... as Odua Investment Company commits to FG's economic revolution

The Vice President, Senator Kashim Shettima, has restated the firm resolve of President Bola Ahmed Tinubu's administration to revolutionise Nigeria's Digital Economy, saying it is on course and fully backed by the necessary support, initiatives and partnerships.

To this effect, he said the Federal Government will continue to open its doors to all willing partners and stakeholders who continue to believe and invest in the Nigeria project, adding that it is just a matter of time before the nation takes its rightful position across the globe.

The Vice President, who gave the assurance on Thursday when the management of Odua Investment Company Limited led by its Chairman, Otunba Bimbo Ashiru, paid him a courtesy visit at the Presidential Villa in Abuja, praised the Company for its initiatives and investment in agriculture, digital economy and MSMEs.

Senator Shettima noted that these sectors remain critical to Nigeria's economic development and future.

"The Southwest region of our country has the enormous capacity to revolutionise the country given its endowments, just as the policies of President Tinubu will, in no time, manifest as the greatest milestones crossed for the development of Nigeria," the VP stated.

On the ''weaponization of fuel subsidy," Vice President Shettima described it as an albatross that hung on the neck of the Nigerian nation, as well as the hitherto manipulated exchange rate.

"Few persons sat on our commonwealth and manipulated our resources. But we are checkmating these manipulations and as can be seen the economy is gradually beginning to recover and pick up. We are, indeed, ready to carry the burden of leadership and together with stakeholders like you, we are crossing the rubicon and the time for reaping will come," VP Shettima further said.

Earlier, the Chairman of Odu’a Investment Company Limited, Otunba Ashiru, who thanked the Vice President for the opportunity to pay him a courtesy call, commended President Tinubu for promoting ease of doing business in Nigeria.

Similarly, he praised the encouragement they got from Vice President Shettima, just as he said, “You could see that businesses are coming in, and that is why we are here. I see a brighter future in this country with what we have seen in general.

“Nigerians have no business going around the world looking for money, especially with the volume of resources at its disposal, more so that our investors are our greatest assets,” he said.

Mr Ashiru expressed optimism that businesses will continue to thrive under the Tinubu administration, even as he called on citizens and investors to take advantage of the opportunities that abound in Nigeria and do business.

“Earlier, it was one of the issues that the Vice President was applauded for. I served as a former Commissioner in my state, and I know that actually, the Office of the Vice President focuses on that aspect of doing business in Nigeria.

“Now, I'm sure Nigeria has moved up the ladder. I remember Nigeria was sometimes ranked around 140 or so. I can tell you that there are lots of opportunities in this country,” he added.

Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)

Monumental history was made earlier today as Nigeria became one of the few countries in the world to pioneer the issuance of Practice Directions by the Federal High Court which is vested with the constitutional jurisdiction on Aviation matters. The signing of the Practice Direction was presided over by the Vice-President of Nigeria, Senator Kashim Shettima at the meeting of the Presidential Council of Presidential Enabling Business Environment Council (PEBEC) at the Presidential Villa, Abuja.

Since taking over office, one of the key points of the Honourable Minister of Aviation and Aerospace Development Festus Keyamo’s 5-Point Agenda is the support for the growth and sustenance of local airline businesses whilst holding them to highest international standards.

In pursuit of this agenda, the Minister was confronted with the lingering problem of the low rate of Nigeria’s compliance with the Cape Town Convention - a Convention that regulates the dry-leasing of aircrafts by major aircraft manufacturers such as Boeing and airbus and major leasors across the world who perceived Nigeria as a non-compliant country. This led to the blacklisting of Nigeria by the Aviation Working Group. The AWG CTC compliance index shows Nigeria’s substantial non-compliance with the CTC which is largely as a result of legal impediments in the country’ judicial process which have adverse impact on the implementation and compliance with terms of the Convention. Certain judicial cases have shown that speedy reliefs sought by the creditors were not granted within the 10 days declaration made by Nigeria under the Convention. The Minister, with the key support of Mr. President, the Vice-President and the Attorney-General of the Federation, then reached out to key institutions and offices in the judicial sector to make this possible, which resulted in the signing of the Practice Direction today.

The new Practice Directions issued by the Chief Judge of the Federal High Court will eliminate judicial impediments in the implementation and compliance with the Cape Town Convention. This singular move has revolutionised airline business in Nigeria as it will boost investors’ confidence and open the floodgate to Nigeria air operators to have easy access to aircraft acquisition at much lower cost. And this will significantly enhance the growth of the aviation industry by creating more jobs and promoting the rapid economic development of the aviation industry. By so doing, the Nigeria aviation industry which, has huge global market can favourably compete and increase its contribution to the GDP.

It is important to stress that as a Party to the Convention on International Mobile Equipment (Convention) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the Protocol) which was adopted in Cape Town South Africa on the 16th November 2001 and has been ratified and domesticated in the Civil Aviation Act 2006, as amended in the Civil Aviation Act 2022, Nigeria has the obligation to ensure that its domestic laws and its courts and administrative bodies give full effect to the CTC and that the timelines and remedies set in the CTC are not varied at the discretion of the courts.

It is only by so doing that the primary objective of the CTC which is to facilitate the efficient financing and acquisition of aircraft objects by the recognition of the international interests created in the objects can be beneficial to airline operators in the country.

The Honourable Minister would like to seize this moment to express profound appreciation to all the stakeholders who have contributed immensely towards the actualization of this landmark issuance of the new Federal High Court Practice Directions which will not only clear the image and reputation of Nigeria in the global community, but usher in a new era for the airline business in Nigeria to grow and be well positioned to compete favourably in the global aviation market.

Tunde Moshood,
SA, Media and Communications to the
Honourable Minister of Aviation and Aerospace Development

THE Nigerian National Petroleum Company Limited (NNPC Ltd), said its purchasing portal would be reopened as soon as the backlog of orders for petrol was cleared.

Marketers had complained about the  portal shutdown, adding that it encourages round-tripping of product supplies while driving prices.

However, in a press statement obtained by Vanguard, the Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye, said: “We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period. 

“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible.”

The Caretaker Committee of the Labour Party has called on Julius Abure to cease presenting himself as the national chairman.
The party leadership maintained that Abure’s tenure ended on June 9, 2024.

During a press conference held by the Labour Party National Transitional Committee (NTC) in Abuja, the Secretary of the party’s Board of Trustees, Salisu Mohammad, noted that this resolution was made during a stakeholder meeting in Umuahia, led by the legitimate and lawful Caretaker Committee under Nenadi Usman.

Mohammad emphasized that the NTC has actively engaged and rallied all pertinent stakeholders to facilitate the party’s recovery from what they termed Abure’s unlawful actions and corruption.

He further stated that since Abure took over as national chairman following the unexpected passing of the previous chairman, Alhaji Abdulkadir Abdulsalam, in 2000, he has led the party without undergoing an election.

‘In fact, INEC (Independent National Electoral Commission) had asked him to vacate the chair meant for Chairman of Labour Party.

“These interventions by the NTC have culminated in the meeting of the National Executive Committee (NEC) of the Labour Party in Umuahia.

“The National Transitional Committee (NTC) facilitated by the Nigerian Labour Congress as the Trustee of the Labour Party fully accepts and commends the decision of the NEC of the Labour Party at its meeting on September 4, 2024.

“We support the 29-man Caretaker Committee to prepare and conduct democratic congresses to elected party leadership at the Ward, LGA, State and National levels’’, he said.

He stated that the NEC convened by Governor Alex Otti of Abia represents the most necessary intervention to rescue the party from what he termed as unlawful activities.

“We believe that this intervention is in line with the expression of the democratic will of the millions of Nigerians who do not want the party to die at the hands of political contractors who have been procured to destroy the party,” Mohammad said.