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BREAKING: Pro-Wike Loyalists Make Fresh Move to Stop Rivers LG Poll, Embark on Protest

by Folarin Kehinde October 5, 2024

written by Folarin Kehinde

Loyalists of Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike, have taken to the streets to protest Governor Siminialayi Fubara’s decision to proceed with the local government elections in Rivers State, defying a Federal High Court judgment that cancelled the polls.

Leading reporters reports that the protesters comprised chieftains and members of the Peoples Democratic Party (PDP).

They demanded that Governor Fubara obey the court’s decision, citing concerns over the legitimacy of the electoral process.

In a similar move, hundreds of All Progressives Congress (APC) members gathered at the party’s secretariat in Port Harcourt, preparing to embark on a protest of their own.

It should be noted that the police on Friday announced its decision not to partake in the election.

October 5, 2024 0 comments

Headlines

JUST IN: Explosion rocks Rivers APC secretariat as LG poll holds

by Folarin Kehinde October 5, 2024

written by Folarin Kehinde

Buildings and other property were shattered in the early hours of Saturday as explosives suspected to be dynamite shattered the secretariat of the All Progressives Congress along Aba Road in Port Harcourt, Rivers State capital.

The explosion brought down the gate of the secretariat while doors, windows and other property were destroyed.

This is the second time the Chief Tony Okocha-led APC would be experiencing such an attack at its secretariat this year.

This came as the local government elections is set to hold in the state today as the Rivers State Independent Electoral Commission said on Friday that all sensitive materials have been distributed to the various local government areas.

A viral video of the incident scene seen by our correspondent showed some workers at the facilities going round to ascertain the extent of damage.

When contacted, the spokesperson for the state police command, Grace Iringe-Koko, said she had yet to get a report on it but promised to revert.

The party has yet to make a statement on the incident.

October 5, 2024 0 comments

Headlines

Tinubu bows to reps’ pressure, confers GCON on Speaker Abbas

by Folarin Kehinde October 4, 2024

written by Folarin Kehinde

President Bola Ahmed Tinubu has conferred the nation’s second highest national honour, the Grand Commander of the Order of the Niger, on the Speaker of the House of Representatives, Tajudeen Abbas.

This follows a protest by members of the lower chamber of the National Assembly.

In his 64th Independence Anniversary Speech on October 1, Tinubu had conferred the Commander of the Federal Republic( CFR) on the speaker and the deputy senate president.

But this development led to a debate in the House of Representatives on Wednesday, calling on the President to confer a higher honour on the Speaker.

In a statement on Friday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Tinubu was persuaded by the House of Representatives position and has decided to remedy the “historical error and oversight”.

“Thus, he has decided to upgrade the Speaker to GCON from CFR, in accordance with the National Order of Precedence.

“The speaker, the Senate President, other principal officers of the National Assembly and the Chief Justice of Nigeria will be formally decorated with their new honours later.”

October 4, 2024 0 comments

Headlines

World Bank Approves $500m Loan For Nigeria

by Folarin Kehinde October 4, 2024

written by Folarin Kehinde

The World Bank has given the green light to a $500 million loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) initiative to mitigate challenges of climate conditions.

World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane, announced this during a visit to the Minister of Water Resources and Sanitation on Thursday in Abuja.

Jenane said the SPIN project was approved during the World Bank’s Board meeting on September 26, adding that it was scheduled to commence in January 2025.

He added that the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.

Janane stated that the project would benefit approximately 950,000 people, including farmers and livestock breeders, emphasising the need for Nigeria to continue preparations to meet the remaining conditions for the project to be effective by the target date.

The World Bank team also provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion.

The team also gave an update on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, and stressed the importance of involving more states in the initiative.

Jenane encouraged the ministry to explore the establishment of a National WASH Fund, a key objective under the SURWASH programme’s Disbursement Linked Indicator (DLI) 1.

The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, expressed his appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.

He assured the delegation that the Nigerian government would provide the counterpart funding support to ensure the successful implementation of all World Bank-backed projects.

Utsev also emphasised the importance of completing the TRIMING Project on schedule and reaffirmed the ministry’s commitment to meeting the January 2025 deadline.

Minister of State for Water Resources and Sanitation, Dr Bello Goronyo also thanked the World Bank for its approval of the SPIN project, reiterating the ministry’s commitment to the project through collaborative efforts.

October 4, 2024 0 comments

Headlines

VIDEO: Adeboye reverses self on “no tithe-no heaven” claim, tenders apology

by Folarin Kehinde October 4, 2024

written by Folarin Kehinde

In a rare case of self reversal and demonstration of humility, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has apologised for saying anybody who does not pay tithe will not make it to heaven.

Adeboye tendered the apology on Thursday while ministering at the ongoing youth convention of the church.

While inspiring the youth to aspire to do more for the Lord, he paused in the course of the message before dropping the shocking and unexpected apology for his comments on tithe payment.

“I am sorry for saying that if you don’t pay tithe, you won’t go to heaven. That is not in the Bible. What the Bible says is: follow peace with all men and holiness without which no man will make heaven,” Pastor Adeboye said.

Alluding to his message some years ago that non-tithers would not make heaven, he said: “It is possible to be right and wrong at the same time. I will prove it to you. For years, we taught that light travels in a straight line. Later, we say it travels in waves.”

He, however, told the youth that it was wrong to have limited people to “10 per cent when some of you should be giving 20 per cent, and 30 per cent, etc.

“10 per cent should be for beginners. Giving should be done violently. If you want to be on top to control finances, you will give beyond 10 per cent,” Adeboye said in what would appear to reduce tithe payment to the discretion of the congregants.

He recalled his experience at one of the conventions of the ministry of Kenneth E Hagin in Tulsa, United States, where a man promised to give more than what the 17,000 participants at the convention gave.

He said all participants had contributed about $3.5 million for the building of the Rhema Bible College, but the man promised he would give more than what everybody contributed to the project.

Pastor Adeboye disclosed that when he asked the man the secret of his sacrificial giving lifestyle, the latter told him how he had started a business with $500 and had told God if he blessed him, he would not insult Him with 10 per cent.

According to him, five years after the man started the business, he was making a turnover of $50 million, adding that was what inspired him to give towards God’s work enormously.

“I am sorry for saying you should pay 10 per cent. If we are going to dominate, we have to give violently,” Church Times quoted Adeboye to have said.

Watch video below:

"I’m apologizing for saying If you don’t pay tithe, you won’t make it to heaven.' I’m sorry, that’s wrong, and it’s not in the Bible."

Tithing should be guided by personal revelation and a desire to connect with or activate a blessing, not something done out of compulsion. pic.twitter.com/18zbEcoFc2
— Ayemojubar (@ayemojubar) October 4, 2024

October 4, 2024 0 comments

Headlines

Tinubu exempts VAT for electric vehicles, CNG, others

by Folarin Kehinde October 4, 2024

written by Folarin Kehinde

In a bid to boost Nigeria’s energy and oil sectors, President Bola Tinubu’s administration has introduced new Value Added Tax (VAT) exemptions on critical energy products and infrastructure, alongside tax incentives for deep offshore oil and gas projects.

The announcement, made on Wednesday, revealed that Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment will now be exempt from VAT, offering significant financial relief to these sectors..

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized that these measures, known as the VAT Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, are part of a broader strategy aimed at revitalizing Nigeria’s oil and gas industry.

He added that these tax breaks are in line with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024, which aims to attract more investment to Nigeria’s energy sector and make the country a key player in global oil and gas markets.

According to a statement from the Federal Ministry of Finance, these new fiscal policies are designed to reduce the cost of living, strengthen energy security, and facilitate Nigeria’s transition to cleaner energy sources. The tax reliefs on deep offshore projects are specifically geared towards positioning Nigeria’s offshore oil basins as prime destinations for international investments.

These reforms underscore the Tinubu administration’s commitment to fostering sustainable economic growth and enhancing Nigeria’s competitive edge in the global energy landscape.

October 4, 2024 0 comments

Headlines

NNPCL Dedicates 8 Million Barrels Monthly To Offset $8.8bn Loan Repayment

by Folarin Kehinde October 4, 2024

written by Folarin Kehinde

The Nigerian National Petroleum Company Limited (NNPC) has committed 272,500 barrels per day of crude oil in exchange for loans totaling $8.86 billion through a series of crude-for-loan agreements.

This commitment translates to roughly 8.17 million barrels of oil per month dedicated to various loan deals, as revealed by an analysis of reports from the Nigeria Extractive Industries Transparency Initiative and NNPC’s financial statements.

Some of the major initiatives financed by these deals include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle.

NNPC has already repaid $2.61 billion, or 29.4% of the total loan, leaving $6.25 billion outstanding. Of the $8.86 billion facility, $6.97 billion has been received so far across seven crude-for-loan agreements.

One key project, Project Panther, is a joint venture between NNPC and Chevron Nigeria Limited, secured through international and local banks. It obtained a $1.4 billion loan backed by 23,500 barrels per day (bpd), with repayments starting after a moratorium period. Financing terms include SOFR plus a 5.5% margin and a liquidity premium.

Project Bison involved NNPC’s acquisition of a 7.25% stake in the Dangote Refinery, backed by a $1.04 billion loan from Afrexim Bank with 35,000 bpd pledged. NNPC fully repaid this loan by June 2024.

Project Eagle Export Funding consisted of three loans. The initial $935 million loan, taken in 2020 and secured by 30,000 bpd, was repaid by September 2023. A second loan of $635 million was also repaid within the same period, while the third, worth $900 million and secured by 21,000 bpd, is set for repayment starting in June 2024, with full maturity expected by 2028.

Project Yield, aimed at revamping the Port Harcourt Refinery, was financed with a $950 million loan, secured by 67,000 bpd. The loan, obtained in 2022, will begin repayment in December.

Despite this, the refinery has yet to commence production as of August, with delays persisting despite assurances from the Federal Ministry of Petroleum Resources and NNPC.

Lastly, Project Gazelle was designed to stabilize Nigeria’s foreign exchange market. In December 2023, NNPC secured a $3 billion forward sale agreement, pledging 90,000 bpd from Production Sharing Contracts. By the end of 2023, $2.25 billion had been drawn, with repayments set to begin mid-2024.

These crude-for-loan arrangements come at a time when Nigeria is grappling with efforts to boost its oil production.

October 4, 2024 0 comments

Headlines

Lagos to ban single use plastics, sachet water, others in Jan ’25

by Folarin Kehinde October 3, 2024

written by Folarin Kehinde

The Lagos State Government has announced plans to ban circulation of Single Use Plastics, such as pet bottles, sachet water, among others from January 2025 across the state.

Recall that the state government had in January 2024 banned the use of styrofoam in all government establishments and across the metropolis in general, following increasing prevalence of plastic waste and its negative effect on the environment in recent years.

Meanwhile, stakeholders in the sector have urged the state government to carryout phase implementation of the ban rather than outright enforcement for effective and efficient compliance as well as giving it human face in the present economic hardship.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, announced this on Thursday, at a stakeholders’ workshop and awareness on the implementation of the ban on usage of Styrofoam and SUPs for packaging in Lagos, held at Manufacturer Association of Nigeria, MAN HOUSE, 77 Awolowo Road, Ikeja.

Wahab, who was represented by the Special Adviser on The Environment, Olakunle Rotimi-Akodu, explained that the ban set to commence from January 2025, is part of measures by the State Government to put in place policy guidelines for plastic utility in further ensuring a sustainable management of plastic waste, healthy and safe environment.

Wahab added that the policy guideline will also be backed up with appropriate legal framework to be established through an enabling law.

He disclosed that Lagos presently generates about 13,000 tonnes of waste products monthly, with plastics making up over 60 per cent.

According to Wahab, “Plastics waste materials make up a significant proportion of solid wastes and litter the metropolis.

“It has become a highly visible part of the waste stream, PET, Styrofoam and nylon for sachet water, popularly called “pure water” commonly being used for water and beverages, take away plates and cups, carrier bags, among others.

“This development is posing environmental challenges ranging from Ecosystems degradation, Drainage clogging and flooding, Lagoon and Ocean debris with attendant harm to human resulting in high socio-economic impacts on the State.”

He stressed that effective plastic waste management is fundamental to delivery of the State government’s priority transformational agenda as laid down in Lagos State Development Plan (LSDP) and THEMES’ Plus Agenda of Governor Bababjide Sanwo-Olu, because it is a resource that can be managed to achieve economic, social and environmental benefits.

Wahab added that sustainable plastic waste management will create value from the waste stream and formalize the waste-pickers’ sector to improve livelihoods and reduce the pressure on landfill.

“It will improve the situation of the State’s drainage channels and reduce plastic pollution in the marine environment,” the commissioner stated.

October 3, 2024 0 comments

Headlines

Court Grants Ex-Taraba Governor N150 Million Naira Bail in N27 Billion Fraud Case

by Nelson Ugwuagbo October 3, 2024

written by Nelson Ugwuagbo

Former Taraba State Governor Darius Ishaku has been granted bail to the tune of N150 million by the Federal Capital Territory High Court, following allegations of N27 billion fraud brought by the Federal Government.

Justice Sylvanus Oriji presided over the case, mandating two sureties of the same amount, with one required to be a Federal Government employee holding the rank of Director.

The sureties must be residents of the Federal Capital Territory, with their addresses verified by the Court Registrar.

Furthermore, Justice Oriji imposed a travel restriction on Ishaku and his co-defendant, Bello Hero, barring them from leaving the country without court permission.

Notably, the Economic and Financial Crimes Commission (EFCC), represented by counsel Rotimi Jacobs, did not contest the bail.

This development comes after Ishaku’s arraignment by the EFCC on Monday, September 30, 2024.

October 3, 2024 0 comments

Headlines

Kastina Court Dismisses Suit Seeking Damagun’s Sack As PDP National Chair

by Nelson Ugwuagbo October 3, 2024

written by Nelson Ugwuagbo

The Katsina State High Court has dismissed a suit seeking to remove Umar Iliya Damagum as the National Chairman of the Peoples Democratic Party, PDP.

The suit, filed by Ibrahim Musa, a member of the PDP, challenged Damagum’s appointment, arguing that the replacement of former National Chairman Dr Iyorchia Ayu was unconstitutional.

Musa contended that Ayu’s successor should have been chosen from the North-Central geopolitical zone, the region where Ayu hails from.

But, Justice Abdullahi Bawa-Faskari dismissed the case, ruling that the matter falls under the internal affairs of the party.

The judge held that the matter is beyond the court’s jurisdiction.

In his ruling, he upheld the preliminary objection raised by the first and second defendants, declaring the case “not justiciable” as it pertains solely to party matters.

“The matter is not justiciable being one which falls entirely within the internal affairs of the party, and the court has no jurisdiction,” Justice Bawa-Faskari said.

October 3, 2024 0 comments

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