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President Muhammadu Buhari has finally signed the Not Too Young To Run bill into law.

Buhari signed the bill on Thursday afternoon inside the Council Chambers of the Presidential Villa, Abuja.

Recall that the President had in his Democracy Day broadcast on Tuesday, pledged to sign the bill “in a few days’ time.”

The bill, which was passed by the National Assembly last year, seeks to reduce the age qualification for elective office seekers across the country.

Buhari’s Personal Assistant on New Media, Ahmad Bashir confirmed the report via his Twitter handle.

Sharing a video of the event, Bashir wrote: “History is made, President @MBuhari has signed into law the #NotTooYoungToRun bill. Congratulations to all young men and women at @YIAGA and all the supporters of the movement.”

Watch video below:

Buhari, however, lamented that the age limits for Senators and Governors was not reduced.

Speaking during the signing of the Bill at the Presidential Villa, Abuja, Buhari said youths, “Have now established a formidable legacy” that they can achieve anything they are determined to do.

The bill which was passed by the National Assembly last year, seeks to reduce the age qualification for elective office seekers across the country.

Buhari, however, lamented that the age limits for Senators and Governors was not reduced.

The full speech reads below…

“First, I would like to welcome you all to the State House. Today is a significant day for all of us in Nigeria, and most especially our young people – and role they play in our democracy, politics and national life.

“We are gathered here for the signing of the “Not Too Young To Run Bill”, a landmark piece of legislation that was conceived, championed and accomplished by young Nigerians.

“The coordinators of the Not Too Young To Run movement have now established a formidable legacy – which is that, in our maturing democracy, if you really want to change something in Nigeria, and if you can organise yourselves and work hard towards it – you can achieve it. The outcome of such efforts is this remarkable feat.

“These efforts have resulted in the heroic task of enshrining in law, a reduction of the minimum ages for elective office in Nigeria.

“Eligible age for aspirants for members of the State Houses of Assembly will be reduced from 30 to 25 years;

“Eligible age for aspirants for members of the Federal House of Representatives will be reduced from 30 to 25 years; and

“Eligible age for aspirants for Office of the President, will be lowered from 40 to 35 years.

“Surprisingly, the age limits for Senators and Governors was not reduced, as originally proposed by the sponsors of this Bill. This is an issue that may need to be addressed going forward.

“Nevertheless, your focus and contributions have now successfully increased the quality and maturity of Nigerian democracy and expanded the playing field for youth participation in politics.

“You, the young people of Nigeria, are now set to leave your mark on the political space, just as you have done over the decades in entrepreneurship, sports, art, media entertainment, technology, and several other fields.

“You are undoubtedly Nigeria’s most important resource – not oil, not agriculture, not solid minerals – but you and all of us. Your energy, intelligence and talent are what will drive and develop Nigeria, long after we are all gone.

“This is an opportunity for me to affirm that this Administration will continue to do everything in its power to make Nigeria work for you.

“You may all know that the Bill I just assented now becomes an Act of the National Assembly.

“Thus, it may be tempting for you to think of this as the end of the journey. However, it is only the beginning; there is still a lot of work ahead, towards ensuring that young people take full advantage of the opportunities provided not only by this constitutional amendment, but also through Nigeria’s boundless prospects.

“You should inculcate the spirit of self help. Those who complete their training should not just sit down and wait for government or private sector to employ them. You should be innovative and turn your hands to any legitimate work that will enable you to sustain yourself.

“You may have noticed already that every one of you represents one of our 36 States and the Federal Capital Territory. This is because today is about preparing for the bright future of our country.

“I am confident each one of you will transform Nigeria in your own way – whether through media, agricultural enterprise, economists, engineers, or as lawmakers in your States or at Federal levels, or as State Governors – and even someday, as President. Why not?

“But please, can I ask you to postpone your campaigns till after the 2019 elections!

“Finally, let me say how proud I am, and how proud the entire country is, of what you have accomplished. Congratulations and best of luck with continuing to work to make Nigeria a greater country for us and future generations of Nigerians.”

BIG STORY

BREAKING: Minister Test Runs e-Gates At Airports

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The Nnamdi Azikiwe International Airport’s electronic gates (e-gates) were tested on Friday by Interior Minister Dr. Olubunmi Tunji-Ojo, who claimed that 99 percent of the work was completed.

He stated that by the next week, the e-gates would be operational.

Among the other high-ranking government officials that joined Tunji-Ojo were Dr. Aishetu Ndayako, Permanent Secretary in the Ministry, and Kemi Nanna Nandap, Comptroller-General of Immigration.

He said the e-gates were being deployed to eliminate human interfaces, reduce bureaucracy and make movements of passengers in and out the country seamless.

The Minister said 29 of the e-gates would be deployed in Lagos, four in Enugu and Kano while Port-Harcourt would have five.

He disclosed that the Airport infrastructure and Command and Control Centres have been subjected to different tests with fake and expired passports rejected while genuine ones were cleared.

Tunji-Ojo said:” With this massive infrastructure, we believe that no unwanted persons or persons of interests can find their ways into Nigeria. Our security through the Airports and in the Airport domains are guaranteed.

“It is a testimony to what Mr President told us from day one on his Renewed Hope Agenda. He asked us to change the narratives and make passengers movements in and out of the country seamless.

 

“You can see that we have all our team here working in synergy with the authorities of the Federal Airport Authority of Nigeria, (FAAN) the Nigeria Customs Service and other stakeholders.

“I must at this point commend the Minister of Aviation, Hon Festus Keyamo (SAN) and other critical stakeholders who have made this transformation possible.”

 

 

More to come…

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BIG STORY

Transcorp Power Plc Records 775% PBT Jump In Q1 2024 With Impressive Revenue Growth

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

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BIG STORY

Oil Price Surge By 4 Percent As Israel Launches Counterattack On Iran

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Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

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