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In a Historic Move, FG Transfers Regulatory Oversight of Enugu Electricity Market to State Govt
AdminFollowing the Enugu State Electricity Law signed by Governor Peter Mbah and the recent constitution of the Enugu State Electricity Regulatory Commission, ESERC, by the Mbah Administration, the Nigerian Electricity Regulatory Commission (NERC) has, in a historic move, formerly transferred the regulatory oversight of the Enugu State electricity market to the state agency effective May 1, 2024.
This is a landmark development in the nation’s power sector, being the first time NERC would be ceding such regulatory authority to any state electricity regulatory agency.
The transfer was made known by NERC on Monday in an April 22, 2024 Order No. NERC/2024/039 signed by the Commission’s Chairman, Sanusi Garba, and the Commissioner for Legal, Licensing and Compliance, Dafe Akpeneye.
The transfer is sequel to the amendments of the Paragraph 14 (b) of the Second Schedule to the 1999 Constitution by the 9th National Assembly in 2023 as well as the Electricity Act 2023, both of which effectively devolved power generation, transmission, and distribution from the Exclusive List to the Concurrent List and also empowered the states to manage and regulate their electricity markets within their jurisdictions.
It is recalled that the Mbah Administration initiated the Enugu State Electricity Bill 2023, which the governor signed into Law in September the same year and also set the pace in March 2024 by constituting the Enugu State Electricity Regulatory Commission (ESERC) led by Chijioke Okonkwo as the Chairman/CEO.
The Electricity Act 2023 provides that within 45 days of receiving formal notification of the enactment of the law under subsection (1), the commission (NERC) shall draw and deliver to the state regulator a draft order setting out a plan and timeline for the transition of regulatory responsibilities from the commission to the state regulator, which transition shall be completed not later than 6 months from the date on which the formal notification in subsection (1) was delivered to the commission.
Explaining further, NERC says the ESERC now holds the exclusive power to set and adopt end-user electricity tariffs within Enugu State, tailoring charges to local conditions and requirements.
Also, while ESERC manages local tariff methodologies, any electricity sourced from grid-connected plants and the related tariffs for generation and transmission services must still receive approval from the Nigerian Electricity Regulatory Commission (NERC), ensuring alignment with national energy policies.
Furthermore, the final tariffs approved by ESERC for consumers in Enugu State will be definitive for the state, with the Enugu State Government responsible for supporting and implementing tariff-related policies, ensuring that electricity pricing is both fair and attuned to the specific needs of the state’s residents.
Consequently, NERC ordered that: “Enugu Electricity Distribution Company PLC, EEDC, is hereby directed to incorporate a subsidiary EEDC SubCo under the Companies and Allied Matters Act for the assumption of responsibilities for intrastate supply and distribution of electricity in Enugu State from EEDC.
“EEDC shall complete the incorporation of EEDC SubCo within 60 days from the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from EERC.
“EEDC shall identify the actual geographic boundaries of Enugu State and carve out its network in Enugu State as a standalone network with the installation of boundary meters at all border points where the network crosses from Enugu State into another state.
“EEDC shall create an Asset Register of all its power infrastructure located within Enugu State.
“Evaluate and apportion contractual obligations and liabilities attributable to EEDC’s operations of its subsidiary in Enugu State.
“Identify all the applicable trading points for energy offtake for the operations of EEDC SubCo in Enugu State
“Confirm the number of employees that are required to provide service to Enugu State as a standalone public utility; and transfer the identified assets for operations in Enugu State, contractual obligations, liabilities and employees to EEDC Subco.”
[ThisDay]
Chairman of the Economic and Financial Crimes Commission (EFCC), has narrated an encounter he had with the immediate past governor of Kogi State, Yahaya Bello, over a probe by the agency.
Speaking with select Editors in Abuja on Tuesday, the anti-graft czar said he decided to speak personally with Bello to honour him as a former governor.
He said Bello initially gave the excuse that one of his political opponents had sent pressmen to the commission’s head office so as to embarrass him when he arrived there.
According to Olukoyede, when he gave Bello the option of using an entrance that is exclusively meant for him as chairman, the narrative changed.
“I didn’t initiate the case against Yahaya Bello; when I assumed office, I inherited the case file and I said there are issues here. Do you know that on my own, on my honour, I put a call across to him, which I am not supposed to ordinarily do. Just to honour him a serving governor. I said, ‘Sir, there are issues. I have seen this case file, Can you just come to clarify these issues?’ And he said, I thank you my brother, but you see I can’t come. There’s one lady, a senator, who has surrounded EFCC with over 100 journalists to embarrass him.
“I said ok if that’s the case, I would pass you through my gate and you will be interrogated on my floor. I will invite the interrogators to my office to interview with you. What could be more honourable than that? ‘But do you know what he said?’ He said, can’t then come to my village? Imagine that’s what he told me.”
Narrating what happened on the day EFCC officials laid siege to Bello’s house in Wuse, Zone 4, Abuja, the anti-graft Czar said, “As early as 7 am, my men were there. Over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties. My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”
['DailyTrust]
The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, on Tuesday, said the Commission has discovered another worse scheme other than crypto trading platform, Binance and its system.
Olukoyede said EFCC has frozen about 300 accounts to ensure the safety of the foreign exchange market.
The scheme popularly called the “P to P” peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.
“There are people in this country doing worse than Binance,” he said.
He added that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.
[DailyPost]
The Federal Government has launched a new platform aimed at strengthening the efficiency and transparency of its import duty exemption programme.
The Incentive Monitoring and Evaluation Platform (IMEP) will be integrated into the existing Import Duty Exemption Certificate (IDEC) programme, according to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The IDEC programme offers strategic import duty reductions for priority sectors critical to national development, such as manufacturing, agriculture, and healthcare.
The introduction of IMEP signifies the government’s commitment to ensuring these exemptions are used effectively to stimulate economic growth.
“The newly launched IMEP ensures that only eligible entities benefit from the IDEC program,” Edun explained in Abuja on Tuesday.
“This rigorous enforcement will optimise tax expenditures by reducing waste, blocking leakages, and ultimately fostering a more equitable economic environment,” he added.
The IMEP offers a suite of features designed to enhance transparency and accountability within the IDEC program. These features include: automated claw-back mechanism which ensures that any entity found to be misusing exemptions will be required to repay the import duties they avoided.
Others include real-time e-reporting where stakeholders will benefit from immediate access to electronic reports, streamlining the verification process and a centralized database with a comprehensive database designed to improve efficiency and provide a clear picture of how exemptions are being utilized.
The government sees the IMEP as a critical tool for ensuring tax breaks are strategically allocated to maximise their economic impact. “IMEP’s precise monitoring capabilities will allow for a more strategic allocation of exemptions,” Edun noted. “This will ultimately support the government’s objective of reducing tax expenditures overall.”
To acquaint stakeholders with the upgraded IDEC framework, the Ministry of Finance will be hosting a webinar on Thursday, April 25th, 2024, at noon WAT.
This session will provide key industry participants, including manufacturers, importers, representatives from relevant government ministries, and NGOs, with an opportunity to learn more about the IMEP’s features and the benefits it offers.
Those interested in attending the webinar can find registration details on the Ministry of Finance’s website and the IDEC YouTube channel.
The launch of the IMEP signifies the government’s ongoing efforts to promote a more efficient and equitable business environment in Nigeria.
By ensuring that import duty exemptions are used strategically and effectively, the government aims to bolster economic growth while minimizing wasteful spending.
[TheNation]
A businessman, known as AIS_Savita on an X post on Tuesday, lodged a complaint against Moniepoint Microfinance Bank, alleging the restriction of his account holding a credit balance of N700m.
He called on the Central Bank of Nigeria and the Economic and Financial Crimes Commission to intervene promptly.
In a video shared on Tuesday, AIS_Savita highlighted that he had conducted transactions totalling nearly N700m with Moniepoint MFB within four months before his account was inexplicably restricted.
He stated that several attempts to ascertain the reason for the restriction were unsuccessful.
Presenting evidence from his transaction history, AIS_Savita emphasised the absence of any irregular transaction as claimed by Moniepoint MFB.
He expressed concerns that such actions by the bank could adversely affect his business operations and demanded transparency and accountability.
AIS_Savita urged the CBN and EFCC to investigate the matter thoroughly, asserting that Moniepoint MFB’s actions could constitute financial fraud.
He cautioned other account holders to remain vigilant and called for greater scrutiny of the bank’s practices to prevent similar incidents.
“I have transacted almost N700m in less than four months with Moniepoint Nigeria, but my account was suddenly restricted without any reason given.
“I believe this is a case of massive financial fraud and I demand that the Central Bank of Nigeria and the Economic and Financial Crimes Commission investigate. MoneyPoint Nigeria has been rolling down business accounts, restricting them without any justifiable reason, and I am not alone in this experience”, he tweeted.
- _Savita (@smartakukoma) / X (twitter.com), showed the transaction history and other financial details between him and Moniepoint Nigeria while claiming that his business account was just restricted to fail his customers. “So, why will you wake up early morning and decide to restrict an account, a business account?”
Speaking in the video evidence seen and monitored by PUNCH Online, he said, “Dear CBN, dear EFCC, it’s time you look at Moniepoint and what they have been doing with businesses. They have been running down businesses and restricting business accounts.
“I woke up on Sunday, suddenly around 1:57 a.m. on the 14th of April when Moniepoint restricted my account and sent me a message that my account was restricted.
“It was on a Sunday morning and I waited till Monday. I called them. Why did you restrict my account? They couldn’t give me any reason for restricting my account. I reached out to them again many times they could not give me a reason. They only told me that I should wait until the investigation was going on. I waited for so long. I have to write them on X right here.
“Here is the Moniepoint chat trend. They said that “an erroneous transaction of 965,000 445 occurred in my account on the 9th of April”. I said all right. Is there any information you need me to provide for you to unrestrict my account so that I can continue my business? They did not give me any feedback. They only said that I should wait. I said Okay. I have to check my account statements.”
Efforts by our correspondent to get the reactions of the CBN remained unsuccessful as both calls and messages sent to the Acting Director of Corporate Communications, CBN, Hakama Sidi-Ali; and the Assistant Director, Lekan Ajayi, were not successful.
Punch Online checks on @moneypoint Nigeria showed that the lender responded to AIS_Savita, apologising, ”for the inconvenience caused.”
“Hello there, we are sorry about the experience with your account and for the inconvenience caused.
“As discussed via DM, your account was flagged for a transaction. The lien will be reviewed after the reconciliation and feedback provided. Thank you for your patience”, Moniepoint wrote on his X handle at @Moniepoint Nigeria.
[Punch]
President Bola Tinubu has approved the appointment of 12 consuls-general and five chargés d’affaires to represent Nigeria in 14 countries.
The minister of Foreign Affairs, Yusuf Tuggar disclosed this announcement in a statement on Tuesday.
Tuggar, in a statement by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir, charged the newly appointed Chargé D’affaires and Consuls General to be good ambassadors of Nigeria.
The minister said the new appointees are pivotal to the economic drive of President Bola Tinubu.
He further stressed that as seasoned career diplomats, they should shun the act of politicking and recommit themselves to their calling of diplomacy for Nigeria’s collective interest and development.
Reacting on behalf of the new appointees, the just appointed Consul General for the Consulate in New York, Ambassador Abubakar Jidda, reiterated his colleagues’ commitment to uphold the profession’s ethos and pledged to bring the much-needed investments to the country.
He thanked President Bola Ahmed Tinubu and the Ministry of Foreign Affairs for the confidence reposed in them.
Names of Chargé D’affaires and missions posted include Amb. Saidu Dodo Damascus, Syria); Amb. Patrick Imoudu Imologhome (Pyongyang, Democratic People’s Republic of Korea); Amb. Francisca Omayuli (Singapore, Singapore); Amb. Babagana Ahmadu (Bangui, Central African Republic); and Amb. Mohammed Mohammed (Tripoli, Libya).
Also, the newly appointed Consul General and their consulates, including Amb. Auwalu Namadina (Atlanta, USA); Amb. Nnamdi Nze (Bata, Equatorial Guinea); Amb. Francis Enya (Douala, Cameroon); Amb. Gbadebo Afolabi (Shanghai, China); Amb. Oludare Folowosele (Hong Kong, China); Amb. Abubakar Jidda, (New York, USA); Amb. Yakubu Dadu (Frankfurt, Germany); Amb. Taofik Coker (Buea, Cameroon); Amb. George Onwuekwe (Guangzhou, China); Amb. Umar Bashir (Johannesburg, South Africa); Amb. Zayyan Ibrahim (Dubai, UAE); and Amb. Muazam Nayaya (Jeddah, Saudi Arabia).
[Vanguard]
Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), says he will tender his resignation if he does not prosecute Yahaya Bello, former governor of Kogi state, to a logical conclusion.
Olukoyede spoke in Abuja on Tuesday during an interactive session with media executives.
“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the EFCC chair,” he said.
The EFCC boss also vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence will face the full wrath of the law.
He also said he invited Bello to his office for a more respectful and dignified interrogation, but that the ex-governor wanted EFCC operatives to grill him in his village instead.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that,” he said.
“But he said because a certain senator has planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”
Olukoyede said the EFCC did not violate any law while trying to arrest the former governor from his residence.
“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.
“I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.
“We would have gone after Bello since January but we waited for the court order.
“As early as 7 am, my gallant men were there. Over 50 of them. They mounted surveillance.
“We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.
“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”
He vowed that all those who have dipped their hands into the public till would be investigated and prosecuted.
“If I can do Obiano, Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede said.
The EFCC is prosecuting Bello on 19 counts bordering on alleged money laundering and misappropriation of public funds to the tune of N80.2 billion.
[TheCable]
Ihedioha resigns from PDP: Former Imo State governor, Emeka Ihedioha, has tendered his resignation to the Peoples Democratic Party (PDP), citing a misalignment between his personal beliefs and the current trajectory of the party.
In a resignation letter addressed to the chairman of his constituency, Mbutu Ward, Aboh Mbaise Local Government Area of Imo State, Ihedioha expressed his dedication to the advancement of democracy and good governance in Nigeria despite his decision to step away from the party.
Having been a member of the PDP since its inception in 1998, Ihedioha highlighted his contributions to the growth and evolution of the party, noting its historical commitment to internal reforms and providing credible leadership both in and out of power.
However, Ihedioha lamented recent developments within the party, stating that it has deviated from its core principles. He voiced concerns over the party’s inability to enact internal reforms, uphold its own regulations, and effectively oppose the ruling All Progressives Congress (APC).
The letter reads, “Since 1998, I have contributed my quota to the development and transformation of the Peoples Democratic Party (PDP) as one of the founding members. All these years, I have taken pride in the fact that the PDP is a party that will always look inward for internal reforms and provide credible leadership for the people, whether in power or outside power. I have had the benefit of serving and benefiting from the party at various levels.
“Regrettably, in recent times, the party has taken on a path that is at variance with my personal beliefs. Despite my attempt to offer counsel, the party is, sadly, no longer able to carry out internal reforms, enforce its own rules or offer credible opposition to the ruling All Progressives Congress.’
“It is in the light of the foregoing, that I am compelled to offer my resignation from the People’s Democratic Party effective immediately. While the decision was difficult to take, I, however, believe that it is the right one. Despite this resignation, I will always be available to offer my services towards the deepening of democracy and good governance in Nigeria.”
Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively.
This is coming at the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.
The price change of N940 is applicable to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.
Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.
Chiejina said, “I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”
He further stated that the partnership will be extended to other major oil marketers.
“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he added.
It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from N1200 to N1,000 per litre barely two weeks ago.
This marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.
Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an “enterprising feat.”
Reacting to the latest development, the Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, said that, “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”
He added that, “The trickle down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.
“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”
The Central Bank of Nigeria (CBN) has notified Bureau De Change (BDC) operators of the sale of $10,000 at the rate of ₦1,021/$1.
The notification of discounted sales was contained in a fresh statement by the apex bank to the BDC operators.
This move marks the second of such sale this month and the fourth in the current year which is aimed at addressing the retail-end market, particularly for transactions such as travel allowances, tuition fees, and medical payments.
This policy allows the CBN to sell a total of $10,000 to each eligible BDC, who in turn sell to end users with a maximum markup of 1.5% over the buying price in order to prevent price gouging and ensure that the benefits of the discounted rate are transferred to consumers needing foreign exchange for various personal transactions.
The CBN circular on the fresh sale reads: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
Naija News recalls the CBN, in February 2024, announced the sale of $20,000 to each BDCS at the rate of N1,301/$. By the second attempt, the bank reduced the allocation by 50% and sold FX at a rate of N1,251/$1. Earlier this month, the apex bank had a sale of $10,000 to each BDC at a rate of N1,101/$1.
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The embattled immediate past Governor of Kogi State, Alhaji Yahaya Bello said he was ready to appear before the Federal High Court in Abuja to answer to the 19-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him.
Though Bello was absent for his arraignment, he briefed a team of lawyers who addressed the court on his behalf on Tuesday.
A member of his legal team, Mr. Adeola Adedipe, SAN, told the court that his client would have made himself available for the proceedings, but was afraid that he would be arrested.
“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe, SAN, submitted.
Consequently, he urged the court to set aside the exparte order of arrest it earlier issued against the former governor.
Adedipe, SAN, contended that as at the time the order of arrest was made, the charge had not been served on his client as required by the law.
He noted that it was only at the resumed proceedings on Tuesday that the court okayed substituted service of the charge on the defendant, through his lawyer.
“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning.
“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.
Besides, the ex-governor maintained that the EFCC is an illegal organization.
According to him, the Federal Government did not consult the 36 States of the federation before it enacted the EFCC Act through the National Assembly.
He argued that section 12 of the 1999 Constitution, as amended, required the various Houses of Assembly of states to ratify the Act before it could become operative.
“This is a very serious matter that borders on the constitution and the tenets of federalism. It has to be resolved because as it stands, the EFCC is an illegal organization,” Bello’s lawyer added.
However, EFCC’s lawyer, Mr. Kemi Pinheiro, SAN, urged the court to refuse the application, insisting that the warrant of arrest should not be set aside until the defendant makes himself available for his trial.
“The defendant cannot stay in hiding and be filing numerous applications. He cannot ask for the arrest order to be vacated until and when the defendant is present in court for his arraignment. He cannot be heard on that applied application.
“The main issue should be ascertaining the whereabouts of the defendant. All these applications he is filing are nothing but dilatory tactics intended to delay his arraignment and frustrate the proceedings.
“If he wants the order of arrest to be discharged, let him come here and make the application.
“Our position is that the defendant should be denied the right of being heard, until he is physically present before this court.”
EFCC’s lawyer further argued that inline with section 396 of ACJA, 2015, the court could not effectively assume jurisdiction to decide any application or objection in the matter, until the defendant is arraigned.
The anti-graft agency said it would not execute the arrest warrant if counsel to the defendant undertake to ensure his presence on the next adjourned date.
“If he gives an undertaking that his client will be in court on the next date, I can assure him that the arrest warrant will not be executed.
“If he gives that assurance, as the prosecution, I will personally apply for the warrant to discharged,” EFCC’s lawyer, Pinheiro, SAN, added.
EFCC told the court that the Supreme Court had since settled the issue of its legality.
“The charge before this court is not against a state or House of Assembly, but against an individual who is said to have laundered public funds.
“It is against an individual who is said to have taken public funds to buy houses in Lagos, Maitama and also transfered funds to his accounts abroad,” EFCC added.
The Katsina State Working Committee of the All Progressives Congress (APC) has set the nomination form fee for those contesting for the seat of local government chairman at five million naira.
Katsina APC Deputy Chairman Alhaji Bala Abu Musawa confirmed this after a meeting of the working committee, other state executives, and chairmen and secretaries of the party from the 34 local governments, held at the presidential banquet hall, Katsina Government House.
He stated that those contesting for councillor seats would pay a fee of N1.5 million (one million five hundred thousand naira).
Alhaji Bala Abu emphasized that all payments for the forms must be made directly into the party’s account.
However, he clarified that sales of the forms will commence from May 1st to May 4th this year.
He added that all contestants must return their completed forms to SIEC by Thursday, May 9th.
Quoting provisions from the election timetable issued by SIEC, the APC deputy chairman announced that primary elections for council chairmen would be held on Saturday, May 18th, while councillor elections will follow on Wednesday, May 22nd.
He stated that the final list of candidates emerging from the primaries must be submitted to the state electoral commission on Monday, May 20th.
Alhaji Bala Abu appealed to all contestants to adhere strictly to the guidelines, particularly regarding election campaigning.
President Bola Tinubu is set to embark on an official visit to the Kingdom of the Netherlands starting today, Tuesday, April 23, 2024.
President Tinubu’s official visit to the Netherlands, as announced through a statement on the official X account of the Presidency Nigeria on Monday, comes at the invitation of Prime Minister Mark Rutte.
During his time in the Netherlands, President Tinubu will engage with Prime Minister Mark Rutte and hold separate meetings with His Royal Majesty King Willem-Alexander and Queen Máxima. Queen Máxima serves as the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA).
Furthermore, the President will participate in the Nigerian-Dutch Business and Investment Forum that will bring together heads of conglomerates and organizations in both countries to explore opportunities for collaborations and partnerships, especially in agriculture and water management towards innovative solutions for sustainable farming practices.
- “There will also be extensive discussions with Dutch officials on port management operations for which they have world-renowned experience,” the statement added.
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The statement further revealed that following President Tinubu’s visit to the Netherlands, he will travel to Saudi Arabia for a two-day World Economic Forum.
The World Economic Forum will be held in Riyadh from April 28 to April 29, 2024.
- “After his engagements in the Netherlands, the President will proceed to attend a special World Economic Forum (WEF) scheduled for April 28-29 in Riyadh, Saudi Arabia,” the statement read in part.
The forum, emphasizing global collaboration, growth, and energy for development, will gather over 1,000 leaders from business and academia.
The statement also revealed that President Tinubu, accompanied by ministers and senior officials, will leverage this platform to advance discussions aligning with his administration’s objectives for Nigeria under the Renewed Hope Agenda.
President Bola Tinubu’s entourage on these diplomatic visits will comprise some ministers and government officials.Bola Tinubu, World Economic Forum, Prime Minister Rutte, Kingdom of Netherlands.
[Nairametrics]
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite has said more Nigerians will benefit from the ongoing disbursement of N50,000 by the federal government.
TheNewsGuru.com (TNG) reports Dr Uzoka-Anite made this known on Monday while announcing that the loan disbursement for MSMEs and the manufacturing sector had commenced.
According to the Minister, the initial disbursements to nano businesses have shown great success, supporting 1 million nano businesses across Nigeria.
Confirming that application for the presidential conditional grant scheme is closed, Uzoka-Anite disclosed that disbursements are ongoing.
“More beneficiaries will receive their grants this week. The process is ongoing. Only 10% of the beneficiaries have been paid thus far. More disbursements will be made this week and in the weeks to come. A list of all beneficiaries will be published at the end of the process.
“Once the disbursement process is complete all beneficiaries will be listed on the fedgrantandloan.gov.ng website. The process is ongoing and so far only about 10% of the 1 million beneficiaries have been paid. More will be paid this week and in the weeks to come.
“1 million beneficiaries will be paid across all the 774 local governments of the federation. This is roughly 1,290 people per local government. The process of disbursement is ongoing and a full list of beneficiaries will be published once complete.
“The two programmes are running concurrently. The grant portal is closed and disbursements have started and are ongoing. The loans portal remains open and eligible applicants are welcome to visit http://fedgrantandloan.gov.ng or their nearest Bank of Industry branch,” she said.
On the federal government’s presidential N200 billion fund for MSMEs and the manufacturing sector, Uzoka-Anite revealed that N75 billion had been set aside for MSMEs while another N75 billion for manufacturing.
[TNG]