Business

Private sector experts should be allowed to lead economic matters, says Osinbajo

By Abubakar Yunus Abuja

Vice-President Yemi Osinbajo says private sector experts and players should be allowed to manage economic matters.

According to him, privatisation of the economy is far better because “it will bring greater dividends.”

“As a matter of fact, I think there is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in,” Osinbajo said.

While receiving a delegation from the Odu’a Investment Company in Abuja on Wednesday, the vice-president cited Nigeria’s Liquefied Natural Gas Company (NLNG) as the reason for his stance on the economic business model.

“For example, Nigeria’s Liquefied Natural Gas Company (NLNG) makes a lot of money because the private sector has a controlling share. They make money for the country,” he said.

Osinbajo has been vocal about the role of the private sector in contributing to the economy.

Last year, he called for robust monitoring of privatised enterprises, embracing publicprivate partnerships for the provision of infrastructure and identification and optimisation of public assets.

According to him, a prioritisation of the private sector would create jobs and provide “a suitable environment for productive activities to flourish and tap our enormous natural wealth for the benefit of our people.”

Speaking further, the vicepresident charged businessmen to invest in technology as a tool for improving business and preserving the legacy.

“Legacy and history have a powerful pull and what the future calls for is even greater. This is why we must invest in technology,” Osinbajo said.

“Look at technology and see how to change and improve the [business] model.”

Envoy: Indian companies have invested

$19bn in Nigeria in the last 40 years

Shri Balasubramanian, India’s high commissioner to Nigeria, says trade between both nations has hit $19 billion in the last 40 years.

Balasubramanian said this while commenting on trade between both countries during a courtesy visit to NAN in Abuja, on Wednesday.

The envoy, according to NAN, said bilateral relations between the two nations have been excellent, adding that more would be done to further deepen India-Nigeria ties in healthcare delivery.

Balasubramanian, who stressed on the volume of trade, said more than 135 Indian companies have so far invested $19 billion in Nigeria in the past four decades of diplomatic relations.

He also said Nigeria’s invitation as a guest participant to the G20 summit scheduled to hold from September 9 and September 10, 2023, in New Delhi in India, would boost the opportunity to showcase the priority of developing countries to the world.

On his visit to the agency, the envoy explained that the aim was to promote information and communication exchange between the two countries.

He also plans were afoot to offer 500 Nigerians scholarships in 2023.

“We will be having a group of journalists from Nigeria go to India, not on a course, but actually a field visit being organised to expose India,” Balasubramanian said.

“In other words, what India has been doing in the area of politics. We will not be doing it exclusively for Nigeria, but for West Africa, for about 30 people.

“I am sure that Nigeria, being a part of G20, will be able to get more numbers, so we will be doing it after March and April.

“I will discuss it with you to get your recommendations also. We do award 500 scholarships every year to Nigerians, 250 of them are on the civilian side.

“We will be happy to reintroduce further studies in the area of mass communication in a prestigious place and we have short-term courses also.”

Balasubramanian added that the scholarship involved other courses that journalists could be interested in.

“We work on a calendar basis and our financial year comes to a close in March,” he said.

“So, April to March is our calendar through which we do all these things.

“Currently, it is two and a half months that are available, but come April it will be the first 250 and we will be happy to continue these things.”

On his part, Buki Ponle, managing director, NAN, commended Balasubramanian for the visit which intends to deepen relations on information sharing and news networks between the two countries.

L-R: Member, National Executives, Tinubu Faithful Group, TFG, Comrade Wale Adeboye; FCT Coordinator, TFG, Comrade Fred Idehai, National Coordinator, TFG, Hon. Olusola Orelaja and National Women Leader, Abiola Suleiman, during the inauguration ceremony of FCT TFG executive members , yesterday in Abuja. Photo: Justin Imo-owo

Ghana’s inflation rises to 54.1% highest level in 22 years

By Abubakar Yunus Abuja

Ghana’s annual consumer inflation rate accelerated to a new 22-year high of 54.1 percent in December 2022, up from 50.3 percent in November.

Samuel Kobina Annim, the government statistician for Ghana, announced this at a media briefing on Wednesday.

The latest inflation rate is the highest since April 2001, when it was at 59.7 percent.

Ghana’s statistics office attributed the hike to steep increases in food, transport, and housing costs.

It said prices rose the most in the category of housing, water, electricity, gas, and other fuels, increasing to 82.34 percent yearon-year.

Furnishings and household equipment came second at 71.52 percent, followed by transport at 71.42 percent, then personal care, social protection, and miscellaneous goods and services at 60.94 percent.

The agency said inflation for food and non-alcoholic beverages rose to 59.71 percent year-onyear.

It added that inflation for locally produced items was 51.1 percent, while that of imported items stood at 61.9 percent.

Since last year, the West African country has been battling an economic crisis.

In July, it approached the International Monetary Fund (IMF) to ask for financial help after soaring prices and other economic woes spurred street protests.

A staff-level agreement with the IMF for a $3 billion threeyear support package was later secured in December.

One of the grounds on which Ghana got the facility from the IMF is a “comprehensive debt restructuring”.

As part of efforts to restore public debt sustainability, the Ghanaian government, on December 5, launched a domestic debt exchange programme.

The government also suspended debt service payments on eurobonds and commercial term loans.

BUSINESS

FG raises N1.8 billion from sale of forfeited assets - AGF

By Vivian Okejeme, Abuja

The Federal Government has revealed that it has so far generated revenue from the sale of forfeited assets to the tune of N1,823,788,146.86 (One Billion, Eight Hundred and Twenty Three Million, Seven Hundred & Eighty-Eight Thousand, One Hundred and Forty-Six Thousand naira, Eighty-Six kobo).

This was part of the proceeds recovered from the fight against corruption under the administration of President Muhammadu Buhari between 2015 and 2021.

And in compliance with Presidential mandates and foreign judicial processes, the Ministry of Justice has also recovered the total sums of £6,324,627.66 (Six Million, Three Hundred & TwentyFour Thousand, Six Hundred & Twenty Seven Pounds, SixtySix Pence); €5,494,743.71 (Five Million, Four Hundred and Ninety-Four thousand, Seven Hundred and Forty-Three Euro, Seventy-One Cents); and $390,000,000 (Three Hundred and Ninety Million dollars) from various offshore jurisdictions.

Some of the recovered funds are being utilized in the financing of critical infrastructure including the Abuja – Kano Expressway, the Second Niger Bridge, and the Lagos – Ibadan Expressway.

These were parts of the submissions of the Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami on Thursday in Abuja at the 18th edition of the Scorecard Series of the President Muhammadu Buhari administration between 20152022.

Malami also revealed that the substantive hearing of the case involving the Federal •Proceeds spent to fix infrastructure Says 3000 terrorism cases so far profiled P&ID main hearing for January 16

Government and the P&ID over contract is coming next Monday, January 16, 2023.

Recall that since 2012, Process and Industrial Developments (P&ID), a shell company now backed by a powerful international vulture fund, VR Advisory Services Limited, has been attempting to enforce a scam agreement procured through fraud and corruption against the government of Nigeria.

P&ID claimed to have procured a gas supply and processing agreement (GSPA) to develop a sophisticated processing plant for the Federal Republic of Nigeria in about 2010.

Two years later, work on the gas processing plant had yet to begin. The agreement collapsed, and P&ID launched private arbitration proceedings against Nigeria.

Approximately US$11 billion was at stake, and the aggressively pursued debt threatened to strip away state assets worth more than ten times Nigeria’s national health budget; over eight times its education budget; or well over a quarter of the country’s gross foreign reserves.

Three years after the collapse of the agreement, President Muhammadu Buhari, in 2015, was voted into office on an internationally recognised anticorruption platform.

Nigeria’s Attorney General Abubakar Malami started a formal investigation into P&ID and the GSPA, at President Buhari’s directive.

Nigeria’s legal team filed a substantive evidence in the London High Court that the agreement was procured through fraud and corruption. They argued that the agreement and (then) US$9.7 billion arbitration award must be overturned. The Court set down a timetable for Nigeria’s case to be considered. Despite many opportunities to do so, P&ID said nothing to rebut the overwhelming evidence of fraud and corruption.

The private arbitration tribunal ordered Nigeria to pay P&ID just under US$6.6 billion with interest accruing from 20 March 2013 at a rate of seven per cent, which equates to more than US$1 million a day. It now stands at nearly US$10 billion.

In September, 2019, following the investigation, P&ID and P&ID Nigeria (a linked Nigerian entity) were convicted on an eleven-count charge, including money laundering and fraudulently claiming to have acquired land.

The Federal Republic of Nigeria is granted permission to appeal the arbitration decision in the London Court of Appeal.

Nigeria’s legal team filed substantive evidence in the London High Court that the GSPA was procured through fraud and corruption. They argued that the agreement and (then) US$9.7 billion arbitration award must be overturned. The Court set down a timetable for Nigeria’s case to be considered. The substantive hearing comes up Monday, January 16, 2023, about four days away.

In the course of his presentation, the AGF said yesterday that due to the concerted effort by his office in conjunction with relevant stakeholders, including the legislature, the President recently assented to Proceeds of Crime (Recovery and Management) Act 2022 (POCA) on 12th May 2022. “I wish to state that POCA is the first legislation in Nigeria that comprehensively provides for mechanisms, processes and procedures for the tracing, restraint, seizure, confiscation, forfeiture and management of properties derived from unlawful activities. Its main objective is to take out the profits that incentivize and fund crime, with the ultimate aim of disrupting the cycle of crime and preventing future offences and corrupt practices, “ he said.

He added that a total of 648 (Six Hundred and Forty-Eight) cases instituted against the President, Federal Government and its Agencies, before States, Federal and ECOWAS Courts were served on the Ministry.

The cases, he said, are at different stages of trial. “Diligent defences of these cases in the year 2022 alone saved the government from huge judgment debt liabilities to the tune of N142,458,343,888.52 (One Hundred and Forty-Two Billion, Four Hundred and Fifty-Eight Million, Three Hundred & FortyThree Thousand, Eight Hundred & Eighty-Eight Naira, Fifty-Two Kobo) and US$507,415,901.19 (Five Hundred & Seven Million, Four Hundred & Fifteen Thousand, Nine Hundred & One Dollars, Nineteen Cents).”

According to the AGF, a total of 3,000 Terrorism cases have been profiled to date out of which over 1500 cases were prosecuted, with 397 convictions realized.

“A total of 7000 cases involving various offences including Maritime, Armed Robbery, Vandalization of Electrical Equipment and Pipelines, Financial matters, Cyber Crime, Kidnapping and Anti-corruption have been successfully prosecuted,” he added.

He said the Justice Ministry is coordinating the next phase of terrorism related trials in collaboration with the Federal High Court, the Legal Aid Council, and the Defence Headquarters. In this regard, the Ministry is currently remodeling structures at the Wawa Cantonment, Kainji to accommodate eight (8) courtrooms, Judges’ Chambers, living accommodation, Lawyers’ dressing room and conveniences to make them conducive for Judges, Witnesses as well as Defendants.

A major positive development in the anti-corruption agenda of Buhari administration, he said, is the adoption of the National Anti-Corruption Strategy (NACS).

“The NACS was first adopted by the Federal Executive Council in July 2017 to run for a period spanning 2017 to 2021. The NACS implementation has now been extended from 2022 to 2026.

“ The strategy seeks to develop and implement mechanisms aimed at improving governance of public institutions at the Federal, State and Local Government levels, by combatting corruption related factors inhibiting Government’s capacity to deliver quality services to Nigerians.

“The NACS also has a Monitoring and Evaluation (M&E) Committee established by the Honourable Attorney General of the Federation and Minister of Justice, comprising of Twenty-Two (22) members drawn from different sectors including state and non-state actors with the Technical Unit on Governance and AntiCorruption Reforms (TUGAR) as the secretariat.

“The M&E Committee has the responsibility to monitor and evaluate the progress made on the implementation of the AntiCorruption Strategy in Nigeria,” he said.

Minister charges Governors to emulate Chief Awolowo legacies in Education

Maryam Abeeb

The Minister of State for Education, Rt. Hon. Goodluck Nana Opia has appealed to South West Governors to emulate and sustain the legacies of Chief Obafemi Awolowo in the field of education in order to rid the region of out of school children and bring development to the country.

In a statement, the Director Press of Federal Ministry of Education, Ben Goong explained that the Rt. Hon Goodluck Nana Opia made the appeal tin Abeokuta, the Ogun state capital, at the flag- off ceremony of the National campaign on out of school children.

The Minister asked Governors of the states of the Federation and in particular, South West Governors to Prioritize education through increased budgetary allocations, infrastructural development and sustained public reorientation as ways of tackling the menace of out of school children.

The Minister emphasized the need for Political will and total commitment, calling for all hands to be on deck in the fight to get every child on board the ship of school.

“Bring all our children on Board the ship of school” the Minister reiterated.

Hon. Opia pointed out that system strengthening and increased enrollment are the key goals of the campaign adding that the involvement of traditional, religious and community leaders is key to the attainment of the overall goal of eradicating out of school children.

In his keynote address at the occasion,Ogun state Governor, His Excellency,Prince Dapo Abiodun said the South West made a head start in education in Nigeria courtesy Chief Obafemi Awolowo, adding that the Awolowo legacy will not be allowed to die, rather it will be sustained in order to bring glory to Ogun state and the Nation at large.

His Excellency rolled out the fruits of the Awolowo legacy in education across the South west adding that as at date, Ogun state is ahead of other states of the country in terms of the number of educational institutions at all levels.

METRO

By Stanley Onyekwere

The Federal Capita Territory Administration (FCTA) has bemoaned the less than 50% average turnout of students in classes for the 2nd term of 2022/2023 academic session across schools in Kwali Area Council of Abuja, the FCT.

Our correspondent reports that following Monday’s resumption of schools in FCT, authorities of the FCT Education Secretariat yesterday embarked on routine inspection tour to both private and public schools, to asses resumption compliance level in school.

It was observed that while there was substantial presence of students and pupils in day schools (both private and public institutions), boarding schools recorded very low turnout of students, since the resumption of schools for the second term.

Some of the schools visited include: Government Secondary

School resumption: FCT records 40% turnout of students in Kwali

School, Government Science Technical College (GSTC), FCT LEA Pilot school, and Ambassador Global Academy, all in Kwali area of the FCT.

Speaking with newsmen during the tour, Secretary, Education Secretariat, Dahir El-Katuzu, disclosed that on the average, about 40% of students have resumed school in the area, which leaves a lot to be desired.

El-Katuzu, noted that the situation may not be unconnected to the security situation especially in Kwali and Abaji Area Councils, as such sometimes resumption will not be immediate as expected.

He however, revealed that administrators of Schools in Kwali, were asked to use thier initiatives to see that they introduce policies that will attract students to resume school immediately, so as to eschew such kind of lateness.

According to him, the Secretariat has a culture of going round schools in FCT at resumption, to look into it and give advice to students that resumed.

“While we do it in the city centre, we found out that students resume almost immediately they are asked to, but unfortunately in Kwali, we have some little difference. Today, we came to schools in Kwali instead of the normal city centre inspection.

“We have observed the resumption is not too poor, but actually it is not too good. On the average, about 40% of students have resumed school.

“We expect a situation where students will at least have more than 50% resumption, because you can not have 100%, as there has to be some issues experienced by both students and parents.

“The resumption in Kwali needs a lot to be desired. But, we have spoken with administrators of Schools, where we asked them to use thier initiatives to see that they introduce policies that will attract students to resume school immediately, so that we don’t experience this kind of lateness.

“We are also aware that because of the security situation especially in Kwali and Abaji Area Councils, sometimes resumption will not be immediate as expected. That notwithstanding, we will continue to urge both students and school administrators to see that the students resume on time”, he explained.

He admonished students to always be hardworking, inorder to be properly developed for the future, as they are the leaders of tomorrow.

On his part, Principal of Government Science Technical College, Kwali, Oyawale Olusegun, who disclosed that the school recorded only 25% resumption, said efforts are on ground to improve the situation. Meanwhile, Principal, Junior wing of Government Secondary School, Kwali, disclosed that it recorded 95% resumption rate, Ogonye Yakubu Shadrach.

FCTA moves against illegal Street naming cartel

By Stanley Onyekwere

Worried by nefarious activities of an undisclosed cartel allegedly involved in illegal Street naming in Abuja, the authorities of the FCT Administration have indicated plans to prosecute those behind the menace.

This was even as it said that the legal battle between FCTA and the Abuja Municipal Area Council ( AMAC) over the matter would be resolved amicably, with the understanding of all stakeholders.

Making this point yesterday, Coordinator, Abuja Metropolitan Management Council ( AMMC), Umar Shuaibu, noted that while the ruling of the FCT High Court on the Street naming has been appealed, all stakeholders, including the AMAC leadership have agreed to set up an interagency committee to consider all factors around it.

Shuaibu clarified that FCTA was not taking over AMAC’s responsibilities, but doing what the law permits it, as a major provider of infrastructure in the Capital City.

He also opined that it’s intervention in the issue was to restore the integrity of the process, alleging that investigation has exposed unscrupulous individuals who were adulterating it for personal gains, using AMAC as a cover.

According to him, “ the existence of a cartel who are operating for their personal aggrandisement using the AMAC as a cover. Even the AMAC leadership is not aware of the extent of the damage and quantum of corruption perpetrated in the name of Street naming under it.

“ As such the FCTA is going to engage the anti-corruption agencies to ensure that all those involved in the infamous activities are brought to books or face the wrath of the law”.

Also speaking, the Executive Chairman, AMAC, Christopher Maikalangu said his council was interested in having a harmonised process for the purpose of achieving a desired result.

Maikalangu who claimed ignorance of the rot in the street naming process, revealed the committee in charge of it had been in place before he came into office.

He however, assured that the Council would co-operate with FCTA on the issue, to find a lasting and mutual beneficial solution.

Minister of State for Education, Rt. Hon Goodluck Nana Opia ,the Ogun State Governor, Prince Dapo Abiodun, (middle) with the Students and other stakeholders during the flag- off ceremony of the National campaign on out of School Children, South-West Zone, held yesterday in Abeokuta Ogun State. Photo: Fed. Min of Education

Bwari: FEMA sensitises Kubwa traders on fire outbreak prevention

By Stanley Onyekwere

The FCT Emergency Management Agency (FEMA) has taken its fire outbreak prevention campaign to traders at Kubwa Village Market, in Bwari Area Council of the FCT. The Director, Forecasting Response Mitigation of FEMA, Mrs Florence Wenegieme, who led a team to sensitise traders, said it is part of ongoing efforts prevent fire outbreak in markets, offices, homes and other public places in the nation’s capital.

Wenegieme frowned at the returned of people who are selling petroleum products in the market after the 2022 fire explosion which was caused by the people selling kerosene.

She explained that during dry season, the agency discouraged traders from selling petroleum products in different locations because such products are supposed to be sold only at the filling station.

“But if you look around you will see people selling petroleum products like kerosene, dizseal, engine oil, under the hightension wire.

“ Looking in front of us we have a generator mechanic and somebody selling kerosene right beside a transformer and under the high-tension wire”, she added.

She assured that the agency would continue to intensify efforts to rid the territory of all kinds of disaster with a view to save lives and properties.

According to him,” What we are doing here is a continuation of the Dry Season sensitisation which we started in November 2022.

“We have been moving from one market to another to enlighten traders on how they can prevent fire outbreak in the market.”