NEWS MIRROR

Ajayi-Kadir  By Favour & Akinola Ajibade The Manufacturers Association of Nigeria (MAN) recorded a major decline in investment towards the end of 2022, due to lull in the economy, its Director General, Mr Segun Ajayi-Kadir, has said. Spefically, the body experienced  drop in operations in the second quarter of last year (April to June) as investment fell to N145.59 billion from N160.88 billion within the period.  Presenting the operational findings of the body in Lagos, Ajayi-Kadir, noted Investment in the sector witnessed a decline of N15.29billion in the second quarter of 2022. This, he said, translates to 10 per cent fall in investment, adding that the sector further experienced a decline by N32.8 billion or 18 per cent when compared with N178.39 billion recorded in the first half of the year. Prior to this period, the association had experienced decrease in investment between 2021 to 2022 from  N305.02 billion to N323.98 billion  within one y...

Edun  By Favour & Akinola Ajibade The Senator representing Lagos East, Chief Mukhail Adetokunbo Abiru, has congratulated Mr Olawale Edun, on his birthday.  Edun is a member of the Governance Advisory Council (GAC) of All Progressive Congress   (APC).  In a statement issued by Abiru’s media aide, Mr. Enitan Olukotun and made available to News Mirror, Edun who doubles as the  Chairman, ChapelHillDenham Group, was described as a trusted confidant and thoroughbred professional with global footprint. According to Abiru, Edun's sterling achievements in investment banking and public finance sector are noteworthy, adding that the experience  garnered in the two sectors played a pivotal role in the public finance engineering of Lagos  when Edun was appointed commissioner of Finance in the state.  He said: “ On behalf of my family and good people of Lagos East Senatorial District, I heartily congratulate my amiable confidant, mentor and...

JAMB"s Registrar, Prof Oloyede  By  Akinola Ajibade The Joint Admissions and Matriculation Board (JAMB),  yesterday, said that about 947,000  candidates sat for the 2023 Unified Tertiary Matriculation Examination (UTME) within the last few days. According to the Board , it has rescheduled examination for 60,000  out of 947,000 candidates, who had issues with it.  Its spokesman,  Fabian Benjamin, gave this confirmation  after monitoring the ongoing UTME alongside the Registrar of the Board, Professor Is-haq Oloyede, on Thursday in Abuja. He said that everybody who registered would be allowed to write the examination, as the JAMB has resolved the technical hitches experienced on the first of day of UTME in some centres across the country. Benjamin said the 2023 UTME was the best examination conducted “over a period of time.” According to him, “In the last two days, excluding today, we have examined 947, 000 candidates. Out of the 947,000...

Nigerians in Sudan By Favour Ajibade Federal government has procured 40 buses at the cost of $1.2 billion to evaluate stranded Nigerians out of  war torn Sudan, Nigeria's  Foreign Affairs Minister, Geoffrey Onyeama has said. He spoke at the end of the Federal Executive Council (FEC) in Abuja, adding that women, children, and diplomats will be given priority in  during the exercise.  According to him, talks have been concluded with the Sudanese government to enable the evacuees to be moved to Cairo, Egypt. He said the cost of evacuating  included security cover for the eight-hour journey from Luxol to Cairo and the eleven-hour trip from Aswan to Cairo, Egypt, adding that no Nigerian lost his life  the in the conflict.  Onyeama also noted that there are no talks about alternative plans for continued education for the about 2,400 student evacuees, most of whom are in the University of Khartoum. He explained: “With regards to the evacuation of ...

By Favour & Akinola Ajibade Savannah Energy Plc has signed a Memorandum of Agreement (MoA) with the Cameroonian Government, with  a view to  generate 75 megawatts ( Mw) of electricity in the northern region of Cameroon. By this, the parties involved in the provision of 75 megawatts of electricity in the anglo-phone country  are  legally binded  to respect the terms of the agreement reached before and after the execution of the project.  The parties majorly are Savannah Energy Plc and Cameroonian Government.  Savannah is achieving this plans, by developing the  Bi ni Warak Project to generate electricity in order to further improve supply especially in northern part of Cameroon. The company wholly owns Savannah RCM Limited, which  its signed MoA.  Before to this period, Savannah Energy Plc, a  British Independent Energy Company, has implemented many projects in the power/ allied sectors, with the recent MoA signing ho...

Nigerian lenders battle  credit losses  By Akinola & Favour Ajibade Top Nigerian banks are battling credit losses, caused by default in the sovereign debt of  Ghana.  The issue  has chopped off their profit margin, as well as  of their operations. This is coming on the heels of the recent restructuring of Ghana 's public debt of 576 billion cedis( approximately $49billion, a development, which saw the West African nation exchanging 87.8 billion cedis of notes, which would have otherwise paid an average of 19 percent debt owed by Ghana.  This problem is aggravated by the low returns on bonds, which is put at 8.35 percent, with resultant on financial institutions and other creditors operating in Ghana.. Prior to this period, Nigerian banks have reported expected credit losses from Ghana impairment (at least N284 billion) arising from their investments in Ghanaian financial instruments. Out of this, Guaranty Trust Bank, the flagship bankin...

James Shindi; Ambassador of Spain to Nigeria, Juan Sell; Ambassador of Germany to Nigeria, Annett Gunther; Permanent Secretary, Ministry of Petroleum, Federal Republic of Nigeria, Ambassador Gabriel Aduda; General Manager, Commercial, Shell Nigeria, Hans Nijkamp; Manager, Business Value and Regulation, Olufunto Annam; Chairman, Brevity Anderson, Olatunde Akoni… at the 6th Nigeria International Economic Summit (NIES) during the Ministers and Head of Delegation dinner sponsored by Shell Nigeria. By Favour & Akinola Ajibade   Shell has re-emphasised the need to continue its operations in Nigeria, by developing many of its exciting projects in the country. The company stated this at the 6th Nigeria International Economic Summit (NIES) in Abuja. While speaking as the sponsor of the Minsters and Head of Delegation Dinner, that kicked off the event, Shell Nigeria’s General Manager, Commercial, Hans Nijkamp noted that the firm has invested and developed key and economically...

MMA, Lagos  Akinola Ajibade Lagos Airport was shut down, yesterday in response to the warning strike announced by workers in the nation's aviation industry.  The workers had last friday, slated two days (Monday 17th and  Tuesday 18th April) respectively for their warning strike,  with a view to express their grievances and further force Federal Government to improve their working conditions and other issues militating against their operations. Part of their demands, include provision of enough jet fuel in order to forestall grounding of domestic flights and foreign currency, which has seen international carriers failing to repatriate their ticket sales.  Protesting workers Others are payment of national minimum wage and its  consequential adjustment.  These among others led to the closure of  access roads to the international and domestic wings of the Murtala Muhammed Airport in Lagos State by aviation workers protesting th...

By Akinola Ajibade Eko Electricity Distribution Company has absolved itself from the death of one of its contract staffs,  Yusuf Balogun. The utility company, in a statement, said that it never abandoned Balogun, who died at a Lagos based medical center, following an accident which occurred in one of its installations.  The deceased, the firm said, was a member of the field team engaged under a contract for services with a third-party human resource service provider – Alexandra Marius. According to Eko Electricity Distribution Company, while denying the allegation levied against it that it abandoned the deceased by an online publication in its most trying time, it stated that as a responsible organization, its priority has always been to optimally protect all members of our field team, consistent with applicable health and safety standards. It also said the incident occured while the deceased was working on it BAGCO 11kV feeder, not at the home of Babatunde Fashola...

By Favour & Akinola Ajibade Nigeria may not achieve its economic growth plans soon, in the event that the country's rate of  inflation increases further from 22.04 per cent unchecked.  The National Bureau of Statistics( NBS), released 22.04% for the month of March this year. This happens, as the country suffered  increase in inflationary rate on twelve occasions in recent times and may experience more growth in IR in the event that the Federal Government is unable to check it.  Last weekend, the Bureau announced that the rate of inflation has increased from 21.91 percent in February to 20.04 per cent in March, a development, which might have informed the decision of apex banking regulatory authorities to try to halt by mopping up more funds from circulation, northwithstanding the consequences on average Nigerians, who are yet to come out of the problems provoked by the introduction and implementation of cashless policies in the country. Records showed...

By  Favour &  Akinola Ajibade  Despite economic crises, Dangote Sugar Refinery( DSR)  has declared  N18.22billion dividends for the year ended 2022, its Chairman, Aliko Dangote has said.  By this, the firm is paying N1.50 kobo per share, a development, which, according to shareholders is impressive, considering the macro and micro economic problems, which Nigeria is currently facing. According to Dangote, the company' s performance will be greater  in view of the fact its increasing sugar production to  over 170,000 tonnes next season. Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to pr...

Governor Babajide Sanwoolu By Favour and Akinola Ajibade The Lagos State Government has commenced investigation  into the collapse of a seven-storey building under  construction in Banana Island area of the state, with a view to ascertain the cause of incident. It's Governor, Mr Babajide Sanwoolu, has directed that construction should be on hold in order to enable  government carries out throughou investigations in the area. This happens, despite the fact there was no recorded cases of death, as  at Wednesday this week, except mild injuries sustained by twenty-five people rescued by officials of the Lagos State Emergency Management Agency (LASEMA).  The victims, according to a statement signed by the state"s Commissioner for Information and Strategy, Mr Gbenga Omotoso, have been taken to  General and Police Hospitals in Odan, Lagos Island and Falomo respectively,  In a statement signed by the State's Commissioner for Information and Strat...

Obi   By Favour & Akinola Ajibade The Presidential Candidate of the Labour Party, Peter Obi, was reportedly detained at the Heathrow Airport, London, last Friday,April 7,over alleged self impersonation. Labour Party team, in a statement signed by Obi-Datti Media team said that Obi arrived the Airport in London from Nigeria on Good this Good Friday  and joined the queue for the necessary Airport protocols when he was accosted by immigration official who handed him a detention note and told him to step aside. He  was questioned for a long time, a development, which was very strange for a man who lived for over a decade in that country,the statement said.  It added the former Anambra State governor was questioned for “duplication offense meaning that someone has been impersonating him in London”. The statement also disclosed that like the faces of other Obidients, the LP’s presidential hopeful’s face was already an “international frame for Nigerians...

Kyari  By Akinola Ajibade The Nigerian National Petroleum Company has refuted the allegations said the career of its Group Managing Director, Mallam Mele Kyari and that of  U mar Ajiya,  Group Executive Director F&A, Ajia Umar ended in line  with the provisions of PIA and Appropriate Government Circular. NNPC said this recently in Abuja, while  refuting the allegation  that two of its principal officers were inappropriately relieved of their jobs and subsequently appointed by the Nigeria's President, Majo General, Muhammed Buhari retd). It said the allegations emanated from an an online media.  The Company said: “ The general public may recall the passage of the Petroleum Industry Act and the successful transition of the Nigerian National Petroleum Corporation to a commercially driven National Energy Company, the NNPC Limited.” “The PIA 2021, has in addition to the creation of NNPC limited made clear and unambiguous provisions relating ...

Late Mbadinuji  By Akinola Ajibade Former Governor of Anambra State Dr. Chinwoke Mbadinuju, yesterday is dead.  He died,in the early hours of yesterday (Tuesday) at the National Hospital, Abuja. Age 78. In a statement signed by his son, Cheta Chineoke Mbadinuji, the late statesman was said to have  lived a good life.  He said: ”With heavy hearts but utmost gratitude to God for a life well spent, we announce the passing of our father, grand father, uncle, friend and associate, Dr. Chinwoke Mbadinuju, a former governor of Anambra State and elder statesman. “Odera as he was fondly called, passed peacefully at the age of 78 years on the morning of the 11th of April, 2023 at the National Hospital Abuja after a brief illness, surrounded by his family and loved ones. “At this trying time, we pray for God’s grace and mercy upon him and those left behind to mourn him. His funeral arrangements will be announced in due course by the family”. The Igbo sociocultural o...

Ajibola By Akinola Ajibade Nigeria, yesterday(Sunday) lost one of its legal luminaries to cold bands of death. He is Prince Bola Ajibola, a former Attorney General of the Federation.  Ajibola, a former Judge of the International Court of Justice died in Lagos, after he was rushed from Abeokuta, Ogun state capital.  The Owu Prince and former High Commissioner of Nigeria to the United Kingdom was 89 years few weeks ago.  A Nigerian jurist, Ajibola  was Attorney General and the Minister of Justice of Nigeria from 1985 to 1991 and a Judge of the International Court of Justice from 1991 to 1994. He was president of the Nigerian Bar Association from 1984 to 1985. He was also one of five commissioners on the Eritrea-Ethiopia Boundary Commission, organized through the Permanent Court of Arbitration.

An attendant providing a vehicle with CNG  By Akinola & Favour Ajibade Nigeria is gradually embracing the use of Compressed Natural Gas  (CNG) as numbers of  vehicles running on gas hits in the country hits7,000, the Managing Director, NIPCO Plc, Suresh Kumar has said. Kumar, whose firm(IPCO Plc) pioneered the use of CNG in Nigeria, said this while addressing journalists after a tour of the company’s facilities in Apapa on thursday.  He maintained that his company has deepened gas investment and market leadership in the country. While fielding questions from  reporters in company of the Managing Director, NIPCO Gas,Nagendra Verma, Kumar said that using  CMG on vehicles is becoming popular in Nigeria, stating that the experience is awesome. He said; “NIPCO  started CNG operations in 2009 in Benin City by providing natural gas to Industries by way of PNG & CNG to automobiles by way of AutoGas (AutoCNG). NIPCO Gas is the pioneer compan...

Prisoners in their uniform.  Dealers of sub-standard products may end up in prison, once the bill which repeal the Act setting up the Standard Organisation of Nigeria ( SON) is passed into law, the Director General, SON, Dr Farouk Salim has said.  He said the Act establishing the agency is  currently being reviewed at the National Assembly, adding the Act would provide stuffer sanctions for unscrupulous individuals, who import and deal sub-standard products.  Speaking during the  Stakeholders Conference Oganised by Commerce and Industry Correspondents of Nigeria ( CICAN) in Abuja, Salim said the agency is set to sanitise activities in the industry. He said:  "The bill to repeal and enact SON Act, when passed into law would criminalise  production, manufacturing and distribution of substandard products, with a view to stop endangering lives of consumers in Nigeria. Adding that: The bill to  repeal and enact SON Act, when pas...

Oil Exploration in Nigeria By Favour & Akinola Ajibade In a manner showing the capacity of the National Petroleum Company Limited ( NNPC), to exist independent of the International Oil Companies ( IOCs), its  Group Chief Executive officer, Mallam Mele Kolo Kyari has said the company has what its take to explore hydrocarbon resources alone, in the event that  Oil  Majors leave Nigeria. According to him, NNPC boasts of  $60 billion assets, which is huge enough to operate without IOCs.  .Kyari said:  "We are a huge company. We have a $60 billion asset so we can …so we can run without help , but we need help…no one will stop us…if you want to do so, we will kick you out Speaking during the 2023  Annual Olobiri Lecture Series and Energy Forum ( OLEF) in Abuja, Kyari said oil would still be relevant globally in the next few years, despite  campaigns that the world is transiting from fossils to zero-carbon initiative. In the lecture theme...

By Akinola Ajibade World Bank has given Federal  Government $800 million ahead of June this year, slated for the  removal of petrol subsidies, the Minister of Finance, Zanaib Ahmed has said. The global banking institution gave out the money in order to scale up national programmes before  government remove the subsidies.  Speaking yesterday ( Wednesday) after the cabinet's meeting in Abuja, Ahmed said  the money was given to the government to provide social infrastructure for its more than 200million population. She noted that the government was considering cash transfers and mass transit buses for workers to ease the pain of the subsidy removal on the most vulnerable segment of its population.  She  added that the country registered ten million households,  a figure, that is equivalent of 50 million people on the  list. of vulnerables in the country.  Ahmed said: “Several things are on plan. Some  we can start executing...