Business
FG Blacklists Firm Over Collapse Of Naval Quarters
The Federal Government has
blacklisted a construction company, EC Oba Industrial Company Limited, over the
collapsed Naval Quarters at Gwarinpa, Abuja.
The Minister
of Housing, Land and Urban Development, Ms Ama Pepple, announced this in Abuja
while briefing State House Correspondents on the outcome of the weekly Federal
Executive Council (FEC) meeting.
She said that
the ban followed the approval of the recommendations of the committee set up by
the government to investigate the collapsed three-storey building which killed
two persons in January 2012.
Pepple said
that all buildings constructed by the contractor would be subjected to
‘integrity tests’.
She said that
all the Federal Housing Authority (FHA) and Engineers involved in the
construction work were also recommended for various disciplinary measures to
serve as deterrent to others.
“Those hired
to demolish the building were not professionals and the engineers were fake.
The committee recommended that they should be prosecuted for false dignity.
“Staff of the
Federal Housing Authority implicated should be disciplined for their
complicity,” she added.
The minister
said that already her ministry had set up a committee to review the country’s
building code.
According to
her, a stakeholders’ conference is to be held by the ministry in order to
dialogue and seek support of stakeholders on the building code.
She said that State Governments would also be invited to key
into the new building code.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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