President Muhammadu Buhari has effected some changes in the political appointees of of the First Lady, Aisha Muhammadu Buhari.
A statement today, February 12 by the senior special assistant to the President on media and publicity, Malam Garba Shehu said that the president has sacked the Special Assistant to the President on Domestic and Social Events, Office of the First Lady, Zainab Kazeem, with effect from yesterday, February 11.
The statement said that Buhari redeployed three of the political appointees in her office to the office of the Secretary to the Government of the Federation (SGF), pending their assignment to some other government departments or agencies.
Those affected by the redeployment are Dr. Mohammed Kamal Abdulrahman, Senior Special Assistant to the President on Health and Development Partners and Personal Physician to the First Lady; Hadi Uba, Special Assistant to the President on Administration and Wole Aboderin, Special Assistant to the President on Non-Governmental Organisations (NGOs).
Those who are newly appointed, include Muhammad Sani Zorro, a journalist, a politician and former lawmaker as the Senior Special Assistant to the President on Public Affairs and Strategy, Office of the First Lady.
Sani Zorro was at various times President of the Nigeria Union of Journalists (NUJ), West African Journalists Association (WAJA) and the Federation of African Journalists (FAJ).
He was in the House of Representatives where he chaired the committee on Internally Displaced Persons (IDPs), Refugees and Initiatives on North East.
Also appointed, according to the statement, are A’isha Rimi, a law graduate of the University of Buckingham in England as Senior Special Assistant to the President on Legal Matters, Office of the First Lady and Dr. Zabah Muhammad Jawa as Personal Physician to the First Lady.
While A’isha is a resourceful administrative executive and a founding partner at Africa Law Practice, a commercial law firm in Nigeria, Dr. Jawa is a Senior Consultant in Nuclear medicine and European Certified in Nuclear Medicine.
He is a Fellow of the College of Radiologists of Nigeria and Fellow of the South African College of Nuclear Physicians.
The Federal Capital Territory (FCT) police command, Abuja, had ran into confusion and has confused the people in the Territory, few hours to the commencement of the election of the six area council chairmen and councillors, which is now ongoing. The command started, about four days ago by banning movement of people on the day of election from 12_midnight to 4pm, but unbanned the restriction of movement yesterday, only to wake up today, February 12, restoring the ban. Meanwhile, the election is currently ongoing, with over one million voters trooping out in the six area council to elect their leaders. After the initial order restricting movement on election day, the police command, yesterday, February 11, issued a statement, relaxing the restriction. In a statement, the command had said that it decided to relax the restriction of movement as earlier announced. “Consequently, members of the public are hereby advice to go about their normal legitimate business without the fear of harassment or molestation of any kind from any quarters. “The Commissioner of Police FCT Police Command, CP Babaji Sunday psc. while assuring the members of public of the provision of a water tight security before, during and after the election, urges members of the public to come out in their numbers to vote for candidates of their choice.” But today, February 12 just as people were waking up to go out and vote, the command came up with another statement, restoring the restriction. In the statement, the command said: “based on credible intelligence at the disposal of the FCT Police Command and in the best security interest of the territory, the Fct police command has deemed it fit to restore the earlier pronounced restrictions of movement. “The water-tight security arrangement will enable eligible voters exercise their civic responsibility. “Consequently, the restrictions commences from 8am – 3pm of 12th February 2022, exempting those on essential services, participants and key players in the already scheduled WAEC examinations. “The Commissioner of Police FCT Police Command CP Babaji Sunday psc, while assuring the members of the public of the Command’s commitment towards ensuring a safe environment before, during and after the election, urges residents to exercise their voting rights without the fear of molestation or harassment of any kind, from any quarters .The CP also calls on residents to remain vigilant and report any suspicious or abnormal occurrence to the Police through the following emergency lines: 08032003913, 08061581938, 07057337653 and 08028940883.
Our reporter who went out to monitor the election exercise just reported that many people who heard this morning restriction announcement have refused to come out to cast their votes. This is even as others who did not hear the restored restriction are battling the security agents, arguing that the last thing they heard yesterday was that restriction had been lifted.
Our reporters on the field however, said that as at the time of going on the air, there has been no major incidence recorded in the six area councils.
Fifteen Copperbelt University (CBU) engineering students have been inducted as graduate engineer trainees at Dangote Cement Zambia Limited in Masaiti district. Dangote Chief Executive officer, Vipul Agrawal said today, February 10 that the programme is aimed at training Zambian engineers to operate state-of the-art technology Cement and Power plants.
The 15 CBU Chemical, Mechanical, Electrical and Mining-engineering students selected to participate in the program were issued with a two year contract. Agrawal said that the graduates would go through structured, but intense hands on training to consolidate their academic knowledge. “On conclusion of their training, they will be absorbed in responsible positions in the company.
“The Graduate Engineer Trainee program is a key component of succession planning and building of talent pull at Dangote.”
He said that the first Program for GET”s was launched in 2016 culminating in some of the graduate engineers taking leadership positions at Dangote. The Chief Executive Officer said that the program had yielded positive results by exposing fresh graduates to industrial challenges while working under the guidance of experienced technocrats from diverse backgrounds.
Agrawal further said that Dangote would continue to partner with other institutions of higher learning across the country as a way of supporting government efforts to develop skilled workforce and betterment of society. Dangote Plant Director Xavier Kennedy said that the program will expose the trainees to practical part of the theory learnt in school.
Meanwhile a student representative, Harriet Likomeno thanked management of Dangote for according them an opportunity to be part of Africa’s largest cement manufacturing company. She promised that they will put in their level best best to meet the aspirations of the company through the GET program.
President Muhammadu Buhari has ordered the Nigerian National Petroleum Company Limited not to spare the importers and producers of substandard fuel and other consumable products.
A statement today, February 10 by his spokesman, Garba Shehu quoted him as having also given directives to the relevant government agencies to take every step in line with the laws of the country to ensure the respect and protection of consumers against market abuses and social injustices.
The President, who reacted to the issue of petroleum product shortages linked to the inadvertent supply of products of foreign origin into the Nigerian market, said that the protection of consumer interests is a priority of the present administration and is ready to take all necessary measures to protect consumers from hazardous products, loss or injuries from the consumption of substandard goods.
He directed that in line with the law, service providers must make full disclosure of relevant information with respect to the consumption of their products and that dissatisfied consumers are entitled to a proper redress of their complaints.
As residents of the Federal Capital Territory (FCT) go out on Saturday, February 12 to elect Area Council Chairmen and Councillors, the Minister, Malam Muhammad Musa Bello has warned against violation in any form, of the electoral laws.
The Minister reminded would-be trouble makers that the security agencies are under strict directives to bring the full weight of the law on errant individuals or groups who may attempt to breach the peace in whatever guise.
In a message to the residents today, Muhammad Bello further called on parents, traditional, community and religious leaders to caution their wards, subjects and members of their congregation against engaging in acts that could disrupt the peaceful conduct of the elections.
He reminded residents that the attention of the national and international community is focused on the Area Council elections, saying that the electorate have the responsibility of ensuring a peaceful and transparent conduct of the elections..
The Minister called on the residents not to hesitate to call on the relevant authorities if they witness any activities that run contrary to the laid down election guidelines.
“I call on residents and contestants to use the Council polls to truly demonstrate the unity of all Nigerians, regardless of ethnic, religious or political affiliations.”
President Muhammadu Buhari has advised foreign envoys not to dabble into the internal affairs of Nigeria, especially as the country prepares for general elections in 2023.
The President, who received Letters of Credence from the Ambassadors of Czech Republic, Zdenek Krejci; Italy, Stephano De Leo; Spain, Juan Ignacio Sell Sanz and Israel, Michael Shual Freeman, today, February 10, at the Presidential villa, said: “you are assuming your diplomatic responsibilities in Nigeria at very interesting political period as Nigeria’s national elections are due in early 2023.
“As you settle down in the face of these developments, it is my hope that you will also be guided by diplomatic practice, to ensure that your activities remain within the limits of your profession as you monitor the build-up to and the conduct of the general elections next year.’’
The President called for the support of the envoys in tackling rising global insecurity, and strengthening of communality.
“We are living in unprecedented times and with so many uncertainties, especially with the outbreak of Covid-19 pandemic, the rise in global insecurity and the devastation of our environments caused by Climate Change among other existential threats to our collective peace, progress and shared values.
“Different factors that accounted for these challenges go beyond the abilities of any single country to effectively contain alone. Matters of security have become the business of all the nations of the world to work closely together to build consensus in order to overcome these challenges.
“For us in Nigeria, we continue to make steady progress despite the daunting challenges, especially in the areas of insecurity, fight against corruption, diversification of the economy, and our efforts in promoting good governance, amongst other aspirations.’’
The President said that Nigeria’s differences and divergence in culture and religion have contributed immensely in cementing unity, as a people, as well as spurring religious tolerance and respect for one another.
President Buhari advised the Ambassadors to build lasting friendships in the course of performing their duties that will go beyond assignments in Nigeria.
On the regional level, the President said that Nigeria will continue to work with other member-states of ECOWAS and regional blocs to deal with the problems of terrorism, trans-border crimes, banditry, maritime issues and unconstitutional change of government.
“We are engaging in frank self-retrospection in order to identify and isolate appropriate containment strategies that can help de-escalate the drift into the unconstitutional seizure of power in the sub region.”
President Buhari assured of partnership and mutual cooperation in canvassing more Foreign Direct Investments (FDI) in healthcare system, education, infrastructure, local manufacturing, pharmaceuticals, agribusiness and transportation.
“The countries which you all represent, namely, Czech Republic, Republic of Italy, Kingdom of Spain and State of Israel, enjoy very cordial bilateral relations and cooperation with Nigeria that span across our socio-economic and cultural spheres.
“Therefore, the envious task of building on the successes of your respective predecessors will further advance our relations to significant heights for the benefits of our countries and peoples.
“As you settle down to your diplomatic responsibilities, I am sure that you will appreciate the uniqueness and strength in our country’s political, socio-economic and cultural diversities, in terms of both human and natural resources the President said.
Responding on behalf of the diplomats, the Ambassador of Czech Republic assured the President of what he called “comprehensive cooperation’’ of the representatives.
Management of the Federal Inland Revenue Service (FIRS) has introduced what it called “Self-Service Stations” for the purpose of increasing voluntary tax compliance.
It is where taxpayers can file tax returns, pay taxes, apply for and validate Tax Clearance Certificates among other services.
In a statement today, February 10, the Special Assistant to Mohammed Nami, the Executive Chairman of the FIRS on Media and Communications, Johannes Oluwatobi Wojuola, said that tax payers can by themselves go online platform located in FIRS tax offices across the country.
The statement said that the initiative is aimed at supporting taxpayers in the optimised use of the TaxPro Max solution.
“As part of the Service’s effort to enhance voluntary tax compliance, the SelfService Stations will, among other things, provide taxpayers the opportunity to carry out the following services online while in the Tax Office: Filing tax returns; Paying taxes; Applying for and validate TCCs; Generating receipts and credit notes.”
The statement said that to make it more convenient for the taxpayers, the Self-Service Stations have designated officers readily available to assist taxpayers with any technical difficulty or concerns that may arise.
The Service enjoined taxpayers to take advantage of the Self-Service Stations in fulfilling their tax obligations.
Group Managing Director of the Nigerian National Petroleum Company (NNPC) Ltd, Malam Mele Kyari has named MRS, Oando and two other oil companies as the importers of the adulterated petrol into the country, causing a lot of havoc. Speaking to newsmen yesterday night, February 9, Kyari said that the adulterated petrol was imported into the country by the suppliers through four Premium Motor Spirit cargoes under its Direct Sales Direct Purchase (DSDP) arrangement. According to him, the DSDP arrangement is part of strategies by the NNPC to ensure sustained supply of petroleum products in the country. “We wish to update our customers and the public on the ongoing efforts by NNPC and other stakeholders to resolve the issues generated by the unfortunate supply and discharge of methanol blended gasoline (PMS) in some Nigerian depots. “On 20th January 2022, NNPC received a report from our quality inspector on the presence of emulsion particles in PMS cargoes shipped to Nigeria from Antwerp-Belgium. “NNPC investigation revealed the presence of Methanol in Four (4) PMS cargoes imported by the following DSDP suppliers namely MRS, , Emadeb/Hyde/AY Maikifi/Brittania-U Consortium, Oando, Duke Oil. “Cargoes quality certificates issued at loadport (Antwerp Belgium) by AmSpec Belgium indicate that the gasoline complied with Nigerian Specification. “The NNPC quality inspectors including GMO, SGS, GeoChem and G&G conducted tests before discharge also showed that the gasoline met Nigerian specification,’’ Kyari said. The DSDP is an arrangement that allows the NNPC to deliver monthly crude oil lifting on Free on Board (FOB) basis to supplier who shall in return, deliver petroleum products of Nigerian standard specification to NNPC on Delivered at Place (DAP) basis, at designated safe port(s) in Nigeria. The petroleum products to be delivered will be equivalent in value to the crude oil received from the NNPC subject to the general terms and conditions as would be advised to successful companies subsequently via Term Sheet (TS). The four companies that supplied the methanol blended petrol are MRS which made the importation through a vessel named MT Bow Pioneer, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium through vessel identified as MT Tom Hilde, Oando through a vessel named MT Elka Apollon, and Duke Oil through MT Nord Gainer vessel. Earlier, MRS had issued a statement claiming that the NNPC imported the bad petrol. In a statement, the Managing Director, Marco Storari, had said: “MRS will continue to work with NNPC and NMDPRA, for the evacuation of the contaminated product to NNPC, who is the sole supplier of the product. “The allegation reported against the Company that MRS imported contaminated products, is therefore mischievous, false and untrue. MRS is not an importer of this contaminated PMS into the country, nor does MRS sell substandard products.” But the NNPC boss said that all the suppliers of the contaminated petrol have been put on notice for “remedial actions.’’ “All defaulting suppliers have been put on notice for remedial actions and NNPC will work with the authority to take further necessary actions in line with subsisting regulations. “The NNPC will work with the Midstream and Downstream Petroleum Regulatory Authority (MDPRA) to take further necessary actions in line with subsisting regulations. “As a standard practice for all PMS import to Nigeria, the cargoes were equally certified by inspection agent appointed by the Midstream and Downstream Petroleum Regulatory Authority has met Nigerian specification. “It is important to note that the usual quality inspection protocol employed in both the load port in Belgium and our discharge ports in Nigeria do not include the test for percent methanol content and therefore the additive was not detected by our quality inspectors. “In order to prevent the distribution of the petrol, we have ordered the quarantine of all un-evacuated volumes and the holding back of all the affected products in transit (both truck & marine),’’ the NNPC boss said.
The Minister of State for Petroleum Resources, Timiprey Sylvia has announced that Federal Government is investigating the companies that imported adulterated fuel into the country.
Answering reporters’ questions shortly after the Federal Executive Council (FEC) meeting today, February 9, at the Presidential villa, Abuja, the Minister said that the government would not rush to conclusion yet.
“I don’t expect you to rush to any conclusions. You know, there will be a major investigation to unravel everything and then let’s really get to the bottom of it before we can come back and tell you what is going to happen to the corporates.”
Asked to give the identities of those involved in the importation, the Minister refused, saying: “I will not.
“I’m not in a position to disclose the identities of the companies. But there are some issues and we are actively tackling them.
“NNPC is very much up to the task. And I will also convey your question to NNPC, and maybe the midstream and downstream regulatory authority.
“But we are actively handling it. And I want to assure you that the problem will be a thing of the past very soon.”
Sylvia said that the government is aware that some people’s vehicles got damaged as a result of the bad fuel, saying: “that is also going to be taken into consideration in dealing with the situation.”
The Minister of Aviation, Senator Had I Sirika, on his part, said that he was not aware if the adulterated fuel affects aviation industry.
“There is none to my knowledge, as of now.”
Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has announced $224.29 million profit from crude oil and gas export in August 2021 as against $191.26million in July 2021.
A statement today, February 9, by the Group General Manager, Group Public Affairs Division of the NNPC Limited, Garba Deen Muhammad said that the breakdown of the figures, captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively.
He said that the total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84billion.
According to Garbadeed, in the Gas Sector, a total of 233.57billion cubic feet (bcf) of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd).
“For the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51%, 20.88% and 21.62% respectively to the total national gas production.
The report also indicates that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.
This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.
He said that the total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.
“In the Downstream Sector, a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.
“A breakdown of the figure indicates that petrol accounted for 99% of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.
“Total sale of white products for the period of August 2020 to August 2021 stood at 20.032billion with petrol accounting for 99.81%.
“In terms of value, a total sum of ₦203.43billion was made on the sale of white products by PPMC in the month of August 2021.
“Total revenues generated from the sales of white products for the period of August 2020 to August 2021 stood at ₦2.619trillion with petrol contributing about 99.76% of the total sales with a value of ₦2.613trillion.
“In August 2021, 21 pipeline points were vandalized representing 50% decrease from the 42 points recorded in July 2021.”
According to the report, Port Harcourt area accounted for 10%, while Mosimi Area accounted for 90% of the vandalized points.
The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.
In line with the Company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC Ltd. has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina has called for the establishment of an African Financial Stability Mechanism to protect Africa from future economic shocks. “It is now critical to establish an African Financial Stability Mechanism.” Dr. Adesina who spoke at the 25th Ordinary Session of the Assembly of the African Union(AU) in Addis Ababa recently, regretted that Africa is the only region of the world that has no liquidity buffers to protect the continent against shocks. “Europe has, Asia has, Latin America has, The Middle East has. These regions had more protection from the economic effects of the pandemic. “Africa did not. This has led to widespread regional spill-over contagion effects, and instability. “African economies must be protected. The African Financial Stability Mechanism will protect African economies.” The AfDB boss stressed that Africa needs more resources to finance Africa’s low-income countries, especially those facing fragility. He said that The African Development Fund, the concessional institution of the African Development Bank Group, has helped to support these countries with $8.5 billion in the past five years. He added that the African Development Fund has delivered impressive results. “The Fund financed the landmark Senegambia bridge.”
Speaking specifically on “Mobilizing Financing for Africa’s Accelerated Economic Recovery, Development and Integration,” Dr. Adesina said that the topic becomes relevant in view of the fact that the AfDB has been given the mandate by a decision of the African Union to lead the mobilization of resources for Africa, to achieve Agenda 2063. Part of the speech is reproduced hereunder: As this is the first time that I have had the opportunity to address you since my re-election, Your Excellencies, I wish to express to you, individually and collectively, my deep appreciation for your strong and unanimous support, and those of your Ministers of Finance and Foreign Affairs, for my re-election as President of the African Development Bank in August 2020. I thank H.E. President Muhammadu Buhari, my President, especially, for his trust, confidence, and unflinching support during this assignment which he sent me on to accomplish for Africa. I also wish to thank all our former heads of state for their steadfast support. As always, I will continue to serve our beloved continent, and work with you to relentlessly accelerate the achievement of Agenda 2063: the Africa we want. Your Excellencies, meeting today, physically, is itself an important milestone; a welcome relief following two years of the COVID-19 pandemic that has upended the world in an unprecedented manner. It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1% in 2020, its lowest in twenty years. Africa’s GDP fell by $165 billion. Over 30 million jobs were lost and over 26 million people fell into extreme poverty. I wish to commend the leadership efforts of the African Union, and our Heads of State and Government, for the critical roles you have played in dealing with the pandemic and the socio-economic challenges in its wake. Today, thanks to these efforts 11% of the population has been fully vaccinated, and another 16% has been partially vaccinated. However, while developed countries have moved to booster shots, Africa is still struggling with basic shots. Your Excellencies, we must learn from this experience. Africa can no longer outsource the security of the lives of its 1.4 billion people to the benevolence of others. We must secure African lives! It is time your Excellencies, to build Africa’s healthcare defense system. This must be based on three strategic priorities.
First, building Africa’s quality healthcare infrastructure. Second, building Africa’s pharmaceutical industry and Third, building Africa’s vaccine manufacturing capacity. Africa needs $600 million to $1.3 billion to meet its goal of attaining 60% vaccine production by 2040. Investing in health is investing in national security. The African Development Bank plans to invest $3 billion to support pharmaceutical and vaccines manufacturing capacity for Africa. To address the socio-economic impacts of the pandemic and support economic recovery, Africa will need some $484 billion over the next 3 years. To eliminate extreme poverty by 2030, the continent will need $414 – $784 billion per year. Africa will need $7-$15 billion a year to deal with climate change. The continent will also need between $68 – $108 billion per year to fix the infrastructure financing gap. Your Excellencies, we must drastically mobilize a lot more resources! The African Development Bank, as the premier development financing institution in Africa, has been mobilizing resources to meet this challenge. Thanks to your support, the general capital of the Bank was increased in 2019 by 125%, rising from $93 billion to $208 billion, the highest since its establishment in 1964. These resources have allowed the African Development Bank to scale up support to African economies to tackle the pandemic. The Board of Directors of the Bank approved a Crisis Response Facility of up to $10 Billion. The Bank also launched a $3 Billion Fight COVID-19 Social Bond on the international capital markets, which was the largest ever US-dollar denominated social bond in world history. The Bank provided $ 27 million as grants to the African Centers for Disease Control. Your Excellencies, over the past six years, the African Development Bank has provided about $39 billion in financing to the continent in support of its High5 priorities to: light up and power Africa; feed Africa; integrate Africa; industrialize Africa; and improve the quality of life of the people of Africa. These High5s are the accelerators for achieving Agenda 2063. An assessment of these High5s by the United Nations Development Program indicated that the High5s would lead to the achievement of 90% of the Agenda 2063 goals and 90% of the Sustainable Development Goals targets. Your Excellencies, so much has been achieved on the High5s. In the past five years, the work of the African Development Bank Group has impacted the lives of 335 million people – fast tracking the move towards achieving the Agenda 2063 goals. Close to 21 million people have gained access to electricity. Nearly 76 million people have benefitted from agricultural technologies for food security. More than 12 million people have gained access to finance through private sector investee companies. Over 69 million people have been provided with improved transport. And 50 million people have gained access to improved water and sanitation. Your Excellencies, Feeding Africa remains a top priority. Our Technologies for African Agricultural Transformation which we call TAAT, has provided drought tolerant technologies for 12 million farmers across Africa. The Bank is supporting the creation of special agro-industrial processing zones in 18 countries to help drive the transformation of agriculture as a major source of wealth and jobs. Your Excellencies, the African Development Bank, the International Fund for Agricultural Development, and the African Union Commission launched the Facility for African Food Security and Nutrition at the UN Food Systems Summit. Now dubbed Mission 1 for 200, this financing facility will help to mobilize $1 billion, provide climate resilient and nutrition-rich technologies for 40 million farmers, produce 100 million metric tons of food, and feed 200 million people. This will help to reduce food insecurity in Africa by 80%. This is particularly crucial in 2022, the Year of Nutrition in Africa. Your Excellencies, the Bank is investing heavily in renewable energy. This includes the world’s largest concentrated solar power system in Morocco and the Lake Turkana energy project, the largest windfarm in Africa. Together with Africa50, we have co-financed the 3,000 MW Ben Ban solar power project in Egypt. The Bank is also implementing a $20 billion Desert-to-Power initiative to develop 10,000 MW of solar power for the Sahelian zone of Africa, in order to provide electricity for 250 million people. This will become the largest solar zone in the world. Your Excellencies, Africa faces a huge challenge with energy transition, and with climate change. The Bank is working to establish an African Just Energy Transition Facility that will support transition from coal and heavy fuel oil into clean energy. However, Africa will need an energy mix that includes natural gas, to ensure stability of its energy systems, power industries, and ensure competitiveness. Your Excellencies, we must go beyond “a just energy transition” to “a just energy system.” Africa cannot be poor in an environmentally sustainable manner. To support Africa’s adaption to climate change, the African Development Bank and the Global Centre for Adaptation have launched the African Adaptation Acceleration Program (AAA-P) with the goal of mobilizing $25 billion for climate adaptation for Africa. We must revive the Lake Chad Basin! We must save the Sahel from desertification! We must complete the Great Green Wall! The African Development Bank has committed $6.5 billion towards the Great Green Wall. I would like to thank UN secretary General, Antonio Guterres, and my dear sister, Amina Mohammed, Deputy UN Secretary General, for their exceptional support for this initiative. As we move from COP26 in Glasgow to COP27 in Sharm El Sheikh, to be hosted by President El Sisi, developed countries need to meet their $100 billion commitment on climate finance to support developing countries. This will help Africa. Promises made must be promises kept. The issuance of Special Drawing Rights (SDRs) of $650 billion by the International Monetary Fund has helped substantially, but Africa only received $33 billion worth of SDRs. African Heads of State at the Paris Summit on African Economies, with the strong support of President Emmanuel Macron, called for a re-allocation of $100 billion to Africa. You also asked that the re-allocated SDRs pass through the African Development Bank, as a prescribed holder of SDRs. Your Excellencies, I will appreciate your continued strong support for this. Passing the re-allocated SDRs for Africa through the African Development Bank will serve Africa very well. First, as a AAA-rated financial institution, the African Development Bank will be able to leverage the SDRs by 3-4 times. For example, a $50 billion re-allocation through the African Development Bank will be leveraged to deliver $200 billion to African economies. Second, the African Development Bank will help to recapitalize other African financial institutions, many of which the Bank helped to establish, including the Afreximbank Bank, West Africa Development Bank, East Africa Development Bank, Central Africa Development Bank, the Africa Guarantee Fund, Africa-Reinsurance Company, Shelter Afrique, Trade and Development Bank, Africa50, as well as the Development Bank of Southern Africa. I wish to also use this platform to advocate for additional shareholder funding for these institutions to play their mandated roles. Your Excellencies, to protect Africa from future economic shocks, it is now critical to establish an African Financial Stability Mechanism. Africa is the only region of the world that has no liquidity buffers to protect the continent against shocks. Europe has … Asia has … Latin America has … The Middle East has. These regions had more protection from the economic effects of the pandemic. Africa did not. This has led to widespread regional spill-over contagion effects, and instability. African economies must be protected. The African Financial Stability Mechanism will protect African economies. Your Excellencies, we need more resources to finance Africa’s low-income countries, especially those facing fragility. The African Development Fund, the concessional institution of the African Development Bank Group, has helped to support these countries with $8.5 billion in the past five years. The African Development Fund has delivered impressive results. The Fund financed the landmark Senegambia bridge. It financed the Rosso bridge between Mauritania and Senegal. It financed Corridor 13 road between Central African Republic and the Republic of Congo. It financed the road network rehabilitation project for Comoros. It financed the Revenue Authority project for Togo. It financed the Bas Mangoky rice irrigation project for Madagascar. The Fund is also financing the Kandadji multipurpose dam project for Niger. However, more resources are needed to meet the rising needs of low-income countries. I wish to request the strong support of Your Excellencies, African Heads of State and Government, and of the African Union Commission, for the 16th Replenishment of the African Development Fund later this year. Your Excellencies, with its $25 billion in equity, the African Development Fund can leverage up to $33 billion of additional financing for low-income countries. To achieve this, we need your support to change the article in the charter of the African Development Fund that does not allow it to go to market to leverage resources. This is top priority. We are also leveraging private investments into Africa, in innovative ways. Your Excellencies, the Africa Investment Forum, established by the African Development Bank and its partners, has helped to secure investment interests worth more than $78 billion. This spectacular level of interest includes a $24 billion transaction for the liquefied natural gas project in Mozambique. We are proud that that this project will make Mozambique the third-largest producer of liquified natural gas in the world. The project experienced challenges from insecurity, but thanks to your collective leadership, all is now back on track. Your Excellencies, we must now link security, investment, growth, and development closely together. To enhance the security of Africa, the African Development Bank is currently developing Security Indexed Investment Bonds. Proceeds from these bonds, when developed, will support countries and regional economic communities to do four things. First, to upgrade security architecture. Second, to repair damaged infrastructure in conflict-affected zones. Third, to rebuild social infrastructure. And fourth, to protect zones with strategic investments. Your Excellencies, we must build a better future for our youth. It is time to create youth-based wealth all across Africa. To boost financial support for the businesses of our youth, the African Development Bank Group is exploring with countries the establishment of Youth Entrepreneurship Investment Banks. They will be first rate financial institutions run by the youth for the youth. Your Excellencies, to unleash the business potential of women, the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) is mobilizing $5 billion for women businesses. AFAWA is now working at scale. Over $425 million was disbursed in 2021 to banks for lending to women businesses. This year, we will disburse $500 million for women businesses. Our vision is clear: When women win, Africa wins! Your Excellencies, the African Continental Free Trade Area offers the continent incredible opportunities to accelerate Africa’s development. To achieve this goal, the African Development Bank has invested massively in infrastructure, from roads, transport corridors, airports, seaports, railways, and digital infrastructure. Over the past 10 years, we have invested over $40 billion in infrastructure. We are connecting nations, connecting businesses, connecting people. Your Excellencies, with Agenda 2063, Africa’s glorious future beckons ! Politically, we are ready. Financially, we are strong and prepared. Last year, the African Development Bank was ranked the Best Multilateral Financial Institution in the world by Global Finance, the leading US Financial Magazine. The sun is shining! Now let us surge forward, overcoming challenges in our way, with our eyes firmly focused on the goal: the Africa we want. An Africa prosperous, peaceful, and stable. An Africa where the youth thrive and prosper. An Africa where our women can reach their full potential. An Africa supported by strong financial institutions. An Africa that develops with pride, looking inwards to mobilize domestic resources, and ending illicit capital flows. Your Excellencies, with your bold and visionary leadership, a new Africa is emerging. Just as the eagle soars above the storms, so will Africa soar and achieve its destiny. Africa is destined for greatness! Thank you very much Your Excellencies.
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Management of the Federal Inland Revenue Service (FIRS) has introduced what it called “Self-Service Stations” for the purpose of increasing voluntary tax compliance.
The Minister of State for Petroleum Resources, Timiprey Sylvia has announced that Federal Government is investigating the companies that imported adulterated fuel into the country.
