Chinese firms, Fed Govt sign $6b pact on power, automobile.

Chinese firms, Fed Govt sign $6b pact on power, automobile.

Barely 24 hours after President Xi Jinping pledged his government’s commitment to funding more projects in Nigeria, some Chinese firms yesterday moved to pump $6 billion into Africa’s largest economy.

Three of the companies signed Memoranda of Understanding (MoU) with Nigeria to invest $2 billion in vehicle and technology while the others presented letters of intent to embark on $4 billion projects in the country.

The pacts and pledges took place on the sidelines of the ongoing 3rd Belt And Road Initiative (BRI), in Beijing, China.   

Vice President Kashim Shettima led the Federal Government team that comprised some ministers and other top government officials.

A statement yesterday by Shettima’s spokesman, Stanley Nkwocha, also said that Nigeria’s Ministry of Works signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.  

Nkwocha said that the National Agency for Science and Engineering Infrastructure (NASENI) signed the pacts with the three Chinese firms – Shangai Launch Automotive Technical Company Limited, China Great Wall Industry Corporation and Newway Power Technology Limited.

Shanghai Launch is to establish a new energy automobile facility in Nigeria “for the production of new energy electric vehicles” while China Great Wall will be into “turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects.”

Newway will be involved in “the transfer of technology on Lithium batteries, electric vehicles and allied technologies.”

The Chinese firms that presented Letters of Intent to pull together $4 billion in investments include TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production) and HiLong Energy (CNG, LNG, methanol)

Others are Space Star Technology (drone technology transfer); ENRIC (clean energy utilisation technology); Hidier Group (development of new industrial park), China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery); Value Platform International Services Ltd (vocational training) and Acadia Technologies (Shenzhen) Co. Ltd. (smart grids and microgrids).

Another segment of the event was a meeting the Vice President had with many communications, tech, railway, power and construction giants based in China.

The companies are: China National Electric Engineering Co. Ltd, China Civil Engineering Construction Corporation (CCECC), China Electronics Technology Group Corporation (CETC), China Railway Construction Corporation ( CRCC), China Communications Construction Co. Ltd (CCCC), HUAWEI Technologies, Senteng International Company Nigeria Limited, China National Electric Engineering Co. Ltd and Zhejiang Dahua Technology Co. Ltd.

Soon after the ceremonies, Shettima commended all stakeholders, saying that Nigeria has never been this ripe and ready for businesses to thrive.

He said with the “meticulous efforts” by the President Bola Ahmed Tinubu administration to ensure a level playing field for all investors, the coast was now clear for deepened economic and trade collaborations.

NASENI’s Executive Vice Chairman Khalil Halilu, said the manifestation of the agreements was a fulfillment of the agency’s commitments to boosting the Foreign Direct Investment drive of the Tinubu administration.

“This is a very important day for us at the National Agency for Science and Engineering Infrastructure because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI,” Halilu stated.

During the signing of the MoU on the construction of the Deep Blue Sea Port at the Lekki Free Trade Zone, Minister of Works, Dave Umahi, said the massive project was another indication that Nigeria still remained an industrial haven for many investors.China’s President Jinping at a meeting with Shettima on Wednesday, pledged that apart from refinancing two main rail projects, his country would invest in Nigeria’s power sector and digital economy.  

Credit: The Nation Newspaper.

Tinubu appoints Olusi as Bank of Industry CEO.

Tinubu appoints Olusi as Bank of Industry CEO.

President Bola Tinubu has appointed Dr Olasupo Olusi as the Managing Director of the Bank of Industry (BOI) for an initial term of four years.

According to a statement by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, Olusi’s appointment followed the voluntary retirement of BOI’s immediate past Managing Director, Mr. Olukayode Pitan.

The President tasked the new BOI Boss to ensure fair and equitable access to all Nigerians operating in the industrial sector for it to be able to generate adequate jobs and wealth for Nigerians.

Read Also; Nigeria, EU sign over €900m finance agreements for developmental projects

“President Bola Tinubu has approved the appointment of Dr. Olasupo Olusi to serve as the Managing Director and Chief Executive Officer of the Bank of Industry (BOI) for a term of four (4) years in the first instance.

“The President’s approval of Dr. Olusi’s appointment follows the voluntary resignation of former BOI Managing Director and Chief Executive Officer, Mr. Olukayode Pitan.

“Dr. Olasupo Olusi has served as a World Bank economist and development finance expert over the past 20 years. Between 2011 and 2015, Dr. Olusi served as the economic adviser to then Coordinating Minister of the Economy and Minister of Finance. He is an alumnus of Hull University, United Kingdom. He also obtained a Masters degree in International Money, Finance, and Investment, as well as a Doctorate in Finance & Economics from Durham University, United Kingdom, in 2005.

“The President tasks the new BOI Chief Executive to ensure that Nigerians, who are operating all sizes of enterprises across sectors, are given fair and equitable access to much needed support in order to bolster employment generation and wealth creation amongst income groups in the country with special regard for lower and middle income enterprise operators,” the statement reads.

Olukoyede Resumes, Charts New Course for EFCC.

Olukoyede Resumes, Charts New Course for EFCC.

Newly appointed Executive Chairman of Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede  assumed office on Thursday, October 19, 2023 with clear-cut  agenda of re-positioning and re-focusing the Commission for optimal effectiveness.

The EFCC’s boss, who stepped into the corporate headquarters of the Commission at 10:45a.m, inspected a guard of honours and immediately went into a meeting with the management staff of the EFCC. At the meeting, where hand over notes were delivered to him by the former Acting Chairman of the EFCC, Mr. Abdulkarim Chukkol, Olukoyede warmed up to the staff and unfolded his agenda of reform and rejuvenation of the works of the Commission. 

The agenda revolves around clearer and robust pursuit of the mandate of the EFCC, creating atmosphere for transparency and accountability in governance, emphasizing preventive strategies in fighting corruption, total adherence to the rule of law and better welfare packages for staff of the Commission.

“We need to address the focus of our mandate. We should use the Commission to drive economic development. Why are we fighting crimes? It is for the system to thrive, for the economy to grow, for the society to get better. Therefore, our focus should be geared towards developing the nation for greater benefits”, he said.

On professionalism, the EFCC’s boss says that, “we are going to drive professionalism in discharging our duties in line with the rule of law. The rule of law is going to be our guiding light. We are going to drive EFCC to a place that when you see EFCC personnel, you will see a touch of professionalism. We are also going to be involved more in prevention, because it is better to save money for the government than to spend money in prosecution”.  

He particularly stressed the supremacy of the rule of law in the works of the Commission, pointing out that “the EFCC is a creation of the law. Its Act is a legal instrument.  This means that, all our activities should be in line with the rule of law. There is nothing we are going to do that will be at variance with the law”.

 He called on staff of the Commission to eschew dichotomies, narrowness and disloyalty to themselves, the EFCC and the nation, stressing that, the Commission is legally equipped to be at the forefront of fighting all shades of economic and financial crimes. He assured of a level playing field, equal opportunities for career progression and more rewarding welfare package. 

“My priority is to enhance staff welfare.  We will build on what we have done before and there are prospects that we will do better things for every staff of the Commission”. 

The Chairman also called for greater commitment to integrity, diligence, industry and visionary drives in the course of professionalism, promising that staff will be treated according to their level of resourcefulness.

Earlier, in his handover speech, former Acting Chairman, Abdulkareem Chukkol, appreciated members of staff and management for their support during his time in office, while congratulating the Chairman on his “well-deserved appointment”.

“Indeed, I found myself privileged to witness history as it unfolds into the new leadership that takes up the affairs of our great institution”, he said.  He particularly thanked President Bola Ahmed Tinubu for trusting him with the leadership of the EFCC in the four months he held sway as an Acting Chairman. “We are grateful to the President for picking one of us, someone who has invested time and intellect in building the Commission to lead us at this time. Being not new to the system, I have no doubt the Executive Chairman will do well”, he said. He urged Olukoyede “to strive to preserve and strengthen the reform and processes of the past few years that has brought some professional satisfaction to personnel of the Commission”.

The Chairman later took a facility tour of the corporate headquarters of the Commission.

Ekiti State House of Assembly Receives New Toyota Bus, Courtesy of Governor Biodun Oyebanji Abayomi.

Ekiti State House of Assembly Receives New Toyota Bus, Courtesy of Governor Biodun Oyebanji Abayomi.

By: Comr. Olamide Akinwumi J. 

The Ekiti State House of Assembly expressed gratitude to His Excellency, Mr. Biodun Oyebanji Abayomi, the Executive Governor of Ekiti State, for the official handover of a new Toyota bus. The bus was presented by the Rt. Hon. Stephen Adeoye Aribasoye, the Speaker of the Ekiti State House of Assembly, to Hon. Fasakin Kayode Ajayi, the Executive Chairman of the Ekiti State House of Assembly Service Commission.

The handover ceremony took place today, October 19, 2023, at the Ekiti State House of Assembly complex. The newly acquired Toyota bus will be utilized by the commission for official purposes.

This gesture highlights the commitment of Governor Biodun Oyebanji Abayomi and the collaborative efforts between the executive and legislative branches in Ekiti State, ensuring that the Assembly Service Commission has the necessary resources to carry out its functions effectively.

President Tinubu Withdraws Nomination of 24-year-old Engineer Kashim for FERMA Board.

President Tinubu Withdraws Nomination of 24-year-old Engineer Kashim for FERMA Board.

President Bola Tinubu has ordered the immediate withdrawal of the nomination of Engr Imam Kashim Imam, who was earlier appointed to serve as the Chairman of the Board of Directors of the Federal Roads Maintenance Agency (FERMA) .

The surprise move was announced on Thursday by Ajuri Ngelale, Media Aide to the President, in a statement.

Engr Imam Kashim Imam, believed to be 24 years old, had faced backlash from some quarters for his appointment to the board of FERMA, a federal agency responsible for maintaining and repairing federal roads in Nigeria.

Some critics had questioned his qualification and experience for the position, while others had accused the President of nepotism and favouritism .

The statement by Ajuri Ngelale did not give any specific reasons for the withdrawal of Imam’s nomination, but said that it was done with immediate effect .

The statement also said that all other appointments to the board and executive management team of FERMA were not affected by this directive.

The withdrawal of Imam’s nomination has sparked mixed reactions from Nigerians, with some commending the President for listening to public opinion, while others expressing disappointment and suspicion over the decision . Some have also called for more transparency and accountability in the appointment process for public offices.

Oyebanji has excelled as Ekiti Governor — Senator Adeyeye.

Oyebanji has excelled as Ekiti Governor — Senator Adeyeye.

Former Minister of State, Works and chieftain of the All Progressives Congress (APC), Senator Dayo Adeyeye, has commended the Ekiti State Governor, Abiodun Oyebanji, over “remarkable progress and development in Ekiti in the last 12 months on account of Oyebanji’s pragmatic approach to governance.”

Adeyeye while appraising the leadership of Governor Oyebanji in the last one year in the south west state, thanked him for restoring dignity to Ekiti State and for giving the people a new lease of life.

The former governorship aspirant maintained that he has observed a paradigm shift in the leadership of the state since Governor Oyebanji assumed office.

 

The statement reads in part; “There have been remarkable progress and development in Ekiti in the last 12 months on account of Oyebanji’s pragmatic approach to governance.

“I foresee brighter days ahead for the people of the state because the governor has provided the right environment for all to thrive.

“I also commend Governor Oyebanji for embracing Persons Living With Disabilities (PLWDs) and identifying with their special needs in his administration’s policy options.

“He has made governance accessible to the people of Ekiti state regardless of their socio economic status.

“It’s a thing of joy to observe that the governor has brought a paradigm shift and broader perspective to governance in Ekiti state for the short period he has been in office.

“Oyebanji has embraced inclusiveness thereby unifying key APC members and other stakeholders who are critical to the development of the state.

“I am proud to state that our governor has been governing Ekiti State in line with the progressive agenda of the APC. That’s why he is able to meet the expectations of the people that gave him their mandate and the party that gave him a platform.

“The Ekiti governor has brought a breath of fresh air to Ekitiland by giving priority attention to the welfare of workers and the masses in the state.

“This has engendered peace, unity and stability in Ekitiland as workers now get their wages and state owned institutions get their subventions as appropriate.

“I urge the governor to remain focused on service delivery and to work hard towards sustaining peace, unity and stability for Ekiti to realise its full potential. 

“Governor Oyebanji should continue to set new goals and unlock new opportunities along the way because governance is a journey and not a destination.”

President Tinubu Calls For Strengthening Of Nigeria-EU Relations; Receives EU Energy And Int'l Partnership Delegation.

President Tinubu Calls For Strengthening Of Nigeria-EU Relations; Receives EU Energy And Int'l Partnership Delegation.

President Bola Tinubu on Thursday in Abuja called for the strengthening of cross-sectoral partnership between Nigeria and the European Union (EU) based on the principles of democracy, rule of law, and freedom.

Receiving a delegation of the EU, led by Ms. Jutta Urpilainen, EU Commissioner in charge of International Partnerships, the President welcomed the signing of eight financing agreements between Nigeria and the EU, under the "EU Global Gateway in Nigeria," at a separate event earlier in Abuja.

"Democracy is not an easy process, but we must fight for democracy and struggle for it to win at all times," the President said.

President Tinubu, who emphasized the importance of economic cooperation with the EU in the areas of digital education, traditional energy, renewable energy, and broadband access, equally told the visiting delegation that Nigeria’s economy was going through several long-lasting reforms to render it capable of pulling millions of Nigerians out of poverty.

"We have a young and vibrant population, and we are determined to succeed. If we succeed, democracy succeeds. If we succeed, freedom succeeds," he said.

"We need all of our partners' hands on deck to sail together. We look forward to strengthening our partnerships."

In her remarks, the EU Commissioner in charge of International Partnerships commended Nigeria for playing a pivotal role as a key partner of the EU, not only in politics and economics, but also in shaping the social landscape across the African continent.

The EU Commissioner explained that over the past four years, the EU has been working to transform the nature of its relationship with Africa by shifting away from the traditional donor-recipient dynamic.

She said the EU seeks to establish an equal and mutually beneficial partnership through the "Global Gateway" investment programme as a flagship example.

She noted that this strategy, agreed at the AU-EU Summit in Brussels last year, sets a goal of €300 billion in investments, with €150 billion allocated to Africa.

Thanking President Tinubu for the important role Nigeria played in supplying key energy products during its standoff with Russia in recent times, the EU Commissioner noted that the oil & gas partnership can be expanded while adding that the "Global Gateway" strategy is designed to expedite the green and digital transformations in EU partner countries, with Nigeria standing as one of its most strategic.

''We are investing in critical infrastructure such as energy, transportation, and digital infrastructure, as well as in human capital, education, and research,'' she said.

Other members of the EU delegation include: Ms. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS; Ms. Rita Laranjinha, Managing Director of the Africa and European External Action Service (EEAS); Ms. Lora Borissova, Africa Advisor, Cabinet of EU; and Ms. Maria Pilar Palmero Vaquero, Head of Unit for Western Africa, Directorate-General International Partnerships (DG INTPA).