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House minority caucus flays $1.5 billion approval for rehabilitation of Port Harcourt refinery
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
Commodities trading: SEC issues new rules on warehousing, collateral management
File Photo In a bid to ensure a vibrant commodities trading ecosystem, which would in turn boost foreign exchange earnings for the country, the Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management, among others. According to the rules, every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the SEC, while the commission shall maintain a register of all registered warehouses to be published on its website. The new rules also provide that any warehouse applying for registration shall submit proof of ownership or registered-lease deed or rent agreement, alongside a disclaimer from the owner of the warehouse/property providing waiver of ownership regarding commodities stored in such ...
Arsenal legend Thierry Henry to quit social media
Arsenal legend Thierry Henry has vowed to remove himself from all social media from tomorrow until platforms such as Twitter, Facebook and Instagram take more serious action against racism and other abuses. Henry suggested that, as things stand, the companies are quicker to take action against copyright infringements than they are to the toxic behaviour poisoning the platforms. In a statement posted online, Henry said: “From tomorrow morning I will be removing myself from social media until the people in power are able to regulate their platforms with the same vigour and ferocity that they currently do when you infringe copyright. “The sheer volume of racism, bullying and resulting mental torture to individuals is too toxic to ignore. “There HAS to be some accountability. It is far too eas...
Oyo rolls out coronavirus vaccination programme
The Oyo State Government on Wednesday joined other states across Nigeria to rollout the COVID-19 vaccination exercise. The state flagged off the exercise in Ibadan with the first consignment of 127,740 doses it received from the Federal Government. Gov. Seyi Makinde was inoculated with Oxford/AstraZeneca vaccine at exactly 12.20 p.m. During the flag-off, Makinde said that the state had made decision on a sterility test of the vaccine as precautionary measure to ascertain its safety and efficacy. “I have very low tolerance for physical pain, but when duty calls you have to do what you have to do. “I am getting vaccinated today as a show of leadership and to let the people know that they have to be protected. “I ordered for sterility tests because when I asked questions about the origin of t...
TUC opposes sale of Port Harcourt refinery
File Photo The Trade Union Congress (TUC) is opposed to the sale of the Port Harcourt Refinery as canvassed by many Nigerians, its secretary-general, Musa Lawan, has said. The Federal Executive Council last week approved $1.5 billion (about N600 billion) for the rehabilitation of the 210,000 barrels per day refinery. The FEC approved the amount at its virtual meeting presided by President Muhammadu Buhari. The approval came amidst a controversial price increase in the pump price of petrol that was later reversed. Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products. The approval for the Port Harcourt Refinery was greeted with mixed feelings as the country in the past spent billions of dollars on refinery maintenance w...
Lagos deputy governor: Nigeria must not disintegrate
Dr Obafemi Hamzat, Lagos State Deputy Governor on Tuesday urged religious leaders to propagate peace and morals so as to avoid disintegration but engender unity among Nigerians. Hamzat made the appeal during the 40-day Fidau prayer for late Alhaji Lateef Jakande, former governor of the state. He said that religion, being the strongest pillar in Nigeria, had the people’s heart and respect. He charged the clerics to help the citizens to act in accordance with the norms of the society and shun all anti-social vices. The deputy-governor also implored the clergymen to propagate the gospel of a better use of Lagos roads by urging motorist to avoid driving against traffic. “People respect their religious leaders and they do listen to them. “So, please do not leave the preaching of moral values to...
NDLEA seizes 200kg of hard drugs at Lagos, Abuja, Kano airports
The National Drug Law Enforcement Agency (NDLEA) simultaneously seized 200 kilograms of illicit substances at the Lagos, Kano and Abuja airports last week. Its Director, Media and Advocacy, Mr Femi Babafemi, made this known in a statement issued on Sunday in Abuja. He stated that a 41-year-old Adewuyi Olayinka was arrested while trying to export 650 grams of cocaine to the United Kingdom. The drugs were wrapped in two parcels arranged to be taken through the Skyway Aviation Handling Company export shed at the Murtala Muhammed International Airport, Lagos. “The drugs were concealed in dry pepper and in herbal concoction. “In the same vein, 107kg of hard drug suspected to be Khat was seized at the cargo shed of the Aminu Kano International Airport, Kano, while being exported to Canada. “The ...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...
2023: PDP panel throws presidential tickets open
File Photo Amidst thinking from many stakeholders that North-East and South-East geo-political zones that have had the shortest stints at the Presidency, should be given special consideration, the Peoples Democratic Party (PDP) panel has thrown open the 2023 presidential ticket. The governor of Bauchi state and Chairman, PDP 2019 election review committee, Bala Mohammed, gave this recommendation on Wednesday while submitting the report of the committee to the party leadership. The Governor said: “In line with certain unwritten conventions of the nation’s history, many people think that, for fairness and equity, the North East and South East geo-political zones that have had the shortest stints at the Presidency, should be given special consideration, in choosing the presidential flagbearer...
FRSC intensifies enforcement of use of helmet – spokesman
File Photo The Federal Road Safety Corps (FRSC) is deploying all its operational energies in enforcing the use of helmets by motorcyclists across the country, its spokesman Mr Bisi Kazeem has said. Kazeem, the Corps Public Education Officer (CPEO) of the FRSC, said this on Monday in Abuja in an interview with newsmen. He stressed that the enforcement had reduced fatalities in the event of crash, adding that motorcyclists were vulnerable road users as most of the crashes involving them were fatal. According to him, the use of helmets reduce damage to sensitive parts of their bodies, including eyes, skull, brain and nose. “As such, the use of helmets does not only make them responsible, but saves their lives in most cases. “Currently, our records show that there is significant improvement in...
Yoruba monarchs warn Nigerians to stop making inflammatory comments
Alaafin of Oyo, Oba Lamidi Adeyemi, and the Oluwo of Iwoland, Oba Abdul-Rasheed Akanbi, yesterday, cautioned Nigerians against making inflammatory statements that could ignite ethnoreligious crisis in the country. The monarchs gave the warning during the visit of Oba Akanbi to the Alaafin’s palace, in Oyo. Asking those stoking ethno-religious crises to have a retrospective look at the past, the monarchs advised that anything that could fan the embers of discord should be avoided. They said: “Nigerians must exercise restraints; they must bear in mind Nigeria’s long history of ethno-religious conflicts, as people use this type of deep-seated animosity in their speech precisely because of the culture of impunity which reigns in the country.” “What is more, hate speech is an agent provocateur ...