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Buhari Has Broken Many Jinxes Recorded —- Presidency

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3 years ago

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The Presidency, yesterday, said President Muhammadu Buhari’s administration has broken many jinxes since coming on board in 2015.

According to the Presidency, the most recent of such landmark achievements is the net profit announced by Nigerian National Petroleum Corporation, NNPC, for the first time in the 44-year history of the corporation.

A statement by Special Adviser to the President on Media and Publicity, Femi Adesina, stated that under President Buhari, who doubles as Minister of Petroleum Resources, the oil conglomerate announced a first-ever profit of N287 billion. Such had never happened before.

The statement said: “But that was by no means the only major jinx broken in the lifetime of the Buhari administration. They abound.”

On policies and legislation, it said: “Petroleum Industry Bill signed into law in 2021, after almost two decades in the works. It is aimed at reforming a Petroleum Act dating back to 1969, as well as other supplementary laws and regulations.

“Deep Offshore and Inland Basin (Production Sharing Contracts) Act, 2019, amended for the first time since 1993.

“More than $6 billion of inherited Cash Call Arrears now being cleared by the Buhari administration, since 2016. More than $3 billion of the arrears (payments due to International Oil Companies) have since been paid.

“The Buhari administration has overseen the first successful Marginal Fields Bid Round in almost 20 years.

“The Buhari administration has launched the first National Social Investment Programme in the country’s history. Today it is the largest Social Investment Programme in Africa and one of the largest in the world.

“Restoration of the Federal Budget to a January-to-December cycle, after more than a decade.

“The Nigeria Centre for Disease Control, NCDC, was established in 2011, and for its first seven years did not have an enabling Act of the National Assembly, until 2018 when President Buhari assented to the NCDC Act.

“Nigeria Police Act, 2020: The first overhaul of the Police Act since it was originally enacted in 1943

*Nigeria Correctional Service Act, 2019, overhauled the existing Prisons Act, almost 50 years after it was first enacted.

“Finance Acts 2019 and 2020 – the first time ever that Federal Budgets are being accompanied by dedicated and specific reform legislation, to support implementation.

“Suppression of Piracy and Other Maritime Offences Bill (SPOMO), 2019: The first of its kind in the entire Gulf of Guinea, dedicated to prosecuting maritime offenses.

“Police Trust Fund Act, 2019: First-ever legislation dedicated to addressing the financing of the Police Force

“CAMA, 2020 – the first overhaul of the Company and Allied Matters Act (CAMA) in 30 years

Discrimination Against Persons With Disabilities (Prohibition) Act, 2018: Another unprecedented piece of legislation in Nigeria.

“Treasury Single Account (TSA) started in 2012, expanded across the entire Government by President Buhari.”

On projects, the statement listed the Itakpe-Warri rail line, which started in 1987 but was abandoned for decades and finally completed in 2020

It added: “Completion of four standard gauge railway projects between 2016 and 2021: Abuja-Kaduna Rail Line, Abuja Metro Line, Itakpe-Warri Rail Line, and Lagos-Ibadan Rail Line.

“President Buhari is the first President to start and complete a rail project in Nigeria’s history (Lagos-Ibadan Rail).”

“The last NLNG Train project (Train 6) was completed in 2008. President Buhari has successfully flagged off Train 7 construction.

“Apapa-Oshodi-Oworonshoki Expressway, undergoing full reconstruction for the first time since it was constructed in the late 1970s.

“Bodo-Bonny Bridges and Road: Construction finally kicked off in 2017, after several decades of planning, and three false starts.

“The long-awaited Ogoni Clean-Up kicked off under the Buhari’s administration. The Nigerian Navy has this year (2021) acquired its first new Landing Ship Tank (LST) in more than 40 years.

“The Nigerian Air Force has enjoyed the largest investment in fleet renewal in decades, under President Buhari, acquiring more than two-dozen new aircraft since 2016. Construction of the first full-scale private refinery and the first privately financed Deep Sea Port in Nigeria’s history both started under President Buhari’s watch.

“Only one modular refinery in the country pre-2016. Since 2018, there have been several either under construction or already completed. Maritime University, Delta State, licensed by the NUC and operationalized in 2018.

“Completion, since 2016, of twelve (12) inherited Dam projects across the country: Kashimbila Multipurpose Dam, Taraba; Ogwashi-Uku Multipurpose Dam, Delta; Adada Dam, Enugu; Sulma Earth Dam, Katsina; Gimi Earth Dam, Kaduna; Amla-Otukpo Dam, Benue; Amauzari Earth Dam, Imo; Ibiono-Ibom Earth Dam, Akwa Ibom; Gadau/Lafia Zigau Dam, Bauchi; Alajue Small Earth Dam, Osun; Kampe Omi Dam, Kogi (Rehabilitation) and Kargo Dam, Kaduna (Rehabilitation)

“Completion of three (3) inherited Hydropower Projects, accounting for more than 100MW of electricity in total: Gurara Hydropower Project, 30MW, Kaduna State – completed and concessioned in 2020; Kashimbila Hydropower Project, 40MW, Taraba, Dadin-Kowa Hydropower Project, 40MW, Gombe.

“Completion, since 2016, of seven (7) inherited Irrigation projects and 30 Water Supply Projects inherited by the Administration, including the Central Ogbia Regional Water Supply Project in Bayelsa State, Northern Ishan Regional Water Supply Project and the Ojirami Dam Water Supply Scheme and Reticulation Network, both in Edo State; Sabke, Dutsi and Mashi Water Supply Project in Katsina State; Vom Water Supply Project and Mangu Regional Water Supply Scheme in Plateau State; Takum Water Supply Project in Taraba State; Gambaki/Chinade/Hardawa/Bulkachuwa Water Supply Project in Bauchi State; Inyishi Regional Water Supply Project in Imo State; Ilobu Water Supply Scheme and Osogbo Water Supply Scheme in Osun State; Idanre Water Supply Project in Ondo State; Ofeme Water Supply Project in Abia State; Uburu Water Supply Scheme in Ebonyi State; Gashua Water Supply Scheme in Yobe State; Kwami Gadam and Bojude Water Supply Project in Gombe State; the Saki Town Water Supply Project, Oyo State; and the Zobe and Kazaure Water Supply Projects in Katsina and Jigawa States respectively.

“NDDC HQ Complex started in the mid-1990s, completed in 2021; EFCC HQ Complex, construction started in 2011, completed in 2018; and Zik Mausoleum started in 1996, completed and commissioned 2018.”

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BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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7 hours ago

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April 19, 2024

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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BIG STORY

Customs Adjust FX Rate For Import Duties To N1,147/$

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8 hours ago

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April 19, 2024

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The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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BIG STORY

8 Nigerians In South Africa Police Net For “Attacking Officers During Drug Raid”

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9 hours ago

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April 19, 2024

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Eight Nigerians have been taken into custody by the South African police for reportedly fighting police during a drug operation.

The suspects were taken into custody in the province of the Northern Cape, the police said in a statement released on Friday.

According to the police, the suspects also caused damage to other properties and cars.

“At the time of the arrest, police were tracing information of one of the Nigerian nationals being in possession of drugs,” the statement reads.

“While conducting this search, a large group of Nigerians attacked police. Police fired rubber bullets to disperse the crowd.

“One suspect was arrested for illegal possession of drugs, and three suspects were arrested for public violence and detained at Kimberley Police Station.

“During processing, the suspects broke windows at the station. Additional charges of malicious damage to property were added.

“Another group of Nigerians later approached the Police Station and threatened to retaliate.

“The Operational Commander warned the group to disperse.

“However, upon dispersing, the group damaged police vehicles. Another four suspects were arrested for malicious damage to property.”

Koliswa Otola, police commissioner for the province, commended officers for the arrest of the suspects.

Otola condemned acts of violence against law enforcement agents, saying those who prevent police from exercising their duties “will be dealt with harshly”.

“We will not allow such lawless behaviour,” the commissioner said.

“We are processing the suspects and working with Home Affairs to determine if they are legally or illegally in the country.

“Police will continue to stamp the authority of the state in the Northern Cape Province.”

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