Dangote Acknowledges Buhari’s Efforts At Improving Business Environment, Investments

April 23, 2022

President of Dangote Industries Ltd, Alhaji Aliko Dangote has acknowledged efforts being made by President Muhammadu Buhari progressively improving the business environment and investment climate, despite some unprecedented challenges our economy has been confronted with over the past decade.

“We are also deeply grateful for your direct interventions at various times when our operations were challenged by some unintended consequences of economic policy positions.”

Dangote, who led Board members of the Dangote Industries Ltd, and Group on a “Thank-You-Visit to the President today, April 22, at the Presidential villa, Abuja said the Board members had come to show appreciation to the President for the great honour to the Dangote Group when he commissioned the new 3m MTPD Fertilizer plant, which was the latest subsidiary company of the Dangote Fertilizer Ltd.

“We also seize the opportunity to reiterate our immense gratitude for the sustained effort of your administration through various policy initiatives aimed at progressively improving the business environment and investment climate, despite some unprecedented challenges our economy has been confronted with over the past decade.”

Dangote said that Buhari’s interventions have not only helped to resolve business challenges, but have been a source of great encouragement in the Group’s determination to continue to invest in the nation’s economy.

He said that the Board looks forward to the return of President Buhari to commission the Oil Refineries and Petrochemicals project, which will transform the Nigerian economy.

“Through the outputs of our various businesses, our Group is proud to be making significant contributions to the diversification and growth of our nation’s economy, which is second only to Federal Government in the size of our workforce.”

The leader of the Dangote Group said that with more investments in agriculture and Oil and Gas sectors more impact will be made on the economy.

Dangote said that the group of industries will always hold on to the President’s mantra on the economy to “produce what we consume and consume what we produce.’’

This was even as President Buhari advised entrepreneurs and investors to channel ideas and resources into areas of the economy that stimulate growth, with long-term effect on job creation and poverty reduction, assuring that fixing infrastructure remains government’s top priority.

He said that transportation and energy will continue to attract attention for a turnaround, while urging entrepreneurs in the country and foreign investors to focus on areas that will leave lasting legacies of transforming lives.

“Mr. Chairman, Let me again, thank you and your board for the courage and foresight that enabled you to embark on these mega investment projects which will have enduring benefits to generations of Nigerians.

“Entrepreneurs such as Alhaji Aliko Dangote are unique gifts to their societies and the institutions they build, and they often become the pillars of stable enduring prosperous economies.

“I, therefore, urge other Nigerians in the business sector to emulate this iconic entrepreneur by investing in such enterprises that will in time become worthy legacies as national assets which will continue to benefit their people for generation after generation, creating firm anchors of enduring prosperity for their citizens.”

President Buhari said that reforms were already going on in the public sector to reposition it into a more effective and result oriented engine room that will encourage more investments.

“I am keenly aware of the many challenges in the business environment and the investment climate despite the sustained efforts by this government to bring about improvements.

“I want to assure you, however, that Government will do everything possible to enhance the development in infrastructure, especially in energy and transportation sectors.

“We will also continue to implement needed reforms in the public service to significantly improve the ease of doing business.”

President Buhari lauded Alhaji Dangote for always investing in areas that bring the highest benefits to Nigerians.

“I recall, with great pleasure, my visit to the Dangote Free Zone just about four weeks ago, to commission the Group’s new 3 million metric ton fertilizer plant. Let me, once again, congratulate you and your Board for a very successful commissioning ceremony.

“As I said at that event, the coming on stream of this plant was a huge opportunity to ramp up the productivity of our agricultural sector. It is, therefore, a most welcome booster to our government’s strategy for achieving food security and reducing poverty.

“Given recent developments globally, especially the effect of the ongoing war in Europe on world-wide food supply chain, I must commend your foresight for bringing the plant into operation at the time you did.

“I note that market realities will bring pressure to bear on Dangote Fertilizer Limited in seeking to meet the demands of your export customers.

“However, given your group’s well known patriotic vision, I am confident that your Board will continue to accord priority to meeting local demands of our farmers.”

President Buhari also commended the Dangote Group for extending investments to other African countries, while highlighting the vision behind the refinery.

“Mr. Chairman, I must specially commend you and your Board for the development of the Dangote Refinery and Petrochemical complex. I had a good view of this incredible city of steel and concrete when my helicopter circled over it during my visit for the commissioning of the Fertilizer plant.”

Wike Describes Consensus Proposal As A Scam, Says He Won’t Step Down For Anybody

Editorial staff

April 23, 2022

A presidential aspirant under the Peoples Democratic Party (PDP), and Governor of Rivers State, Nyesom Wike, has described the consensus project being proposed by the top operative of the party as a scam, saying that he would not step down for anybody under whatever guise.

According to him, nobody is worth being stepped down for, adding that it is only death that would take him away from the ambition of ruling this country.

This is coming on the heels moves being made by some chieftains of the party to ask all the presidential aspirants to settle for a consensus method of choosing a candidate amongst them.

However, during an interview with BBC Pigin, Wike said that those who think they can deceive him with such should perish the thought, stressing that only death could make him step down for another aspirant in the 2023 presidential election race.

“Why will I step down for anybody? If you want to do consensus, there must be equity and fairness. Are the hands of those demanding consensus clean? People talking about consensus are the ones running the election. Is it the party’s decision?”

“It is not the party that is talking. In politics, there is something called shine shine bobo. The more you look, the less you see. Some people think they can deceive me with consensus. It’s a scam. I don’t like being deceived in my life.”

On what can make him step down for another PDP candidate, he replied, “The only thing that can make me step down is death. if I am alive, we will run this thing, we will hold the primary on May 28/29.”

2023: I Am Not Declaring For Presidency, Jonathan Clears Air

Editorial staff

April 22, 2022

Former President Goodluck Jonathan has made it clear that he is not declaring to run in the 2023 Presidential election in the country, foreclosing speculations that he would soon declare his interest to run for his former seat.

Dr. Jonathan, who responded to a crowd of Nigerian youths that gathered at his Abuja home today, April 22 requesting him to declare his interest to run for president in the 2023 elections in Nigeria, said: “if you are calling me to come and declare for next elections, I cannot tell you I am declaring.

Instead, the former President encouraged the youths to take up interest in elective positions as the grounds have been cleared for youths to contest for any position in government.

“For you to come this morning shows clearly that you are interested in politics. We have always been urging that the youths should get involved in politics and luckily the ‘Not Too Young Bill’ states clearly that young people can contest in almost every position in government. So, we will continue to encourage you to get involved in the political process.”

2023: 13 Nigeria Professors Endorse Osinbajo For President

Greenbarge Reporters

April 21, 2022

No fewer than 13 Nigeria professors have openly endorsed Vice President Yemi Osinbajo to take over the Presidency of Nigeria from his boss, Muhammadu Buhari in the 2023 election.

Professor Osinbajo’s spokesman, Laolu Akande, in a statement today, April 21in Abuja, said that the top academics, drawn from the six geo-political zones, came under the aegis of the Progressive Intellectuals Advisory Group.

Laolu said that the group was led by Professor Shehu Adamu, the Dean of the Faculty of Health Sciences, National Open University of Nigeria (NOUN).

Speaking to the Professors, Professor Osinbajo was quoted as calling on academics and members of other professional bodies to participate actively in the task of making Nigeria a better place for all.

“These days, you find all sorts of pretenders claiming expertise in everything under the sun without any real expertise.

“So, it is important that academics do not vacate that space to allow all sorts of people to begin to postulate on practically every issue.”

The vice president recalled his experience as an academic who became an Attorney-General.

“One of the most important things I recall when I served first as Attorney General of Lagos State was that it is so important for those of us who are in academics to participate because not only are we among the more knowledgeable groups, we have also done more work.

“The path that you have chosen is a very crucial one because in the future, more intellectual groups will take the responsibility that is really theirs.

“And I think that for those of us who are from the academic community, it is a privilege that we have – being the intellectual crème de la crème of our society, and this comes with responsibility.”

The vice president appreciated the group’s endorsement of his presidential aspiration, saying that if there was any sort of endorsement that had given him particular joy, it was the group’s endorsement.

“Because if one is endorsed by professional colleagues, people who live their lives by critical analysis and evaluation; it is worth celebrating.

“These matters are not to be taken lightly. For a professor to say that he supports a political cause, it is a weighty matter indeed, because you are aware that a lot of reflections go into it.

“But when you have 13 professors all over the country saying that they are aligned to one cause; I am greatly humbled; it is one of those things that doesn’t happen often.

“We will work together to make a significant difference for our country,” Mr Osinbajo said.

Earlier in his remarks, Professor Adamu said the visit was to intimate the vice president on activities and efforts of the group to support his aspiration to become Nigeria’s President.

He said the academics were convinced of Osinbajo’s capability to lead a more prosperous Nigeria; hence their resolve not only to endorse him, but also offer their expertise and do what it would take to ensure that he emerged victorious.

Professor Adamu said the group would engage in activities, including media engagements, community mobilisation, and partnerships with other professionals, among others, to shape public opinion in a manner that will lead to a successful run by the vice president in 2023.

Another member of the delegation, Professor Nasiru Musa Yauri, the Vice Chancellor of the Al-Kalam University, Katsina, said members of the group had decided not to fold their arms.

“We will do whatever it takes to actualise the PYO 2023 project,” he said.

Moreso, Professor Chukwuemeka Nwanegbo, the Head of Political Science Department, Nnamdi Azikiwe University in Awka, said that members of the academic community would throw their weight behind the vice president.

“We do not want to sit back and watch the political terrain disallow you from emerging.

“So, we want to work with you, other professionals and students to actualise your bid,” he said.

Aside Messrs Adamu, Yauri and Nwanegbo, the other academics at the meeting included Prof. Yahaya Baba of Usmanu Danfodiyo University in Sokoto and Prof. Mashood Omotosho of Obafemi Awolowo University, Ile-Ife.

Others were Associate Prof. Philips Okolo, Director of the Institute of Peace and Security Studies, Niger Delta University, Prof. Shola Omotola, Federal University, Oye Ekiti, Prof. Danjuma Abubakar, IBB University, Lapai and Associate Prof. Abdullahi Jibrin, Federal University Lafia.

Associate Prof. Atelhe George, University of Calabar; Prof. Saleh Mohammed, Federal University Kashere, Gombe State; Prof. Haruna Adama, University of Yola and; Prof. Ike-Elechi Ogba, Ebonyi State University were also in the delegation.

Source: NAN.

Non-Interest Making Jaiz Bank Plc Declares N4.37 Billion Profit For 2021

Editorial staff

April 21, 2022

Jaiz Bank Plc, the Premier Non-Interest Bank in Nigeria has declared N4.37 profit in its audited financial results released for the period ended 31 December 2021.

The results as released to the Nigerian Exchange Group, showed a 43% growth in Profit Before Tax from N3.07billion in December 2020 to N4.37 billion in December 2021.

This is on the backdrop of an increase of 31.76% in Gross Income from N19.61 billion realized in 2020 to N25.84 billion in 2021.

Similarly, the Bank’s Total Asset grew by 19.55% from N233.60 billion to N279.28 billion while Shareholders’ Funds for the period grew by 36.20%, from N17.85 billion to N24.31 billion.

Earnings per share for the period increased by 40.10% from 9.85 kobo in 2020 to 13.80 kobo in 2021.

In the last couple of years, Jaiz Bank has consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in Nigeria.

Speaking on the results, the Managing Director/CEO, Hassan Usman attributed the achievements to the Bank’s expansion progamme, prudence and to a strong commitment to excellence service delivery to our growing customer base.

Usman congratulates the Board, Management and staff on these achievements, acknowledging the staff for their hard work, customers, for loyalty and patronage and continued support from shareholders.

He said the Bank’s growth strategy focuses on the real sector of the economy, especially agriculture, Small and Medium Enterprises (SMEs) and financial inclusion. He said the Bank continues the digitalization of its services and interactions to exceed customer expectations and foster operational efficiency.

“We shall continue to develop new customers, new markets and new products for both our physical and virtual channels. We remain committed to continuously up-scale our governance mechanism to meet best practice and regulatory requirements.”

World Bank Chief Warns About Dangers In Petrol Subsidies, Multiple Exchange Rates

Editorial staff

April 21, 2022

David Malpass speaks in front of the World Bank (Photo by Andrew CABALLERO-REYNOLDS / AFP)ANDREW CABALLERO-REYNOLDS/AFP/Getty Images

The World Bank President Group Chief, David Malpass, has warned Nigeria on the dangers in keeping petroleum subsidies amid global economic shocks and maintaining multiple exchange rate.

Speaking today, April 21 at the ongoing International Monetary Fund (IMF) spring meetings in Washington DC, the Worl Bank boss said that keeping subsidies and multiple exchange rates have a huge cost deficit to the economy, adding that subsidies benefit the rich more.

Malpass expressed concern that Nigeria would starve itself of funds for infrastructural development if it keeps up with unsustainable subsidies, saying: “we have encouraged the Nigerian government to re-think subsidies and multiple exchange rate systems in its foreign exchange management. Multiple exchange rate system is complicated and not as effective as it would be on a stable exchange rate.”

He encouraged Nigerian authorities to work towards having a stable exchange rate, which he stressed, would encourage fiscal discipline and increase investment inflows into the country.

“Nigeria trade inflows are distorted with multiple exchange rates, but a stable exchange rate will improve it. Businesses and investment inflows will grow Nigerian economy alongside a stable exchange rate,” he said.

This is not the first time the Washington-based lender has warned Nigeria’s economic managers of the complications associated with keeping subsidies and multiple exchange rates.

Just last week, the World Bank, in its bi-annual report known as African Pulse, stated that increasing fuel subsidy was putting the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns.

Apart from the World Bank, many analysts had warned the government over dangers of keeping the “unsustainable” subsidy.

A former chairman of the Major Oil Marketers Association of Nigeria, (MOMAN), Adetunji Oyebanji, said that subsidy is a misplaced priority by the government.

Oyebanji said: “There is no argument to justify subsidy payment, because we are spending away the funds for our infrastructural development. Labour does not have any justifiable reason to cow government to keep subsidies.”

Subsidy payments for the fiscal year of 2022 have seen the Nigerian government pass a supplementary budget of N4 trillion to that effect.

Analysts knowledgeable about the economy say the government must do away with subsidy.

“This is the part that led to the collapse of the Venezuelan economy. It is this subsidy that brought down that economy. Go and check the Venezuela economy, and it is an oil-producing country,” an economist and chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, told The ICIR.

“Labour leaders and all of that, I am appealing to them to be a bit more realistic to their position and engage a lot more. We have to think about sustaining this economy. I mean, look at the fiscal position of the economy. Look at the amount of debt that we are accumulating and look at the amount of debt service.

“We can have engagement about the cost of governance generally, but that should not allow the continuous bleeding of the economy. The Nigeria Labour Congress said last week that it had listed key issues that should be addressed before the Nigerian National Petroleum Corporation (NNPC) will adjust the pump price of premium motor spirit (petrol),” Yusuf added.

The immediate past chairman of the Society of Petroleum Engineers, Joe Nwakwue, said that the petrol subsidy had become a tumour on the Nigerian economy, arguing that it must be removed for the economy to survive.

Also, the International Monetary Fund (IMF) has expressed a deep worry about subsidy impact on the economy.

The subsidy, IMF said, serves as “a fiscal drain.”

The Fund, in a recent report, described the petrol subsidy as a major incentive to petrol smuggling. “The PMS subsidy is seen as one of the incentives for petrol smuggling to neighbouring countries as smugglers take advantage of arbitrage,” it stated.

An energy economist, Adeola Adenikinju, said, “The maintenance of subsidy has brought us to a level where we have completely mismanaged the downstream sector.

“It has had a negative impact on our foreign reserves, exchange rate, government revenue, and the capacity of the Federal Government to perform its responsibilities.”

Notably, labour unions have been at daggers drawn with the Federal Government, with many meetings between the two parties over removal of subsidies suffering a deadlock.

The union officials insisted that before the subsidy removal, the NNPC must fix the country’s refineries in order to cut down on the importation of refined petroleum products.

The NNPC currently has four idle refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC).

Since 2019, none of the refineries has been able to refine a drop of fuel, hence the country relies entirely on imports to satisfy demands.

Source: ICIR.

Insecurity: Gov El-Rufai Talks Too Much, National Security Adviser Laments

Editorial staff

April 21, 2022

The National Security Adviser (NSA), retired Major General Babagana Munguno has lamented that Kaduna State Governor, Nasir El-Rufai talks too much about the insecurity, thereby giving out secret information about the whereabouts of terrorists to terrorist, especially those who kidnapped train passengers recently.

Munguno, who spoke to news men today, April 21, shortly after the security council meeting at the Presidential villa, Abuja, said that the governor’s claim that the military failed to act despite intelligence reports made available to them early enough on the hideout of bandits and planned attacks could compromise the security situation as the bandits could relocate to other destinations if they knew that their current hideout was known.

“When you start talking too much, you give away a lot. Now, even if they say we know where they are, that in itself is already a problem.”

Munguno said that once such comment was made, whether true or not, the bandits might relocate to another location.

He said that it was better sometimes to just keep silence instead of talking and giving out vital information like El-Rufai did, adding that for Governor El-Rufai to say: “we know who they are, where they are” was in itself dangerous.

Corruption: Presidency Explains Why Ex Govs Dariye, Nyame, Others Were Pardoned

Editorial staff

April 21, 2022

The Presidency has explained why the former governors of Plateau State, Joshua Dariye; Taraba State, Jolly Nyame and others were pardoned after they were convicted of corruption by court of competent jurisdiction.

A statement today, April 20, by a Presidential spokesman, Malam Garba Shehu said that the two ex governors were pardoned on the ground of life threatening health challenges.

The statement said that in pardoning the ex convicts by the Council of State, many legal and administrative processes were followed.

The statement said that the whole processes followed the report of the Presidential Advisory Committee on the Prerogative of Mercy (PACPM), culminating in a process begun by the convicts and others concerned in line with the Constitution.

“Section 175 (1) of the Constitution of the Federal Republic of Nigeria 1999(as amended) enjoins the President to exercise his constitutional powers “to grant any person concerned with or convicted of any offence created by an Act of the National Assembly a pardon, either free or subject to lawful conditions; to grant respite, either for an indefinite or a specified period of the execution of any punishment imposed on that person for such an offence; substitute a less severe form of punishment imposed on that person for such an offence or remit the whole or any part of any punishment imposed on the person for such an offence or of penalty or forfeiture otherwise due to the state on account of such an offence.”

“The Federal Government constituted the PACPM on August 28th, 2018 with the mandate of assisting the President in the discharge of his constitutional responsibility of granting pardon/clemency to convicts or ex-convicts in deserving cases.

“The Committee filed its first report in March 2020 and reconvened on Thursday, 28 September 2021 to attend to the myriad of pending applications for presidential pardon and clemency from Nigerians across the country.

“These accrued cases followed the established process of applying for pardon or clemency first to the Correctional Service (formerly Nigerian Prison Service), which must certify claims made, be they of life-threatening ill-health, (as in the cases of Governors Dariye, Nyame; John Joshua Uloh, Engr Umar Bamalli, Sa’adu Ayinla Alanamu, Charles Ihenatu, Akinwumi Ajayi and tens of others making the approved list of 159; or such cases arising from remorse and good conduct or plainly on the basis of compassion among other stated criteria.

“The PACPM members, under the Attorney General and Minister of Justice, followed up the recommendations with a visit to selected Correctional Centers in several states of the Federation to “critically appraise and identify potential cases of convicts and ex-convicts before recommending them for presidential pardon/clemency and reduced sentences.

“In this round of the exercise, 412 inmates were interviewed and 162 were recommended to the Council of State by the President in the exercise of his powers, pursuant to Section 175 (2) which requires that he should carry out this function after being “advised by the Council.”

The statement said that the presentation to the Council of States meeting last week, attended by former Presidents, a former Chief Justice and 36 States and the FCT along the lines of its statutory membership, was a culmination of a rigorous process, regulated and guided by the law which was not, in any way designed to achieve a political purpose.

The Presidency agreed however, that it is natural that the cases of the ex-governors-two among many- would excite political analysts, coming at a time when elections are in the air, but stressed that the President would at the same time have been seen as insensitive and cruel by most people if he had ignored very compelling cases recommended for pardon made to him, because someone is a former Governor.

Saying that even Governors have the right to be treated fairly under the law, the Presidency assured Nigerians that the exercise was not intended to achieve a political end or to send a revisionist message on the relentless war against corruption which President Buhari has been leading by personal examples.

APC Choses Indirect Primary To Pick Candidates

Greenbarge Reporters

April 20, 2022

The ruling All Progressives Congress (APC) has decided to pick its presidential and gubernatorial candidates ahead of the 2023 general elections through indirect primary elections.
The National Executive Council (NEC) of the party, at an emergency meeting today, April 20 in Abuja, ruled out the consensus method in the selection of candidates.
The emergency meeting was presided over by the National chairman, Senator Abdullahi Adamu with President Muhammadu Buhari in attendance.
Details later.

PDP Heads To Destruction By Abandoning Article 72 (c) On Zoning –Presidential Aspirant

Editorial staff

April 20, 2022

A Presidential aspirant on the platform of the Peoples Democratic Party (PDP), Orefo Nnamdi Onochie, has said that the party is heading to self destruction by abandoning article 72 (c) of the party’s constitution which has to do with zoning.

In a statement today, April 19, Onochie said that the abandonment of the artcle of PDP constitution by the national leadership, which provided zoning and rotation of positions and offices in the party, especially the presidential ticket among the geopolitical zones of the country, will kill the party.

According to him, a few elites within the PDP have hijacked and dominated the party and are determined to destroy it and mangle the destiny of Nigeria if their personal political ambitions and interests are not accepted.

He regretted that despite several statements issued to the national leadership of the PDP and also stringent efforts made by his co-aspirants to forestall the jettisoning of the Article 7.2(c) as contained in the party’s constitution, the party defiled owned rules.

“This situation imperils the party and Nigeria. It is in the light of that situation that I have withdrawn my membership of the party.”

The presidential hopeful said that he will at a later date inform Nigerians of the political party he chooses to sustain his presidential ambition, after dumping the PDP.

Onochie assured all Nigerians and his ardent supporters that his overriding interest is the preservation of Nigeria’s national ethos, unity and territorial integrity.

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