Nigeria

The COVID-19 Pandemic derailed economies everywhere, and in most developing countries, incomes remain well below pre-pandemic levels. Inflation, made worse by the war in Ukraine, is particularly painful in low-income and vulnerable countries where essentials like food and energy dominate household budgets. Higher interest rates are exacerbating debt distress across much of the developing world...

Source

Caribbean

Politics

African operations contribute 50% to UBA’s earnings – CEO

admin — Sun, 04 Jun 2023 12:00:01 +0000

African operations contribute 50% to UBA’s earnings – CEO

/sites/default/files/imported_articles_images/node__12806.jpg

admin Sun, 06/04/2023 - 12:00

Friday, May 26, 2023

Original Publisher

Business Archives | Premium Times Nigeria

Original Article

African operations contribute 50% to UBA’s earnings – CEO

The United Bank for Africa (UBA) Plc on Thursday announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.

The bank said its African operations, specifically, have contributed close to 50 per cent of the group’s earnings, leveraging on digital offerings and products across the board to gain large market shares across the different regions of operations in Africa.

The Executive Director/Chief Executive Officer of UBA Africa, Abiola Bawuah, disclosed this while addressing journalists from across Africa during a hybrid media parley on Thursday.

She also highlighted the impact of devaluation and double digit inflation in Nigeria and a number of other African countries where the bank operates, adding that the subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.

“As of last month, none of our African subsidiaries is making a loss. They have all been turning in profits, this is a testament to the fact that they have navigated successfully and have all found their footing.

“And this extends to each and every one of them, even the ones in war-torn countries. Of course, we are aware that there is always room for improvement, but for now, we are glad that our 19 subsidiaries are out of the red zone,” Mrs Bawuah said.

Infrastructure Financing

In the area of infrastructure financing, she noted that the bank has been bullish in financing projects across Africa, which according to her is based on the conviction that the continent needs to bridge the infrastructural gap necessary for economic growth.

“UBA has proven expertise and capacity in key sectors of economies across Africa, especially in oil and gas, infrastructure finance, agriculture and commodity/export, and these have positioned it as a preferred partner for structured solutions to key governments and corporates operating in/into Africa,” she said.

She noted that in the last few years, the bank has invested heavily and supported key governments of various African countries with over $1 billion in infrastructural development, especially in roads, hospitals, health, power and other critical sectors.

READ ALSO: Reps summon NNPC subsidiaries over auditor general report

According to her, the bank has contributed massively in promoting trade in Africa and has partnered with the African Continental Free Trade Area (AfCFTA).

“At UBA, we believe that our customers should be able to trade conveniently among themselves, and so we have been partnering with them in this area.

“We have made it easy for our customers across countries to trade easily within themselves, without having to bother about all the hassles that have to do with forex,” she said.

Earlier in the year, Mrs Bawuah, a Ghanaian national, was appointed as the first female CEO of UBA Africa.

Her appointment, according to the bank, further demonstrates UBA’s commitment to diversity. The UBA Group Board now includes eight female Directors.

Before her appointment, Mrs Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone.

Africa

Business

FG: We Are Studying Malabu Oil Deal Court Judgement

admin — Sun, 19 Jun 2022 04:40:01 +0000

FG: We Are Studying Malabu Oil Deal Court Judgement

/sites/default/files/imported_articles_images/node__12355.jpg

admin Sun, 06/19/2022 - 04:40

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

FG: We Are Studying Malabu Oil Deal Court Judgement

•Adoke: court verdict vindicates me yet again

Deji Elumoye and Alex Enumah in Abuja

The federal government yesterday reacted to the United Kingdom Commercial Court judgement that ruled that there was no evidence of fraud in the OPL 245 transaction between Nigeria and JP Morgan Chase Bank, saying it was studying the judgement.

However, former Attorney General of the Federation (AGF) and Minister of Justice, Mr. Mohammed Adoke said the judgment once again vindicated him of any wrong doing in the Operating Oil License 245 otherwise known as Malabu Oil.

The Commercial Court of England and Wales had on Tuesday June 14, 2022, ruled on the matter in Case No CL-2017-000730 as contained in its 137-paged judgement.

An Italian court in 2021 also dismissed all corruption charges in the OPL 245 deal, discharging and acquitting all the defendants.

The Nigerian government in the judgement lost $1.7 billion claims against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011.

Reacting to the judgement on behalf of the Federal Government, Minister of information and Culture, Alhaji Lai Mohammed, who spoke with newsmen at the end of the Federal Executive Council (FEC), meeting presided over by President Muhammadu Buhari at the State House, Abuja, said the government’s lawyers would study the ruling and decide whether to appeal or not.

Commenting on the Court judgement, Mohammed said: “I also read the judgement. Malabu oil and I think strangely enough, the judge said we were not able to establish that we lost $1.7 billion.

“But I also read further that the lawyer said that they are studying the judgement and they will take the appropriate step on whether to appeal or not.”

Adoke said the judgement has once again vindicated him of any wrong doing in the Operating Oil License 245 otherwise known as Malabu Oil.

Reacting to the judgment, Adoke said, “it is very gratifying that foreign courts have declared over and over again that there were no fraudulent or corrupt practices involved in the OPL 245 Settlement Resolution.”

Although, he had maintained that he was not expecting a contrary judgment knowing well that he did no wrong and had served Nigeria with all honesty and every sense of duty and patriotism.

He observed that although he was not a party in the suit, the federal government through the office of the Attorney General of the Federation, had, “caused all manner of false depositions to be made against me to paint the transaction with the tar of corruption to justify the spurious criminal proceedings instituted against me in Nigeria.”

In a statement dated June 14, the former AGF said he was particularly pleased with the outcome of the suit because if it were to be Nigerian courts, he would have been accused of buying justice by those who he claimed are hell-bent on tarnishing his name and destroying him for political reasons.

According to him all he did was to advise former President Goodluck Jonathan on the outcome of a consent judgment of a Federal High Court, Abuja, which was implemented.

“President Jonathan asked me, as the Chief Law Officer of the Federation, to give him legal advice on the validity and enforceability of the Out-of-Court Settlement entered by the Obasanjo Administration. After reviewing all the documents related to the oil block, I advised him that the Settlement Agreement dated 30th November 2006 had already been reduced into a subsisting Consent Judgment of the Federal High Court, Abuja.

“My involvement in the entire OPL 245 saga was carrying out the lawful directives/approvals of President Goodluck Ebele Jonathan, GCFR, to the effect that the Settlement Agreement was implemented.

“However, when President Muhammadu Buhari assumed office in 2015, some influential figures in his government deceived him into believing that Nigeria could get back the $1.1 billion that Shell/ENI paid to Malabu for OPL 245. They thought that by impugning the transaction and painting me with the tar of corruption, they would have a great chance in court,” he said.

Adoke claimed that part of the scheme, involved eliciting some activists and anti-corruption crusaders at home and abroad to scandalise his name by forging all kinds of documents to be used against him in local and foreign jurisdictions where the OPL 245 transaction was undergoing judicial scrutiny.

He expressed joy that in all the cases where he was a party and others where his name was severally mentioned had been dismissed by the respective courts.

“God is so good that in March 2021, an Italian court dismissed all corruption charges in the OPL 245 deal, discharging and acquitting all the defendants. Although I was not on trial, my name was frequently mentioned, but I came out unscathed. The court findings exonerated me of any blame or corrupt act.

“Not satisfied, the current Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami, engaged lawyers to make all kinds of mindless and libellous allegations against me in Commercial Court in the UK in an attempt to make JP Morgan refund the $1.1bn paid to Malabu, along with supposed interests totaling $1.7 billion.

“The UK court has now dismissed the allegations of fraud. My name is cleared yet again. It is also worthy of note that the US Department of Justice (DoJ) investigated the OPL 245 deal and brought it to a close in October 2019 without any charges.

“Also, in April 2020, the US Securities and Exchange Commission (SEC) said it could not prove any allegations of fraud or corruption and decided to close the investigation into the transaction.

Africa

News

As Nigeria Grapples with Blackouts, W’Bank Says $100bn Needed to Solve Erratic Power Supply

admin — Sun, 19 Jun 2022 04:40:01 +0000

As Nigeria Grapples with Blackouts, W’Bank Says $100bn Needed to Solve Erratic Power Supply

/sites/default/files/imported_articles_images/node__12354.jpg

admin Sun, 06/19/2022 - 04:40

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

As Nigeria Grapples with Blackouts, W’Bank Says $100bn Needed to Solve Erratic …

•NERC, Discos, Gencos, TCN seal deal on compulsory supply of 5000mw of power from July 1

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

As Nigerians continue to contend with erratic power supply, the World Bank has said the country would need about $100 billion in the next 10 years to tackle the challenge which has defied all efforts by administrations since 1999.

However, as part of efforts to address the challenge in the power sector, the Nigerian Electricity Regulatory Commission (NERC) yesterday said effective from July 1, 2022, there would be remarkable improvement in the nation’s power sector as market participants have committed in contracts to ensure the generation, transmission and distribution of 5000 megawatts (mw) of electricity in the country.

Commenting on the $100 billion needed by the country over the next 10 years, World Bank’s Regional Director for Infrastructure, Africa West and East of the global bank, Ashish Khanna, who spoke at a programme organised by The Electricity Hub, an organisation which provides insights on the sector, stated that a large chunk of the investment was expected to come from the private sector.

He added that Nigeria has the highest number of people without electricity worldwide, which has led to about four per cent loss of Gross Domestic Product (GDP).

Khanna said the issues of subsidy, gas-to-power as well as energy access would have to be sorted out before a headway can be achieved in the sector.

On a comparative basis, he noted that Ghana already has 85 per cent electricity access while Senegal was on its way to achieving 100 per cent access by 2025, stressing that Nigeria has all it takes to move from less than 50 per cent access to universal energy provision.

“Our estimation is that Nigeria will need at least $100 billion in the next 10 years, and it will be very difficult for government or the world Bank to plug that hole.

“And the private sector will do a lot of funding and will look out for whether the sector is financially viable. But they will ask ‘if I set up a plant, will they pay for it’? Is the policy and regulatory environment for the sector certain?” he said.

According to him, if the government gets the distribution side of the industry right, the private sector would be willing to come in. However, he added that Nigerians must begin to see improvement in supply, which is important for their buy-in.

He further revealed that the World Bank’s engagement in Nigeria is still largest by the organisation anywhere in the world, adding that the country remains an important development partner.

In his comments, the Minister of Power, Mr. Abubakar Aliyu, argued that the sector was now receiving more attention especially on infrastructure from generation, to transmission and distribution as well as the interfaces with gas producers.

He admitted that the sector hadn’t had enough focus in the past leading to decay, but said President Muhammadu Buhari was determined to upgrade the infrastructure because the country cannot move forward without it.

Aliyu said the Siemens project was on course, stressing that it is meant to take generation to 25,000 megawatts by 2025. He assured that between September to December, a number of infrastructure will be arriving from abroad.

He disclosed that the national grid remains unstable and wouldn’t take the other sources of planned energy, saying that therefore off-grid electricity was being planned in silos.

The minister further stated that the federal government was planning 14 projects which will give the country 1,000 megawatts with 10 state governors already collaborating for an additional 100 mw each to hit 2,000mw off-grid.

Declaring that Nigeria was also looking at newer sources of power like hydrogen, Aliyu explained that the current focus on solar is in line with the 30:30:30 vision to ensure that by year 3030, 30 per cent of Nigeria’s total power generation will be based on renewable sources.

He said the industry was undergoing reform, which he said will take time to manifest, insisting that comparing Nigeria with other countries like Senegal was fundamentally flawed because of size and other differences.

According to him, the Right of Way (RoW) issue had been a big challenge, taking years to resolve and halting some projects , which eventually will undergo variation because of delays.

“We want to raise our base-load to a level where we can later integrate these other energy sources,” he said, adding that the federal government was discussing with 14 solar developers to execute projects off-grid.

According to him, Nigeria’s biggest hydropower plants, Kainji and Jebba, could barely produce 130MW of power, despite having a combined installed capacity of around 1,300MW.

Also speaking, Country Director, World Bank, Shubham Chauduri, explained that as a development agency, the World Bank was committed to helping the government lift 100 million Nigerians out of poverty.

“So in the last two years, between 2020 and 2022, our board has approved $8.5 billion financing for Nigeria,” he said.

Beyond financing, he noted that officials of the bank also exchange ideas on how to get these things done, adding that the areas of power, human capital, domestic revenue mobilisation, among others remain very critical.

He noted that Nigeria needed to bring the missing pieces in the industry together, including the technical side, accountability , financing and regulatory clarity.

On top of the existing support , he stated that there’s another $1.5 billion for which approval has been given , plus the energy transition plan which could take another $2.5 billion,.

Africa

News

To Beat INEC’s Deadline, Tinubu Quietly Submits Forms, Includes ‘Place Holder’ as Running Mate

admin — Sun, 19 Jun 2022 04:40:01 +0000

To Beat INEC’s Deadline, Tinubu Quietly Submits Forms, Includes ‘Place Holder’ as Running Mate

/sites/default/files/imported_articles_images/node__122.gif

admin Sun, 06/19/2022 - 04:40

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

To Beat INEC’s Deadline, Tinubu Quietly Submits Forms, Includes ‘Place Holder’ …

•PDP screens vice-presidential nominees today

•Party’s NWC meets over c’ttee’s recommendations on running mate

•Atiku speaks on how to free up funds for social investments

Iyobosa Uwugiaren and Chuks Okocha in Abuja

Desperate to beat deadline set by the Independent National Electoral Commission (INEC), presidential candidate of the All Progressives Congress (APC), Bola Ahmed Tinubu, has quietly submitted his forms, with the inclusion of a ‘place holder’ as running mate.

At the same time, the leadership of the Peoples Democratic Party (PDP), has constituted a 12-man committee-led by Chief Tom Ikimi, to screen the presidential nominees of the party.

Also, following the meetings of the various elders and consultative committees of the party, on the choice of a vice presidential candidate, the National Working Committee (NWC), of the PDP, met to decide on the recommendations made by the various committees.

This is as the presidential candidate of the PDP, Alhaji Atiku Abubakar, has said his main objective was to have Nigerians, who would be the beneficiaries of his policy framework to interrogate the policies on how to reduce infrastructure deficit and free up funds for social investments in the country.

An insider in the ruling APC told THISDAY last night in Abuja that the action by Tinubu and the APC was aimed at meeting the statutory requirement and beat the Friday, June 17, 2022 deadline by INEC for presidential candidates to submit names of their deputies to the commission.

But the choice of running mate is yet to be resolved hence the decision to include a “place holder” instead as vice-presidential candidate, while Tinubu and the APC were still making consultations for a suitable deputy that would enhance the party’s victory in 2023.

The controversy over the suitability of the APC running with a Muslim-Muslim ticket or otherwise, has been very intense in the last few days.

“The name of the running mate submitted would be changed for another northern politician in the next few weeks. The one submitted is just holding the ticket in trust for another candidate to be picked by Tinubu and the party in the next few weeks.

“The candidate is still widely consulting, because the issues around the choice of running mate are many and he is yet to address them all. So, he is still asking for more time to look into it all – whether he is running a Muslim-Muslim or a Muslim-Christian ticket.

“He personally thinks there’s a need for more consultation and that’s what he is doing. The debate on the choice of deputy has assumed a level that is currently greater than the party and the candidate, hence the need for comprehensive consultation, which is what he is doing,” a reliable party source hinted last night.

Though some names had been mentioned as possible running-mate to the former Lagos state, it was gathered that no compromise have been reached yet.

A source in the Tinubu’s camp told THISDAY that all the northern governors want the position.

The source added that if Tinubu had his way, he would have loved to pick the former Governor of Borno state, Kashim Shettima as his running-mate, but he wanted the president and the governors to pick.

The source said: “All northern governors want it. If Tinubu has his way, it will be Senator Kashim. But he wants the president and governors to pick for him.”

Asked why Tinubu does not want to pick his running mate himself, the source stressed he didn’t want to be a winner takes it all.

“He does not want to be the winner takes it all. You need to respect the president. Buhari did not choose VP for himself in 2015.”

From the PDP camp, a credible party source, had disclosed that after an extensive deliberation, where Governors Nyesom Wike of Rivers State, Ifeanyi Okowa of Delta State, Ifeanyi Ugwuanyi of Enugu State and sacked former Imo State governor, Emeka Ihedioha, were considered, the vice-presidential nomination committee, settled for one of the governors.

A statement by the National Publicity Secretary of the party, Hon. Debo Ologunagba, however, named Dr. Akilu Indabawa, as the Committee Secretary while Mr. Sunday Omobo, was nominated as Administrative Secretary.

“Pursuant to Part VI, Paragraph 14 of the the Electoral Guidelines of our great Party, the Peoples Democratic Party (PDP), the National Working Committee (NWC), has approved the nomination of the following party members to serve on the Vice Presidential Candidate Screening Committee for the screening/verifying of the nominated Vice Presidential Candidate of our Party for the 2023 general election,” the statement stated.

Other members of the committee, the statement listed, were Chief Osita Chidoka, Member; Rt. Hon. Binta Bello, Member; Chief Mrs. Alh. Mutiat Adedoja, Member; Rt. Hon. Austin Opara, Member; Prof. Aisha Madawaki, Member; Mrs. Ayotunde George-Ologun, Member; Chief Mrs. Chidiebelu Mofus, Member; and H.E. Fidelis Tapgun, Member.

The party said the screening exercise would hold at the National Working Committee (NWC) Hall, PDP National Secretariat, Wadata Plaza, Abuja, today, June 16, 2022. at 10am.

Deadline for the submission of presidential candidates and the vice-presidential candidates ends tomorrow, June 17, as the INEC website shuts down automatically by 6pm.

Also, deadline for the submission of governorship and state assembly candidates ended yesterday, Wednesday, June 15, while the submission for National Assembly candidates ends tomorrow, Friday June 17.

Sources close to the party informed THISDAY that the NWC will submit the names of three vice presidential nominees to Atiku for his consideration.

The three nominees were of South South and South East zones.

Africa

News

Abaribe Resigns as Minority Leader

admin — Sun, 19 Jun 2022 04:40:01 +0000

Abaribe Resigns as Minority Leader

/sites/default/files/imported_articles_images/node__121.gif

admin Sun, 06/19/2022 - 04:40

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

Abaribe Resigns as Minority Leader

Senator Enyinnaya Abaribe, representing Abia South Senatorial District has formally resigned his position as Minority Leader of the Senate.

His resignation was conveyed in a letter dated May 26th, 2022.

The letter was read by the Senate President, Ahmad Lawan, at the start of plenary yesterday.

Abaribe’s resignation as Minority Leader of the Senate, followed his defection from the Peoples Democratic Party to the All Progressives Grand Alliance (APGA).

The letter titled: “Notification of Resignation From Membership Of The Peoples Democratic Party in the Senate,” read: “This is to notify you and my dear colleagues in the Senate that I have formally resigned my membership of the Peoples Democratic Party through my ward.

“This also means my resignation as Minority Leader of the Senate.

“I wish to thank you and my dear colleagues in the Leadership of the Senate for warm camaraderie we enjoyed while I was Minority Leader.”

Nigeria

Africa

News

Police Burst Baby Factory, Rescue 35 Girls in Anambra

admin — Sun, 19 Jun 2022 04:30:01 +0000

Police Burst Baby Factory, Rescue 35 Girls in Anambra

/sites/default/files/imported_articles_images/node__12353.jpg

admin Sun, 06/19/2022 - 04:30

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

Police Burst Baby Factory, Rescue 35 Girls in Anambra

Police operatives in Anambra have rescued 35 girls from a baby factory in the Nkpor area of the South-east state.

A statement by the spokesman of the Anambra Police Command Ikenga Tochukwu said the girls were rescued during a raid in a hotel.

According to the statement, “Following a rigorous analysis of crime trends and pattern, the Command operatives on 13th June 2022, working on information burst a hotel named Gally Gally in Nkpor where they use children between the ages of 14 years and 17 years for sex slaves, prostitution and baby factory.”

“The operatives rescued, 35 girls and four of them are pregnant. The police also arrested three persons namely: Mrs. Ifeoma Uzo age ‘F’ 35yrs, Chidiebere Alaka ‘M’ 28years, and Nweke Chidiebere. We recovered three pump action guns, seven cartridges, and a cash sum of Eight hundred and seventy-seven thousand, five hundred naira (#877,500). The suspects arrested are being interrogated with a view to eliciting information on their involvement and unmasking other gang members,” he added.

He said the victims have been handed over to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for the “welfare and rehabilitation of the children.

“All suspects will be charged to court at the end of the investigations.”

However, the police image maker also called on parents and guardians to always build good relationships with their children/wards.

“This will help to guide and direct them in their activities. It will help to monitor against unforeseen issues and bad company,” he added.

Nigeria

Africa

News

All Levels of Healthcare Services Have Been Touched in Enugu, Says Commissioner

admin — Sun, 19 Jun 2022 04:30:01 +0000

All Levels of Healthcare Services Have Been Touched in Enugu, Says Commissioner

/sites/default/files/imported_articles_images/node__120.gif

admin Sun, 06/19/2022 - 04:30

Thursday, June 16, 2022

Original Publisher

THISDAYLIVE

Original Article

All Levels of Healthcare Services Have Been Touched in Enugu, Says Commissioner

The Enugu State Commissioner for Health, Dr. Emmanuel Ikechukwu Obi, yesterday, said Governor Ifeanyi Ugwuanyi administration’s commitment to providing medical facilities across all level of healthcare services in the state has yielded the desired positive results.

Dr. Obi added that the preference of Gov. Ugwuanyi’s administration to provide quality, accessible and affordable healthcare services to the people of the state including those in the rural areas remains sacrosanct.

According to the commissioner, it was in view of the determination that Gov. Ugwuanyi initiated, constructed and equipped Type-3 Healthcare Centres in various local government areas of the state to provide quality, accessible and affordable primary healthcare services to the rural dwellers, in line with his administration’s rural development policy.

Speaking when an indigene of the state and the Chief Executive Officer (CEO) of Dumaco Best Properties Limited, Sir Dave Ugwu, donated medical equipment to the Type-3 Healthcare Centre in Orba, Udenu LGA, to complement what the state government has provided in the health facility, Obi pointed out that state government has equally made positive impacts in upgrading and equipping the secondary healthcare facilities in the state.

“A lot of things have happened in the health sector of Enugu State. The equipping of general hospitals in the state, the building of specialist hospitals such as the infectious disease and isolation treatment hospital that will help to ameliorate issues at any level in the state.

“The list is endless, but there is nothing more touching than when you come down to the primary healthcare level, to the rural areas where we have the modern Type-3 hospitals like the one here at Orba, Udenu LGA, well built and equipped by Gov. Ifeanyi Ugwuanyi’s administration,” the commissioner said.

Obi, who commended the donor, Ugwu, for his patriotism and steadfastness in complementing the efforts of Gov. Ugwuanyi’s administration in providing medical equipment to the Udenu Type-3 hospital, disclosed that the primary health facility has carried out sensitive medical practices such as Caesarean section, among others.

Presenting the medical equipment such as incubator and phototherapy machine, Ugwu stated that he was compelled to donate the equipment to complement the governor’s noble achievements in the healthcare sector at the rural areas.

“I am here to support Governor Ugwuanyi’s drive to make healthcare services available to the people of the state especially those in the rural communities.

“His Excellency is doing well in the healthcare sector and other sectors in the state. These newly constructed Type-3 hospitals are in 7 LGAs and our Governor is presently constructing more of them in other LGAs. This is a good drive towards the wellbeing of our people and I am fully in support of it”, he added.

The climax of the event was the payment of medical bills of some discharged indigent nursing mothers who had Caesarean section delivery at the hospital, by the Enugu State government, following their inability to pay the bills.

Nigeria

Africa

News