Mr Timipre Sylva, the Minister of State for Petroleum Resources says the ministry will partner with the Infrastructure Concession Regulatory Commission (ICRC) to develop the oil sector through Public Private Partnerships (PPPs).
Sylva said this on Tuesday in Abuja when he received the Director-General and management staff of ICRC on a courtesy visit.
According to him, every developed country in the world has had to go through privatisation and PPPs to achieve their development.
“I believe that your agency is an engine for growth and development and if privatisation will lead the growth process in the country, an agency like yours is very necessary.
“Everybody, the world over has come to realise that government is a bad manager and so everybody is concessioning and moving toward the private sector and PPP.”
Speaking on the Trans-Saharan Gas Pipeline (TSGP) project, Sylva said it was a very important one which unfortunately had been on the drawing board for far too long.
He said it was no longer time to discuss and talk or diagnose the problem of Nigeria endlessly, but to make some progress.
“The TSGP has probably been on the drawing board for 30 or 40 years and yet has not taken off.
“I understand that the Algerians had some differences with Nigeria; let us look at those details and clear them out so that we can move forward.”
He added that talks had been ongoing with some Chinese investors for funding but there was not much progress on it and stakeholders had come to the realisation that the discussions with the Chinese was not moving forward.
“On top of that is the discussion with the ICRC and we need to take this discussion far enough for us to be able to brief the president to know whether we have to exit the discussions we are having with our partners for funding.”
While complaining about the state of the nation’s refineries, Sylva said it was unfortunate that they had run aground over the years and were all presently operating at zero capacity.
He, however, said that efforts were on to revamp the refineries, adding that the Federal Government was already making a lot of progress with the Port Harcourt refineries, while studies on Warri and Kaduna refineries were ongoing.
The minister said he was glad that the ICRC could be beneficial to the oil sector and that synergy between both agencies would go a long way in enhancing results for the government.
“It is one government and whatever gains we make ends up with the same government.
“Sometimes, these linkages are not apparent because we are all working at individual levels and no one knows what the other is doing.
“So, we have this de-linking between agencies, but of course if we come together and work together , we will get a lot more traction from that.”
Mr Chidi Izuwah, the Director-General, ICRC, said there were opportunities to bring private capital into the refineries to restore them to their capacity and industrialise the country.
He said this was because that was how countries in the Middle-East were industrialised.
“It is important that we revive the system with private capital because transporting petrol by trucks is not only dangerous and unsafe, our roads are not designed for doing that.
“This is because the load they carry will make sure that our roads no matter how much money we spend repairing them will never be good.”
He also said there were various ways to partner with the private sector to bring in private capital to transform the petroleum industry.
According to him, these are areas where the ICRC as the primary regulator for the PPP effort of the Federal Government will like to work with the ministry to unleash the next level agenda of the president.
Izuwah said the ICRC was also pushing to ensure that the Nigeria-Morocco gas pipeline project was achieved.
“Morocco has come into this deep relationship with us which has solved our fertilizer problem.
“It would also be nice for us to look at that project that really expands the West African Gas Pipeline and rolls it around the corridor of Africa to Morocco and that would be transformational for Africa.”
The Nigeria News Agency (NAN), reports that ICRC was established to regulate PPP activities in Nigeria to address physical infrastructure deficit which hampers economic development. (NAN)
Edited by Jane-Frances Oraka/Ese E. Ekama
Agriculturist wants women to empower themselves through agriculture
The Chief Executive Officer, Convention on Business Integrity, Mr Soji Apampa, on Thursday urged women to tap into the agricultural sector and empower themselves the same way the men were doing.
He made the call at the 3rd FirstGem conference with the theme, ‘ The Modern Women Manifesto’, organised by Fisrtbank Nigeria Limited in conjunction with Medplus among others.
The Nigeria News Agency reports that the FirstGem product , which is solely for women, is a platform designed to help them build their personal lives as well as create wealth.
Apampa said: “Women can tap into Agriculture sector the same way as the men.
” However, we should bear in mind that women do not have the same level of empowerment at the moment and there are some things that need to be done for women in order to put them in a position not to be exploited.
“Women need to come together as a collective and find partners who can help to fund their access to inputs, the right qualities, the seeds as well as access to know how,” he said.
Apampa said there was potential in agriculture as the new oil, urging women to take advantage of it and profit themselves.
A Senior Lecturer from University of Navarra, Barcelona, Prof. Kandarp Mehta, urged women entrepreneurs to use negotiation as a tool for winning in business and in their career.
“Negotiation is important for both women in corporate organisations and women entrepreneurs,” he said.
In her goodwill message, the First Lady of Kebbi State, Dr Zainab Bagudu, said women could build a stronger society when empowered.
“Women are the vulnerable sex in the society, particularly in low middle economy.
” Women form the bulk of the society and are the ones that are constantly in touch with the family.
“If you empower and strengthen the women, then you are able to build a stronger society and a lot of the indices of our lives such as health,” she said.
Earlier, Chief Executive Officer of FirstBank, Dr Adesola Adeduntan, said apart from the product being solely for women, it would meet their economic needs.
” I am delighted that FirstGem is already in its third year; this is a product that is designed to meet and develop the economic needs of women, which is our long term focus,” he said.
Editing by Oluwole Sogunle
FG approved projects worth $8bn under PPP in 8 years
Mr Chidi Izuwah, the Director-General, Infrastructure Concession Regulatory Commission (ICRC) has said that the Federal Government approved Public Private Partnership (PPP) projects worth eight billion dollars between 2010 and 2018.
Izuwah disclosed this during presentation at a Joint Public PPP Consultative Forum and Nigeria PPP Network in Abuja on Thursday.
He said the projects were under the regulatory guidelines of ICRC.
He stated that as at October, there were 139 pre-contract projects at development and procurement phases at the commission.
According to him, in June 2019, there are 69 post-contract PPP projects under implementation at the ICRC’s project disclosure portal.
The director-general said the commission had accomplished a lot of projects under PPP.
He said those projects include Lekki Deeper Water Port, Warehouse in a box medical stores, NIWA Onitsha River Port, Ibom Deep water Port.
Others include Gurara, Silos, Farm Mechanisation, ECOWAS Biometric cards and Warri-Itakpe line to Warri Deep sea port.
The President of Afreximbank, Mr Benedict Oramah called on Nigerian government to pay attention to details in developing public projects.
Oramah represented by Mr Kofi Afoso from the bank said the country should ensure that its PPP officials had required knowledge to ensure a balance between private and public sectors.
edited by Emmanuel Nwoye/Sadiya Hamza
Entrepreneur urges youths to acquire financial education
An industrialist, Dr Edward Nkwegu on Thursday said that it was important for Nigerian youths to expose themselves to financial education.
Nkwegu gave the advice in Okpoduma-Agbaja during the 15th thanksgiving anniversay of Regina Pacis Foundation, which is committed to providing economic empowerment to youths through skills acquisition.
According to him, financial education at secondary and tertiary institutions would help alleviate poverty as well as reduce unemployment in the country.
Nkwegu said that the nation’s educational curricula were designed to equip students with general knowledge without conscious effort to enhance inclusive financial education.
He added that education without financial knowledge was an exercise in futility, adding that financial knowledge was the ‘new money’.
According to him, the Ragina Pacis Foundation is a vocational training institute committed to entrenching hoslistic skills and financial education in youths to succeed in life.
“This useful skills are what the modern educational systems rarely give to today’s graduates. They acquire only general knowledge through scholastic education that cannot put food on their table.
“We aim at changing the mind-set that has kept the people poor. We know that God has deposited in every soul the seed of great future, but that seed will never germinate, much less grow to maturity, except through the rendering of useful service.
“Without specialised knowledge, the person will not acquire specialised skill to render useful service and without rendering of useful service, you may not earn any income or reward for self-sustenance,” he said.
Nkwegu said the foundation always believed that some people resort to illegal means of acquiring wealth because of ignorance and lack of financial education.
He said: “We are convinced that through financial education, one can acquire sustainable wealth through legitimate means.
“We share the belief that illegal means of wealth acquisition are as a result of ignorance and lack of financial education”.
Nigeria News Agency reports that the foundation which started in 2005 has trained hundreds of graduates in different vocational skills.
NAN also reports that the thanksgiving ceremony attracted dignitaries from different walks of life including immediate past governor of Ebonyi State, Chief Martin Elechi.
Edited by Ismail Abdulaziz (NAN)
Expert calls for professionalism in plant, equipment assets valuation
An estate surveyor, Mr Ademola Ladega, on Thursday called for more professionalism in plant, equipment and assets valuation practice to uphold integrity of estate surveying profession in Nigeria.
Ladega, a managing partner of AOL Consult, made the call during an Interactive Session organised by the Plant and Equipment Valuation Faculty of Nigerian Institution of Estate Agents Surveyors Valuers (NIESV) in Lagos.
The Nigeria News Agency reports that the theme of the programme was: “Global Trends in Plant and Equipment Assets Valuation”.
According to him, estate surveyors and valuers can improve their knowledge and skills on the profession through training and programmes aimed at upgrading skills of operation.
He added that application of professional standards, particularly the International Valuation Standard (IVS) in valuation of assets, would give more universally accepted result and make estate surveyors more relevant to the society.
Ladega urged estate surveying practitioners to uphold the integrity of the profession by exhibiting professionalism, trust, honesty and commitment in their transactions with the public.
He added that networking and knowledge were key in business of estate surveying/valuation practice, stressing that the real estate market operates in circles which follow economic trend.
“As the title suggest, IVS serve as the key guide for valuation professionals globally and will underpin consistency, transparency and confidence in valuations which are key to investment decisions, financial reporting and financial market stability.
“For every product/item manufactured or created, there would always be a manual or a booklet to teach on the usage or application of that product. This can be related with all aspects of goods and services, as well as human life.
“For professionals that render services, there are minimum standards required to be complied with, outside the code of professional conduct. These standards teach professionals on the conduct that are specific to the kind of service they render in their industry.
“The IVS represent that manual/constitution that guides practitioners in line with internationally approved manner on valuation reporting.
“Many valuers have often adopted an approach to value a Plant and Equipment asset, which have landed them in trouble, when they are called for defense, whereas, such approach may have been permitted to be used in the IVS.
“The valuer would have shot himself/herself if he/she fails to acknowledge the use of standard to back the approach,” he said.
Contributing, Mr David Maseli, immediate past Chairman of the Faculty, identified research, knowledge and development as key factors in the valuation profession, which the practitioners should strive to uphold in their practice.
Maseli advised that every valuer must have good knowledge and understanding of the any asset he/she wants to valuate through conduct of adequate research methodologies.
Earlier, Mr Osato Osawaye, Chairman of the Faculty, enjoined estate valuation practitioners to be continually equipped and abreast with global standards, practices and development that guides valuation practice.
Osawaye said that the major objective for the interactive session was to develop and enhance skills and competencies of members to meet the global standards in plant and equipment assets valuation.
According to him, lack of data and unavailability of reliable market information are the key challenges to valuation practice in Nigeria.
“An average Nigerian who sold his/her assets is very secretive and not ready to reveal the exact value of the assets. This becomes a challenge because data is key in valuation and there are limited availability and access to reliable information.
“The success or failure of the valuation of any asset lies in the quality of information derived from the physical inspection of the asset which form a basis for our market survey and analysis.
“But efforts are being made to bridge the data gap through existence of the internet navigation services because the value of every asset can also be determined via the internet globally.
“In addition, we in the Faculty of Plant and Equipment Valuation subscribes to the need to continue to develop our members skill set and competencies by providing both local and international professional development programs and training for better service delivery,” he said.
Edited by Wale Ojetimi (NAN)
FG committed to boost capital market Competitiveness — Adebayo
The Federal Government on Thursday expressed readiness to provide an enabling environment that would stimulate and boost competitiveness in the Nigerian capital market.
Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, stated this in a keynote speech at the 23rd Annual Conference of the Chaterred Institute of Stockbrokers (CIS) in Lagos.
Adebayo, represented by Dr Francis Alaneme, Director, Federal Ministry of Industry, Trade & Investment, said that government was willing to partner CIS in ensuring the necessary enabling environment.
He also said that government would ensure a coordinated and integrated approach to Nigeria’s financial sector was attainable.
Adebayo said that stockbrokers’ common agenda was to ensure the development of a strong and robust economy, especially from the perspective of the financial services sector.
“The best way to improve competitiveness is through a mixture of policies designed to help, improve capital market competitiveness and long-term investment,” he stated.
Adebayo explained that all these measures would improve both price and non-price competitiveness.
He urged CIS to come up with policy proposal to support and address Nigeria’s infrastructure challenges such as roads, railways and housing.
He noted that government would incentivise and provide the enabling environment to support this objective to boost the competitiveness of the capital market.
“The institute should look into ways the rural community can benefit from financial inclusion and economic growth.
“Evidences suggest that well developed financial system have strong positive impact on economic growth over a long period,” Adebayo said.
According to him, at the moment, access of the populace to financial services can tackle poverty, improve welfare and general standard of living which consequently promote economic growth.
He added that the micro-environment needed to be stabilised to create the right environment for investment, noting that the ministry would give adequate support.
Adebayo called for an inclusive engagement with the investing public as well as Nigerians that were far away from the capital market to bring them on board.
He added that the National Savings Committee set up by the President was to boost capital market competitiveness in a micro environment.
He assured that the committee would make recommendations to the government on the best ways to mobilise savings that would lead to economic growth.
“The government recognises that foreign investors come in and when anything happens, they quickly take their money and go away but our domestic investors will always be here for us,” Adebayo said.
He stated that government would provide an enabling environment for competitiveness among domestic investors to grow and remain in the market.
Mr Ibrahim Babangida, Chairman, Capital Market and Institution Committee, House of Representatives, said that the committee was ready to work with the CIS.
Babangida said that already the National Assembly and House of Representatives in particular were aware of the major challenges facing the capital market in recent times.
“As a result of that, we have already started engaging with some of the key stakeholders including the institute on the best way forward.
“We are already planning that possibly in the first or second quarter of next year to convene a National Investors Conference where all the key players will come together to identify the problems facing the market and whether the solutions can be operational and legislative.
“If it requires policy, then we will find a way of drawing the government’s attention to it.
” I would like to appeal to the institute to be unofficial advisers to the government and to continue to monitor the activities of the government as regards policies affecting the market so as to ensure we move the capital market forward,” he said.
Also speaking, Prof. Ndi Okereke-Onyiuke, former Director-General, Nigerian Stock Exchange, urged government to work with stockbrokers in attracting investments into the country.
“To attract investments, the government needs to work with stockbrokers so as to enhance the development of the market as well as the economy.
“The Central Bank of Nigeria is not in charge of investments, they are not wealth creators but they make policies only when there is money to spend.
“It is the stock market that create wealth in any economy,” she said.
Onyiuke stressed that government must work with market stakeholders so as to grow the economy faster through regular interaction with stockbrokers.
The Nigeria News Agency ( NAN) reports that the conference was themed :”Boosting capital market competiveness in a challenging macro-environment.”
Edited by Wale Ojetimi (NAN)
Border Closure: IPMAN urges FG to repeal ban on petrol supply to nation’s borders
Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government to repeal the ban on the supply of petroleum products to stations located 20 kilometers away from Nigerian borders.
IPMAN’s National President, Mr Sanusi Fari, made the call in a statement issued to newsmen in Owerri by its National Publicity Secretary, Mr Chinedu Ukadike, on Thursday.
Fari said that the ban had brought untold hardship to residents and oil marketers operating at the border areas.
He further said that the residents of the affected areas were travelling several kilometers outside their domains to purchase petrol.
“If the ban is not rescinded, it may become counterproductive. We have noticed the hardship Nigerians residing in the border areas are facing.
“We appeal to the federal government to have a rethink, consider the suffering of Nigerians and allow petroleum products to get to the affected areas,” he said.
The IPMAN president further urged the federal government to ensure effective monitoring of petroleum products supply to the affected communities.
“There should be improved and effective communication among relevant government agencies to tackle diversion,” he said.
Fari commended the federal government for being proactive in the campaign against pipeline vandalism and adulteration of petroleum products in the country.
He said, “As a group, we are always prepared to work in synergy with leadership of other stakeholder groups to ensure a viable sector.”
(Edited by Azubuike Okeh/Sam Oditah) (NAN)
- NSE: Market capitalisation sustains
- LG Polls: Police warn against provocative campaign in Niger
- Ogun State wins 2019 NNPC science quiz competition
- I did not test my daughter’s virginity, man tells court
- Acting Lega serie A chief named after 2018 election irregularities
- Agriculturist wants women to empower themselves through agriculture
- Nsukka LGA appoints 1000 political office holders to reduce poverty
- FG approved projects worth $8bn under PPP in 8 years
- Entrepreneur urges youths to acquire financial education
- Expert calls for professionalism in plant, equipment assets valuation
- Toddler in India dies after falling into hot curry pot
- Society advocates laws for petrochemical waste disposal
- IMT Enugu begins award of degrees, says Rector
- Driver raped employer’s daughter, witness tells court
- NDLEA arrests 179 suspects, seizes 570kg of cannabis in 3 months
- New CP assumes office in Edo, pledges to be fair, firm, humane
- Decentralise national grid to address inadequate power supply, Ex-minister urges FG
- Oshiohmole presents re-elected Governor of Kogi, Yahaya Bello, to Buhari at Aso Rock
- Correctional Centre nabs woman for attempting to smuggle phone into facility
- Reps. determined to prevent Donkey extinction in Nigeria
- Refineries: Reps to investigate alleged $396.33m maintenance cost
- Niger Insurance declares N593.8m operating profit for 2018
- Minister pledges private sector driven sports for national development
- Police in Katsina confirm arrest of teenager for allegedly poisoning wedding guests
- Oyo police parade 40 suspects over alleged kidnapping, murder, cultism
- Group advocates stiffer punishment for child abduction
- We need to do more to fight trafficking – NAPTIP
- Buhari congratulates winner of Africa Business Hero Award, Giwa-Tubosun
- Dealers docked for allegedly receiving stolen car worth N3.5m
- Miyetti Allah congratulates Bello on election victory
- Alleged N92m fraud: Don’t grant suspected fake colonel bail, SFU tells court
- FG committed to boost capital market Competitiveness — Adebayo
- Hardwork, dedication hallmark of promotions -Air Chief
- Niger SWAN gets 3-man Caretaker/Electoral Committee
- Ember months: FRSC raises concern over rate of road crashes in FCT
- Drug Abuse: Physicians meet to proffer solution
- Science ministry calls for partnership with UKAID- Africa on STI
- Nigerian Army decorates 31 new major generals
- Border Closure: IPMAN urges FG to repeal ban on petrol supply to nation’s borders
- INEC presents certificate of return to Bello
- Banditry/Kidnappings: Buhari urges security agencies, communities to be more vigilant
- Accord corps members warm reception, Oyo NYSC Coordinator urges monarchs, other stakeholders
- FCTA expresses concern over indiscriminate dumping of construction waste in city centre
- Nigerians’ participation in maritime sector rises to 40%, says NCDMB
- We saved FG N15b by blocking leakages on projects – NGO
- Court orders permanent forfeiture of N280.5m linked to suspected cyber criminal, Invictus Obi
- Be above board, do us proud, PDP urges members in Nasarawa Assembly
- 2 employees docked over alleged N1.4m theft
- Don calls for revival of research institutes on West African Dwarf Goat
- Court remands 30-year-old farmer for allegedly raping teenager