City Crime

Senate Blasts BOI Boss Over Loan Beneficiaries

Published

4 years ago

October 22, 2021

The Managing Director of Bank of Industry (BOI), Olukayode Pitan, came under fire in Senate on Wednesday, for not knowing the beneficiaries of loans given out by the bank across the country.
The BOI boss ran into trouble while making submissions before the Senate Committee on Industry for 2022 budget defence.
Mr. Pitan in his comment on loans given out by the bank, claimed that the bank does not know the loan beneficiaries, but the destination of the loan.
“Loans are given to commercial banks that provide guarantees, which then forwarded the money to the beneficiaries,” he said.
Angered by his submission, the trio of Senators Adamu Bulkachuwa (APC Bauchi North), Christopher Ekpenyong (PDP Akwa Ibom North West) and Danjuma La’ah (PDP Kaduna South) , said that they were in dark about the activities of Bank of Industry in their Senatorial Districts.
Senator La’ah said, “I don’t know what is going on with Bank of Industry activities in my Senatorial district.”
Senator Ekpenyong also lamented that most members of his Senatorial District were unable to access loans from Bank of Industry, adding Union Bank and United Bank of Africa (UBA) did not give Bank Gurantee to his people.
Senator Bulkachuwa said, “The MD/CEO, you made comments while trying to answer my questions on the distributions of loan beneficiaries. You actually said that you were not in the position to know exactly where these loans are going to, with regards to the geopolitical areas of the country.
“Does it mean that the Bank of Industry does not know where the loans are going to and where the actual beneficiaries are located in the country?
“If you don’t know , we are interested in knowing where those loans go to.
“You, the giver of the loan should be more interested in the loan and where each kobo you give out is going and which part of the country is benefiting. You should be able to know. You should not leave it for the commercial banks to handle alone.
“Our interest is to know how the bank of industry is performing its duty in terms of ensuring that industries are spread across the country.”
Mr. Pitan responded by saying that the senator misunderstood him, stressing that BOI was alive to its mandate.
“We know where every kobo goes to, but not the beneficiaries because we are not the one determining the beneficiaries.
“The commercial banks are the ones that give guarantees because they are the ones that would finalise the process.
“They determine where the loans go but there is no loan that goes out of the Bank of Industry that we on our own, don’t analyse. It is a requirement every month for the Bank of Industry to provide the document. We know exactly where our monies are.”
The Committee chaired by Senator Tokunbo Abiru (APC Lagos East), also expressed dissatisfaction with meagre allocation for the Micro, Small and Medium Enterprises which are the real drivers of economy in 2021 budget.
The Bank of Industry in 2021 budget released N165 billion to large enterprises in the country while Micro, Small and Medium Enterprises got N40 billion as at September, 2021.
But the Managing Director of BOI while defending the meagre allocation Micro, Small and Medium Enterprises said most people at that level were not ready to repay the loan, believing that the money was government money.

City Crime

RSG Ready For 2030 Digital Transformation

Published

2 weeks ago

October 27, 2025

The Tide

The Permanent Secretary, Rivers State Information and Communications Technology (ICT) Department, Mrs. Elizabeth Akani, has said the State Government was set to meet up the 2030 target of the Federal Government towards the actualization of digital economy.

Akani said this at the Rivers State Sensitization Workshops on The Adoption of Nigeria Start-up Act and National Digital Literacy framework (NDLF), in Port Harcourt, weekend.

She noted that the State was ready for both the adoption and domestication of the Act.

According to her, up to 90-95% preparation have been fully covered by the state in readiness to welcoming the digital economy Act.

“Stakeholders talked about adoption and domestication of the Act, it was fruitful. The draft has been sent to the government”, she said.

She also noted that the move was in line with the digital transformation plan of the state and the country at large.

The Convener, Start South, Mr. Uche Aniche, who made case for full ICT Ministry for the state, said such will command the needed growth in the system.

Aniche stated that until they attained the lofty height, all about Tech-knowledge and growth may not fall in place as expected.

Other tech-operators, such as the Code Garden Chief Executive Officer, Mr. Wilfred Wegwu, who welcomed the idea, said it must be done in the nearest future.

Wegwu noted that technology has taken over the world at present, adding that government at all levels needed to key into the system.

He also stated that the system play major roles in various spheres of life, including relationships and collaboration.

He also revealed that the system now was up to forth Industrial Revolution (4IR), according to global shift ranking.

It will be recalled that the State Government has recently ordered to construct ICT centres across the 23 Local Government Area of the state in order to meet up the yearnings of the technology world.

By: King Onunwor

City Crime

Industry Braces For Glut And Investor Demands

Published

1 month ago

September 29, 2025

The Tide

The oil and gas industry is in for a tough year ahead, as it must balance financial discipline, shareholder returns, and long-term investments in the sustainability of the business—while navigating a hypothetical glut.

The warning comes from Wood Mackenzie, which said in a new report that the industry was faced with conflicting trends over the next year that would make decision-making challenging. Among these is an expectation that the market would tip into an oversupply, pressuring prices, while the demand outlook for oil over the long term brightens up, motivating more investments.

“Oil and gas companies are caught between competing pressures as they plan for 2026. Near-term price downside risks clash with the need to extend hydrocarbon portfolios into the next decade. Meanwhile, shareholder return of capital and balance sheet discipline will constrain reinvestment rates,” Wood Mackenzie’s senior vice president of corporate research, Tom Ellacott, said.

The executive added that investors would also influence decisions, as they continue to prioritize short-term returns over long-term investments. This last part, at least, is not unusual in the current investment environment across industries. It could, however, make life even more difficult for oil and gas companies for a while.

The glut that Wood Mackenzie analysts expect is the same glut that the International Energy Agency has been expecting for a while now. Yet that very same International Energy Agency earlier this month issued a warning on the longer-term security of global oil supply, saying the industry needed to step up investment in new production because natural depletion at mature fields was progressing faster than previously assumed.

Per the report, if the industry has to maintain current levels of oil and gas production, more than 45 million barrels per day of oil and around 2,000 billion cu m of natural gas would be needed in 2050 from new conventional fields. It’s worth noting that this is maintenance of current production levels, assuming demand will not rise, which is a risky assumption.

Even with projects ramping up and new ones approved for development and not yet in production, a large gap still exists “that would need to be filled by new conventional oil and gas projects to maintain production at current levels, although the amounts needed could be reduced if oil and gas demand were to come down,” the IEA said.

However, demand could just as well increase, heightening the degree of uncertainty in the industry and making long-term planning even more challenging—especially for companies with higher debt-to-equity ratios. Wood Mackenzie expects those with gearing of above 35% would prioritise resilience over long-term growth, while those with better debt positions would turn to divestments and asset acquisitions to improve the quality of their portfolio.

Share buybacks will also remain on the oil industry’s table as a favorite tool for making shareholders happy, although, Wood Mac notes, these tend to dry up when oil slips below $50 per barrel. Interestingly, the analytics company does not seem to factor into its analysis a scenario where prices might go up instead of down, especially now that President Trump has signaled he would be willing to step up pressure on Russia to bring a swifter end to the war in Ukraine.

If prices do rise, for whatever reason, including failure of the massive 3-million-bpd glut that the IEA predicted to materialize, then the immediate outlook for the oil and gas industry becomes different—but not too different. Companies have already demonstrated they would not return to their old ways of splurging when times were good and tightening belts when times were bad. They would likely stick to spending caution and shareholder return prioritization, regardless of prices.

By Irina Slav

City Crime

ECN Commences 7MW Solar Power Project In AKTH

Published

2 months ago

September 22, 2025

The Tide

As a landmark intervention designed to guarantee uninterrupted electricity supply, the Energy Commission of Nigeria (ECN), has commenced a 7MW solar power project at the Aminu Kano Teaching Hospital (AKTH)

The project is the outcome of ECN’s comprehensive energy audit and strategic planning, which exposed the unsustainable cost of diesel and the risks associated with AKTH’s dependence on the national grid.

Working in close collaboration with the Federal Ministry of Innovation, Science, and Technology under the coordinating leadership of Chief Uche Nnaji, the ECN planned and executed this critical project to secure the hospital’s energy future.

The Director – General, ECN, Dr. Mustapha Abullahi, said “the timing of this intervention could not be more crucial” recalling that only days ago, AKTH suffered prolonged power outages that tragically claimed lives in its Intensive Care Unit.

“That painful incident has strengthened our resolve. With this solar installation, we are ensuring that such tragedies are prevented in the future and that critical medical services can operate without fear of disruption”.

Abdullahi stated that the project is a clear demonstration of the Renewed Hope Agenda of President Bola Ahmed Tinubu in action and reflects ECN’s commitment to making Nigeria’s energy transition people-centered, where hospitals, schools, and other essential institutions thrive on reliable, clean, and sustainable power.

The ECN boss further reaffirmed ECN’s commitment to continued deployment of innovative energy solutions across the nation.

“This is not just about powering institutions; it is about saving lives, restoring confidence, and securing a brighter future for Nigerians”, he stated.