Business and Economy
FG Abandoned properties Worth N230bn
The House of Representatives Ad-hoc Committee on investigation of Federal Government abandoned properties across the nation says the value of such properties has been put at N230 billion.
The Chairman of the committee, Ademorin Kuye, said this on Tuesday at the committee’s inauguration in Abuja. adsbygoogle || []).push({});
“The figure is a conservative estimation carried out by the Nigerian Society of Engineers (NSE) on the abandoned properties located in Lagos, Ibadan, Enugu, Port Harcourt, Kano, Kaduna and other cities,” he said.
He recalled that on March 12, the House of Representatives in unison considered a motion on the subject and consequently constituted a 17-member Ad-Hoc committee.
“The committee is to investigate the use and current status of such properties and to report its findings to the house.
“At the said session, the house expressed concern that many of such properties located in almost all the states of the federation were abandoned, especially after the Federal Government’s hurried relocation to Abuja, the Federal Capital Territory.
“Many of these properties are now serving as safe havens for criminals. Some are illegally occupied, fraudulently transferred and wholesomely abandoned.
“It is on record that some of the properties are currently being used by individuals and corporate bodies without remitting any revenue, while their managers, in name, have not accounted for the revenue yield.
“The exercise is pursuant to Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria 1999 which empowers the House to investigate and expose corruption and waste,” he said.
Kuye promised that the House of Representatives would take necessary legislative steps to address national economic challenges, poverty, infrastructure decline, misuse of resources, revenue leakage, corruption and other ills.
He said that the committee would leverage on the opportunity to serve as a watershed to cushion the harsh economic realities by sourcing the most needed funds.
“We intend to consciously ascertain the existence and use of such Federal Government properties across the country with a view to facilitating re-investment end maximisation of their use.
“In executing the exercise, the committee will take into consideration the relevant provisions of the Constitution of the Federal Republic of Nigeria 1999 as amended,” he said.
While inaugurating the committee, Femi Gbajabiamila, the Speaker, said that the projects were visual manifestations of the failure to make plans and effectively and efficiently execute them.
This, he said, had hampered the nation’s growth and development for many years.
“The ad-hoc committee we have come to inaugurate today now has the duty to account for these investments and come up with a plan that puts these assets to good use in the interest of all our citizens,” he said.
Source: NAN
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Business and Economy
FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement
Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.
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A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).
According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.
“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.
“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.
“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”
Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.
“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.
Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.
The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.
According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.
The bank was initially scheduled to commence operations January this year. (NAN)
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Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
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Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
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Business and Economy
Naira appreciates N28.85 against dollar at official market
The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
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