As President, I Will Promote Private Investment In power, Other Sectors, Atiku Vows

July 20, 2022

The Presidential candidate of the main opposition Peoples Democratic Party (PDP), Alhaji Atiku Abubakar has vowed that he becomes the President of Nigeria, he will promote private investment in power, among other sectors.

Atiku, in a statement today, July 20 in reaction to what he he called “a total National Grid Collapse at precisely 12:23pm today, the 6th time this year alone, said that due to the priority that he places on the power sector upon which the successes of other sectors are hinged, “I am proposing innovative financing of infrastructure that will involve the facilitation of a review of the financial, legal, and regulatory environment to promote private investment in power, among other sectors.

“I’ll promote the incentivisation, with tax breaks, a consortium of private sector institutions to establish an Infrastructure Debt Fund (IDF) to primarily mobilise domestic and international private resources for the financing and delivery of large infrastructure projects across all the sectors of the economy. The IDF will have an initial investment capacity of approximately US$20 billion.

“In addition, I’ll cause the creation of an Infrastructure Development Credit Guarantee Agency to complement the operation of the IDF by de-risking investments in infrastructure to build investor confidence in taking risks and investing capital.”

I Will Not Allow Security Chiefs To Rest Until Insecurity Ends, Buhari Vows

Editorial staff

July 20, 2022

President Muhammadu Buhari has made it clear that he will not let all his security chiefs to rest unless and until they find solution to all forms of insecurity in the country.

The President, who reacted, today, July 20, to the murder of a Catholic priest, Rev. Fr. John Cheitnum of the Kafanchan Catholic Diocese, four days after he was kidnapped by unknown gunmen, reassured Nigerians that his commitment to this issue is as firm as ever.

“I have always made it a duty to regularly summon security chiefs to discuss these challenges and the way forward. I’m not allowing the security chiefs to rest unless and until we find a very effective solution to this disturbing security situation.

“The persistent attack on innocent people, including religious figures, by gunmen is a matter of grave concern for this administration, because security is one of the major issues of our campaign promises.”

“The security of all Nigerians remains our major priority and I assure Nigerians that we are determined to crush these enemies of humanity with all the resources at our disposal.”

The President

He extended his condolences to the family of the deceased and Christian Association of Nigeria leadership in Kaduna State over the death of Rev. Fr. Cheitnum.

Muslim-Muslim Ticket: It’s Been Emotional Situation For Me – Tinubu

Editorial staff

July 20, 2022

“As a committed and progressive leader, I have read and listened to all that have been written and said. It has been an emotional situation for me. Out of many competent Nigerians and out of many advices, I know it has to be my decision.”

The Presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, made the statement today, July 20, at a ceremony, organized to unveil the APC vice presidential candidate, Kashim Shettima in Abuja.

“And the hallmark of leadership is taking a decision at the right time when it ought to be taken. I consulted and I am proud to see all of you here acknowledging the quality of our Vice (Presidential Candidate), Kashim Shettima.

Tinubu, who called on Nigerians to look beyond religion and ethnicity and focus on building a prosperous nation, assured that he remains steadfast in his belief and selection of Shettuma, who is former two-term governor of Borno State.

“I believe and I am committed with him to the project Nigeria. With all the strength and stress that might come with it, we will change this country for the better.”

“We hold the chance to move the nation and our collective cause forward as never before. To do this, we must be wise in our thoughts and courageous in our actions.

“We must win this election so that we can bring jobs, eliminate poverty, educate our children, (and) bring up our grandchildren without thinking of religious division or ethnic differences. We are one. Our passport is one; greenback is one. One nation, one destiny.”

Asiwaju, who is former Lagos State governor noted that his decision was borne out of the several consultations he engaged in with various stakeholders in the ruling party and has nothing to do with personal feelings.

According to him, Shettima shares his dream of changing Nigeria for the better.

APC national chairman and some governor elected on the platform of the party attended the event.

The governors include Chairman of APC Governors Forum, Atiku Bagudu of Kebbi State, Abdulahi Ganduje of Kano State, Abdulahi Sule of Nasarawa State, Babajide Sanwo-Olu of Lagos State, Kayode Fayemi of Ekiti State, Adegboyega Oyetola of Osun State, Babagana Zulum of Borno State, Bello Masari of Katsina State and Dapo Abiodun of Ogun State.

We Never Gave Education Minister Ultimatum To End ASUU Strike – Presidency

Editorial staff

July 20, 2022

The Presidency has denied that President Muhammadu Buhari ever gave the minister of education, Adamu Adamu a two-week ultimatum to end the nation-wide strike by the Academic Staff Union of Universities (ASUU).

In a statement today, July 30, the senior special assistant to President Muhammadu Buhari on media and publicity, Malam Garba Shehu said that the outcome of the meeting held by the President with relevant Ministries, Departments and Agencies (MDAs) yesterday, to end the agitations by ASUU “ought to be beyond spin-doctoring and conjectures.

“It is a pity that almost all media houses allowed themselves to be deceived by interested sources that are not the authorized spokesmen of government.”

Garba Shehu stressed that neither during nor after the meeting was any ultimatum given to the Minister of Education, saying that during the meeting, the Minister of Education requested that the Minister of Labour hands off the negotiation to allow him lead and conclude what he had earlier on started with the ASUU. “And he promised that he could get an agreement within the shortest possible time, possibly two to three weeks.

“In carrying out this assignment, the Minister will carry along all relevant ministries and agencies with statutory functions and duties relating to the issues involved.

“The Presidency is optimistic that agreements can be reached in an even shorter period if all parties/stakeholders are not unrealistically obstinate. We appeal to the parties to work together to end the strikes.

“On the part of the administration, all doors remain open for dialogue and the resolution of the issues.

“We appeal to the media not try to spread misinformation. The orchestrated media narratives seeking to present an entirely different picture, attributed to sources, in the last 24 hours are not helpful at all.”

Hotel Owner Strips Workers Naked, Torture Them Over Stolen Money; Gets Court’s Fine

Editorial staff

July 19, 2022

A former Nigerian Minister of State for Education, Kenneth Gbagi has been found guilty of stripping workers in his hotel business in Delta State naked and torturing them for allegedly stealing his money.

The politician, who is the governorship candidate of the Social Democratic Party (SDP), was accused of ordering four of his staff to be stripped naked and photographed over a theft case at his Signatious Hotel in Effurun.

In February 2021, against Gbaji’s application asking that he should not be arrested, the police prayed the Federal High Court, Abuja, to allow the security agency to investigate him.

Kunle Edun, Counsel to one of the victims, Victor Ephraim, had filed a lawsuit Number EHC/FHR/80/2020 against the politician and Signatious Hotel, saying that between September 17 and 18, 2020, Gbagi used the policemen attached to him to forcefully strip him naked in public..

The complainant said that he was tortured alongside three other female staff members, adding that Gbagi collected their ATM cards and transferred all the money in their bank accounts to the hotel’s account.

Delivering Judgment today, July 19, Justice Vera Agbodje held that the stories presented by Gbagi were false, concocted and not believable.

She said that Gbagi took laws into his own hands by torturing his ex-staff and she consequently ordered him to pay N1million for violating the fundamental human rights of Ephraim.

Despite Losing To Morroco, Buhari Praises Gallant Performance Of Super Falcons

Editorial staff

July 19, 2022

President Muhammadu Buhari has commended the gallant performance of Nigeria’s Super Falcons against the Moroccan female national football team in the second Semi-finals of the African Women’s Cup of Nations.

The President said that though many people might have been disappointed with the Moroccan victory on penalties, but that there are many positive outcomes for the Nigerian team to take home and prepare better for the next tournament.

In a statement today, July 19 by a Presidential spokesman, Femi Adesina, the President said that he is encouraged by the doggedness, resilience and professionalism displayed by the girls, “who despite playing with two players down before a home crowd showed their quality and class.”

Buhari believed that great things are expected from Nigerian team, adding that like all Nigerians, I will be cheering them on at future outings.”

Cholera Outbreak In Kano: 5 Die, 184 Cases Treated

Editorial staff

July 19, 2022

Cholera outbreak has claimed five lives and 184 cases that have been treated in 20 Local Government Areas of Kano State.

The state Commissioner for Health, Dr. Aminu Tsanyawa, who confirmed the cases at a media briefing in Kano today, July 19, said that five deaths were recorded, while 184 of the cases were treated and the patients fully recovered.
According to him, this year’s outbreak is low, compared to 2021 in which the state recorded 12,116 cases with 329 deaths.

He said that Cholera outbreak is seasonal and that it is a bacterial infection of humans, caused by v.cholarae, saying that the risk factors for cholera transmission are poor personal and environmental hygiene.

Other risk factors, he said, included food and water contamination, poor waste disposal and open defecation, advising residents on effective hand washing, personal and environmental hygiene to control the situation.

He called for the support of the media on public enlightenment in order to mitigate the outbreak to the minimum. Tsanyawa reiterated the state government’s commitment towards curtailing the situation and ensuring a healthy state.

He also commended the Kano Emirate Council for its effort in enlightenment campaign on public health in general.

Buhari Unveils New NNPC, Says It’ll Guarantee National Energy Security

Editorial staff

July 19, 2022

President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), with a promise that the company will, by law, ensure that Nigeria’s National Energy Security is guaranteed.

Speaking at the occasion today, July 19 at the Presidential villa, Abuja, the President said that Africa’s largest National Oil Company would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

The President recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.

He expressed optimism that the NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).

“This is a landmark event for the Nigerian oil industry.

“Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.

“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.

“The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

“Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today.

“I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great.”

The President assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent and viable NOC at par with its peers around the world.

He said that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.

He thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.

“From the onset of this administration, Mr. President never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries.

“While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.

“We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us.”

Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

He thanked the President for his unparalleled leadership, steadfastness, and unalloyed support towards ensuring that the country’s oil and gas industry is on a sound footing.

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.

He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.’’

“NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world.”

INEC To Davido: Don’t Drag Us Into Politics Over Certificate Of Return To Osun Governor-Elect

Editorial staff

July 19, 2022

The Independent National Electoral Commission (INEC) has asked the nephew of Ademola Adeleke, the Osun Governor-elect, Davido, not to drag it into politics over the issuance of a Certificate of Return to Adeleke that was declared winner of the governorship election held in the state last week Saturday.

Reacting to the musician who complained that the Commission has not presented the winner of the election with a Certificate of Return after 48 hours as provided by the law, the INEC’s National Commissioner and Chairman of Information and Voter Education Committee, Festus Okoye, said that the Commission has up to 14 days to issue the winner with the Certificate of Return.

“Those that intervene and play roles in the electoral process should try to have basic knowledge of the constitutive legal instruments that guide and regulate the conduct of elections.

“The Commission is a public trust and a creation of the Constitution and the law and must be seen to respond to public demands for transparency and openness.

“The Commission will continue to uphold the basic tenets of transparency, openness and inclusivity in the conduct of elections and the delivery of electoral services.

“The Commission is not a political party and will not be swayed by partisan political interests. “Section 72 of the Electoral Act 2022 provides that a sealed certificate of return at an election in the prescribed form shall be issued within 14 days to every candidate who has been returned by the Returning Officer in an election under the Act.

“The Commission conducted the Osun Governorship election on the 18th day of July 2022 and the Returning Officer made a declaration and a return on Sunday the 19th day of July 2022. Majority of the staff of the Commission that superintended the election are just returning to Abuja.

“The Supervising National Commissioner whose responsibility it is to present the certificate of Return is still in Osun waiting for the arrival of the certificate.

“The Commission made the Declaration and the Return and it is uncharitable to insinuate that the Commission does not want to issue the winner of the election with a Certificate of Return.

“There is no law in place that mandates the Commission to issue a certificate to any candidate within 48 hours. Those that influence public opinion, especially in the electoral process should try to arm themselves with basic knowledge of the law and the processes and procedures of the Commission.”

Dangote Industry Completes Issuance Of ₦187.6 Billion Unsecured Bond

Editorial staff

July 19, 2022

Dangote Industry Limited has announced the completion of its ₦187.6 billion Series 1 Bond Issuance, described as the largest corporate bond ever issued in the history of the Nigerian capital market.

The transaction, according to the Group, represents the first issuance by it at Group level and comprises of a seven-year Tranche-A bond, issued at 12.75 percent and a 10-year Tranche-B bond, issued at 13.50 percent, under the newly established N300 billion Debt Issuance Programme

It said that the bond issuance was well received by domestic pension funds, asset managers, insurance companies and high net-worth investors, adding that it is planning to utilize the net proceeds from the bond issuance to part-finance the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.

According a statement by the Group, Standard Chartered Capital & Advisory Nigeria Limited acted as the Lead Issuing House and Bookrunner on Transaction, while Meristem Capital, Stanbic IBTC Capital, Vetiva Capital, Absa Capital Markets, Afrinvest Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Greenwich Merchant Bank, Quantum Zenith Capital, Rand Merchant Bank Nigeria and United Capital acted as Joint Issuing Houses.

Speaking on the significance of the Transaction, the Group Managing Director of Dangote Industries, Olakunle Alake considered it a pride to have set the milestone by showcasing the depth and liquidity of the Nigeria Debt Capital Market.

“The success of this transaction further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of the continent.

“The proceeds from this landmark transaction will be used to part-finance the Dangote Petroleum Refinery Project which is the initiative by the Group to establish the largest refinery in Africa, thus positioning Nigeria as a net exporter of refined crude. We want to specially thank the investor community for their support on this transaction, as well as our various advisors and stakeholders.”

Also speaking on the transaction, Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, Olukorede Adenowo, said that the transaction reflected the strong credit quality of the issuer as well as the resilience of the Nigerian domestic debt capital markets, despite the current global market volatility.

“We thank the Board and Management of the Dangote Group for continuously striving to develop the domestic debt capital markets and setting records through its various issuances both at the subsidiary and Group levels. We also thank the Securities & Exchange Commission, Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ”) for their unwavering support throughout this entire process.”

The statement said that the Bond notes will be listed on the NGX and FMDQ.

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