Africa’s largest cement producer, Dangote Cement Plc is set to pay the sum of N97 billion for the financial year ended 31st December 2020, even as it proposed a dividend of N16 per share.
According to the cement group’s audited results released on the floor of the Nigerian Stock Exchange (NSE), the tax charge represents an increase of 95 per cent over the sum of N50 billion recorded in 2019.
Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared to 14.1Mt in 2019. This includes both cement and clinker sales, which implies a 12.9 per cent growth for the full year 2020. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt, up by 14.3 per cent year on year and resulting in an increase in market share.
Revenues for the Nigerian operations increased by 18.0% to ₦720.0 billion, owing to demand in the domestic market. This volume growth was enhanced by a successful innovative national consumer promotion “Bag of Goodies – Season 2” and lower rains in the third quarter compared to the previous year.
The Nigerian business recorded a strong Earnings before interest, taxes, depreciation and amortization (EBITDA) of ₦421.4 indicating a margin of 59%.
Dangote Cement posted a record high Pan-African EBITDA of ₦71.3 billion, which went up by 49.0%. Within the period under review, the cement group commissioned its gas power plant in Tanzania. Group earnings per share was up by 36.9% to ₦16.14.
Dangote Cement recorded strong performance not only at the top line but also at the bottom line, owing to cost saving measures. Despite inflationary pressures and foreign exchange volatility, disciplined cost control measures enabled the company to maintain a relatively flat cash cost per tonne. The cost control measures include improved plant efficiency, better fuel mix and general overhead optimization
Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, in his comments on the results, said: “2020 was a good year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All these were achieved whilst we focused on protecting our people, customers and communities from the impact of the pandemic.
“Dangote Cement recorded strong top-line growth supported by strong cement demand. Profitability was further bolstered by our disciplined cost control measures in what we believed to have been a highly inflationary and volatile year. These measures resulted in a 37.7% increase in profit after tax to ₦276.1 billion.
“I am delighted to report that Dangote Cement experienced its strongest year in terms of EBITDA and strongest year in terms of volumes. Despite a challenging environment, Group volumes for the year were up 8.6% and Group EBITDA was up 20.9%.
“Looking ahead, we have strengthened our Alternative Fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currencies fluctuations. We continue to embed Dangote Cement’s 7 sustainability pillars into every aspect of our operation and culture.
“We remain committed to keeping safe our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”
Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its market leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.
Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has expressed concern over continued rise in inflationary pressure for the 18-consecutive month.
The Committee said that the inflation has continued on an upward trend, to 17.33 per cent at the end of February 2021 from 16.47 per cent in January 2021.
In a Communiqué at the end of its meeting today, March 23, the Committee said that the increased inflation continued to be attributed to the increase in both the food and core components of inflation which rose to 21.79 and 12.38 per cent in February 2021, respectively, from 20.57 and 11.85 per cent in January 2021.
“This persisting uptick in food inflation, however, was the major driving factor to the uptick in headline inflation. This was due to the worsening security situation in many parts of the country, particularly, the food producing areas, where farmers face frequent attacks by herdsmen and bandits in their farms.” The Communiqué said that while the Bank is intervening significantly in the agricultural sector, the rising insecurity in some food producing areas, is limiting the expected outcomes in terms of supply to the market, thus contributing to the rise in food prices.
It noted that the key drivers of the increase in core inflation included the hike in the price of Premium Motor Spirit (PMS), upward adjustment in electricity tariffs and the depreciation of the domestic currency (naira).
The full text of the Communiqué is reproduced here:
The Monetary Policy Committee (MPC) met on the 22nd and 23rd of March 2021 confronted with downside risks to the optimism for significant improvement in global output recovery in 2021. The risks stem largely from the uncertainty surrounding the efficacy of the COVID-19 vaccines in surmounting the new variants of the novel coronavirus, as well as speedy deployment of the vaccines across the globe. In the domestic economy, the exit from recession in the fourth quarter of 2020 brought about a renewed hope for full recovery in 2021, notwithstanding the obvious downside risks to the entire global economy. The Committee appraised the developments in both the global and domestic economic and financial environments in the first quarter of 2021 and the outlook for the rest of the year.
Nine (9) members of the Committee were in attendance.
Global Economic Developments
The Committee noted that while vaccination against COVID-19 had gained significant grounds in major advanced economies, some emerging market and developing economies were yet to commence any form of vaccination. This development portends an uneven recovery to global growth, as barriers to trade and the global supply chain are likely to remain in place much longer than anticipated to prevent re-infection in countries that have achieved significant vaccination and some form of herd immunity. The growing concerns associated with the efficacy of these vaccines, especially in the face of new variants of the virus, however, pose a significant threat to the overall recovery of the global economy. The broad direction of the expected rebound in global output recovery, therefore, varies across countries depending on the headwinds confronting individual economies.
Consequently, the International Monetary Fund (IMF) projects a growth rate of 4.3 per cent for the advanced economies and 6.3 per cent for the emerging and developing economies, with a global growth rate of 5.5 per cent in 2021. The downside risks to this projection are associated with concerns that the existing vaccines being deployed may not effectively subdue the new and existing variants of the virus and thus, restrictions may remain in place which may hamper the speed of the expected recovery globally.
Price developments across major advanced economies remain subdued alongside the expectation that output gaps will remain negative into the medium term. In the Emerging Market and Developing Economies (EMDEs), price development was, on average, mixed, with some economies recording inflation rates that were significantly higher than those seen in the Advanced Economies. This was mostly due to continued capital outflows, poor accretion to reserves and exchange rate depreciation, which has a pass-through effect to domestic prices.
In the global financial markets, conditions remain relatively stable, as central banks continue to maintain expansionary monetary policy and sizeable stimulus packages. The huge level of monetary and fiscal injections may heighten the risk of financial instability, especially when central banks commence adjustment of policy rates.
Domestic Economic Developments
Real Gross Domestic Product (GDP), according to the National Bureau of Statistics (NBS), recorded a growth rate of 0.11 per cent (year-on-year) in the fourth quarter of 2020, in contrast to -3.62 per cent in Q3 2020 and 2.55 per cent in the corresponding period of 2019. The Q4 2020 performance, was a sharp rebound in contrast to the two previous quarters of negative growth (-3.62 per cent in the third quarter and -6.10 per cent in the second quarter). The improved performance was driven by the non-oil sector, which grew by 1.69 per cent in Q4 2020 from -2.51 and -6.05 per cent in Q3 and Q2 2020, respectively. The major drivers were Quarrying and Other Minerals, which grew by 48.42 per cent and the ICT subsector, which grew by 17.64 per cent. The oil sector, however, contracted further by -19.76 per cent in Q4 2020, from -13.89 and -6.63 per cent in Q3 and Q2 2020, respectively. This was attributed largely to the decrease in oil production in compliance with the OPEC+ production cut agreement.
The Committee noted the moderation in the Manufacturing, and Non-manufacturing Purchasing Managers’ Indices (PMI), which, however, remained below the 50 index points in February 2021, but improved to 48.70 index points apiece, compared with 44.9 and 43.3 index points, respectively, in January 2021. The GDP growth in the fourth quarter of 2020 and expected recovery in Q1 2021, were signposted by this observed improvement in the PMIs.
The employment level index component of the manufacturing and non-manufacturing PMIs also improved moderately in February 2021 to 45.6 and 48.0 index points, compared with 44.2 and 45.0 index points, respectively, in the previous month. The Committee, however, expressed some optimism that the legacy growth headwinds, attributed largely to the resurgence in infection rate of COVID-19 pandemic, may likely recede in the short-to-medium term, as the successful deployment of the COVID-19 vaccines and the various stimulus packages to revamp the domestic economy are sustained.
The Committee noted with concerns the continued uptick in inflationary pressure for the eighteenth-consecutive month, as headline inflation (year-on-year) continued on an upward trend, to 17.33 per cent at end-February 2021 from 16.47 per cent in January 2021. This increase continued to be attributed to the increase in both the food and core components of inflation which rose to 21.79 and 12.38 per cent in February 2021, respectively, from 20.57 and 11.85 per cent in January 2021. This persisting uptick in food inflation, however, was the major driving factor to the uptick in headline inflation. This was due to the worsening security situation in many parts of the country, particularly, the food producing areas, where farmers face frequent attacks by herdsmen and bandits in their farms. While the Bank is intervening significantly in the agricultural sector, the rising insecurity in some food producing areas, is limiting the expected outcomes in terms of supply to the market, thus contributing to the rise in food prices. The Committee further noted that the key drivers of the increase in core inflation included, the hike in the price of Premium Motor Spirit (PMS), upward adjustment in electricity tariffs and the depreciation of the domestic currency (naira).
The Committee observed that broad money supply (M3) grew marginally by 0.30 per cent in February 2021, following a substantial growth of 13.54 per cent in December 2020. This was driven largely by the contraction in Net Foreign Assets (NFA). The Committee also noted that Net Domestic Assets (NDA) grew by 3.02 per cent in February 2021, from 2.22 per cent in December 2020.
Provisional data showed that banking system credit to the economy increased by 1.75 per cent to N43.67 trillion in February 2021 from N42.92 trillion in January 2021, reflecting the ongoing broad-based monetary and fiscal stimulus to various sectors of the economy. The Committee thus, enjoined the Bank to maintain its current drive to improve access to credit to the private sector, while exploring other initiatives with the fiscal authorities to improve funding to critical sectors of the economy.
Conscious of the persisting inflationary pressure fuelled largely by continued uptick in food prices, the Committee noted the Bank’s interventions to boost food production particularly through its various Agricultural programmes. Other complementary measures included, increase in disbursement for the dry season agricultural programme to increase output, the adoption of high yield seeds to improve productivity and the adoption of harvested produce as a means of loan repayment, which has stemmed hoarding and the activities of middlemen and rent seekers. The establishment of the strategic grain reserves for staple crops has also helped in addressing seasonality of agricultural commodities.
In terms of funding, the Committee noted that the Bank has disbursed funds under its various agricultural interventions towards improving food supply in Nigeira. The Committee noted the disbursement of ₦107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between Q4 2020 and Q1 2021 to boost dry season output in support of agricultural value chain development. Total disbursements as at end-February 2021 amounted to ₦1.487 trillion under the various agricultural programmes, of which N686.59 billion was disbursed under the Commercial Agricultural Credit Scheme (CACS) and ₦601.75 billion under the Anchor Borrowers Programmes (ABP) to 3,038,649 farmers to support food supply and dampen inflationary pressures.
Under the Targeted Credit Facility, the Bank has disbursed N218.16 billion to 475,376 beneficiaries, of which 34 per cent of beneficiaries are SMEs. Under AGSMEIS, N111.62 billion has been disbursed to 28,961 beneficiaries, 70 percent of which are in the agricultural sector. Under the Creative Industry Financing Initiatives mainly targeted at youths, N3.19 billion has been disbursed to 341 beneficiaries, of which 53 percent is to the movie industry.
Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.
Under the N100 billion Health Care intervention Fund, the Bank has disbursed N94.34 billion, and is willing to expand the facility, to 85 projects in the pharmaceutical industry, hospitals and State governments for both brown field and green field projects, mostly to expand pharmaceutical drug lines, acquire MRI and other equipment and upgrade laboratories and other hospital services.
Under the N1.0 trillion Manufacturing Intervention Stimulus, the total of N803.36 billion has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production and packaging industries, amongst others.
The monthly weighted average Inter-bank call and Open Buy Back (OBB) rates fell to 1.80 and 1.50 per cent in February 2021 from 3.50 and 2.30 per cent in January 2020, respectively, reflecting the continued liquidity surfeit in the banking system.
The Committee noted the weak performance in the equities market despite the recent increased patronage by domestic investors. The All-Share Index (ASI) and Market Capitalization (MC) continued to decline due to portfolio switching from equities to fixed income securities, reflecting the perception of improved yields at the long end of the yield curve.
All-Share Index (ASI) decreased by 1.17 per cent to 39,799.89 points on February 26, 2021 from 40,270.72 on December 31, 2020.Similarly, Market Capitalization (MC) fell by 1.11 per cent to N20.82 trillion on February 26, 2021 from N21.06 trillion on December 31, 2020. This was attributed largely to investor sell-off, which continued to cause price depreciation of large and medium capitalized stocks.
The MPC noted the performance of the Financial Soundness Indicators (FSIs) of the DMBs which showed a Capital Adequacy Ratio (CAR) of 15.2 per cent, Non-Performing Loans (NPL) ratio of 6.3 per cent and Liquidity Ratio (LR) of 40.5 per cent, as at February 2020. On non-performing loans (NPLs), the MPC noted that the ratio remained above the prudential benchmark of 5.0 per cent and urged the Bank to sustain its regulatory measures to bring it below the prudential benchmark.
The Committee noted with satisfaction the improvement in the level of external reserves, which stood at US$36.46 billion at end-February 2021, compared with US$34.94 billion at end-January 2021. This reflects the recent upsurge in crude oil prices on the backdrop of the renewed optimism on the successful deployment of COVID-19 vaccines across the globe.
Outlook
The medium-term outlook for both the domestic and global economies indicates cautious optimism. This is premised on the expectation of sustained policy support and successful deployment of the COVID-19 vaccines around the globe and its effectiveness in ensuring herd immunity.
Available data and forecasts for key macroeconomic variables for the Nigerian economy suggest further rebound in output growth for the rest of 2021. This is predicated on the sustained, as well as additional interventions by the monetary and fiscal authorities to keep up the recovery momentum in the economy, favourable upsurge in crude oil prices, foreign exchange market stability and successful deployment of the new COVID-19 vaccines that could further stimulate economic activities and ultimately boost output growth. Given the potential rebound in output growth, bolstered by the resumption of economic activities post COVID-19, inflationary pressure in the economy is projected to moderate in short-to-medium term. The underlying risks of the efficacy of the COVID-19 vaccines against known and newly emerging strains of the virus, the uncertainty that the existing vaccines could lead to herd immunity and unequal access to COVID-19 vaccine, however, are some of the headwinds that could undermine this forecast.
The Committee’s Considerations
The Committee noted the moderate recovery in output growth in the fourth quarter of 2020, associated mainly to the positive impacts of the several monetary and fiscal measures implemented to reflate the economy, following the negative consequences of the Covid-19 pandemic. This, in the Committee’s consideration, provides an opportunity for further consolidation as most projections suggest substantial recovery in several economies across the globe. However, the Committee was not oblivious of the downside risks to the broad outlook for recovery in 2021, as efforts to achieve herd immunity continued to face significant headwinds.
The Committee welcomed the current efforts by the government and other support agencies in procuring vaccines and thus, urged the quick and efficient deployment of the vaccines to support ongoing monetary and fiscal stimulus towards full recovery of the economy in 2021 and into 2022.
Members expressed concerns about the unabated rising trend of domestic prices and re-emphasized the exigency for monetary and fiscal policy collaboration to finance productive ventures, improve aggregate supply and push down prices.
The MPC reiterated its concerns on the activities of persons and groups causing security challenges in the food producing areas of the country, as this has contributed to the major uptick in food prices across the country. The Committee, thus called for a collaborative and coordinated efforts by all the relevant agencies and stakeholders towards addressing the prevailing insecurity issues and social challenges. The Committee also called on the government to explore the option of effective partnership with the private sector to improve funding sources necessary to address the huge infrastructural financing deficit.
Considering the foregoing, the MPC noted that fiscal headroom remained constrained and fragile, following the twin shocks of the pandemic and oil price volatility and the continued build-up of public debt.
The MPC noted the Bank’s innovative efforts towards maintaining exchange rate stability. It also impressed on the Management to remain focused on its drive to increase accretion to reserves, especially in its recent incentives to attract diaspora remittances into the country.
The Committee welcomed the relative strengthening of the money market compared from its position at the end of the lockdown. Mindful of the risks confronting the economy, it emphasised the need for the fiscal authority to improve the investment climate towards attracting sustainable Foreign Direct Investment (FDI).
The Committee commended the Bank for maintaining a robust regulatory environment despite these challenging times by ensuring that non-performing loans (NPL) ratio is driven down to prudential level, even as aggregate credit continue to grow in a market confronted with relative uncertainties.
In summary, the MPC noted the overarching need to address the twin major challenges of taming the rising inflation and sustaining growth recovery in the economy, while focusing on the downside risks associated with the injections.
The Committee’s Decision
At this meeting, the dilemma that confronted the MPC relates to whether to continue to focus on efforts to stimulate outputs or whether to focus on reining in inflation, which(at 17.33 per cent) is almost attaining the January 2017 inflation level of 18.72 per cent. MPC was also worried that the level of unemployment must be addressed swiftly to moderate the restiveness among the populace. Again, members were generally of the view that given that the exit from recession is fragile, any decision to tighten or rein-in inflation, may reverse the fragile recovery and return the economy into recession.
In the light of the foregoing, the consensus among MPC members was that, given that inflation is substantially a supply side phenomenon, there is need to continue to focus on consolidation o the recovery process, by taking those actions that would continue to stimulate output growth, create employment, but at the same time have an eye on effort to moderate the inflationary pressure; using the current administrative measures being adopted by the Bank in controlling monetary aggregates in the banking system.
In its consideration of whether to tighten, hold or loosen, therefore, the Committee felt that with inflation at a 3-year high and price stability being the Bank’s core mandate, a contractionary policy stance may be required to tame the rising trend. It nevertheless feels that tightening will hike the cost of capital and hamper investments required to create employment and continue to boost recovery.
On the other hand, MPC thinks that whereas loosening would lower rate and improve access to credit which will drive investment, reduce unemployment and stimulate aggregate demand, it feels that loosening will create excess liquidity, which will intensify demand pressure on the foreign exchange market, thereby leading to further depreciation in the currency.
It, therefore, feels that a hold position which encourages Management to continue to use its various intervention mechanisms to deploy liquidity into employment generation and output stimulating sectors of the economy would be desirable as this would help consolidate the country’s recovery process.
The Committee, therefore, decided by a vote of 3 members to increase MPR by 50, 75 and 50 basis points respectively, and 6 members voted to hold all parameters constant.
In summary, the MPC voted to:
I. Retain the MPR at 11.5 per cent;
II. Retain the asymmetric corridor of +100/-700 basis points around the MPR;
The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari has described as ignorants and liars, those who have spoken against the Federal Government’s proposed $1.5 Billion spending for the rehabilitation of Port Harcourt refinery.
He dismissed the contention by critics that the $1.5 billion approved for the rehabilitation of the Port Harcourt Refinery is enough to build a brand new refinery.
He explained that a new refinery would cost the nation between $7billion and $12 billion, and that such funds are not available now.
Speaking to news men at the NNPC Towers, Abuja, Kyari said that having learnt from the failure of previous models, NNPC would adopt the Operate & Maintain (O&M) Model as a strategy in the execution of the rehabilitation project, which is also one of the key requirements by the lender.
The NNPC boss described the approved rehabilitation exercise of the 210,000 barrels per day capacity as a worthy undertaking embarked upon after diligent consideration and in strict adherence to industry best standards.
He said that in arriving at the decision to award the Engineering, Procurement, and Construction (EPC) contract to Tecnimont spA. of Milan, Italy, after a competitive bidding process, the Corporation observed an unprecedented level of transparency and due diligence which consists of a governance structure and tender process that included key independent external stakeholders: Ministry of Finance, Nigeria Extractive Industry Transparency Initiative (NEITI), Infrastructure Concession Regulatory Commission (ICRC), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
He explained that in terms of outlook and job scoping, the rehabilitation project is different from the routine Turn-Around Maintenance which was last carried out on the Port Harcourt Refinery 21 years ago.
Kyari explained that unlike TAM which should normally be executed every two years but was neglected for many years, the rehabilitation project would involve comprehensive repairs of the plant with significant replacement of critical equipment and long lead items to ensure the integrity of the plant on the long term.
On the financing for the project, the NNPC helmsman said that African Export-Import Bank (Afreximbank), as a reliable lender, has agreed to raise $1billion towards the rehabilitation project. He argued that a credible and capable lender like Afreximbank would never agree to put such huge amount of money where there would be no value.
On the choice of Tecnimont SpA as the contractor to handle the project, he explained that the company is a representative of the Original Refinery Builder (ORB) and is one of the top 10 global Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) Contractor in refineries, adding that it has requisite experience in similar jobs across the globe.
He said that the National Engineering and Technical Company (NETCO) and Kellogg, Brown & Root (KBR) and are acting as NNPC Engineering Consultants to the project with support from Wood Mackenzie to ensure that the project is delivered on schedule, within budget and at the right quality.
Commenting on the propriety of spending so much to repair an old refinery when it could easily be sold off, the GMD explained that the refinery is a strategic national asset which should not be sold off just like that.
Nigerian soldiers have ambushed and killed scores of Boko Haram/ISWAP elements who were reported to be on looting spree at Magumeri axis of Borno State. This is coming as soldiers from another sector burst Boko Haram elements who were collecting taxes and levies from Villagers and herdsmen in Geidam area of Yobe State. Sources said that following a tip off, soldiers led by Lt Col Ibrahim Bunu, sighted scores of terrorists around 5pm on about 10 motorcycles heading towards Ngowala ward in Magumeri Local Government Area, laid ambush and eliminated them. The soldiers, who were accompanied by civilian joint task force members, captured sophisticated weapons from the neutralized terrorists including AK 47 Rifles, Barreta assault rifles, hand grenade and Bandolier. Also recovered from them include 5.56mm ammo, MCs Burnt ammo, mobile phones, food items and provisions they extorted from residents. Meanwhile, some suspected terrorists who were collecting taxes and levies from villagers and herdsmen in Geidam, Yobe State fled on sighting advancing troops. The terrorists had been extorting residents and herdsmen at Abari, Dawayya, Gonisaleri and Tattukuttu Villages in Geidam Local Government Area. A villager said that terrorists collected one cow for every 40 cows as tax and issued receipt to the hapless herdsmen, showing the number of cattle collected so far and the next collection date. The villager who was full of praises to the troops for coming to their rescue hoped that with their arrival, the terrorists will give them a breather. The troops have dominated some of the general area and they are also in hot pursuit of the fleeing terrorists. source: PRNigeria..
Governor Rotimi Akeredolu of Ondo State has warned Sunday Adeyemo, popularly called Sunday Igboho, and other agitators for Yoruba Nation to stay away from Ondo State.
He made it clear that the people of the state have chosen to stay in Nigeria as presented constituted.
The Governor, who spoke today, March 21, while swearing in Princess Catherine Oladunni Odu as the new Secretary to the State Government and other Special Advisers, said that no part of the entire state, known and delineated as Ondo State, would permit any gathering or agitation which may suggest, however remotely, that the people are in support of what he termed ‘unthinking rabble rousing.’
He emphasized that the state would not subscribe to banditry and recklessness in putting forth its demands, adding that the right of citizens to discuss, agitate and even fight to right perceived wrongs, culminating in self-determination, must be done within known and acceptable parameters and that all concerned must agree to pursue the same objectives to achieve a desirable or desired end.
According to him, reasons for the declaration of hostilities must not be fleeting fancies of disaffection engendered by perceived politics of exclusion for personal benefits.
President Muhammadu Buhari has congratulated a renowned economist and philanthropist, Tony Onyemaechi Elumelu, on his 58th birthday.
In a birthday message today, March 21 by the special adviser to the President on media and publicity, Femi Adesina, Buhari commended the economist for his foresight and large-heartedness in setting up the Tony Elumelu Foundation (TEF) “which has consistently inspired highly talented African youths into entrepreneurship, helped many to acquire business skills, enhanced positive social networks and provided start-up funds, within the larger goal of reducing poverty.
According to the President, Tony Elumelu, who is the Chairman of Heirs Holdings, United Bank for Africa and Transcorp, had demonstrated resilience and relentlessness in dream realization, following his antecedents as a young banker who saw opportunities in the economy and worked hard to climb the ladder of success, receiving Nigeria’s National Productivity Order of Merit in 2019.
The President prayed for more wisdom, good health and longer life to Tony Elumelu, as he spreads investments into energy, real estate, agribusiness, health care and hospitality, creating more opportunities in the real sector.
He joined family and friends to rejoice Tony whom he described as entrepreneur, whose interests continue to create opportunities for growth and development in the country.
The Kingdom of Saudi Arabia has initiated peaceful resolution to the lingering political crisis bedeveling Yemeni crisis.
According to Saudi authorities, the peace moves as part the of the Kingdom’s concern for the security and stability of Yemen and the region.
The authorities said that the move is aimed at ending the human suffering of the brotherly Yemeni people, even as the Kingdom emphasized it will support efforts at reaching a comprehensive political resolution between the Yemeni parties in line with discussions in Biel, Geneva, Kuwait and Stockholm.
“The initiative includes the following proposals a comprehensive ceasefire across the country under the supervision of the United Nations; depositing taxes and custom revenues for ships carrying oil derivatives to the port of Hodeidah in the joint account of the Central Bank of Yemen in Hodeidah, in accordance with the Stockholm Agreement on Hodeidah, the reopening of Sanaa International Airport to a number of direct regional and international destinations; the start of consultations between the Yemeni parties to reach a political resolution to the Yemeni crisis under the auspices of the United Nations based on the references of UN Security Council Resolution 2216, the Gulf initiative and its implementation mechanism, and the outcomes of the Yemeni national dialogue.”
Parts of the statement are that:
This initiative comes within the framework of the continuous support for the efforts of the United Nations Special Envoy to Yemen, Mr. Martin Griffiths, the US envoy to Yemen, Mr. Timothy Lenderking, along with the positive role of the Sultanate of Oman, and the push to reach a political resolution to the crisis under the auspices of the United Nations.
The Kingdom calls on the Yemeni government and the Houthis to accept the initiative, which gives the Houthis the opportunity to stop the bloodshed in Yemen, address the humanitarian and economic conditions that the brotherly Yemeni people are suffering from, and gives them the opportunity to become partners in achieving peace.
The initiative gives the Houthis an opportunity to uphold the interests of the brotherly Yemeni people first, and the Yemeni people’s right to their sovereignty and the independence of their homeland over the Iranian regime’s expansionary ambitions in Yemen and the region. The Kingdom calls on the Houthis to declare their acceptance of the initiative, which is to be implemented under the supervision and monitoring of the United Nations.
The Kingdom also affirms its full right to defend its land, citizens and residents from the systematic attacks carried out by the Iranian-backed Houthi militia against civilian areas and vital installations that not only target the Kingdom’s national interests, but also target the core of the global economy and its supplies, as well as global energy security.
The Kingdom also affirms its total rejection of Iranian interference in the region and Yemen. The Iranian regime’s support for the Houthi militias through smuggling, developing , supplying missiles and weapons, provision of military experts, and violation of relevant Security Council resolutions, remains the main reason for the prolonging of the Yemeni crisis.
The Kingdom and Coalition countries affirm their continued support for the Yemeni people and their legitimate government.
The Kingdom also affirms that it will remain committed to its humanitarian role in alleviating the suffering of the brotherly Yemeni people, by supporting all efforts for peace, security and stability in Yemen and moving towards a new stage for the development and improvement of the Yemeni people’s livelihood.
Governor Abdullahi Umar Ganduje of Kano state has said that people in other parts of the North have been flooding the state to escape lingering insecurities in those states.
“Kano is a mega city and because of security situation, many people are coming into Kano now, traffic is increasing, buildings are increasing because people from the Northeast, people from even Northwest are coming to settle in Kano.”
Governor Ganduje, who spoke to news men today, March 21 at the presidential villa in Abuja, gave a run down of measures his government had taken to make the state the most peaceful in the country, despite the influx of people.
“We introduced the command and control centre; the CCTV where we are viewing the whole Metropolitan Kano. We have the most powerful tracker vehicle and equipment in Kano.
“Falgore Forest where bandits usually inhabit, we said no, not in Kano State. We established a military training ground in Falgore Forest and therefore bandits cannot inhabit it. Our border with Kaduna, we have a forest and where we are establishing ruga programme, we discussed with nomadic Fulani, they agreed to be settled there. In fact, other Fulani are even coming.”
Ganduje said that his government had established a security training institute where young men and women are being trained on community policing.
“Even yesterday, I graduated 200, while 500 are under training there, with the advice of the security agencies in Kano.
“All these efforts are in order to keep Kano in peace, apart from other policies in education, free and compulsory education, reforming the Almajiri system.”
The Governor, who described the lingering insecurity in many parts of the country as unfortunate, expressed gratitude to the security agencies for their full cooperation.
He said that his government is conscious of the traffic mess into which the state capital can be thrown and had therefore, commissioned experts to design interchange system for the state.
“We revised the master plan of Kano state and all those areas where we have holdups, we either build underpass or we build a bridge, and now we have resorted to putting the three together in one place; that is flyover, bridge, and underpass, all at one point so that there will not be any traffic jam.”
New converts to the ruling All Progressives Congress (APC), former Speaker of the House of Representatives and a strong member of the opposition Peoples Democratic Party (PDP), Dimeji Bankole and former Ogun State Governor, Gbenga Daniel have stormed Aso Rock Presidential villa, Abuja.
They were received today, March 21 by President Muhammadu Buhari.
Dimeji Bankole and Gbenga Daniel recently defected to the APC.
The two leaders were accompanied to the Presidential Villa by the Chairman of the Caretaker Extraordinary Convention Planning Committee (CECPC) of the APC, and Governor of Yobe, Mai Mala Buni, Governors of Jigawa State, Mohammed Badaru and that of Kebbi State, Atiku Bagudu.
Gbenga Daniel was governor of Ogun State from 2003 to 2011 while Dimeji Bankole was Speaker of the House of Representatives between 2007 and 2011, on the platform of the PDP).
The Governor of Cross River State, Professor Ben Ayade, has threatened to dump the Peoples Democratic Party (PDP), on which platform he is in power, stressing that he is now standing on the fence and ready to dump the party if he is not accorded his due respect and recognition.
Speaking in Calabar, the State capital yesterday, March 19 during a visit by the Governor of Bauchi State, Bala Mohammed, Governor Ayade said that it is time for him to put down his foot and take a decision on the bases of what would prosper the collective well-being of the people of Cross River.
He said that because he played politics with ethics, his style was being mistaken for weakness, adding: “I cannot blind myself to the challenges of PDP and decide not to know what to do at the right time for their [Cross River people] sake. I know you are somebody that doesn’t take injustice. One single injustice they will see a new Cross River state.
“And I say it as a warning because it does appears that your party seems to celebrate people who threaten and stress them.
“All councillors [in the state are PDP, council chairmen are PDP, all House of Assembly members are PDP, all commissioners are PDP, and all the National Assembly members except one are PDP: all of them are under my leadership.”
He assured Governor Bala Mohammed that wherever he goes he would follow him because they both have the same cause of direction for the people.
“I am happy you have created an opportunity for a melodrama. So today I am seated and dancing on the fence. Indeed that’s true. And so I speak with righteous anger for the continuous annoyance and nuisance orchestrated on our innocence by external factors. But I just hope this ends today.
“So please as I leave you with some holy whispers, which will be very strong, firm and clear, it’s a harbinger of trouble. While I believe in ecclesiastics of peace, I believe in the catechism of good faith but I also believe in respect for the supremacy of an office.”
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New converts to the ruling All Progressives Congress (APC), former Speaker of the House of Representatives and a strong member of the opposition Peoples Democratic Party (PDP), Dimeji Bankole and former Ogun State Governor, Gbenga Daniel have stormed Aso Rock Presidential villa, Abuja.
The Governor of Cross River State, Professor Ben Ayade, has threatened to dump the Peoples Democratic Party (PDP), on which platform he is in power, stressing that he is now standing on the fence and ready to dump the party if he is not accorded his due respect and recognition.