eNaira, BVN, TSA, NIN Should Give Investors Comfort, Buhari Insists
President Muhammadu Buhari, yesterday, in Riyadh, Saudi Arabia, said initiatives to drive the digital economy and fight corruption in the country should give investors “a lot of comforts”.
Among the initiatives mentioned by the president are e-Naira, Treasury Single Account (TSA), Bank Verification Number (BVN), and National Identification Number (NIN).
Speaking at the fifth Edition of Future Investment Initiative Summit holding in Riyadh, Saudi Arabia, Buhari said his regime would keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change, and food security.
A statement from the Presidency quoted the Nigerian leader as urging more interest in infrastructure such as healthcare and education, which “present enormous opportunities for investors in a country our size.
“Digital economy in Nigeria has many potential for investment, as it has remained the fastest growing sector in both 2020 and 2021. Nigeria has many opportunities for investment in broadband, ICT hardware, emerging technology and software engineering.
“We have recently approved the national policy on Fifth Generation (5G) network. Our aim is to attract investors in healthcare, smart cities, smart agriculture among others. The benefit of real time communication will support all other sectors of the economy,” he noted.
To further improve and reposition the economy to attract investors, the president said, “e-Naira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a Central Bank Digital Currency” was launched on October 25, 2021.
“We believe this and many other reforms will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle illicit flow of funds.
“To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralized government funds through a Treasury Single Account, and ensuring that all Nigerians with a bank account use a unique Bank Verification Number (BVN).
“These initiatives, coupled with our nationwide National Identification Number (NIN) exercise, reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comforts.”
Buhari attributed growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, admonishing world leaders and global investors to prioritise inclusive and humane policies.
He said, “By so doing, it will go a long way in reenergizing the global economy in a post-COVID-19 era.
“Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on ‘humane’ investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.”
Obi, Abure Masterminded Apapa’s Attack At Tribunal – Arabambi
The embattled National Chairman of the Labour Party, Lamidi Apapa has alleged that the presidential candidate of the party, Peter Obi and the party’s suspended National Chairman, Julius Abure, on Wednesday, sponsored thugs against him (Apapa) at the Court of Appeal in Abuja, venue of the Presidential Election Petition Court, PEPC.
Apapa was reportedly mobbed by some angry youths who were at the court to witness proceedings in the petition that Obi filed to challenge the outcome of the presidential election that held on February 25.
Speaking on the development, in an exclusive interview with The Tide source on Wednesday, the factional National Publicity Secretary of the party, Abayomi Arabambi, said he was surprised that this was how Obi, Abure and their supporters intended to come at them.
He said, “They attacked some police. They were fighting with press men. It was the security operatives that saved us. They came there to kill today (Wednesday) and we will definitely petition the police.”
When asked to provide evidence, Arabambi said, “We have the video now, the man that removed the cap of Apapa, we know him. We know them. We know all of them.
“We were together in the court when they started attacking us. Are they not Obidients, are they not shouting Obidients, shouting: Thief Thief on us!”
“It shows the character of who that man is. He can not even govern a local government,” he added.
The spokesperson of the Labour Party, has, however, insisted that they will petition the Inspector General of Police over the incident.
Buhari Returns To Abuja From UK Trip
After an additional week in the United Kingdom, where he had gone to attend the coronation of King Charles III, President Muhammadu Buhari has returned to Nigeria.
The President’s aircraft touched down at 4:45 pm yesterday, at the Nnamdi Azikiwe International Airport in Abuja from where he was flown to the Presidential Villa in a chopper.
President Buhari left Nigeria on May 3 for the UK to participate in the coronation ceremony of King Charles III and his Queen Consort, Camilla, of the United Kingdom.
He was initially billed to return to Abuja within the week but had to extend his stay for an additional week to enable him to honour an appointment with his dentist.
Femi Adesina, the Special Adviser to the President on Media and Publicity, announced Buhari’s decision to stay another week in London in a statement.
“President Muhammadu Buhari will be in London, United Kingdom, for an additional week, at the behest of his dentist, who has started attending to him.
“The specialist requires to see the President in another five days for a procedure already commenced.
“President Buhari had joined other world leaders to attend the coronation of King Charles lll on May 6, 2023,” the statement said.
Buhari is expected to hand over the reins of power to his successor and political ally, Bola Ahmed Tinubu on May 29th.
Already the Presidential Villa is taking a new shape as the maintenance officers are effecting necessary repairs of the seat of power.
Hyde Energy Set To Relaunch Luminor Lubricants
Hyde Energy Limited, a global petroleum-trading company with a downstream network in Nigeria, has revealed plans to relaunch Luminor, one of the company’s automotive lubricants.
The Chief Executive and founder of Hyde Energy, Olademeji Edwards, disclosed this recently at a media parley held in Lagos.
Hyde Energy operates across the value chain of the energy industry, and deals with the importation of petroleum products, including Premium Motor Spirit (PMS), Gasoil, Dual Purpose Kerosene (DPK), Jet Fuel, Liquified Petroleum Gas (LPG), automotive lubricants, and Naphtha.
Speaking with the press, Mr. Olademeji said in the next six months, Hyde Energy would be performing a relaunch of its Luminor brand and other products.
“The Hyde Luminor brand is a fantastic brand and has infiltrated the hearts of a few Nigerians.
“We launched that particular lubricant in 2017, and in our first year we sold five thousand litres in a quarter; today we are doing almost three thousand litres in a month, which is not a lot compared to other companies.
“But in the next six months, we are performing a relaunch of our products. We are going launching new labels, new bottles, and a new winning strategy coming into Lagos.
“We have not really been popular in Lagos; we have mostly been operating in the Southeast, Abuja, East and Calabar, which is where we get most of our volumes.
“But you will be hearing more and more of the Hyde Luminor brand going forward in weeks and months ahead, and we will enter into partnership with key people that would help us penetrate the market, and work with stockiest, so they can enjoy and know about us”, he said.
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