Business

FG Targets 7,000mw To Boost Electricity

Published

10 years ago

May 4, 2016

Rivers State Deputy Governor, Dr. Mrs Ipalibo Harry Banigo 2nd (right), President PHCCIMA Dr. Emi Membere-Otaji 2nd (left) Chairman, Phillips Consulting, Mr. Foluso O. Phillips (right) Publicity Secretary, PHCCIMA; Pastor Alabi Oluwatonyi (left) during the 1st Port Harcourt Chamber of Commerce Business Luncheon at Obi Wali International Conference Centre on 28th April, 2016.

Vice-President Yemi Osinbajo said on Monday that the Federal Government was planning to generate 7, 000 megawatts of electricity for the nation within the next 18months.
The vice president stated this at the presentation of a book “Nigeria: The Challenges of Growth and Development, an In-Depth Analysis by Experts,” held at the Trenchard Hall, University of Ibadan, Ibadan.
Osinbajo stated that power remains a major challenge the Federal Government had been facing, and which the government was determined to solve.
He said that the most important part of the budget would focus on ensuring that the weak aspect of the power value chain was restored.
Osinbajo said that the nation was faced with the problem of conveying gas to the power plant, adding that the pipeline, which remained the easiest method, was frequently facing vandalism.
“Early in the life of this administration late last year and early this year, power generation was possibly at its best.
“Nigeria, for the first time was actually generating 5,000megawatts, which was the first time it will happen in the history of the country.
“On February 14, the Forcados Export Terminal was blown off, effectively ensuring that 40 percent of our gas that goes for power is no longer used for the purpose.
“This situation led to the immediate loss of 1,500 megawatts of power. It is our priority that the pipeline project is completed so that gas will be adequately supplied to the power plant,” he said.
He said that President Muhammadu Buhari had two weeks ago ordered full mobilisation of the military for the protection of pipelines in the country.
The Vice-President said that the Federal Government would, in a few days time, begin the implementation of the 2016 budget, which he described as the most ambitious in the history of the nation.
According to him, the budget is not only ambitious in size but also more in its broad range of fiscal policies. Our strategic implementation plan proposes 33 action points.
“The action points cut across six political ties of security, governance, economic diversification, power, road and rail, oil and gas, ease of investments and social investment,” he said.
Osinbajo said that for the first time in three years, the nation would have 30 per cent of the budget going for capital expenditure, a percentage that was three times higher than the last budget.
He said that the capital expenditure would take care of several aspects of infrastructure, particularly rail, road and power.
According to him, the rail link between Lagos and Kano as well as the one between Lagos and Calabar will be captured.
He said that government had budgeted that by July, 65,000 youths would be trained in software and hardware, adding that government’s aim was to build a reservoir of technologists.
Osinbajo also listed the training of 370,000 Nigerians in various vocations, conditional cash transfer to the poor and loan facilities for market women as part of the programmes to be expected.
He said that the administration would ensure that corruption has consequences, adding that no public officer who steals would go scot-free.
The Vice-President described the moment as that which Nigerians must come together to ensure that things work in the building of the nation of everyone’s dream.
Reviewing the book, Prof. Jide Osuntokun, said that the writers have carefully highlighted the various challenges bedevilling the nation and how they could be corrected for national growth and development.
“Nigeria’s problem is structural and systemic, and it could be structurally and systematically addressed,” he said.
Osuntokun said that the book articulates various ideas of the writers aimed at building an egalitarian society.
Also, Mr Oba Otudeko, the Chairman of the event, said there was no other better time to discuss the development of the nation than now when they have the company of people who cares.
He described the “House of Lords, Nigeria” as a collection of people whom the interest of Nigeria and the welfare of the citizens were paramount in their minds.
“Let me tell them that they are on the right path and they should not lose sight of the development of the country.
“This book presents a compendium of opportunities. I think it is worth having,” he said.
The Tide source reports that the 209-page book is a collection of the speeches of 11 writers from various spheres of life.
The House of Lords, Nigeria was founded 50 years ago and presently parades 34 members, with Prof. Ayodele Desalu as the “Leader.”
The event was attended by prominent citizens including investment banker, Mr Fola Adeola; Prof. Idowu Olayinka, the Vice-Chancellor, UI; Prof. Oladipo Akinkungbe and hosts of others.

Business

NCDMB Signs Mgt Deal With Radisson, Edison…As Board’s 204 Rooms Hotel Open December 2026

Published

2 days ago

March 9, 2026

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB), on Monday signed an international management agreement (IMA), with Radisson Hospitality, Belgium and Edison Hotel and Property Development Company with respect to the Board’s 204 rooms hotel and conference center, developed adjacent to the Content Tower, headquarters of the NCDMB in Yenagoa, the Bayelsa State.

A statement by the Board’s Directorate of Corporate Communications says the management agreement was signed in Durban, South Africa by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Executive Chairman of Edison Corporation, Mr. Vivian Reedy and Director of Radisson, Mr. Garnier Erwan.

Giving assent to the agreement, Ogbe affirmed that discussions, reviews, and compliance requirements have lasted for over two years, and that the Board secured the approval of all key stakeholders, including the Attorney?General of the Federation and Minister of Justice, Lateef Olasunkanmi Fagbemi, SAN.

“The support of stakeholders ensured that the Agreement meets Nigeria’s legal and regulatory standards.The aspiration of the NCDMB is to deliver a world?class hotel in Yenagoa, Bayelsa State with a fully equipped conference centre—designed to serve the oil and gas industry stakeholders and the Nigerian public”, he said.

He pledged the NCDMB’S commitment to completing the hotel on schedule time and achieving the opening in December, 2026.

“We appreciate our responsibilities—construction quality, pre?opening readiness, funding, safety and security compliance, and maintaining Radisson’s global standard. We will do our best to meet our obligations”, Ogbe added.

The Board’s Scribe charged the Hospitality firm to bring its expertise, systems, and brand strength to deliver a hotel that offers excellent service and guest experience, expressing hope that the partnership with Edison Hotels will create a facility that reflects global quality and supports Bayelsa’s position as an oil and gas hub.

“This project reflects NCDMB’S commitment to using strategic investments to boost productivity, attract investment, build local content, and expand opportunities for business and tourism in Nigeria when completed.

“Radisson Hotel and Conference Center Yenagoa will stand not only as a hotel, but also as a symbol of what strong partnerships can achieve”, Ogbe noted.

In his remarks, Executive Chairman of Edison Corporation, Vivian Reedy described the organisation’s role as a bridge between the owner and the operator, highlighting the group’s intensive experience in the hotel industry, and determination to ensure alignment, transparency, accountability and performance.

“We understand that a successful hotel is not just about buildings. It is about disciplined management, strong oversight, brand integrity, and a shared commitment to excellence.

“Part of our firm’s responsibility is to ensure that the hotel is delivered, operated, and managed in a manner that protects and announces the owner’s investment, while fully supporting Radisson in achieving operational excellence”, he said.

The Edison boss assured that working closely with Radisson and NCDMB’s team, the Radisson Hotel and Conference Center, Yenagoa will become the leading hospitality and conference destination in Bayelsa State, saying it is catalyst for business and investment, and a symbol of quality professionalism and international standards.

He emphasized that the firm has had wonderful successes with Radisson in other locations, even achieving 95% occupancies, noting that the company’s approach is to strengthen governance, support performance, and ensure the interests of the owners are always safeguarded.

“This project represents more than a hotel. It represents a partnership, a trust, and a long-term vision for sustainable value creation. We thank Radisson for its global expertise and operational excellence.

“Edison is fully committed to ensuring that the asset performs strongly, operates efficiently, and delivers lasting value to its owner”, the firm said.

In his speech, the Attorney-General of the Federation Chief Lateef Fagbemi, SAN, representative by Mr. Wada Ahmed Wada described the signing ceremony as historic and wished the parties success in their business relationship.

By Ariwera Ibibo-Howells, Yenagoa

Business

FG engages foreign investors at PEBEC Roundtable on business environment reforms

Published

2 days ago

March 9, 2026

The Tide

Senior government officials and foreign investors operating in Nigeria met in Abuja on Thursday as the Presidential Enabling Business Environment Council (PEBEC) convened the Third Existing Foreign Direct Investors (FDI) Roundtable to address challenges affecting the country’s investment climate.

The high-level engagement, held at the Banquet Hall of the Presidential Villa, brought together top policymakers and representatives of foreign companies for discussions aimed at improving Nigeria’s business environment and strengthening investor confidence.

The roundtable forms part of PEBEC’s efforts to deepen collaboration between government institutions and the private sector while ensuring that ongoing reforms translate into tangible improvements for investors already operating in the country.

Opening the session, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, welcomed participants on behalf of the Vice President and Chairman of PEBEC, reiterating the Federal Government’s commitment to maintaining a stable and transparent business environment that supports investment and economic growth.

In her remarks, the Director-General of PEBEC, Princess Zahrah Mustapha Audu, said the council remains committed to sustained engagement with investors and coordinated implementation of reforms across government agencies.

She noted that existing foreign investors play a critical role in Nigeria’s economic development through job creation, capital investment, technology transfer, and supply chain development.

According to her, PEBEC’s engagement strategy prioritises listening to investors already operating in the country in order to identify and address operational challenges affecting their businesses.

The roundtable featured presentations and interactive discussions with senior government officials responsible for regulatory and policy frameworks affecting investors.

Among them were the Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji; the Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi; and the Inspector-General of Police, IGP Olutunji Rilwan Disu.

Also participating virtually was Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms and Minister of State for Finance-designate, who spoke on ongoing fiscal and tax reform initiatives aimed at improving tax certainty and strengthening revenue administration.

During the discussions, investors raised technical questions and shared insights on issues relating to security, tax administration, customs procedures and fiscal policy reforms.

Business

MAN warns against illegal recycling of File photo

Published

2 days ago

March 9, 2026

The Tide

The Manufacturers Association of Nigeria has warned against the illegal destruction and recycling of returnable packaging materials belonging to beverage companies, following a recent police crackdown on illegal factories in Anambra State.

Earlier in February, the Nigeria Police Force, working with beverage manufacturers, reportedly raided several illegal facilities in Onitsha and surrounding areas, where individuals allegedly destroyed returnable glass bottles and plastic crates belonging to beverage companies.

In a statement on Friday, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, condemned the destruction of these packaging materials as unauthorised and economic sabotage against businesses, and hailed the efforts of the police and regulatory agencies.

“The recent raid is the outcome of sustained engagements and intelligence-led investigations and represents a decisive step by authorities to protect legitimate business operations, uphold environmental standards, and deter further illegal activity,” Ajayi-Kadir said.

The MAN DG described the practice “as criminal and a serious economic sabotage… as assets remain the property of beverage companies that have invested heavily in these sustainable packaging materials to protect the environment”.

According to a Vanguard News report, the Executive Secretary of the Beer Sectoral Group of the Manufacturers Association of Nigeria, Abiola Laseinde, commenting on the February crackdown on alleged factories in Anambra, stated that, “The recent raid is the outcome of sustained engagements and intelligence-led investigations… a decisive step by authorities to protect legitimate business operations, uphold environmental standards and deter further illegal activity.”

Ajayi-Kadir confirmed the earlier news reports, affirming that the police acted on credible intelligence to dismantle illegal operations involving the theft, destruction, and unauthorised recycling of companies’ returnable packaging materials.

He stated that the association received reports from member companies that some factories were destroying company-owned bottles and crates for resale as raw materials, resulting in businesses losing millions of naira in investments.

“The police, working with member companies, acted on credible intelligence and stormed the factories to crack down on illegal disposal, theft, and unauthorised recycling of the returnable packaging materials of the affected companies, notably returnable glass bottles and plastic crates,” Ajayi-Kadir said.

Ajayi-Kadir added that investigations revealed that large quantities of bottles and crates were diverted from legitimate channels into informal recycling networks across the South-East.

“Member companies identified multiple illegal locations in the South-East where they crush our bottles and crates for resale as raw materials, while police investigations showed that significant quantities were being diverted from legitimate channels into informal recycling networks,” MAN’s DG said.

He noted that in several cases, reusable bottles were deliberately broken and plastic crates shredded and sold as raw materials, thereby undermining beverage companies’ circular packaging model.

He remarked, “These Returnable Packaging Materials are company-owned assets designed for multiple reuse cycles and form a critical part of their sustainability, cost-efficiency, and product quality systems. It’s a criminal activity to destroy them.”

Meanwhile, Ajayi-Kadir warned those involved in the illegal practice to desist, stressing that the association would continue to collaborate with law enforcement agencies to ensure offenders face the full weight of the law.

He added that beyond the direct loss of assets, the activities disrupt supply chains, raise operational costs and pose environmental and safety risks due to unsafe recycling practices.

MAN urged relevant government agencies to intensify efforts against the illegal diversion and destruction of returnable packaging materials outside the beverage industry’s value chain.

MAN’s DG also called on members of the public to report suspicious activities to the police or to the consumer care lines of beverage companies.