Reps to probe cryptocurrency, digital transactions, others.

Reps to probe cryptocurrency, digital transactions, others.

The House of Representatives is set to investigate the status of cryptocurrency, and digital asset transactions in Nigeria to ascertain their possible threats to national security.

The resolution of the House followed the adoption of a motion on a matter of urgent public importance moved by a member representing Ifo/Ewekoro Federal Constituency, Ogun State, Mr Isiaka Ibrahim on Tuesday.

Others who would also have their activities investigated include international money transfer operators, payment gateways and platforms and cloud computing systems.

They are also to investigate the current status of the e-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

The House also resolved to engage all relevant stakeholders “To initiate necessary processes for establishing required legislation and regulations, while establishing the profile of operators in the sector such as legal status, parent company, and assess their compliance with our existing statutes or complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices.”

The House also resolved to coordinate the engagement of the Office of the National Security Adviser, other relevant agencies, cryptocurrency exchanges, and stakeholders “In tracking, identifying, and recovering illicit and laundered funds or assets.”

The basic motivation behind the move is to ensure that equity transparency and adherence to international best practices are adhered to by the government in investigating cryptocurrency exchanges and others.

Recall that the House had in the past few months, beamed its searchlights on cryptocurrency operators following petitions brought against them by civil society organisations.

 

Moving the motion, he highlighted “The growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security as these exchanges are said to enable money laundering by criminals and terrorists for their illicit activities.”

He added that as part of its sweeping market-friendly reforms designed to attract substantial foreign direct investment into the countries’ struggling economy, “This administration reversed the ban on cryptocurrency transactions in Nigeria imposed by the previous administration.

He assured the international community that the current moves by the Federal Government to sanitise the system “Should not be perceived by the global community and international investors as a policy somersault so early in the life of the administration and the existence of a hostile business environment.”

Isiaka also highlighted the concerns expressed by the Central Bank of Nigeria over the possibility of illicit transactions and money laundering on the cryptocurrency exchanges and their seeming use as an alternative platform for determining local foreign exchange rates.

He further added that the United States of America Treasury 2022 National Money Laundering Risk Assessment indicated that “Fiat and traditional financial activities contributed substantially higher (over 200 per cent) than digital assets transactions to global money laundering activities.

He said the conflict with the government about whether or not the crypto exchanges are determining the local foreign exchange rate and usurping the functions of the national bank “Does not appear to arise in otherdeveloped climes where appropriate statutes and regulations have been enacted and enforced to superintend crypto and other digital asset transactions.”

Following the resolution, the House referred the motion to the Committee on National Security and Intelligence with a charge to “Engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations,” among others.

The committee is to report back to the House within eight weeks.

Nigeria’s economy not distressed, says Tinubu.

Nigeria’s economy not distressed, says Tinubu.

President Bola Tinubu has challenged the notion that the Nigerian economy is in distress, highlighting the unprecedented opportunities for growth and development in the country.

The President said this when he delivered a speech at the Leadership Conference and Awards 2023, held at the Congress Hall of the Transcorp Hilton in Abuja, on Tuesday.

“I should start by respectfully challenging the notion that the Nigerian economy is in distress. Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.

“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day,” Tinubu, who was represented by the Minister of Information and National Orientation, Mohammed Idris, said.

This was contained in a statement released by the Special Assistant (Media) to the Minister of Information and National Orientation, Rabiu Ibrahim.

The President shared key initiatives and investment efforts by the administration to support Nigerian businesses, students, and vulnerable households, as well as to enhance food security and attract foreign direct investment.

Tinubu disclosed that intervention funds totaling N200 billion have been set aside to support Nigerian businesses; in addition to a new Federal Students’ Loan program and the Presidential Initiative on CNG.

The N200 Billion Naira, according to the President, will be disbursed through three (3) new special intervention funds established to support Nigerian businesses.

On the Presidential Initiative on CNG, the President noted the “imminent rollout of these CNG-powered buses which will bring down the cost of transportation by as much as 50 percent.”

The President also highlighted the substantial increase in revenues accruing to the three tiers of government since the removal of the petrol subsidy.

“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas,” he said.

Other efforts of the apex government, aimed at bringing economic relief to Nigerians, include the commencement of negotiations, between the Federal and State Governments and organised labour, for a new minimum wage for the country; and the scaling-up of the social investment programme.

“For the poorest and most vulnerable among us, the Social Investment Programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs.”

The President reiterated the gains of his administration’s robust investment drive: “Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including Manufacturing, Telecoms, Healthcare, Oil & Gas, and others.

“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here. I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.”

Reps summon agric, blue economy ministers, allege fraudulent concessions.

Reps summon agric, blue economy ministers, allege fraudulent concessions.

The House of Representatives has summoned the Minister of Blue Economy Gboyega Oyetola, and his transportation counterpart, Saidu Alkali, over alleged fraudulent concession of some ports’ infrastructure.

Also invited for questioning are the Managing Director, Nigeria Ports Authority, Mohammed Koko, the Director General of the Bureau of Public Enterprise, Mamman Ahmadu as well as the Director General of the Infrastructure Concession Regulatory Commission, Micheal Ohiani, among others.

The Chairman of the House Committee on Privatisation and Commercialisation, Ibrahim Hamisu (APC, Kaduna) issued the summons at a meeting with the seaport terminal operators in Abuja on Tuesday.

The lawmaker lamented the absence of the top government officials to explain their role in the concession of the seaport terminals.

The committee members expressed their displeasure at the shady manner the concessioning process was managed which had let the five companies operate for five years without renewal, thereby, leading to a huge loss of revenue to the Federal Government.

He said, “They (ministers) must appear before the committee on March 12. We also want to assure that this committee would work very hard to make sure that this issue is over and to do that, you are to furnish the Committee with all the relevant documents through the secretariat by Friday.”

He told the port stakeholders that they were invited to the meeting to “discuss how best to address this prolonged renewal process because of the need to attract investments into our critical port infrastructure which is one of the major focuses of this administration.

“From the brief we received from affected parties and the Ministries, Departments and Agencies involved in the process. We understand that as of today, what is outstanding in concluding the process that started over five years ago is the execution of the negotiated supplementary agreements for the respective terminals.

 Review Oronsaye, other reports before implementation, Reps urge Tinubu

“That is why we invited all stakeholders to see how we can work together to quickly address this concern in national interest,” Hamisu said.

Addressing journalists at the end of the meeting, Hamisu argued that there was a need to unravel why the companies listed were still operating without renewal of the concession agreement.

“Some seaport terminals were given out on concession and five of them have expired. Some are from Lagos and some are from Port Harcourt. They were trying to see that their approvals were renewed in 2021.

“Somehow, this renewal was not granted to them, but they have been operating since then. So we deemed it fit to cross-check and find out what the problem is.

“We decided to invite them, and all the stakeholders like the Ministry of Blue Economy, ICRC, BPP, and the Ministry of Transportation. After inviting them here today, unfortunately, only the seaport terminal operators are here. We have discussed with them and they have one week within which the Minister of Blue Economy, MD NPA, BPP and ICRC should appear before this committee.

“They are to appear on March 12 by 10 AM so that we can discuss with them, see where the problem is and take action so that we can bring a lasting solution to the problem.

“The names of the affected seaport terminals are Port and Cargo Terminal, ENL Consortium Terminal C, ENL Consortium Terminal D, Josepdam Terminal and AMS Terminal. There are the five terminals whose concession period has expired and they have been operating illegally from 2021 to date and we want to investigate and see what the problem is and whoever is in charge of this, we will deal with him,” he warned.

Earlier in his ruling, the chairman insisted that the Ministers of Blue Economy and Transport, others must appear before it next Tuesday.

FG, AFDB open discussion on coastal highway funding.

FG, AFDB open discussion on coastal highway funding.

The Minister of Works, Dave Umahi, has opened a discussion with the African Development Bank on possible funding for the construction of some sections of the Coastal and Trans-Sahara Highways in parts of Nigeria.

The additional funding was the crux of dialogue between the minister and a delegation from the Africa Development Bank led by the Director, of Infrastructure and Urban Development, Mike Salawou held at the ministry headquarters on Tuesday in Abuja.

A statement by the Special Adviser on Media, Uchenna Orji, said the government was opening up opportunities for investments in infrastructure development along the coastal and trans-Sahara routes.

According to him, these options include the hospitality industry, tourism, agricultural production, estate, park, and industrial business

Umahi added that funding would be required to tackle the sections of the Coastal and Trans-Sahara Highways not yet constructed, awarded, or taken over by concessionaires under the Highway Development and Management Initiative.

This project, which the Honourable Minister said would be a measure to provide enduring infrastructure and industrialization along the corridors, is expected to carry a large network of paved highways that will create a good transport environment and trade routes for moving goods and services along the North-South corridors.

The statement read, “The Work Ministry has opened a discussion with the African Development Bank on possible funding for the construction of some sections of the Coastal and Trans- Sahara Highways in parts of Nigeria. The coastal road is 700 km. That is phase one and it is running from Lagos through Ogun State to Ondo State, passing through the coastal States of Delta, Bayelsa, Port Harcourt, Akwa Ibom, and ending in Cross River in 700 kilometres. We have spores to the Ogoja road, the one you did, the African Trans-Sahara road that is going to Cameroon.”

He further stated, “We are sectioning the roads. Just last week, we awarded section one, phase one, and phase one is 47.47 kilometres. It’s already been awarded to Hi-tech Construction Limited. We have phase two, which is about 57 kilometres, taking us from the end of phase one. Phase one ends at Lekki Peninsula. It takes us from Ahmadu Bello Way to Lekki deep sea port. Phase two takes us to the boundary between Ogun State and Ondo State. That’s about 57km”.

“It’s going to be available for a number of funders under the lead investor, That’s Hi-tech Construction Nigeria Limited. So that is available, and when the discussion comes up, then there will be a need for us to meet with Hi-tech and the Honourable Minister of Finance Coordinating Minister of the Economy”.

Earlier in his remark, the Director of Infrastructure and Urban Development said the bank has a mandate to contribute to the sustainable economic development and social progress of its regional members individually and jointly and is therefore prepared as a multilateral institution to offer a robust partnership to the Federal Government of Nigeria, especially by providing technical and financial support for the development of road infrastructure in Nigeria.

He said, “So as the African Development Bank, we are ready to assist you. To make it easy for us, we need to have any studies available to make sure how we can support you on this project. So we are ready, we can see where we can find the resources to support you in structuring the different projects”

“And the third one, the dualisation of the road between Nigeria and Cameroon will foster regional integration between the two countries because I believe Nigeria is Cameroon’s number one trade partner. So, we need to reinforce the modernised infrastructure there.”

The development is part of efforts by the works ministry to secure additional funding to rejig the nation’s economy.

In the 2024 budget, the government said it would spend N837bn on constructing and rehabilitating 2,254 roads and bridges in the 2023 and 2024 fiscal years across the country to improve the nation’s deteriorating road infrastructure. Despite this funding, the state of highways remains poor and in need of extra sources of funding.

Last month, The Federal Government secured a €25m grant from the Netherlands for the construction of 28 priority bridges in Nigeria.

The Ministry of Works has also stated that it is engaging concessionaires and other private sector organisations to secure investments in the construction of 35,000km of federal road networks.

Niger attracts over $1bn Agric business investments, says Gov Bago.

Niger attracts over $1bn Agric business investments, says Gov Bago.

Niger State Governor Mohammed Bago has disclosed that the state attracted over a billion dollars in Agric business investments since the inception of his administration in 2023.

He stressed the need for Nigeria to be productive saying that the country is blessed with abundant resources to feed itself and export.

The governor made this known in his speech on Tuesday after bagging the Leadership Newspaper Governor of the Year award.

Other Nigerian dignitaries who were conferred with awards of different categories at the annual conference and awards in Abuja include President Bola Tinubu, Governors of Benue, Katsina, and Oyo States as well as Labour Party Presidential candidate in the 2023 General Election, Peter Obi.

Bogo, who received the award based on his outstanding innovative leadership style and the developmental strides of his administration in less than one year, spoke on behalf of the other recipients.

“Nigeria is blessed with abundant resources to feed itself and export. Niger State is taking a lead in terms of Agriculture as it has attracted over a billion dollar Agric business investments. With the Agricultural Policies in Niger State, in particular, and Nigeria, in general, we will have enough food to feed and export,” Bago said.

The Governor announced a donation of N250m academic scholarship to Auwalu Salisu, a Keke Napep driver from Kano who found and returned N15 million to a citizen of Chad Republic.

“On behalf of President Ahmed Bola Tunubu, Niger state Government, APC Governors and Ministers as well as my family I announce a donation of N250 million academic scholarship to Auwalu Salisu, a Keke Napep driver from Kano who found and returned N15 million to a citizen of Chad Republic,” he said.

While applauding the honesty and exemplary decision of Auwalu Salisu, the governor noted that more of such people in the society needed to be identified and celebrated.

He promised to name one street in Minna after Auwalu Salisu.

The Minister of Information and National Orientation, Mohammed Malagi represented the president and acknowledged that Nigeria is in a difficult moment.

He, however, assured that the country would come out of it strongly as his administration would continue to make decisions that would be of great benefit to all.

In a keynote, the former Deputy Governor of the Central Bank of Nigeria Kingsley Moghalu, spoke on the theme, “Nigeria’s Distress Economy; Which Way Forward”, stressing that bad governance, population crisis, inadequate and unstable electricity, and lack of strategy, among others, have been the bane of Nigeria’s economy crisis.

He recommended that the Federal Government’s N20bn bond should fund a strategic project comprising railway, housing and agriculture; cut the cost of governance; respect institutions’ independence; and think structurally among others.

Tinubu promises to review retired police officers’ pension, severance packages.

Tinubu promises to review retired police officers’ pension, severance packages.

President Bola Tinubu has said that he will ensure an immediate review of the pension and severance packages of retired police officers to reflect the enormity of their contributions and commitment to the country.

Tinubu also said that his administration will begin processes to issue an Executive Order to set aside a day between March 5 and April 1, to be officially regarded as National Police and Veterans’ Day in the country.

He stated these during his address at the official launch of the Police Veterans’ Foundation, at the headquarters of the Police Service Commission in Abuja, on Tuesday.

The President, who was represented by the Minister of State for Police Affairs, Imaan Sulaiman-Ibrahim, promised his full support for the Veterans’ Foundation, describing support for the retirees as obligatory and “a moral imperative” for government at all levels, and well-meaning members of the society.

Tinubu said, “Supporting and assisting the police veterans is rather a moral imperative, nay obligatory on government at all levels, including well-meaning members of the society.

“I must acknowledge that without these veterans, Nigeria would have no doubt descended into a Hobbesian state of nature where life is brutish, nasty and short; and only the fittest and strongest survive.

“We are further reminded that the idea of citizenship carries with it a sense of responsibility and patriotic duty.

“It is incumbent on us, therefore, to acknowledge the efforts, heroism and sacrifice made by those who gave their all, so that we may have peace and security in Nigeria. One of such responsibilities is supporting and sustaining the Police Veterans’ Foundation to enable the attainment of its noble objectives of giving a better life and hopes to our Police retired officers that will cushion the effects and burdens of post-service challenges.

“As the President of our dear country, I will not only give my full support to the Veterans Foundation but will also ensure that such areas as improving the pension and severance package of retired police officers, are immediately reviewed to reflect the enormity of their contributions and commitment to our country.

“Also, administrative processes towards issuance of an Executive Order will be immediately initiated to set aside a day, perhaps, 5th March (being today, the launch of the Veterans’ Foundation) or 1st April (being the date that the hitherto existing police forces of Northern and Southern provinces were amalgamated to form a unified Nigeria Police Force), as National Police and Veterans’ Day in Nigeria”, he said.

Speaking earlier, the Chairman of the Police Service Commission, and former Inspector General of Police, Solomon Arase, said the Foundation was established to address the post-service challenges of the retirees, particularly health and financial challenges, and provide assistance for families of deceased officers.

He urged Nigerians to support the Foundation, not only to help the veterans but also to spur dedication and commitment in the serving officers.

“I, therefore, urge everyone to get involved in this noble act of humanity and humaneness by supporting the Foundation in putting smiles on the faces of our veterans.

“This will not only help them to age gracefully in comfort and dignity, but it will also spur the serving police officers to greater dedication and commitment, knowing that the society they are giving their best appreciates and honours them in retirement”, he said.

Governor Oyebanji Leads Inspection of Infrastructure Projects Across Ekiti State.

Governor Oyebanji Leads Inspection of Infrastructure Projects Across Ekiti State.

By Olamide Akinwumi. 

Governor Biodun Oyebanji of Ekiti State, accompanied by top government officials, embarked on a comprehensive inspection tour of ongoing road projects in various parts of the state on Tuesday. The governor personally assessed the quality and progress of work being done by contractors, demonstrating his commitment to infrastructure development and efficient project management.

The inspection tour commenced with the Isinbode-Ara-Ikole road, where Governor Oyebanji evaluated the ongoing construction work firsthand. Residents of the communities visited during the tour expressed their gratitude to the governor for the swift pace and high quality of the projects. They also commended Governor Oyebanji for personally overseeing the inspections, underscoring the administration's dedication to thorough supervision of infrastructure initiatives.

As the inspection continued to the Ilukuno-Ipoti road in Ijero Local Government Area, students of Ilukuno Community Grammar School warmly welcomed Governor Oyebanji. Seizing the opportunity to engage with the youth, the governor encouraged the students to believe in themselves and aspire to greatness in life.

Governor Oyebanji's proactive approach to infrastructure development and his hands-on involvement in project oversight have become hallmarks of his administration. By leading inspection tours and engaging directly with communities and stakeholders, the governor is ensuring transparency, accountability, and efficiency in the execution of infrastructure projects across Ekiti State.

The commitment of Governor Oyebanji's administration to delivering quality infrastructure projects that meet the needs of the people is evident in the ongoing inspections. As the tour progresses, residents of Ekiti State eagerly anticipate the completion of these vital road projects, which will enhance connectivity, facilitate economic growth, and improve the overall quality of life in the state.