Month: April 2024

By Biola Lawal

Flowerbudnews:  The Economic and Financial Crimes Commission, EFCC, has arraigned a former Commissioner for Finance in Kwara State, Ademola Banu for alleged financial crimes to the tune of N1.22 Billion naira.

He was arraigned before Justice Evelyn Anyadike of the Federal High Court sitting in Ilorin on Monday over alleged money laundering and misappropriation of state funds to the tune of N1.22billion, EFCC Spokesman, Dele Oyewale disclosed in a statement on Tuesday.

The defendant was alleged to have among sundry issues conspired to divert the said sum during the administration of governor Abdulfatah Ahmed between May 2011 and May 2019 when he served as the Commissioner for Finance.

Banu was to be arraigned alongside his principal, former governor Abdulfatah on February 23, 2024, but when the case came up,  he was absent in court and had no legal representation, prompting the court to issue a bench warrant against him upon the application by counsel to the EFCC, Rotimi Jacobs, SAN.

The court,  on the said date,  took the plea of the former governor Abdulfatah on the 12-count charge preferred against him and his finance commissioner by the EFCC and adjourned till Monday, April 29, 2024, while ordering the prosecution to produce Banu for trial.

At the resumed sitting on Monday, the two defendants – Abdulfatah Ahmed and Ademola Banu, who were listed as first and second defendant in the charge, were present in court.

When the case was called, A. A. Ajibade, SAN announced appearance for Abdulfatah, Gboyega Oyewole, SAN for Banu, while the prosecution team was led by Rotimi Jacobs, SAN.

Jacobs informed the court that the second defendant who was unavailable at the last sitting when his co-traveler, Abdulfatah was arraigned, was finally in court to take his plea.

“My Lord, at the last adjournment, the first defendant (governor Abdulfatah) took his plea, but the second defendant (Banu) was not available in court that day, causing your lordship to issue a bench warrant against him”

“Following the order of the court, counsel to the second defendant called me and explained that he would produce his client before the court today, which he has done. I pray the court to allow the charge to be read to him”, he said.

In response, Banu’s counsel, Oyewole prayed the court to discharge the bench warrant earlier issued against his client, which Jacobs did not oppose.

In a short ruling, Justice Anyadike vacated the bench warrant  on the second defendant, setting the stage for his arraignment. Therefore, he was ordered to enter the dock to take his plea.

Count three of the charge reads:

“That you, ABDULFATAH AHMED (while being the Governor of Kwara State) and ADEMOLA BANU (while being the Commissioner of Finance of Kwara State), between January and December 2018 in Ilorin, within the jurisdiction of this Honourable Court, conspired between yourselves to commit an offence, to wit: conversion of the sum of N411,000,000.00 (Four Hundred and Eleven Million Naira) property of Kwara State Government meant for the provision of security in Kwara State, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud and you thereby committed an offence contrary to section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) of the same Act.”

The defendant pleaded not guilty to the charge when it was read to him.

Following his plea, Oyewole, SAN, moved a motion for the bail of his client. He prayed the court to grant the application on liberal terms citing the medical conditions of the client as reasons.

Jacobs however did not oppose the application in view of the earlier ruling.

Justice Anyadike admitted the second defendant to bail in the sum of N20million with two sureties in like sum, who must have landed property within the jurisdiction of the court. The sureties must deposit three passport photographs with the court’s registrar. The sureties must also produce evidence of payment of electricity bills for the last three months.

Furthermore, the judge ordered that the sum of N5million must be paid as bond into the litigation account of the Federal High Court by the defendant, which will be returned to him after the final determination of the case, but forfeited to the Federal Government in the event the defendant jumps bail.

The judge also ordered the defendant to deposit his international passport with the court, adding that the defendant must not travel without the permission of the court, but may apply to get it on medical grounds if the need arises.  Thereafter, the judge ordered the defendant to be remanded in the custody of the EFCC pending the perfection of his bail conditions.

The case has been adjourned to June 25 and 26, 2024 for trial. (Flowerbudnews)

President Bola Tinubu says he has signed an Executive Order to unlock about $10 billion in fresh investments in the oil and gas sector.

He said this on Tuesday at the opening of a two-day retreat on economic transformation and development organised by the House of Representatives.

Tinubu, who was represented by his Chief of Staff, Femi Gbajabiamila, said the federal government signed the consolidated guidelines for implementing Fiscal Incentives for the Oil & Gas Sector just last week.

He said the guidelines represented a cornerstone of the Presidential Directive and was also aimed at enhancing the Nigerian oil and gas sector’s global competitiveness as well stimulating economic growth.

The Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to six months.

The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects.

“All of these have the same objective – to reduce government interference with the commercial imperatives of businesses in the country so that businesses based here can be competitive and focus on their core objectives of economic growth through innovation and trade.

We will need the support of the National Assembly to fully implement some of these reforms, as statutory changes will be required in some areas.

“I am confident that when the time comes, the governing partnership we have established between the Executive and the Legislature will ensure that these changes are effected swiftly to benefit our nation.”

The president expressed appreciation to the leadership of the National Assembly for their swift action in considering and passing the Student Loans (Access to Higher Education) (Repeal and Reenactment) Act 2024.

“Your actions have substantially fortified the legal framework of the Students Tertiary Education Loan Program, ensuring its efficient implementation. These achievements are a testament to the power of our partnership and the positive impact it can have on our nation.

In a World Bank document titled “Legislative Oversight and Budgeting: A World Perspective,” Thomas Frederick Remington wrote “for legislators to effectively fulfil their roles of representation, oversight, and law-making, a certain level of cooperation between the Legislature and the Executive in policymaking is essential.

“The legislature must have the capacity to monitor the executive, and the executive, in turn, should be willing to comply with the legislative enactments

“It is not just a coincidence but a strategic advantage for our country that the governing relationship between the Executive and the Legislature perfectly reflects this ideal.

“As you know, my administration is implementing significant policy changes to reform how we govern and position our country for progress and shared prosperity for all citizens.

These reforms, while necessary and, in some cases, long overdue, are not without their challenges. I am deeply grateful for your unwavering support and understanding during these times. Your understanding and support have been invaluable, and I am confident that with our continued collaboration, we can overcome any challenges that lie ahead.

“The oil and gas industry has long been the lifeblood of our national economy. My administration is working tirelessly to change this and diversify our economy from overreliance on the production of fossil fuels. However, we are also determined to maximise revenue potential from this critical industry.

For this reason, we are pushing policies to attract investment in the oil and gas sector.

“We can only justify our collective mandate and the trust our people repose in us through constructive collaboration between the National Assembly and the Executive. This joint effort is the minimum the people who voted for us expect from us.

However, the very essence of checks and balances means there will be times when the executive and legislative prerogatives inevitably collide. Above all else, the national interest must guide our decisions in those moments.

“We share a common responsibility in shaping the future of our nation, and it is through our collaboration that we can effectively fulfil this duty

In his address, Abbas Tajudeen, the Speaker of the House of Representatives, said the House made it a deliberate decision to focus on tax reforms and modernisation as well as a review of the implementation of the Petroleum Industry Reform Act (2021) at the event.

He said the overarching objective was to discuss and identify concrete legislative strategies for economic transformation

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos.

This is coming just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

Aliko Dangote; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi; Non-Executive Director, Dangote Sugar Refinery Plc, Maryam Bashir; Non-Executive Director, Dangote Sugar Refinery Plc, Abdu Dantata; Executive Director, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; Non-Executive Director, Dangote Sugar Refinery Plc, Olakunle Alake at the Dangote Sugar Refinery Plc 18th Annual General Meeting, on Tuesday, April 30, 2024 in Lagos.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar.

According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

“Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.

During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

“The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site.

“The aim is to achieve 24,200 hectares in total by the year 2029,” he said.

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

Dangote said : “This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved.

” In the end, over $700 million investment would be committed to the Backward Integration Programme.”

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that : “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus.

“This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said : “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that : “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.

“The target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

“Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

The federal government has approved salary increase for civil servants across various consolidated salary structures.

The increase which was announced on the eve of the Workers’ Day celebration, is contained in a statement issued on Tuesday by Emmanuel Njoku, head of press, at the national salaries, incomes and wages commission (NSIWC).

The statement said the increase which is between 25 percent and 35 percent takes effect from January 1, 2024.

It added that the augmentation applies to the six remaining consolidated salary structures, namely the Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, Consolidated Police Salary Structure, Consolidated Para-military Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.

All Nigerians have a role in food security —Obasanjo

By Adewale Owoade

Former President Olusegun Obasanjo says everyone, from policy makers to consumers, has a role to ensure food security in Nigeria.

Obasanjo said this in his keynote address at an event organised by Oyo State government with the theme: “Agribusiness for Food Security Initiative”.

The event was organised in collaboration with the International Institute of Tropical Agriculture (IITA), in Ibadan.

Obasanjo, who is also an Honorary Ambassador of IITA, commended Gov. Seyi Makinde’s efforts in agribusiness in the state, adding it will play a vital role in Nigeria’s future.

He commended the efforts of women in agribusiness and encouraged them to do more as food security and nutrition would boost employment, foreign exchange and internally generated revenue.

“Everyone has a part to play in ensuring our resilience and sustainable food system, from policy makers to government agencies, seed producers to food processors, from logistics providers to retailers.

“Every point in the process is significant and that is why we are here today to look at how we can harness the potential that exist in agriculture as a business, not as a development project.

“We must join forces leveraging our collective resources to develop strategies and solutions to deploy innovation that exist in research institutes like IITA.

“The research institutes have done tremendous work, they have shown us what can be done, but any researched product that does not go into the hands of the farmer is of no use.

“That is where it is required, not in the shelves of a research organisation but in the hands of the farmers.

“The journey to all food security is a shared responsibility that demands collective action, unwavering commitment and innovative thinking,” Obasanjo said.

In his opening remarks, Gov. Makinde said that the state’s comparative advantage of arable land drives his Roadmap for Accelerated Development, to take the people from poverty to prosperity.

“It was clear that embracing agriculture was the way to go but it was also obvious that using the old method of farming would not produce the desired result.

“We need an economic solution driven by data. We need an achievable strategy powered in a new way of thinking about agriculture.

“One of the platforms set up to drive the new way of thinking about agriculture was the Oyo State Agribusiness Development Agency (OYSADA), headed by Dr Debo Akande.

“So, I will also say that Dr Akande has been instrumental in pushing the new way of practising agriculture in Oyo State and I can tell the whole world that this is yielding dividends.

“To achieve this, we will focus on partnerships to drive agribusiness, working with the private sector and development organisations,” Makinde said.

Earlier in his welcome address, the Africa Continental Director/Director General IITA, Dr Simeon Ehui, said the forum was aimed at addressing pressing issues on food security.

Moreso, to drive positive changes by leveraging major stakeholders to ensure a sustainable future for the present and next generations.

He added that collaboration, innovation and shared commitment are crucial to achieving food security, stressing that agribusiness development is necessary in the whole of Africa.

“In today’s world, the challenges facing our food systems are complex and multifaceted.

“Common change, rapid population growth and social economic disparities as it’s called needs urgent innovative solutions and collaborative action.

“The agribusiness for food security initiative is our collective response to these charges, aiming to harness the power of agribusiness and partnership to create a resilient, inclusive and thriving food system,” Ehui said.

In his presentation, the Executive Adviser to the Governor on Agribusiness, International Cooperation and Development, Dr Debo Akande, underscored the necessity of infrastructure development in achieving food security.

He said there could not be agricultural transformation without rural infrastructural transformation. (NAN) (www.nannews.ng)

By Flowerbudnews
The National Association of Nigerian Students (NANS) has rejected Plateau State University, Bokkos imposition of N7,000 restitution fee on students as unjustified and insensitive.

The President of NANS, Comrade Pedro Obi, said in a statement on Tuesday in Enugu, that the recent crisis at Plateau State University resulting in the tragic loss of one of the students had left us deeply saddened.

Obi said that in the light of this unfortunate event, the imposition of a N7,000 restitution fee by the “institution is not only insensitive but also unjustifiable.”

According to him, NANS vehemently rejects this fee and demands it is immediate withdrawal.

“It is unacceptable to burden students financially in the aftermath of such a tragic incident.

“Let it also be on record that even before the Examination, we had earlier received several distress calls from the students who were unable to pay their school fees, bringing this restitution fee again is nothing short of extortion, unacceptable and we reject same in it’s entirety.

“We stand in solidarity with the affected students and their families during this difficult time,” he said.

The NAN boss called on all students of the university to refrain from making any payment until further notice.

He noted that “NANS is actively engaging with the university management and relevant authorities to address this issue and ensure that justice is served.”

“As the apex body representing Nigerian students, NANS remains committed to advocating for the rights and welfare of students across the nation.

“We will continue to stand up against any form of injustice and oppression within our educational institutions,” he said.