Oyebanji, US Delegation, Others Laud Cavista Holdings' Contributions to Ekiti State Development.

Oyebanji, US Delegation, Others Laud Cavista Holdings' Contributions to Ekiti State Development.

Ekiti State governor, Biodun Oyebanji, alongside US Consul General, Will Stevens, Former Ekiti State governor, Dr. Kayode Fayemi, Speaker of Ekiti State House of Assembly, and other dignitaries, have commended Cavista Holdings for its unwavering dedication to fostering investment and economic growth within the state.

Cavista Holdings, the parent company of Agbeyewa Farms Limited and Glocient Hospitality (managers of Ikogosi Warm Springs Resort and Conference Center) received the accolades during a visit by the US delegation to these prominent sites in Ekiti State.

During discussions on trade and investment with Charge D’ Affairs of the US Embassy, David Greene, and US Consul General, Will Stevens, Governor Abiodun Oyebanji lauded Cavista Holdings as a key contributor to the state's economic prosperity agenda, emphasizing the alignment of vision and the substantial dividends it has brought to Ekiti.

Echoing the sentiment, Rt. Honourable Adeoye Stephen Aribasoye, Speaker of the Ekiti State House of Assembly, expressed delight at the significant investments made by Cavista Holdings in his constituency, particularly at Agbeyewa Farms. He pledged the Assembly's support for the company's initiatives, including its plans for extensive cassava production, aimed at bolstering employment opportunities for Ekiti indigenes.

US Consul General, Will Stevens, commended Agbeyewa Farms as a remarkable investment, underscoring the pride of the US in its association with such ventures. He also praised the transformation of Ikogosi Resort by Glocient Hospitality, a Cavista Holdings subsidiary, highlighting its historical significance dating back to the vision of missionary John McGee in 1952. Stevens affirmed the US government's commitment to collaborating with Cavista Holdings to strengthen bilateral relations.

Former Governor of Ekiti State, Dr. Fayemi, expressed pride in the successful restoration of Ikogosi Warm Springs resort, citing it as validation of the state government's decision to privatize critical assets. He emphasized the importance of prioritizing security and fostering community engagement to ensure a conducive environment for foreign direct investment.

The collective acknowledgment from state officials and the US delegation underscores Cavista Holdings' pivotal role in driving economic development and fostering international partnerships within Ekiti State.

Cavista Holdings Limited, established by visionary entrepreneur and investor, John Niyi Olajide, is a dynamic and rapidly expanding investment holding company with a global footprint across four continents.

With strategic investments spanning Nigeria, Botswana, the United States, the United Kingdom, Canada, India, the Philippines, and New Zealand, Cavista Holdings delivers innovative products and services that enrich the lives of millions worldwide.

With a diversified portfolio encompasses key sectors including Agriculture, Hospitality, Technology, and Financial Services, reflecting our commitment to driving sustainable growth and fostering prosperity. Beyond financial metrics, Cavista Holdings is dedicated to community empowerment, environmental sustainability, and purposeful initiatives that generate lasting value and catalyze positive change in society.

Tinubu not architect of Nigeria’s economic situation – Oyebanji.

Tinubu not architect of Nigeria’s economic situation – Oyebanji.

.…Says palliatives not permanent solution, urges Nigerians to go back to farming.

Ekiti State Governor, Mr Biodun Oyebanji on Friday absolved President Bola Ahmed Tinubu of any blame over current economic situation in the country, saying the situation preceded his ascendancy to office.

He however said the President is capable of fixing the current challenges if given ample time and necessary support.

Governor Oyebanji stated this during the monthly Evening of Praise and Worship programme held at the Lady Jibowu hall, Government House, Ado-Ekiti. He urged Nigerians to be patient with the Federal Government as the problem the country is facing had been there long before the President emerged.

The Governor called on Nigerians to continue to pray for the President and his government so that the various decisions they will make would be to the interests of the people. He also urged them to always maintain peace and decorum as the President has continued to lessen the burden of economic hardship on the people with his various people-oriented programmes and policies. 

While reminding the people that palliatives would not bring permanent solution to the food crisis, Governor Oyebanji called on every Nigerian to embrace farming and become productive in their own little way, and in the process support the growth and development of the country.

The Governor assured Ekiti people that the state would soon experience food sufficiency and become the food basket of the country, judging by the various programmes his administration is putting in place.

He likened the case of Nigeria as the case of the Israelites where God took them from Egypt to the promise land flowing with milk and honey believing that Nigeria would soon experience abundance of all the good things the citizens have been craving for.

According to the Governor, “I just want to encourage us today as children of God to keep faith in God and to also amplify our prayers for Nigeria, for Ekiti state and for the President. I understand what we are going through, but the truth of the matter is that the President is not the cause of these crises but God has prepared him for a time like this. What he needs is our support, our prayers, our understanding and encouragement.

 “I am just pleading with us that the President needs our help, he needs our prayers, we should not do anything to discourage him. We should thank God that we have a man of courage, a man God had prepared for a time like this, I believe in God that we will get out of this problem and when the time comes and the dividends of these reforms are unraveled, all of us will be alive.

“I thank Ekiti people for maintaining peace and I promise that we’ll continue to lessen these burdens, but the truth of the matter, which many people don’t want to listen to is that palliatives will not solve these problems, it can only be a temporary measure, when you give someone a bag of rice, in two weeks it would have finished.

“We have embarked on a programme that by next year, we will have food sufficiency in this state, because, if we don’t make haste now, I pray next year will not be worse than this. We must be able to grow ourselves out of hunger, which is what the President told us last week. 

Government will do its own bit, but you have to go back to the farm. So, no matter how small, let’s start bit by bit, you have to grow what you will eat and at least be able to feed ourselves.” He added. 

Also at the evening of praise were the Deputy Governor, Chief (Mrs) Monisade Afuye; wife of the Governor and the convener of the programme, Dr Olayemi Oyebanji; Secretary to the State Government, Dr Habibat Adubiaro; Head of Service, Engr. Sunday Komolafe; top government officials among others.

Economy: CSOs task Senators, Reps on stability, prosperity.

Economy: CSOs task Senators, Reps on stability, prosperity.

Acoalition of Civil Society Organisations (CSOs) on Friday, called on the National Assembly to probe the $3.4billion loan collected by the Federal Government from the International Monetary Fund (IMF), in April 2020 without proof of how it was utilized.

The group also kicked against ceaseless requests for loans by the Federal Government and expeditious approvals given by the National Assembly with little or nothing to point at as to what the loans were used for.

The group also added that savings made by the government from fuel subsidy removal from May last year till date, have not been accounted for by the government as Nigerians are watching and suffering.

The nine CSOs led by the Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, at a media briefing, alleged that the incessant loans by the FG, made the debt profile of the country presently stands at N87.9trillion which is equivalent to $114.3billion.

“The escalating debt burden has profound implications for the well-being of Nigerian citizens and failure to act quickly could result in an additional 23 million Nigerians living in poverty and 80 million working-age citizens without a full-time job by 2030.

“These concerning trends underscore the need for the National Assembly to urgently do the needful by among others, investigating the movement and spending of loans received by the Federal Government in the past and present administrations, including but not limited to the $3.4billion loan obtained from IMF as reported in the 2020 annual audited report published by the Auditor – General of the Federation.

“Stopping borrowing for recurrent expenditure ( personnel and overheads ) and dilatory capital expenditure that adds no value to economic growth, wealth creation and development.

“Demanding accountability for petrol subsidy savings and sincerity of purpose in fulfilling the government’s ‘promises of renewed hope ‘ to the millions of Nigerians who no longer have belts to tighten.”

Shettima to flag-off Light up Southeast Initiate Monday.

Shettima to flag-off Light up Southeast Initiate Monday.

Vice President Kashim Shettima will on Monday, February, launch the Light Up South East Initiative to accelerate power supply to industrial clusters in the region. 

This was disclosed in a statement issued on Friday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha. 

The event, billed to be held in Enugu, the Enugu State capital, is in continuation of the ongoing efforts to improve energy supply to industrial clusters across the country. 

The project, a collaboration between the Niger Delta Power Holding Company Limited (NDPHC) and its partners, will feature key stakeholders in the nation’s power sector. 

A key highlight of the Vice President’s engagement in Enugu on Monday will be the South East Business Roundtable featuring top government officials and business leaders deliberating on delivering reliable and sustainable power to industrial and residential areas in the region. 

The Vice President had on October 12, 2023, flagged off the initiative in the South West at the Agbara Industrial Cluster, with stakeholders committing to the successful implementation of the project across the country.

The Tinubu administration had from the onset committed to revamping Nigeria’s Infrastructure framework with the much-needed drive to empower Nigerians and strengthen the nation’s economic policies. 

Similarly, the Vice President will on the same day commission the 181-megawatt Geometric Power plant in the Osisioma Industrial Layout, Aba, Abia State.

CBN hikes BDC license fees to N2bn.

CBN hikes BDC license fees to N2bn.

The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check. Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million.

Tier 1 BDCs formally were expected to cough out N15 million to acquire the license. This represents a 13,233.33 percent licence fee hike.

The CBN was forced to come up with a new set of guidelines in order to address the ongoing foreign exchange crisis in the country.

The Financial Policy and Regulation Department of the CBN headed by Haruna B Mustafa detailed what is now expected of BDCs in Nigeria.

The guidelines specify that banks, government agencies, and NGOs are prohibited from having ownership stakes in BDCs. The permissible activities for BDCs include buying and selling foreign currencies, issuing prepaid cards, and acting as cash points for money transfer operators. BDCs are not allowed to take deposits, grant loans, deal in gold, or engage in capital market activities.

In terms of sourcing foreign currencies, BDCs can obtain forex from authorized dealers, travelers, hotels, embassies, and other sources. For large transactions exceeding $10,000, a declaration of the source is required.

Regarding the sale of foreign currencies, BDCs can sell forex for purposes such as travel, medical bills, and school fees, up to specified limits per customer annually. At least 75 percent of the sales must be conducted through electronic transfers, while the remaining 25 percent can be in cash.

There are two tiers of BDCs: Tier 1, which has a national presence with branches and franchises, and Tier 2, which is limited to operating in one state with a maximum of three locations.

BDCs are required to verify the identity of their customers, maintain transaction records, connect to CBN systems, and display rates clearly. They must also submit specified regulatory returns, make their records available for inspection, and comply with the guidelines.

The guidelines also outline standards for Tier 1 BDCs that appoint franchises, covering areas such as policy, monitoring, and branding. Prudential requirements are set for BDCs, including limits on open positions, fixed assets, borrowings, and dividend payments. Additionally, BDCs must comply with anti-money laundering and countering the financing of terrorism regulations, with regard to policies, monitoring, and reporting.

The Nigerian naira has recently hit an all-time low of N2,000 against the dollar due to the prevailing economic crisis in the country. In response, the National Security Adviser, Mallam Nuhu Ribadu, instructed the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), and other security agencies to crack down on currency speculators in the forex market. This has led to raids on BDCs nationwide and the arrest of some illegal operators.

In a related development, the Central Bank of Nigeria has announced new measures regarding the foreign exchange (FX) rate to be used for Import Duty Assessment.

The bank has advised that the Nigeria Customs Service and other relevant parties should adopt the closing FX rate on the date of opening Form M for the importation of goods as the rate to be used for assessing import duty.

This rate will remain valid until the completion of the importation and clearance of goods by the importers.

This decision the CBN said is intended to provide clarity and reduce uncertainty for both the Nigeria Customs Service and importers, allowing them to better plan and manage their revenue and cost structures amid fluctuating daily exchange rates.

“Effective from February 26, 2024, the closing rate on the date of opening Form M for the importation of goods and services will be the rate applied for the assessment of import duty” the CBN circular read.

This replaces the requirements outlined in Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition), 2018.

While the Central Bank of Nigeria acknowledges the initial volatility and price distortions following the liberalization of the FX market, it is confident that these reforms will ultimately stabilize the market and establish the necessary market confidence to attract investment capital for the growth and development of the Nigerian economy.

Lift ban on production, sale of alcoholic content in sachet, Reps tells NAFDAC.

Lift ban on production, sale of alcoholic content in sachet, Reps tells NAFDAC.

The House of Representatives Committee overseeing the National Agency on Food, Drugs Administration and Control (NAFDAC) has ordered the suspension of the ban on the production and sale of spirits and alcoholic drinks in sachets and pet bottles.

The committee headed by former Benue state First Lady, Regina Akume said the suspension should be in force pending its investigations into the issue.

NAFDAC had banned the production and sale of spirits and alcoholic drinks in sachets and single-use plastic with immediate effect, but the House at Plenary directed its committee to investigate the issue.

The House initially declined to instruct NAFDAC to lift the ban.

However, following a meeting involving the regulatory agency and various stakeholders, it was decided that NAFDAC should postpone the enforcement of the ban.

Those who attended the meeting are Regina Akume and her Deputy Chairman,  Idu Obiajulu; the Minister of State for Health, Tunji Alausa; NAFDAC DG, Prof Mojisola Adeyeye; the DG, Manufacturers Association of Nigeria (MAN), Segun Ajayi- Kadir, representatives of the Food, Beverage & Tobacco Employers and Distillers and Blenders Association of Nigeria; representatives of the spirits and alcoholic drinks producers;  the Nigerian Police Force; Customs and Excise; Federal Road Safety Corps; organised labour and civil society were present.

The NAFDAC DG told the gathering that the ban was imposed to protect the health and welfare of children, youths, and other vulnerable groups.

But despite her position, the committee aligned itself with the views of the Spirit producers, civil society, and organised labour that the unemployment and hardship being occasioned by the closure of the factories as a result of the ban far outweighed the health concerns being raised by NAFDAC.

The committee observed that the proper step is to put in place control procedures to prevent children and youths from consuming the alcoholic contents of the sachet and pet bottles.

Tinubu, others pay last respect to Akeredolu.

Tinubu, others pay last respect to Akeredolu.

President Bola Tinubu, on Friday,  February 23, led Nigerians to pay last respect to former Ondo state governor, Oluwarotimi Akeredolu.

 

President Tinubu who described late Akeredolu as a “fearless soldier” and “unwavering advocate” for the people said the former governor was an “indomitable legacy of national service.”

Tinubu spoke in Owo, headquarters of Owo local government, at the funeral ceremony of Akeredolu held at the St. Andrew’s Cathedral.

Represented by Vice President Kashim Shettima, Tinubu lauded Akeredolu’s courage, dedication and  unwavering stance.

He said there was no point in Akeredolu’s life where his voice shook in telling the truth.

According to him, “We are gathered here today to bid farewell to a remarkable soul.

“We are also reminded that in this transient journey through life, we are but whispers in the wind. The parts of us that endure after we get to the end of our journey are the choices we make, and this moment is the ultimate confirmation of the noble paths trodden by our dear brother.

He was a vastly intelligent man whose passion has created quite a wide vacuum beyond this community. He recognised that the most pragmatic path to serving humanity is to present ourselves willingly to be chosen by the people.

President Tinubu commended Akeredolu’s strength of character and conviction and urged the nation to cherish Akeredolu’s memory and the indomitable legacy he left behind.

Ondo State Governor Lucky Aiyedatiwa said he would not forget the man that made him ‘Governor even in death.’

Aiyedatiwa stated that his former boss used the instrument of governance to intervene in different sectors of the state, including education, health services, and infrastructural development.

He said, “You are all here to pay your friend, our leader, and our governor last respect because of the relationship that he had with all of you at one time or another.

“You are all here because he stood for something: good governance and the rule of law. He means a lot to different people, and that is why he has been described in different words. He was a courageous leader, a fighter, and a warrior. How can we forget him so soon? It is not possible because he lives on.

“For me, I cannot forget him so soon because we share a lot together. How can I forget those political, physical, and dusty roads that we have travelled together since 2012?

“As his political associate, friend, and one-time Director-General of his campaign, Ilaje/Ese-Odo federal constituency, as Deputy Governor nominee, Deputy Governor elected, and Acting Governor whenever he travelled, and now he has made me a governor even in death. How can I forget?”

In his homily, Primate of the Church of Nigeria, Anglican Communion, Dr. Henry Ndukuba, told President Tinubu to urgently resolved hardship being faced by Nigerians.

Dr. Ndukuba said time was running fast for President Tinubu.

Ndukuba said Nigerians were yet to recover from the cashless policy of Emiefele when the current hardship began.

Represented by the Dean of the church of Nigeria, Reverend Blessing Enyindah, Ndukuba said, “May I on behalf of Nigerians pray and call on the President, Senator Bola Tinubu to do something to reduce the hardship faced by Nigerians.

“We have the hope he would do it because he promised us renewed hope and according to him, it is his turn, so the turn and opportunity have been given to him now. We are waiting and expecting the fulfilment of the renewed hope.

“We plead with him to do it fast because time, that is four or eight years as the case may be, is brief and the time is running.

“We have the hope the President will do something. He promised us Renewed Hope. We are waiting with hope. We pray he do it fast.”

The Owo Diocese of the Anglican Church immortalised the former Ondo Governor by naming the yet to be completed N300m Medical and Diagnostic Center after him.

It said ensuring completion of the project that was part of late Akeredolu’s dream was the only way to keep his memory alive.

Dignitaries present included Secretary to the Government of the Federation (SGF), George Akume, National Chairman of All Progressives Congress (APC), Abdullahi Ganduje led other members of the National Working Committee of the party, Governor of Ogun State, Dapo Abiodun, Governor of Ekiti, Aboidun Oyebanji, Governor of Ogun State, Dapo Aboidun, Governor of Oyo State, Abiola Makinde, Governor of Edo State, Godwin Obaseki, Governor of Bayelsa State, Douye Diri, former Governor of Ekiti State, Kayode Fayemi, former Governor of  Ogun State, Ibikunle Amosun.

Others were former Ondo Governor, Dr. Olusegun Mimiko, wife of late Prophet Temitope Joshua, Pastor Evelyn Joshua amongst others.