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A Summit To Celebrate

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The curtain was drawn last Friday on the 1st Andoni-Opobo-Nkoro
Economic Zone Development Summit, 2012 which took place at the Hotel
Presidential, Port Harcourt.

Initiated and sponsored by the member representing Andoni,
Opobo/Nkoro Federal Constituency in the House of Representatives, Hon Dakuku
Peterside, the initiative  represented an
attempt by a people to take their fate in their own hands.

The Andoni, Opobo/Nkoro geographical area today, is a major
oil and gas producing zone whose natural endowments  contribute to the nation’s financial  mainstay.

Prior to the discovery of the liquid  gold as the crude oil is often referred to,
the people of Andoni, Opobo/Nkoro had thrived on their natural endowments in
the era of the palm produce trade.

They were a people bound together  by common geographic, economic and
developmental challenges until divisive politics both at the national level and
in the geographical area weakened the bonds that bound them together, virtually
destroying their individual and collective potentials for growth and
development.

For many  an Andoni,
Opobo or Nkoro indigene, especially the merchants of politics of division and
doomsday  prophets,   a rapprochement, the magnitude of which
was  achieved by the  summit under review was  impossible
and unthinkable.

The remarkable success of the 1st Andoni Opobo-Nkoro
Economic  Zone  Development
Summit, 2012 in aggregating the challenges, and aspirations of the zone
through their peoples –youths, intellectuals and community leaders is therefore
worth celebrating.

The quality of speakers, discussants and presentations at
the two-day summit is enough to transform the zone into an economic giant in
Nigeria, if only, ideas without works avails anything.

If however, the people of the zone indeed adopt and
implement  the recommendations of the summit
in  a phased, consistent and  pragmatic manner, then the theme of the  summit-Shared responsibility, shared
prosperity would have been realised.

Participants  were
agreed on the need for the summit to be an annual event that would continue to
bring people of the zone together to assess achievements on set targets.

They also whole-heartedly accepted the proposal by the
Deputy Speaker, House of  Representatives
of the Federal Republic of Nigeria, Rt Hon. Emeka Ihedioha that the summit  be subsequently hosted in either  Andoni, Opobo or Nkoro on a rotational basis
instead of Port Harcourt, to  enable
participants appreciate the challenges of the zone.

Amaopusenibo Bobo Brown may have set the tone for the
summit, when at the first plenary session, he noted that politics of divide and
rule had torn the people of the zone apart.

Brown, former National President of the Nigerian Institute
of Public Relations who spoke as a discussant on “Local Economy For
Andoni-Opobo –Nkoro”, stated that it was
foolhardy for the people of the zone to think that  they have a population that could sustain any
massive production.

Reason? They have over 300,000 impoverished  people who have become  economic refugees, he said.

He however anchored the benefit of the summit on its timeliness
in putting people of the area in position to become relevant and competitive in
state and national economy, especially in this era of global economic  recession.

According to him, such foresight as displayed by the
convener of the summit was what the local economy needed and not going back to
the old economic activities of the area.

Both Engr Ernest Nwapa, Executive  Secretary, Nigeria Content Development and
Monitoring Board and Prof Michael Onyekonwu, Director, Institute of Petroleum
Studies, University of Port Harcourt stressed the need for people of  the zone to equip their youths with the
relevant training and skills to be active participants in the competitive
oil/gas sector business.

Nwapa noted that 98 per cent of the  nation’s oil blocs are   in the hands of the  oil majors-Shell, Agip, Mobil, Chevron etc
and that the Nigerian Content Act was designed to make Nigeria a great oil
producing nation through the development of her refining capacity and a  skilled workforce.

He said that the Nigerian Content  Fund which
will be launched on October 24, was dedicated to human capital
development  in the oil/gass sector  pointing out that when Nigeria is able to
develop her refining capacity and robust
supply chain  then youths that
possess relevant  skills will benefit.

In his contribution, Prof Onyekonwu stressed the need for
community involvement in the oil industry business through the empowerment  of youths with relevant education and skills.

The oil industry is driven by money, technology and people,
he noted, and charged people of the zone to develop their youths so that they
could actively participate.

While expressing disappointment  that people of the zone have not  had one
person trained at the Institute of Petroleum Studies, University of Port
Harcourt in which he is director, Onyekonwu canvassed the award of scholarships
to youths  of the zone who secure
admission in the world’s best10 universities, as a way of developing skilled
manpower relavant for their participation in the oil industry business.

Engineer Sampson Ngerebara, a former Commissioner for Works
in Rivers  State in his presentation
xrayed the role of infrastructure in driving sustainable economic development
in the zone and strategies to achieve them.

While  asserting that
the challenges were intimidating, Ngerebara recommended among other measures,
the Eastern  Obolo model in which a
synergy between the people and operators/project promoters culminated in the
establishment of a refinery in the area with
spill-over  socio-economic
benefits and development.

Ngerebara  believed
that when people of the Andoni-Opobo-Nkoro economic zone become united, focused
and determined in their quest to use their endowments to develop their
territory, multinational companies and others interested in their resources
will partner with them to bring investment and development to the zone.

Many seasoned and celebrated intellectuals and professionals
enriched the summit with their cerebral presentations.

They included the Head and Resident Representative, United
Nations Institute for Training and Research, Nigeria, Dr Larry Boms; Professor
of Development Sociology and Director Centre for Ethnic and Conflict Studies,
University of Port Harcourt, Prof Mark Anikpo and the  Executive Director, Rivers State
Sustainable  Development  Agency, Mr. Noble Egbert Pepple.

Others included the President, Uptonville Oil and Gas
Institute, Prof Winston Bellgam, a seasoned petroleum engineering professional,
Engr Don Boham, Director-General, Greater Port
Harcourt City Development Authoritiy, Dame Aleruchi Cookey-Gam and a
Consultant Pediatrician at the
University of Port  Harcourt, Prof
Alice Nte among others.

The success of the summit is a testimonial to the vision of
the convener, Hon Dakuku Peterside to reposition the zone to be relevant in
contemporary national economic order.

It  represents the
will of a newbreed politician and patriot to dismantle and replace the
discredited and archaic politics of divide and rule with politics of
inclusiveness, shared responsibility, and shared prosperity.

The youthful politician who the Deputy Speaker, House of
Representatives described as one of the thinkers and eggheads in the House,
received lavish encomiums  and blessings
from participants, elders and leaders of thought  from the zone for blazing a trail in the
socio-economic affairs of the impoverished but richly endowed zone.

Accolades were also poured on the chairman,
Andoni-Opobo-Nkoro Economic  Zone  Development
Foundation Board of Trustees, Sir Emiyarei Ikuru and his members for the
planning and execution of the summit.

What is left to be seen is how, over the  coming years, the product of the summit will
lead to the realization of an integrated economic zone, providing attractive
investment   opportunities and nourishing
the people and their landscape with the good life and infrastructural
development as envisioned  by the
convener and stakeholders.

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NCAA Certifies Elin Group Aircraft Maintenance

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The Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).
Elin Group Limited confirmed the certification in a Statement released at the Weekend.
The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.
Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.
“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.
“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”
The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.
This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.
With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.
The certification is expected to contribute to the growth of local aviation maintenance capabilities.
“PenCom Raises Capital Requirement For PFAs To N20b
…Sets December 2026 Deadline
The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.
The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.
In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.
The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.
PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.
PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.
“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.
PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.
“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.
For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.
The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.
“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.
The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.
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SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

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The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.
The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.
The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.
Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.
According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.
He said, “Formalising a business is more than obtaining a certificate.
“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.
“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.
“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.
The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.
Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.
On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.
Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.
He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.
Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.
He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.
The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.
According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.
The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.
He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).
Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.
He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

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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.

Coordinating Minister of the Ministry,
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.
The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap  must be closed to move from policy to practice.

“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.

Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.

The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.

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.

Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.

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.

“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”

“Nigeria must match ambition with resources” and “strategy into execution”, he said

It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.

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