
Coincidentally, the incident happened a day after Chidimma Adetshina, South Africa-based model of Nigerian descent, arrived in Lagos ahead of the 2024 Miss Universe Nigeria competition.
The 23-year-old law student came to Nigeria after accepting to participate in the competition following her controversial withdrawal from Miss South Africa 2024 due to xenophobic backlash over her nationality.
Nigerians and South Africans clashed online over the issue which led to Adetshina’s withdrawal from the event.
Upon arrival, she expressed her excitement: “I’m so thrilled. I was excited throughout the flight and can’t wait to explore more of Nigeria. I look forward to meeting the other contestants. I’m grateful for the opportunity to compete. I believe dreams are valid when action is taken, and I feel this is my time to manifest that. This is the first step towards what I want to achieve.”
[DailyTrust]
President Bola Ahmed Tinubu signed a new national minimum wage of N70,000 into law on Monday, July 29, 2024, from the initial N30,000.
This decision followed a series of negotiations where the Tripartite Committee, which includes representatives from Organised Labour, the private sector, and the federal government, failed to reach a consensus.
The new minimum wage is seen as a significant step towards addressing the rising cost of living and enhancing the welfare of Nigerian civil servants.
However, the move has garnered mixed reactions from state governors. While some have expressed their readiness to implement the new minimum wage, others have raised concerns about their financial capacity to do so.
Here are some state governors who have announced their readiness to implement the new N70,000 minimum wage:
1. Babajide Sanwo-Olu (Lagos State):
During Workers’ Day on May 1, 2024, Governor Babajide Sanwo-Olu assured Lagos State civil servants that his administration would implement the new minimum wage. Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed on August 10, 2024, that the state had been paying above the minimum wage even before it was officially approved.
2. Ademola Adeleke (Osun State):
Governor Ademola Adeleke of Osun State has affirmed his readiness to implement the new minimum wage. On July 19, 2024, Osun State’s Commissioner for Information, Kolapo Alimi, stated that Adeleke’s administration is committed to workers’ welfare and will adhere to the new wage law.
3. Godwin Obaseki (Edo State):
Governor Godwin Obaseki of Edo State has already started paying the new minimum wage of N70,000, even before President Tinubu signed the bill into law.
4. Hyacinth Alia (Benue State):
Governor Hyacinth Alia of Benue State confirmed on July 19, 2024, that his administration is prepared to pay the new N70,000 minimum wage. He also noted that measures have been implemented to block financial leakages and ensure proper payment.
5. Babagana Umara Zulum (Borno State):
Governor Babagana Zulum of Borno State has expressed his commitment to paying the new N70,000 minimum wage. This was reported by Borno State’s Nigeria Labour Congress chairman, Inuwa Yusuf, on July 21, 2024.
6. Seyi Makinde (Oyo State):
Governor Seyi Makinde of Oyo State, through Chief Press Secretary Sulaimon Olanrewaju, stated on July 29, 2024, that implementing the N70,000 minimum wage would be manageable. Olanrewaju highlighted that the governor’s commitment to meeting the new wage requirement remains firm.
7. Abdullahi Sule (Nasarawa State):
Governor Abdullahi Sule of Nasarawa State has indicated readiness to pay the new minimum wage. On August 6, 2024, his Senior Special Assistant on Public Affairs, Comrade Peter Ahemba, confirmed the administration’s commitment to worker welfare and stated that payments would begin soon.
8. Lucky Aiyedatiwa (Ondo State):
Governor Lucky Aiyedatiwa of Ondo State has shown his willingness to implement the new minimum wage. This was announced on August 6, 2024, in a statement from the Ondo State Head of Service, Mr. Bayo Philip.
9. Ahmadu Umaru Fintiri (Adamawa State):
Governor Ahmadu Umaru Fintiri of Adamawa State announced on August 19, 2024, that the new N70,000 minimum wage has been approved for civil servants. He described this as a reaffirmation of his administration’s commitment to workers’ welfare.
[TheNation]