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Summon Ex-MDs, Mgt Staff …As World Bank Okays $2.1bn Loan For Nigeria

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Speaker of the House of Representatives, Hon Yakubu Dogara has said that the House would not relent until all allegations of misuse of N10.08trillion (about $30billion) by the Niger Delta Power Holding Company (NDPHC) are probed and unravelled.
This is just as the ad-hoc committee investigating the company led by Rep Darlington Nwokocha, yesterday, summoned all former managing directors, management staff of the company to appear before it and give account of their stewardship.
The speaker, who stated this at the opening of a public hearing by an ad-hoc committee of the House, on the alleged Constitutional Breaches, Impunity and other Infractions of the NDPHC, and the Need to Ensure Probity and Statutory Oversight Functions, said it was a great concern that about half of the funds were reportedly sourced through the Excess Crude Account, which belong to the nation’s three tiers of government.
“From the information made available to the National Assembly, the NDPHC Ltd. has since 2005 invested over $30billion, over half of which was sourced from the Excess Crude Account belonging to the three tiers of government, while the balance consists of funds from other investors.
“As a Limited Liability Company, the operations, management and accounting procedures of the Niger Delta Power Holding Company Limited is subject to the overriding provisions of the Laws of the Federal Republic of Nigeria in general, and the Companies and Allied Matters Act, (CAMA), in particular.
“However, the available information is that the company has failed to comply with very serious and important provisions of the law, such that the very essence of the company, and by extension the NIPP, is seriously threatened.
“Furthermore, the NDPHC does not submit its annual budget and project plans for appropriation by the National Assembly, while, as alleged, it also generates Internally Generated Revenues (IGR) in trillions of Naira, which cannot be determined because it is neither divulged nor paid into the coffers of the government, but rather expended by the company without Legislative approval or input from the other tiers of government.
“Most importantly, information available from the Corporate Affairs Commission (CAC) conveys very disturbing signals that the trillions of Naira purportedly invested into the NIPP by the federal, the 36 states and the 774 local governments have not been securitized as only N2billion is said to be registered as shares in the CAC for the three tiers of government”.
While tasking the committee to do a thorough job, the speaker stressed that “the House is committed to finding a lasting solution to the challenge in our power sector, which has adversely affected all efforts to transform our economy.
“In particular, we are concerned about making the NDPHC to work to fulfil its intended objectives as an important agency in our electricity industry”.
During the investigative hearing, members of the committee remanded to know how the company had operated with such impunity and financial infractions which the Managing Director, Chiedu Ugbo could not immediately provide answers for but rather pleaded for more time.
The committee demanded for all share certificates of the company and names of directors where it was by representative of Corporate Affairs Commission (CAC) that former Governor Emmanuel Uduaghan and Ago Fayose were the only governors that were directors of NPDHC.
To this end, a member of the committee, Rep Mark Gbilah moved that past MDs and management staff of the company should be summoned and the Chairman, Nwokocha ruled that they all should be summoned.
Earlier in his presentation, NDPHC Managing Director, Chinedu Ugbo, pledged to provide all the share certificates and resolutions taken at the Annual General Meeting (AGM) to the committee.
He disclosed that the exercises the company carried out so far were approved by the Nigeria’s Governors Forum (NGF).
Speaking earlier, Chairman of the Ad-hoc Committee, Darlington Nwokocha, explained that the National Assembly was constitutionally empowered to detect and prevent abuse, prevent illegal and unconstitutional conduct on the part of the government, its ministries, departments, agencies and corporations; protect the rights and liberty of citizens; hold government answerable for how tax payers’ money is spent and make government operations more transparent and increase public trust in the government.
Major stakeholders present at the hearing include: The Governors Forum, ALGON and CAC, OAGF.
The investigative hearing was adjourned sine die.
Meanwhile, months after top executives from the bank toured some projects in the country, the World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.
According to a statement released yesterday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.
The statement said the loans were approved in Washington on Wednesday, with World Bank Country Director for Nigeria, Rachid Benmessaoud, quoted as saying, “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.
The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.
The Bretton Woods institution disclosed that more than half of the loans coming the way of Nigeria would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.

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FG Targets Production Of Locally Made Vehicles By Dec

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

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Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

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The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

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Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

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A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

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