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FG Disburses N2trn To Mitigate Covid-19 Impact

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The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, yesterday, disclosed that the synchronized efforts by the monetary and fiscal authorities to mitigate the impact of the Covid-19 pandemic have led to the disbursement of N2trillion as of January this year.
Emefiele made the disclosure at the end of the first Monetary Policy Committee meeting of this year.
He revealed that N192.64billion has been disbursed to 426,016 beneficiaries of the Covid-19 Targeted Credit Facility (TCF) meant for household and small businesses.
“We have also disbursed N106.96billion to 27,956 beneficiaries under the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), while in the Health Care Support Intervention Facility, we have disbursed N72.96billion to 73 project that comprise 26 pharmaceutical projects and 47 hospitals and Health Care Services Project in the country.
“To support the provision of employment opportunities for the Nigerian youth, the Central Bank of Nigeria also provided financial support through the Creative Industry Financing Initiative and Nigerian Youth Investment Fund amounting to N3.12billion with 320 beneficiaries and N268million with 395 beneficiaries, respectively.
“On enhancing power supply, the Bank has so far, provided N18.58billion for the procurement of 347,853 electricity reading meters to Discos in support of the National Mass Metering Programme”, the CBN governor revealed.
Emefiele noted that, under the Anchor Borrowers Programme (ABP), N554.63billion had been disbursed to 2,849,490 beneficiaries since the inception of the programme, of which N61.02billion was allocated to 359,370 dry season farmers.
The committee urged the Bank to sustain its current drive to improve access to credit to the private sector while exploring other complementary initiatives, in collaboration with the Federal Government, to improve funding to critical sectors of the economy.
On the external reserves position, the committee noted the increase in the level of external reserves, which stood at $36.23billion as at January 21, 2021 compared with $34.94billion at the end of November, 2020.
This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of Covid-19 vaccines by most developed economies.
On efforts to stabilise food prices, Emefiele said that the bank has detected the unhealthy activities of private commodities exchange, a development that necessitates the repositioning of the Nigeria commodity exchange.
“We have written to the President and luckily, we have received the approval to restructure and reposition the Nigeria commodity exchange. It will operate like standard commodity exchanges that you can find in any part of the world which includes stabilizing of food prices generally. We will be coming up with the agenda and framework for the restructuring and repositioning of the Nigeria commodity exchange and we will do so in a manner that prices must be stable in Nigeria.
“We will not allow some self-seeking private exchange commodity to be holding agriculture products and be creating problems for prices because price stability is the core mandate of CBN and we cannot shy away from the responsibility, luckily the CBN own 60 per cent of Nigeria commodity exchange and we take control of it and will run it the way commodity exchanges are supposed to be run in any part of the world. That is one way that we would want to stabilize food prices in Nigeria”.
During the period under review, money market rates remained low, reflecting the prevailing liquidity conditions in the banking system.
Overall, the monthly weighted average Open Buy Back (OBB) rates declined further from the 1.13 per cent in November, 2020 to 1.09 per cent in December, 2020.
On the equities market, the committee noted the positive performance, particularly the sustained patronage by domestic investors largely driven by the prevailing low yields in the money market.
The All-Share Index (ASI) increased by 1.82 per cent to 41,001.99 points as at January 22, 2021 from 40,270.72 points on December 31, 2020.
Similarly, Market Capitalization (MC) grew by 1.80 per cent to N21.44trillion from N21.06trillion over the same period.
This improved performance was largely attributed to gains recorded in medium and large capitalized companies, notably in consumer goods, banking, insurance and oil and gas sectors.
The Monetary Policy Committee (MPC), however, noted the marginal increase in the Non-Performing Loans (NPLs) ratio which rose to 6.01 per cent at end-December, 2020 from 5.88 per cent at end-November, 2020 and above the prudential maximum threshold of 5.0 per cent.
While noting that this development is not unexpected under the prevailing circumstances, it urged the Bank to strengthen its macroprudential framework to bring NPLs below the prescribed benchmark.

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Northern Community Gets New Dan Buran In Rivers state

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The Arewa /Northern Community in Rivers state has appointed Alhaji Shuaibu Wada Madawakin Tilda as the Acting Dan Buran Rivers State.

The appointment is subject to confirmation by the Cabinet Council.

The appointment follows the dethronement of the former occupant,
Alhaji Musa Saeedu.

A statement from the Palace of the Sarkin Arewa/Northern Community (Sarkin Hausawan) in Rivers State and signed by His Royal Highness, Alhaji Hussaini Isah said the dethronement is with immediate effect.

The statement further disclosed that the decision follows an allegation of acts of insubordination and conduct considered contrary to the values, discipline, and traditions of the Northern community perpetuated by the Fmr Dan Buran.

The statement advised the public to discontinue to recognising and addressing Alhaji Musa Saeedu as the Dan Buran of the State, adding that he no longer holds the title and remained suspended.

Responding via telephone interview, Alhaji Musa Saeedu said he will not make any comment regarding the matter.

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HMSPR Oil, NCDMB, NIMASA, Stakeholders Praise Tamrose for Phenomenal Growth, Exemplary Local Content Capacity Building and Financial Fidelity …Pledge Increased Financial and Institutional Support for Indigenous Companies

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The Honourable Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, has renewed the Federal Government’s commitment to unlocking wider financial and institutional support for indigenous oil and gas service companies, citing the success of Tamrose Limited and the Nigerian Content Intervention Fund (NCI Fund) as a strong demonstration of what structured, accessible support can achieve.

Speaking at a landmark stakeholder event held at the Nigerian Content Development and Monitoring Board (NCDMB) Headquarters in Yenagoa, the Minister commended Tamrose Limited for its financial discipline and operational growth following the full repayment of its $10 million NCI Fund facility. He noted that the company’s progress underscores the importance of expanding support mechanisms to enable more Nigerian-owned companies to scale capacity and deepen their participation in the country’s offshore and marine logistics sector.

He said, “Over 70 companies have accessed the NCI Fund, yet only 21 have fully repaid their loans — and Tamrose is one of them. Their achievement reflects the very purpose for which the Fund was created: to strengthen local capacity and empower Nigerian service companies to compete at home and across Africa. Through this support, Tamrose has not only grown its operations but expanded beyond Nigeria’s shores, increasing its fleet from four vessels to fifteen, creating jobs for Nigerians, and setting a clear benchmark for operational excellence. As Minister and Chairman of NCDMB, our commitment is to continue fostering this kind of growth by ensuring that indigenous companies receive the support they need to scale, thrive, and deepen their contribution to the nation’s oil and gas sector.’’

Also speaking on behalf of the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager, Corporate Communications & Zonal Coordination, Esueme Dan Kikile, described Tamrose as an example of the outcomes envisioned when indigenous firms apply discipline, capability, and innovation in their operations noting, “Today is not just a celebration of one company; it is a reaffirmation of what is achievable through the Nigerian Content framework. Tamrose has shown strong leadership, financial fidelity, and accountability. Their growth—from a small operator to a major marine logistics service provider—is proof that the NCI Fund is working. This is why we will continue to support more credible Nigerian companies to access this fund and expand their capacity.”

The event themed “Celebration of Growth and Impact” hosted by Tamrose in collaboration NCDMB, brought together senior government officials, leaders of international and indigenous oil companies, financial institutions, traditional rulers, and other strategic partners. Distinguished guests included Dr. Olasupo Olusi, Managing Director of the Bank of Industry; Dr. Dayo Mobereola, Director-General of NIMASA; Rear Admiral Gboribiogha John Jonah (Rtd), former Deputy Governor of Bayelsa State; and representatives of Keystone Bank, ExxonMobil, First E&P, and Oriental Energy.

In his remarks, Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited, expressed appreciation to the Ministry, NCDMB, and Bank of Industry for their support and reiterated the company’s commitment to strengthening indigenous capacity in offshore marine logistics. He said, ‘’We are gathered here today using Tamrose as a point of contact, a convergence and amplification of the voices of all Nigerian entrepreneurs in the oil and gas sector and beyond. We are here to say loudly that Nigeria can work, and that indigenous Nigerian companies can scale and dominate Africa and indeed the world — with the right government and institutional support. In 2019, Tamrose accessed and secured a US $10 million facility through the NCI Fund. That singular support from NCDMB turned out to become not just pivotal, but a foundational catalyst that has propelled and continues to accelerate our growth and evolution as a company. Since then, our operations have grown from four vessels to fifteen active units, comprising ten security patrol vessels and five platform supply vessels — all purpose-built and carefully selected, to safely deliver our hallmark excellent services of reliability and efficiency. ‘’

Over the years, Tamrose Limited has consistently demonstrated its commitment to indigenous capacity development, human capital growth, and community empowerment through a range of initiatives. Since accessing the NCI Fund in 2019, the company has expanded its fleet from four to fifteen vessels — achieving about 300% fleet growth and extending operations from Nigeria to Angola while proudly flying the Nigerian flag everywhere they go. Tamrose has created nearly 250 direct jobs, supported over 600 indirect family livelihoods across the maritime ecosystem, and trained more than 100 cadets under the Tamrose Cadetship Training Scheme to international seafaring standards. The company has also enhanced healthcare accessibility for its workforce, enrolling over 1,500 employees in HMOs, and significantly accelerated NCDMB’s goal of achieving 70% local content by 2027. Beyond business growth, these initiatives underscore Tamrose’s ongoing commitment to building a strong, skilled, and sustainable Nigerian maritime sector.

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HYPREP Probes Overhead Tank Collapse …Plans To Supply Water In 65 Ogoni Communities

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The Hydrocarbon Pollution Remediation Project (HYPREP) has taken prompt steps to unravel the circumstances surrounding the collapse of the overhead tank of the Gwara Water Station recently commissioned by the Minister of Environment, Malam Balarabe Abbas Lawal in Ogoniland, Rivers State.
This is even as the Project has restated its determination and commitment to supplying quality potable water to 65 Ogoni communities before the end of the year.

HYPREP said while addressing journalists in Port Harcourt that it has commenced an investigation into the collapse of the overhead tank at the Gwara Water Station in Khana Local Government Area of Rivers State.
The high-level committee set up by the Project Coordinator, Prof Nenibarini Zabbey as an interim measure, is mandated to determine the immediate and remote causes of the incident.

The Vice Chairman of the committee, Barrister Gowon Ichibor while addressing newsmen said the committee has already swung into action, as it has visited the site of the incident to take stock and assess the situation.

Barrister Ichibor noted that the committee is firmly on top of the situation, as it is poised to carry out a painstaking investigation to unravel the immediate and remote causes of the unfortunate incident.

He further indicated that it is hasty and premature at this point, to pinpoint what might have caused the incident but promised to furnish the public with all necessary information in connection with the overhead tank collapse as soon as possible.

While assuring affected communities of HYPREP’s determination to restore the water facility as quickly as possible, he said the committee would tidy up its work in less than no time and promptly brief the press on its findings.

The committee did not, however, foreclose the possibility of recommending appropriate punitive measures and sanctions to be meted out to culprits at the end of its assignment, to prevent future occurrences.

Meanwhile, HYPREP’s Head of Communications, Dr Enuolare Mba-Nwigoh, who also lent his voice, described the incident as a temporary setback, as the Project would take appropriate and prompt actions to restore potable water supply to the affected Ogoni communities.

He also reaffirmed HYPREP’s commitment to upholding global best practices, standards and quality in the execution of projects, and sympathised with the affected communities over the unfortunate incident, saying, 16 water facilities have already been commissioned, which are effectively and satisfactorily serving over 40 Ogoni communities.

With the collapse of the overhead tank of the Gwara Water Station, he revealed that 40 Ogoni communities are currently enjoying potable water.

The head of communications further disclosed plans by HYPREP to provide potable water to 65 Ogoni communities before the end of the year.

While regretting the unfortunate incident, Dr Mba-Nwigoh urged Ogoni people and residents of Gwara community to remain calm, peaceful and law-abiding, and eschew all forms of speculations and rumour-mongering, as the Project is on top of its game to remedy the situation.

He reeled out the achievements and milestones so far recorded by HYPREP, saying, the Ogoni cleanup programme is very much on course.

It would be recalled that HYPREP had earlier in a statement said it was deeply disturbed by the collapse of the overhead tank at Gwara Water Station, stressing that the
Project Coordinator, Prof Nenibarini Zabbey, had set up a high-level committee to determine the immediate and remote
causes of the incident.

It further noted that the committee had already visited the site and begun a detailed investigation to establish whether the collapse resulted from structural failure or possible third-party interference.

HYPREP, in a statement signed by its management, expressed concern over the incident and sympathised with the Gwara community, urging residents to remain calm as efforts are being made to restore the damaged facility and resume water supply to affected areas.

The Project assured that it remains committed to delivering quality projects that meet international standards, adding that internal and external quality control measures have been introduced, including the engagement of EcoProject as Project Consultant, supervision by the Monitoring and Evaluation Unit, and oversight by water supervisors.

It noted that aside from this isolated case, 16 water stations have been commissioned across Ogoniland, providing water to over 40 communities, with some facilities operating successfully for more than two years.

The Project added that sustainability plans have been put in place to ensure continuous water supply to communities. These include the formation of Water Consumers Associations (WCA), construction of solar farms for alternative power, and training of laboratory staff.
It also stated that one of the key features of the HYPREP water projects is the establishment of laboratories to ensure that water supplied to communities meets the World Health Organisation (WHO) standard.

HYPREP reaffirmed its commitment to quality service delivery and assured that all necessary steps are being taken to address the situation and prevent future occurrences.

The Project has also set up a technical sub-committee over the collapse of the overhead tank of the Gwara Water Station, to foster and promote accountability in the implementation of projects.

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