Stock Watch

CBN highlights security features of redesigned naira notes

By Abubakar Yunus, Abuja

The Central Bank of Nigeria (CBN) has disclosed the position of security features on the new series of N200, N500 and N1,000 notes.

The apex bank made this known in a document released on Wednesday.

On December 15, commercial banks began dispensing the redesigned naira notes to customers across the country.

The CBN, in a statement on its website, said the new notes were protected by a number of security features to facilitate easy recognition of genuine ones in case of counterfeiting.

It said the distinguishing features, which can be recognised by touch and visibility, are the raised print, the security thread, and the watermark.

According to the CBN, other areas such as the portrait, lettering and the denominational numerals on the obverse and reverse of the notes are embossed.

The apex bank explained that raised prints provide the tactility, while the security thread, which ordinarily looks broken but is not when held up against light, has “CBN” in small lettering printed on both sides of the notes.

The CBN said the naira notes are protected against photocopying as they contain features which are visible under ultraviolet light: for example, the serial number on each note is black but turns green under ultraviolet light.

Godwin Emefiele, CBN governor, had said the redesigned naira notes cannot be counterfeited due to its security features.

“Let me tell you this, these notes cannot be counterfeited because of the security features in them; nobody can counterfeit them,” Emefiele had said after President Muhammadu Buhari unveiled the notes.

“What you could only find will be people making photocopies of these notes. If you follow due process to check the authenticity of a currency and take them through the UV (ultraviolet) light, you will find that this currency cannot be counterfeited. The best you will find is photocopies.

“What I am trying to say is that to reduce that incidence of counterfeiting or photocopying, that is why we are saying that the CBN must now, without waiting every five to eight years, redesign and reissue these notes.

“So that those who think they can take advantage of the system by counterfeiting will know that the game is over for them.”

FG offers 7 deepwater oil blocks in new bid round

Abubakar Yunus, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2022 mini-bid round.

The landmark development is the first bidding round after the passage of the Petroleum Industry Act (PIA).

In a statement , Gbenga Komolafe, chief executive officer (CEO), NUPRC, said in this year’s mini-bid round, seven offshore blocks are put on offer.

He said the mini-bid round is an opportunity to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria.

“The mini-bid round is the first in a series of bid rounds, aimed at further development of this prospective petroleum basin will be held in accordance with the Petroleum Industry Act 2021 (PIA), with its enhanced legal and regulatory frameworks that seeks to encourage new investors and investments into the next phase of exploration in this region,” the statement reads.

Komolafe said the mini-bid round will be managed by the NUPRC — in line with the provisions of the PIA — as the statutory body responsible for ensuring compliance with petroleum laws, regulations, and guidelines in the Nigerian upstream petroleum industry.

“The national data repository (NDR) of NUPRC and our multiclient partners are delighted and ready to support the mini-bid round underpinned by high-quality datasets,” he said.

“The blocks have extensive 2D and 3D seismic data coverage, including multi-beam and analog data. Additionally, a remarkable quality, 3D MegaSurveyPlus reprocessed Pre-stack Time Migration (completed October, 2022), with angle stacks and gathers is also available to prospective bidders. Links to all data can be accessed via the dedicated NUPRC portal.

“The mini-bid round is a market-driven programme and will follow a transparent and competitive procurement process designed to attract competent thirdparty investors from across the world that have the capability and proficiency in operating in deepwater environment.”

Komolafe added that exercise aims to build on the last mini-bid round held in April 2007 under the old regulatory regime and offered 45 blocks.

“Historically, this mini-bid round intends to build on the successes of the last bid round that held in April 2007 during which a total of 45 blocks, drawn from the inland basins of Anambra, Benue and Chad; the Niger Delta continental shelf; onshore Niger Delta and deep offshore were put on offer. The 2007 bid round was held under a different regulatory regime (the Petroleum Act, 1969) and generated massive interest and participation with its attended revenue which made the exercise a success,” he said.

“In this year’s mini-bid round, seven (7) offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m is put on offer.

“The success of the mini-bid round will ensure all stakeholders gain value from the country’s resources, whilst paying close attention to reduction in carbon emissions, as well as overall environmental, social and governance (ESG) considerations.

“A dedicated programme portal (br.nuprc.gov.ng) for the minibid round has been published by NUPRC, which provides details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants. “

He added that a pre-conference is scheduled for January 16, 2023 to provide potential applicants with an opportunity to ask questions about the mini-bid round process and requirements.

Interested companies will then be asked to submit prequalification applications by January 31, 2023, he said.

L-R:Minister of Information and Culture, Alh. Lai Mohammed, Minister of Police Affairs, Dr. Muhammad Maigari Dingyadi and the Permanent Secretary, Ministry of Police Affairs, Mr Abel Olumuyiwa Enitan, during the Minister’s of Police Affairs, briefing Nigerians on the achievement of the Ministry under the ‘PMB Administration Scorecard Series (2015-2023)’ anchor by the Federal Ministry of Information , held yesterday in Abuja. Photo-: Justin Imo-owo

FEC approves $23m for power projects in Taraba, Yobe

By Abubakar Yunus, Abuja

The federal executive council (FEC) has approved the sum of N3.4 billion for the restoration of power supply in Borno.

Abubakar Aliyu, minister of power disclosed this while speaking with journalists after the council’s meeting, presided over by President Muhammadu Buhari.

The minister said the council approved a memorandum for the provision of alternative power supply line to Maiduguri, Borno state capital.

He noted that the region had been disconnected from the national grid for 24 months due to insurgency.

“As you are aware, Maiduguri got disconnected from the national grid due to the activities of insurgents. They have been disconnected for over 24 months,” he said.

“About nine months ago or thereabout, we were able to supply Maiduguri through an old line which we resuscitated through the effort of the Borno state government’s rural electrification agency and the Transmission Company of Nigeria.

“They resuscitated a single line of 33 KV from Damaturu, Yobe state and through that, we took a very small quantity of electricity which could only give electricity on the 11 KV line.

“So, we are now trying to supply through another new line, a double circuit 33 KV which can take up to around 40 Megawatts from the Damaturu 330 substation. This is at a cost of N3,164,293,880 plus N250,000 million for security and other logistics, a total of N3.4 billion and is awarded to SodoGuru Nigeria Limited with a completion period of three months.”

Aliyu further disclosed that $23.9 million was approved for the construction of power substations in Gaidam, Yobe state, and Zing in Taraba.

He also said the ministry got the approval for the construction of five multimillion dollars one-line power substations in Birnin Kudu, Babura, and Kazaure in Jigawa state; Nguru, Yobe; Oro, in Kwara, and a 22-kilometre transmission line passing through Birnin KuduMissau-Ningi-Azare in Jigawa and Bauchi.

Speaking also to journalists, Mu’azu Sambo, minister of transportation, said the ministry got approval for the four memos it presented.

The memos included N1.78 billion for the upgrade of a data centre for the Nigerian Ports Authority (NPA).

“The first to be approved is in respect of the award of contract for the upgrade of the data centre of the Nigerian Ports Authority, its servers, storage, and business continuity at the cost of N1,787, 203, 792.65 inclusive of 7.5 percent value-added tax with a completion period of six months, ” the minister said.

“The second memo that was approved was for a concession of the eastern zone offshore waste reception facility, in line with international conventions and environmental laws signed by Nigeria, which require that offshore wastes generated by ships be disposed of in an organised manner in order to protect biodiversity and human beings.”

Sambo said when completed, the project would generate $25 million within 20 years.

The minister said he obtained a similar approval for the Western and Central zones of the maritime domain of Nigeria, for 10 years.