Connect with us

Business

INEC Deploys 108 Staff For Imo Guber Poll, Today

Published

on

No fewer than 108 staff of Independent Nationa Electoral Commission (INEC) from Enugu State will be deployed for the conduct of the Imo governorship supplementary election rescheduled to hold, today.

Mr Josiah Uwazuruonye, INEC Resident Electoral Commissioner (REC) in Enugu State told newsmen yesterday in Enugu that the directive came from INEC headquarters in Abuja.

Uwazuruonye said: “As a result of what happened in the country concerning youth corps members, most of them are no longer eager to continue  as ad-hoc staff in respect of the election.

“Most of them still nurse the morbid fear that what happened in the North might also be extended to them in the East.

“INEC does not want to take chances in case we do not have full complement of corps members.

“We were given directive to deploy our competent staff to conduct the supplementary election in Imo State.’’

“If the situation arises where the corpers are not eager to participate, so INEC can as well make use of its staff.

“That is why staff from Enugu and other neighbouring states are being invited to report at Owerri for the exercise, if we do not have full complement of corps members to take part in the supplementary election.’’

The REC said that deployment of the staff to different local government areas in Imo rested solely on the INEC office in Owerri.

Uwazuruonye, however, enjoined INEC staff in Enugu State to live up to expectations and replicate a peaceful election just as they did in Enugu.

“We conducted a peaceful election in Enugu State. They should go and showcase that thing they did in Enugu,’’ he said.

Meanwhile, Peoples Democratic Party (PDP) Chairman in Imo State, Chief Eze Duruiheoma, said yesterday that the governorship position in the state was still open.

“The party is working hard to retain it,” Duruiheoma further said in an interview with newsmen in Owerri.

The chairman was speaking on the party’s level of preparedness for the May 6 supplementary governorship election in four local government areas and a ward in the state.

“The governorship position in Imo is still open and that is why all hands are on deck for PDP to win the seat,” Duruiheoma said.

He added that the party was fully prepared for the exercise, adding that the resolve by INEC to organise the supplementary election in the affected areas was at the behest of the party.

“The decision for a supplementary election was canvassed by PDP.

“We demanded for an election in local government areas where it did not take place and that is what democracy is all about.

“You cannot say that a local government like Ngor Okpuala with 70,000 registered voters does not have a say.

“So, we canvassed that election must be conducted in the area. Good a thing, the INEC listened to the voice of reason,” Duruiheoma said.

He said the party could not have been ill-prepared for the supplementary election when its members demanded for it.

He further explained that as a law-abiding party, PDP would accept the result of the governorship election, provided it satisfied the basic requirements of the Electoral Act.

“PDP is a law-abiding party, we believe in due process, we believe in legal process and the rule of law.

“So, if the outcome of the election satisfies all these beliefs of ours, we will happily accept the result,” Duruiheoma said.

He argued that PDP remained the most popular political party in the state, adding that it acquitted itself creditably in the presidential, national and state assembly elections in the state.

The chairman said that the party won the majority of seats allotted to the state in the National Assembly and won 15 seats out of the 27 House of Assembly seats in the results already declared by INEC.

Duruiheoma described as “unfortunate” the protest by some APGA supporters, who demanded the release of the governorship results, shortly after the Collation Officer, Prof. Enoch Akobundu, declared the election inconclusive.

“”The action was unfortunate and antithetical to democracy,” he said.

He said that it was wrong for anybody or group to pre-empt the result of an election that was yet to be concluded.

He described the violent protest and threat to the peace in Owerri, the state capital, by some youths, who threatened to burn down houses of some prominent politicians in the state as “unnecessary”.

“It is not necessary to resort to violence. Four years are not eternity.

“And, of course, we are all qualified to govern Imo but the person that will govern the state is already ordained by God,” he said.

He argued that even though “there are people we wished to be winners of the election, we should not elevate our wishes that it must come through.”

“If wishes were horses, beggars would ride,” Duruiheoma said.

He also took a swipe at “any leader that encourages that type of attitude,” saying that such a person “is doing a great disservice to the people of the state.

“Every candidate contested to win, you do not have to proclaim yourself a winner.

“This is very wrong,” he said, while appealing for calm and restraint by politicians ahead of the outstanding polls.

In a related development, INEC says it has put everything in place to ensure that the supplementary governorship and State House of Assembly elections in some parts of Imo today are free, fair and credible.

The new Supervisory Resident Electoral Commissioner (REC) in the State, Mr Aniedi Ikoiwak, gave the assurance in Owerri on Wednesday.

Ikoiwak addressed a meeting with representatives of the participating parties, security agencies and other stakeholders.

It will be recalled that INEC ordered the supplementary polls in four local government areas and a ward in Imo because the April 26 elections in the state were inconclusive.

“We are here to conduct elections in Ohaji/Egbema, Oguta, Mbaitoli and Ngor Okpala local government areas as well as Orji Ward in Owerri North Local Government area and we have set upon ourselves to do just that.

“It is not our duty to elect who should govern the state or represent the people; it is the duty of the Imo electorate to do that”, he said.

Ikoiwak said that to ensure a level playing field for all the parties, the commission had drafted four new RECs, national commissioners, electoral officers, collation officers and Returning officers to organise the elections.

He appealed to the candidates to caution their supporters against violence during the exercise, adding, “INEC alone cannot make the election credible; we need the support of everyone to succeed.”

He noted that some youths lost their lives in the course of the general elections, saying that such people paid the supreme sacrifice for the sustenance of democracy in the country.

“Their death is enough for us to agree that there will be no more bloodshed during elections,” he said.

The supervisory REC told the parties that materials for the elections would arrive in the state yesterday and that their representatives would be invited to inspect them.

He restated that the parties were allowed to be represented by only one agent in a polling unit during the elections.

INEC Chairman, Prof. Attahiru Jega, also gave the assurance that the today’s rescheduled polls would be free, fair and credible.

Jega, represented by a National Commissioner in INEC, Mr Ishmael Igbani, said the commission attached importance to the supplementary election in Imo.

The Commissioner of Police in charge of election in the state, Mr Tambori Mohammed, said security agencies were fully prepared to ensure security before, during and after the elections.

Mohammed warned that any person caught violating the electoral laws would be arrested and prosecuted, no matter how highly placed.

Heads of security agencies, party chieftains, APGA governorship candidate, Owelle Rochas Okorocha and PDP Chairman in the state, Mr Eze Duruiheoma (SAN) attended the meeting.

Continue Reading

Business

Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

Published

on

Nigeria directs all oil, gas revenues to federation account in sweeping reform
Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.
Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.
Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.
Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.
Continue Reading

Business

BOI Introduces Business Clinic 

Published

on

The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.
The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.
Osah noted that traditional banking often treated businesses as mere account opening and management relationships.
He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.
According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.
“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.
Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.
He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.
Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.
“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.
The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.
Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.
He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.
Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.
“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.
“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.
Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.
He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.
Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.
Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.
She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.
Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.
Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.
He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.
Continue Reading

Business

Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

Published

on

Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.
The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.
Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.
As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.
The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.
Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.
Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.
Reporting by Isaac Anyaogu; Editing by Anil D’Silva
The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.
The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.
The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.
Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.
Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.
He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.
“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.
“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.
“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”
According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.
He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.
Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.
He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.
“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.
“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).
“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.
“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.
A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.
Continue Reading

Trending