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FG Asks National Assembly To Approve Fresh $1.2bn Loan From Brazil

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The federal government has sought the approval of the national assembly for a $1.2 billion agricultural financing loan.

Zainab Ahmed, minister of finance, budget and national planning, made the request on Tuesday when she appeared before the house committee on finance to defend the ministry’s budget.

Nigeria’s total public debt stock, which comprises that of the three tiers of government, stood at N31.009 trillion at the end of June 2020.

Ahmed said the loan would be taken from the Brazilian government to provide funds for mechanised farming.

“For borrowing to improve the industry, I request for the approval for the loan that we call the green imperative programme which is for a loan of $1.2bn from the Brazilian government,” she said.

“It is a programme that is addressing the whole of the agricultural value chain from mechanisation, production, processing and selling. It is meant to lend to businessmen for tractors, plants at all levels.”

‘MAMBILLA POWER PROJECT NOT IN 2021 BUDGET’

The minister added that the Mambilla hydropower project, projected to be a 3,050-megawatt facility, was not included in the 2021 proposed budget.

The 3,050-megawatt project estimated at $5.8 billion is the biggest plant in the country but has been stalled for many years owing to legal and funding crises.

In March, the federal government agreed to pay $200 million to Sunrise Power and Transmission Company Limited (SPTCL) as the final settlement of the dispute over the Mambilla project.

Ahmed, however, told the House committee that the ministry of power did not include it in its budget proposal submitted to the finance ministry.

“The ministry of finance, budget and national planning, based on the MTEF that you have passed, put in the cost cycle, the budget ceiling for every ministry,” she said.

“They are now expected to make their budget within that ceiling. The ministry of power didn’t have Mambilla in their submission.

“We do not provide programmes that go into the budget for ministries, departments and agencies.”

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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