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Friday, January 12, 2024

Afreximbank disburses $2.25b crude oil prepayment to Nigeria.

Afreximbank disburses $2.25b crude oil prepayment to Nigeria.



African Export-Import Bank said it has successfully arranged a syndicated $3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited and that an initial disbursement of $2.25 billion has been made.
A second tranche of $1.05 billion is expected to be disbursed subsequently. Afreximbank said: “This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023. Investors were keen to consider ticket sizes of $250 million and $500 million amidst current headwinds and year-end pressures in the loan markets. The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cash flow from future pledged cargoes for use by Nigeria.

 
“The initial participating lenders are Afreximbank, Africa’s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited.”AFRICAN Export-Import Bank said it has successfully arranged a syndicated $3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited and that an initial disbursement of $2.25 billion has been made.

A second tranche of $1.05 billion is expected to be disbursed subsequently. Afreximbank said: “This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023. Investors were keen to consider ticket sizes of $250 million and $500 million amidst current headwinds and year-end pressures in the loan markets. The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cash flow from future pledged cargoes for use by Nigeria.

Tinubu won’t allow National Philanthropic Office fail – Shettima.

Tinubu won’t allow National Philanthropic Office fail – Shettima.



Vice President Kashim Shettima, yesterday, assured that the success and positive impact of the newly established National Philanthropic Office (NPO) is guaranteed under the Tinubu administration.
According to a statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, Shettima stated this during the inauguration of the Local Implementation Committee of the NPO at the Banquet Hall of the Presidential Villa, Abuja.

The Vice President said President Bola Tinubu has been a firm believer in giving back to society and as such, his enduring spirit of bettering the lots of the citizens is enough guarantee for the NPO to make a huge success and impact.

The NPO, an initiative driven 100 percent by the private sector with full support from the government, is part of efforts by the Tinubu-led Federal Government to raise alternative funding for Small and Medium-Sized Enterprises (SMSEs) and other vital economic programmes through collaboration with the private sector.

 The office is saddled with the responsibility of ensuring the establishment of 12 industrial value-chain hubs and accelerators for startups and small businesses across the six geopolitical zones in Nigeria.

Delivering his speech titled, “Philanthropy and Our Shared Responsibilities,” during the inauguration of the Local Implementation Committee of the NPO, Vice President Shettima disclosed that the NPO is set to raise $200 million in grants and non-financial investment through local and international teams to provide support for start-ups in key sectors of the country’s MSMEs space.

“Distinguished ladies and gentlemen, this initiative proposes to raise $200m in grants and non-financial investment, through local and international teams, to provide support to start-ups in the key sectors within the MSMEs space that drive job creation in Nigeria,” he stated.

Noting President Tinubu’s knack for giving back to society, Shettima said his boss’s commitment to philanthropy had always been the mark of his identity.

“Long before stepping into the realm of public service, His Excellency President Bola Ahmed Tinubu has been a steadfast believer in the ideals of giving back to society. This commitment to philanthropy has always defined his identity.

“The Country Chairperson of the National Philanthropic Office (NPO), Mrs. Thelma Ekiyor, can rest assured that this initiative is in secure hands. Mr. President’s enduring spirit of societal betterment is enough to guarantee its success and impact,” the VP stated.

 He acknowledged what he called gaps existing in philanthropy, saying “there’s an unmistakable inadequacy of philanthropy,” even as he added that this “has led to the establishment of the National Philanthropic Office.

“Through this office, we aim to kindle a spirit of support for vulnerable enterprises and ideas that hold the key to our collective progress,” he explained, noting that there is no place in the world “where government thrives in isolation, and without collaboration with private individuals and organizations bound by the virtue of empathy, this practice of philanthropy”.

Tinubu To APC Governors: Let Us Work For The Good Of All Nigerians.

Tinubu To APC Governors: Let Us Work For The Good Of All Nigerians. 


President Bola Tinubu has implored governors elected on the platform of the All Progressives Congress (APC) to design and implement policies that prioritize all Nigerians and to always consider the national interest above political affiliations. 

The President, who received members of the Progressive Governors Forum (PGF) at the State House in Abuja, on Friday, said development policies would only find full relevance in people’s lives when there is inclusivity, ownership, and sustainability. 



President Tinubu told the governors that one of the biggest challenges the nation faces was divisiveness, but that the governing party must work towards healing and unifying the country by ensuring a collective national vision, and channelling energy and resources into nation-building.


“You can convert people. You can appeal to people to come to your side,’’ he stated. 


The President said Nigeria is too blessed with human, natural, and material resources to be struggling with a dearth of quality infrastructure, quality education, and world-class health facilities.


He said the entire financial system of the country would be re-engineered for inclusivity, effectiveness, and efficiency. 


“We have no reason to be poor. Looking back on where we are coming from, where we have been, why we are facing infrastructural decay, a lack of quality and comprehensive education, as well as a lack of health facilities. We are not a cursed country, but blessed,’’ the President said. 


President Tinubu asked the governors to come up with a framework that will make the implementation of the school-feeding programme more comprehensive and successful across all states of the federation, taking into consideration the peculiarities of each locality, but working towards having all children in school. 


“We have children of school age who are out of school. The way to promote education is to get all governors, including the opposition governors, involved in the school-feeding programme. Please, take it seriously.


“We should not measure the children as statistics. We should measure their return to classrooms as our achievement. We should see economic growth in terms of value and empowerment. We should set up a committee to look into the methods. I am ready to invest in school feeding," the President said.


The President said the school-feeding programme would encourage more investments in agriculture, particularly in livestock farming and dairy, adding that the former Kano State Governor and APC Chairman, Dr. Abdullahi Ganduje, had already worked on a proposal that would be shared for input and implementation. President Tinubu equally congratulated the Governor of Borno State, Prof. Babagana Umara Zulum, for restoring irrigation systems that provide water for year-long cultivation of crops. 


On security, the President said the deployment of forest guards was being considered, with better training, modern technological gadgets and weapons to strengthen security, and that the solid mineral and marine economic sectors will also be secured by special police. 


“We have a big marine economy, and I do not see why we should not have the marine police. We will have the same in solid minerals to keep the scavengers away. I am ready to invest in security. We will buy our own minerals and keep them in reserves, especially gold, which will be effective in our foreign exchange reserve,’’ the President told the governors.


The Governor of Imo State and Chairman of the Progressive Governors Forum, Hope Uzodinma, thanked the President for involving governors in the design and implementation of polices, as well as for intervening with financial support in the states.


“We will continue to support you as your able ambassadors, willing ambassadors, and capable ambassadors,’’ Governor Uzodinma.

FG expands power generation in Kainji, commissions additional 300KWp power project.

FG expands power generation in Kainji, commissions additional 300KWp power project.



Project, part of administration’s turnaround agenda for reliable, qualitative power , says Adelabu
In furtherance of President Bola Tinubu‘s Renewed Hope Agenda to provide adequate , reliable and quality electricity to businesses and households in the country, the Federal Government on Thursday commissioned a 300KWp Solar PV pilot project in Kainji , Niger State. While commissioning the project, the Minister of Power, Chief Adebayo Adelabu said the project will primarily increase power generation capacity, lower electricity costs while also fostering enhanced collaboration between the main concessionaire, Mainstream Energy Solution and its Chinese partner, HEDC in the renewable energy field.

A statement by Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister stated that the power project comes with 675KWh Battery Energy Storage System (BESS), which is an integral part of the extension of 1G3 and 1G4 under the rehabilitation of the 1G9 in Kainji HPP project. The Minister who said efforts were progressing in achieving President Tinubu’s turnaround agenda on supply of reliable and quality power said the Power Ministry’s objective is to meet power demand by ensuring improved distribution and transmission infrastructure to minimize technical and commercial losses, closing the metering gap and resolving the liquidity, power theft and vandalism challenges.

The Minister also said the destruction of some power towers around the country has been reported to the National Security Adviser (NSA) in order to strengthen security around the power infrastructure.

“It is of no use to expend so much energy in providing power facilities if the delivery channel is weak, that is why the ministry is concentrating on improvement of the transmission and distribution capacity.”

On power theft and destruction of power infrastructure,

Adelabu again emphasized the need for Nigerians and the different Communities where the facilities are located to protect them.

“What is the essence of government and private companies expending resources on these power facilities while some elements within the society will deliberately move to destroy the facilities which are national.

Supreme Court: Sweet victory for Sanwo-Olu, seven other governors.

Supreme Court: Sweet victory for Sanwo-Olu, seven other governors.



Lagos State Governor, Babajide Sanwo-Olu, his Abia, Bauchi, Cross River, Ebonyi, Plateau, Zamfara States counterparts; Alex Otti, Bala Mohammed, Bassey Otu, Francis Nwifuru, Caleb Mutfwang and Dauda Lawal

The Supreme Court on Friday put to rest legal battles arising from the March 18, 2023 governorship elections in eight states.

Candidates and their parties who felt the elections should have swayed their way had approached the Supreme Court.

However, the apex court on Friday affirmed the victory of Lagos State Governor, Babajide Sanwo-Olu, his Abia, Bauchi, Cross River, Ebonyi, Kano, Plateau, Zamfara states counterparts; Alex Otti, Bala Mohammed, Bassey Otu, Abba Yusuf, Francis Nwifuru, Caleb Mutfwang, and Dauda Lawal.

The court affirmed the election of Sanwo-Olu which was earlier upheld by the tribunal and Appeal Court in the state.

The Labour Party candidate in the election, Gbadebo Rhodes-Vivour, had in his appeal claimed that Sanwo-Olu’s running mate, Obafemi Hamzat, had renounced his citizenship as a Nigerian.

The court held that Sanwo-Olu’s deputy is a Nigerian by birth, adding that renunciation of citizenship of a citizen by birth must be registered by the Nigerian president, adding that the appellant did not provide any evidence to that effect.

The court, however, dismissed the appeal by the Labour Party candidate for lacking in merit.

Also, Abdulazeez Adediran, popularly known as Jandor, who is the Peoples Democratic Party’s candidate, on his part, contended that the name Sanwo-Olu submitted to the Independent National Electoral Commission was different from that contained in his WAEC certificate.

The apex court, while dismissing the appeal, described it as “academic”.

Also, the apex court affirmed the election of the governor of Cross River Governor, Bassey Otu. 

The court, while dismissing the appeal of the Peoples Democratic Party and its candidate, Sandy Onar, described it as a waste of judicial time and resources.

Otu was the candidate of the All Progressives Congress.

Meanwhile, the court threw out the governorship candidate of the All Progressives Congress in Bauchi State, Sadique Abubakar’s appeal, and affirmed the election of Governor Bala Mohammed.

Abubakar had alleged massive non-compliance with the Electoral Act during the poll at the two courts. 

Justice Ibrahim Saulawa, in his lead judgment on Friday, resolved all six issues against the appellant and held that the appeal was devoid of merit

Meanwhile, despite the initial scare, the Supreme Court set aside the lower courts’ decisions sacking Governor  Abba Yusuff of Kano State.

The tribunal had set aside the governor’s victory after declaring 165,663 of his votes invalid.

The tribunal held that the deducted votes were from ballot papers that were neither stamped nor signed. 

The court, however, declared Nasiru Gawuna of the APC winner of the election.

But the Supreme Court on Friday ordered that all the ballot papers from which the appellant votes were deducted should be restored to the governor.

Reading the judgment, Justice John Okoro, said the said paper contains the logo of INEC and the coat of arms as prescribed by the provisions of the Electoral Act.

He also held that the issue of party membership is an internal affair of the party.

The Supreme Court also upheld the election of Zamfara State Governor, Dauda Lawal.

Reading the lead judgment at the Supreme Court, Justice Emmanuel Agim described the decision of the appeal court as perverse.

He held that the respondents did not provide substantial evidence to prove their allegations of overvoting among others.

Agim said, “The court of appeal’s decision is perverse. It has no evidential foundation. The appeal has merit, it succeeds and it is allowed. The order that the election is inclusive is hereby set aside. The election of the appellant is upheld.”

Also, the Supreme Court affirmed the election of Ebonyi Governor, Francis Nwifuru.

The PDP and its candidate, Ifeanyi Odii, had challenged the election of Nwifuru of the APC in Ebonyi state.  Odii had lost at both the tribunal and the Court of Appeal.

Reading the lead judgment on Friday, Justice Tijani Abubakar held that Section 177(c) of the constitution didn’t provide for consideration on how the political parties arrive at the decision to sponsor a candidate.

He held that once a candidate satisfies the provisions of 177 and is not disqualified by Section 182 of the constitution, the candidate becomes automatically qualified to contest the governorship election.

He held that the appeal was unmeritorious and dismissed it.

Meanwhile, the apex court also affirmed the election of Alex Otti as the duly elected governor of Abia State.

The court dismissed the appeals by the Peoples Democratic Party and its governorship candidate, Okey Ahiwe, and Ikechi Emenike of the APC.

Otti of the Labour Party polled 175,466 votes to defeat his closest rival, Okey Ahiwe of the PDP, who scored 88,529 votes in the March 18 governorship election.

The Supreme Court upheld the election of Plateau State Governor, Caleb Mutfwang.

Reading the judgment of the apex court on Friday, Justice Emmanuel Agim held that the APC and its candidate are not members of the PDP and cannot challenge the primary election of the PDP.

He also held that the tribunal and court of appeal lacked jurisdiction to entertain the issue.

Agim noted that the petition of the APC in the first place was an abuse of the court process and faulted the appeal court for sacking the governor.

He said, “The petition by the APC and its candidates are abuse of the court process. I wonder why the matter came to court at all. This appeal is allowed.”

“My worry is that a lot of people have suffered as a result of this,” Justice John Okoro said while agreeing with the lead judgment.

Kano youths celebrate Supreme Court judgement.

Kano youths celebrate Supreme Court judgement.



Many youths on Friday thronged some major streets to celebrate the Supreme Court judgement following the affirmation of Governor Abba Kabir Yusuf as the duly elected governor of the State.

The youths were seen in troops along all the streets across the metropolis chanting solidarity songs and dancing in the streets, raising placards and party insignia.

It was observed that some of the jubilating youths were seen stunting with motorcycles and cars in the city while others were seen dragging brooms which is the logo of the All Progressives Party.

One of the jubilating youths, who simply gave his name as Hassan, noted that the Supreme Court averted what would have been a violent reaction.

“The Supreme Court has saved Kano from violent reaction because, if the judgement had not favoured Abba, the situation would have been different by now.

“But with what you are seeing now, there is relief all over. People are going about with their normal businesses,” he said.

At the marketplaces that were hitherto closed down in the early hours of Friday, like the Rimi and Kantin Kwari markets, traders have already started opening their shops and places of business.

As of the time of filing this report, armed security personnel that were deployed to strategic places were still there keeping vigil.

Security has also been beefed up along all routes leading to the Government House as people going through the roads were being subjected to thorough checking.

The Supreme Court had earlier on Friday set aside the lower courts’ decisions sacking the Kano governor.

The tribunal had set aside Yusuf Abba of the New Nigeria Peoples Party victory after declaring 165,663 of his votes invalid. The tribunal held that the deducted votes were from ballot papers that were neither stamped nor signed.

He then approached the appeal court for redress. The appeal court upheld the tribunal’s decision and faulted the lower court for not disqualifying the governor.

The appellate court said the governor was not properly sponsored by the New Nigeria Peoples Party, thus violating the provisions of Section 177 (c) of the constitution.

Tinubu Unveils New Leadership for Arts, Culture, and Creative Economy Sector.

Tinubu Unveils New Leadership for Arts, Culture, and Creative Economy Sector.
By Olamide Akinwumi J. 



In a strategic move to invigorate the nation's creative landscape, President Bola Tinubu has approved the appointment of eleven (11) new Chief Executive Officers for key agencies under the Federal Ministry of Art, Culture, and Creative Economy. The appointments, effective immediately, signal a commitment to fostering vibrancy and robust growth in the country's cultural and creative sectors.

The newly appointed leaders are poised to take charge of critical agencies, each contributing to the multifaceted tapestry of Nigeria's artistic and cultural expression. The appointees include:

Tola Akerele — Director-General, National Theatre
Dr. Shaibu Husseini — Director-General, National Films and Censors Board
Mr. Obi Asika — Director-General, National Council for Arts and Culture
Aisha Adamu Augie — Director-General, Centre for Black and African Arts and Culture
Ekpolador-Ebi Koinyan — Chief Conservator, National War Museum
Ahmed Sodangi — Director-General, National Gallery of Art
Chaliya Shagaya — Director-General, National Institute of Archeology and Museums Studies
Hajiya Khaltume Bulama Gana — Artistic Director, National Troupe of Nigeria
Otunba Biodun Ajiboye — Director-General, National Institute for Cultural Orientation
Ali Nuhu — Managing-Director, Nigerian Film Corporation
Ramatu Abonbo Mohammed — Director-General, National Commission for Museums and Monuments
These appointments underscore President Tinubu's commitment to repositioning and advancing the creative economy, recognizing the pivotal role that culture and the arts play in national identity and development.

Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity, conveyed the President's charge to the appointees. They are tasked with discharging their duties with the highest standards of professionalism, diligence, and patriotism, with the overarching goal of making the creative sector more vibrant and robust.

This move is anticipated to inject fresh perspectives, energy, and expertise into the cultural and creative landscape, setting the stage for a dynamic era of artistic expression and economic growth. The President's vision aligns with the potential of the arts and culture to drive innovation, tourism, and socio-economic development in Nigeria.