Managing Director
NSITF raises N180 billion from employers’ enrollment in 10 years
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Michael Akabogu, has revealed that the agency has raised N180 billion from employers’ enrollment from July 2011-May 30, 2021. He also said that plans were afoot to plug revenue leakages, even as he warned the public to be wary of fraudsters masquerading as agents of NSITF. At an interactive session with Finance Journalists in Abuja on Thursday, Akabogu also stated that the scheme has registered almost 200,000 employers. Out of this number, 170,000 employers are actively involved in the scheme by making their contributions steadfastly. He added: “We have collected both from the private sector who have contributed about 80% of the total revenue and we have collected from the government and all other agencies, so we...
FRSC seeks partnership with EEDC to enhance operations in Enugu
The Federal Road Safety Corps (FRSC) says it will partner the Enugu Electricity Distribution Company (EEDC) to enhance its operational capabilities within Enugu State. The FRSC Sector Commander in Enugu State, Mr Joseph Udoabba, said this when he paid a courtesy visit to the management of EEDC at its corporate headquarters in Enugu on Thursday. Udoabba said that the visit was essentially to “further fortify and cement the already existing cordial relationship’’ between the Command and EEDC. “I hope we will continue on that cordial note,’’ he said. He also commended the efforts of EEDC in ensuring effective electricity distribution in the state as well as entire South-East states. “FRSC is soliciting for support in the area of power supply to its Command headquarters, unit and licensing off...
House backs bill to prohibit bank employees from operating foreign accounts
A bill seeking to prohibit bank employees from operating foreign accounts has passed second reading at the house of representatives. The bank employees’ declaration of assets act amendment bill also seeks to mandate the bankers to declare assets of their spouses and children less than 18 years old. The Economic and Financial Crimes Commission (EFCC) had in March ordered those in the banking sector to declare their assets in accordance with the act, raising questions as to the legality of such directive. Newsmen reported that the bank employees’ declaration of assets act requires bank board members, managing director, general managers, clerks, cashiers, messengers, cleaners, drivers, and any other category of workers — whether part‐time, casual or temporary — to declare their assets. Leadin...
Ex-Super Eagles midfielder Seyi Olofinjana appointed GC Zurich technical director
Switzerland side Grasshopper Club Zurich have appointed former Super Eagles midfielder Seyi Olofinjana as the new technical director. The 40-year-old was most recently a loan manager at Wolverhampton Wanderers. Olofinjana will take over the position of Technical Director at the Grasshopper Club Zurich with immediate effect and will be responsible for sports. He is taking over the position of interim sports director from Jimmy Berisha, who is stepping back into his role as Managing Director. ”Olofinjana was active in his career as a player for Stoke City, Hull City and the Wolverhampton Wanderers, among others. After his active career, he worked for the Wolverhampton Wanderers in various positions. Most recently, he worked as a loan manager,” reads a statement on the club website. “Olofinja...
House summon AGF over ‘blockage’ of $60 billion repatriation
The House of Representatives has again summoned the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) for allegedly halting the repatriation of $60 billion loot from Texas, United States of America. The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots – Movable and Immovable Assets from 2002 to 2020 by Agencies of the federal government for Effective Efficient Management and Utilisation, Rep. Adejoro Adeogun, summoned Malami on Wednesday in Abuja when a former Special Prosecutor to the Special Presidential Investigation Panel (SPIP), Mr Tosin Ojaomo, appeared before it. He also revealed that before the panel which was headed by Okoi Obono-Obla was disbanded, it investigated the Auditor General of the Federation for the withdra...
Minister: Nigerian government to scale up domestic gas expansion, monetisation drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its current domestic gas expansion drive as well as its monetisation programme to increase the country’s supply of the much needed foreign exchange earnings. Speaking when he appeared virtually at the formal opening of the new headquarters of the Nigeria Liquefied Natural Gas Limited (NLNG) in Port Harcourt, Rivers State, the minister stressed that the company was expected to play a major role in achieving the objective. Sylva noted that the country’s gas reserves must be fully explored for the full benefit of Nigerians, noting that has remains a major game-changer for Nigeria, especially with the renewed attention to the commodity as a lower carbon energy source. “In ...
VP Osinbajo: Nigerian government democratising broadband connectivity
It’s the first in sub-Saharan Africa and one of the three such cutting-edge facilities on the continent, with top prime global certifications for smart card manufacturing and it is based in Lagos, Vice President Yemi Osinbajo, SAN, relished yesterday afternoon while touring SecureID company’s premises, and affirmed Nigeria’s extremely bright economic future, which he said cannot be aborted despite current challenges. According to him, “the economic future of our nation is extremely bright. Yes, we have challenges today and they may look daunting. But let me assure you that these issues will be resolved. The march of this nation to its manifest destiny as Africa’s leading economic power will not be aborted. We are more than able to overcome.” An impressed Prof. Osinbajo said the Buhari Admi...
NNPC begins work on Port Harcourt refinery
The Nigerian National Petroleum Corporation (NNPC) has kicked off construction work in the Port Harcourt Refinery rehabilitation project with a firm commitment not to fail Nigerians. A statement on Friday by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, quoted the NNPC Chief Operating Officer, Refineries & Petrochemicals, Engr Mustapha Yakubu, as saying that everything was being done to ensure that the project is delivered hitch-free and on schedule. Speaking at the Technical Kick-off Meeting for the project held at the Port Harcourt Refinery Complex, Alesa Eleme, Rivers State, Engr Yakubu said everything about the project had been carefully worked out to ensure that the target of at least 90% refining capacity is achieved when operational. “I...
President Buhari sets up panel to probe NPA
President Muhammadu Buhari has approved the recommendation of the Ministry of Transportation under Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority (NPA). According to a statement by the President’s spokesman, Malam Garba Shehu, late Thursday night in Abuja, the president also approved the suspension of the Managing Director of NPA, Hadiza Usman. The presidential aide said Mohammed Koko would act as acting Managing Director of the NPA, pending the completion of investigation by the panel which would be headed by a Director. ”The President has also approved that the Managing Director, Hadiza Bala Usman step aside while the investigation is carried out. Mr Mohammed Koko will act in that position. ”The panel ...
NGX records N419 billion growth in April
The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies. Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April. Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March. Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March. Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month. Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Office...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Kano consumer council confiscates products worth N100 million
The Kano State Consumer Protection Council (KSCPC) says it has confiscated expired and counterfeit drugs and other products worth N100 million in the state. This is contained in a statement issued on Tuesday in Kano by Mr Musbahu Yakasai, the Public Relations Officer of the council. Yakasai quoted the acting Managing Director of the council, Alhaji Baffa Dan-Agundi, as saying that the products were confiscated following raids on some markets within Nano metropolis. The council’s boss said that officials organised raids on the Sabon Gari market and other markets within Kano metropolis between April 2 and April 5. “The confiscated products include drugs, lemon flavor and other consumables,” he said. Dan-Agundi said that the council would not relent in its effort towards curtailing the import...
