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Nigeria Spends $500m Annually Importing Palm Oil —– FG

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Officials from the Federal Ministry of Agriculture and Rural Development, states, agencies, and non-governmental organizations on Thursday said Nigeria was spending about $500m annually on oil palm imports.

At the National Workshop on oil palm organized in Abuja by Solidaridad, an international NGO, senior government officials, and other stakeholders agreed to partner to reduce the continued import of the commodity.

Speaking on the sidelines of the workshop, the Deputy Director, Federal Department of Agriculture, FMARD, Bernard Okata, said, “The partnership is to move the oil palm sector forward.

“Our current local requirement for oil generally is about three million metric tonnes but we are producing about 1.02 metric tonnes of oil palm.

“So there is a gap. We import to make up for this gap and Nigeria is spending about $500m annually for this importation up till now.”

Okata explained that the volume of oil and fat that Nigeria requires was about three million metric tonnes, but it had been difficult to meet this demand.

He said, “We have oils from groundnut, soybean, and all that. But from oil palm alone, we are producing 1.02 million MT, while from other oils we produce 1.7 million MT and so the shortfall is about 350,000MT.

“So the significance of this partnership is to ensure that the foreign exchange is channeled to the development of other activities if we can expand our oil palm production to satisfy our local industries.”

On his part, the Senior Climate Specialist for Africa at Solidaridad, who doubles as Country Technical Lead, Nigeria, Sam Ogala, stated that Nigeria was not meeting its domestic demand for oil palm.

“This country is spending around $500m annually to import oil palm. That shows you the huge gap and it’s because we are not meeting local demand,” he said. He added, “In the early 1960s before the oil boom, Nigeria was exporting oil palm, but after that oil boom, we started importing and all forms of oil palm are finding their way to the Nigerian market.”

 

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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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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