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Business & Economy

Nigeria President Authorizes Resumption of Oil Search Near Lake Chad 

By Abdulkareem Haruna

On Tuesday, May 23, President Muhammadu Buhari authorized the resumption of oil search in Borno state, around the shores of Lake Chad. 

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director Mele Kyari announced the resumption of oil exploration at the Wadi B prospecting site in the Jere local government area at an elaborate event.

Wadi B is situated in Tuba village, approximately 45 kilometers away from the capital of Borno state, Maiduguri. However, the location falls within the areas still threatened by Boko Haram terrorists. To ensure the safety of officials visiting the exploration site, armed personnel escorted them while soldiers lined up the route.

The exploration of crude oil and gas on the Nigerian side of Lake Chad began in 1976 but was suspended in 1995 due to the discovery of insignificant hydrocarbon deposits. 

With this resumption, the government aims to increase the country’s oil reserves and production capacity potentially.

The exploration was revisited in 2004 and carried on by successive governments until July 25, 2017, when it was suspended again after members of Boko Haram attacked a group of geologists working for the NNPC. Tuba village is located where Boko Haram terrorists have been attacking and kidnapping local farmers and wood fetchers for ransom.

According to Kyari, NNPC resumes exploration at Wadi B after thoroughly revisiting all the frontier basins using an updated approach. This approach helped them comprehend the rift system that led to successful crude oil exploration in Bauchi/Gombe states’ Kolmani area and Nasarawa state. The NNPC Group Managing Director expressed optimism that the same approach would result in the discovery of oil and gas in commercial quantities in the Lake Chad Basin.

Mele Kyari, the NNPC Group Managing Director, highlighted the use of new technologies in improving their knowledge of the geological structure of the Chad Basin. 

President Buhari virtually declaring the resumption of oil prospecting at Wadi B.

He expressed confidence in the success of this exploration campaign, which would increase Nigeria’s crude oil reserves and create opportunities for the country. Kyari emphasized the significance of oil and gas in Nigeria’s prosperity and energy security, stating that they will continue to play a crucial role in the country’s energy future. 

He also pointed out that the Sahara desert’s movement at half a kilometer per year puts pressure on the ecosystem, making oil and gas a significant resource for alternative energy solutions.

President Muhammadu Buhari expressed his optimism for a successful drilling campaign in the Basin, which he said will be achieved through the “collaborative efforts of NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission, the government, security agencies, and other stakeholders, including the people and government of Borno state.” His recorded speech was played at the venue.

The President congratulated the board, management, and staff of NNPC Limited for their determination and efforts towards developing the hydrocarbon potentials of Nigeria’s frontier business, leading to today’s momentous event. He also thanked the government and people of Borno state for their support and efforts towards ensuring the successful resumption of drilling campaigns in the Chad basin.

The monarch of Borno state, Abubakar Garbai Elkanemi, expressed his happiness and optimism regarding the ongoing oil exploration efforts in the region, despite the prevalent insecurity in the Lake Chad Basin. He expressed gratitude for the opportunity to explore oil, stating that it is now becoming a reality compared to the past.

Elkanemi highlighted the rich history of Borno state spanning over a thousand years, and emphasized that the discovery of oil would significantly improve the state’s statutory allocation and place it on par with other oil-rich states. Furthermore, he believes exploration could help bridge the gap in Western education and create job opportunities for your theorem, who currently face limited prospects.

Elkanemi also emphasized that the discovery of oil and gas in the state would enhance critical infrastructure, particularly roads, which have been a top priority need for the state. 

Additionally, he acknowledged that the power supply, affected by regional insecurity, would be reduced when Borno became an oil-rich state.

The monarch acknowledged that insecurity is not a problem limited to Borno state alone. However, he remarked that communities in Borno are no longer under the complete control of Boko Haram, as was the case in the past. He emphasized the need to continue exploring for oil despite the security challenges and not allow them to impede progress.

Meanwhile, the state governor, Babagana Zulum, expressed a more optimistic outlook on discovering oil in the region. He confidently declared that he believes the state will become an oil-producing state before his tenure ends in 2027.

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Business & Economy Politics

Naira Note: Why Buhari Is More Corrupt, May End Up Like IBB – CSO

A Civil Society Organization, Journalists  for Open Government & Inclusion (JOGI)  has said that the refusal of the federal government of Nigeria to obey the recent Supreme Court ruling on the new naira note swap exposes the depth of corruption in the person of President Muhammadu Buhari.

“In case Mr President did not know, the worst form of corruption is the disobedience to court orders,” Comrade YAQOUB POPOOLA, the executive director of JOGI, said in a terse press statement release to the media.

“Again, any government that initiates a policy without a proper implementation plan and strategy also indulges in corruption. 

JOGI’s statement called on the the President Buhari “to act as a true statesman and obey the Supreme Court verdict on Currency Swap Policy.”

The group cautioned that the growing bitterness in the land due to the currency scarcity could snowball into civil unrest “unless the government acts responsibly.” 

Comrade Popoola  said, “it was quite unfortunate that a government that is  still battling with poverty and  insecurity could allow the nation slide into chaos due to needless, irresponsible, and Ill-conceived policy.”

JOGI advised the  President to direct the governor of the Central Bank of Nigeria( CBN) to “respect the Supreme Court verdict and allow the old and new currency to float side by side in the open market.” 

“With the untidy manner in which President Buhari is handling the delicate matter, it is obvious now that Buhari is pursuing a hidden agenda at the detriment of the nation’s wellbeing. 

“As we speak, most Banks in the country have been shut down due to fear of being attacked by angry residents, and President Buhari still finds it convenient to dish out insane directives. ” 

JOGI further warned that Buhari’s government might end up like the inglorious regime of former troops President Ibrahim Badamosi Babangida, which annulled the most accessible and fairest Presidential poll in the history of Nigeria.

“It is also clear that Buhari and his voodoo economic advisers are working in cahoots with anti-democratic elements in the country to truncate the  Presidential poll.

“How on earth would a government deny the people access to their legitimate earnings and expect them not to be vulnerable to vote- trading during elections?

“When you deliberately impoverished the people ,you are making them vulnerable to all forms of abuse .This is pure madness! 

“Today, the only thing Nigerians and the world remember about the eight-year regime of IBB is the annulment of the June 12, 1993, General Election. 

“With the untidy manner the CBN is going about implementing its  naive policy, the level of vote-trading in the General Election would be unimaginable.

Since the wake of this crazy policy, many lives have been lost while many public infrastructures, including Commercial Banks,  have also been destroyed. Angry  Nigerians are beginning to regroup to launch massive civil unrest, and a government supposedly planning peaceful and credible elections for Nigerians is not seeing the handwriting on the wall. 

“The truth of the matter is that the CBN under the headship of Emefiele is grossly incompetent to carry out any real economic reform or fight corruption since itself, a harbinger of bribery.

“If we may ask, how were the new notes found their way into the hands of hawkers even when they were not available in the  Banks? It is simple logic   Emefiele who could not stop his men from corruption, and sharp practices cannot lead any genuine anti-corruption  war in Nigeria.” Enough of this madness. 

“As a group committed to excellent and open governance, we want to use this medium to admonish Nigerians to remain calm, even in the face of this naked provocation from the sitting President. We must not play into the hands of anti-democratic forces. May Nigeria succeed.

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Business & Economy Politics

#NewNairaNotes: “I Authorised Change of Naira Notes To Punish Money-Bag Politicians” – Buhari

President of Nigeria, Muhammadu Buhari, minced no words in explaining why he authorized currency swap some few months before the general elections. To deal with rich politicians who wanted to use raw cash to win the next election.

His action was a vendetta against those who denied him the advantage of using his office to install a notherner as his successor.

Mr. Buhari lost his bid to install senate President Ahmed Lawan as the APC presidential candidate and Rotimi Amaechi as the running mate.

Tinubu Bola Ahmed won the APC presidential primaries using his influence as a popular politician and his money as a rich man to get the ticket.

The naira note swap was meant to deny politicians from using money to win 2023. A policy that has almost squandered what remained of the APC goodwill among Nigerians.

Many Nigerians have died, and many are starving because of the Naira swap. Bankers are attacked; banks have been burnt and citizens have taken to the street to protest the unfriendly policy. Children can not go to school; workers have to trek long distances to work because drivers won’t take old notes, and they won’t accept the transfer of funds because the networks have clogged.

Addressing the matter for the first time, the president said he is happy that the money in circulation is back into the banking system and the politicians are suffering to campaign without cash – a system that brought him to power.

He said his greatest accomplishment was that he had denied those who want to succeed him access to cash for vote buying.

“I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics,” he said.

“This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.”

The president said this in a nationwide broadcast. Read his speech:

My Dear Compatriots,

​I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

2.​Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

3.​Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4.​In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

5.​For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

6.​In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

7.​Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

8.​Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

9.​I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

10.​This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11.​I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

12.​To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

13.​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

14.​During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

15.​I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

  1. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

17.​In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

18.​Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

19.​Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

20.​I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

21.Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

22.This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.

23.​I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

24.​I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria.

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Business & Economy News Uncategorized

Nigeria’s Former Presidents, Heads of Government Give Stern Order To CBN On #NairaNote

The Nigerian National Council of State (NCS) has ordered the Central Bank of Nigeria (CBN) to take urgent steps to arrest the scarcity of cash across the nation.

CBN Governor Godwin Emefiele was advised to make new naira notes available or re-circulate old naira notes to ease the suffering of Nigerians.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami who was escorted. by Governors Babajide Sanwo-Olu (Lagos) and Darius Ishaku (Taraba) briefed State House Reporters on outcomes of the meeting. 

AG Malami told journalists that two major issues were deliberated upon at the meeting.

He said the NCS deliberated on the level of preparedness for the general elections. The Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, and the Inspector-General of Police (IGP), Alkali Baba, assured the nation’s leaders of sufficient readiness to conduct a hhitch-freepoll for nation.

On the new monetary policy, including the re-designing of some denominations of the naira, which evoked reactions, the Council concluded that the CBN should do more to ensure there is circulation of sufficient cash in the system to relieve the unnecessary pains people have so far gone through because of the policy. 

“So by way of conclusion, the two major resolutions that were driven, arriving from the deliberations of the Council, are one that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions,” Malami said.

“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system,” he said.

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Borno CSO Breaks Silence on New Naira Notes Suggests Way Out

Orginal by The Humanitarian Times

The Network of Civil Society organizations in Borno state, (NECSOB) has added its voice to the widespread condemnation that trails the #NewNairaNote controversy in the country.

NECSOB said though currency redesign is a common occurene glibally, Nigeria’s version is “wrongly timed and ill-preparedness on the part of the authorities.

In view of that, the civil society body find it imperative to make the follwing recommendations as a way out the nasty situation.

Members of the public should as a matter of necessity embraces the new development and devices every legal means necessary that will facilitate their transaction.

All commercial centers and public service providers (such as hospitals…) should as a matter of urgency create online payment platforms and POS devices to ease people’s hardship.

Security operative (DSS,EFCC…) should intensify in bringing sanity into these currency related crimes.

CBN should also make available to the public the daily allocations to commercial Bank branches in every state for accountability.

Network Providers should also try and upgrade their services to accommodate the abrupt pressure on these facilities.

Commercial Banks should also upgrade their servers to enable for smooth online transactions.

We also called on POS operators to deceased from illegal transactions that is exploiting unsuspected members of the public.

All filling stations should be compliant with the new cashless policy by providing e-payment devices across their dispensing pumps.

The general public are enjoined to remain Law abiding and carryout their activities within the provisions of the law.

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Buhari Approves New Deadline on Old Naira Notes Hours After Meeting With Tinubu

The Central Bank of Nigeria (CBN) has extended the Jan. 31 deadline for exchanging old naira notes by extra ten days.

This CBN Governor, Godwin Emefiele, said a new deadline of February 10, 2023, was approved on Sunday by President Muhammadu Buhari, who was in Daura, Katsina State.

Mr. Buhari made the decision shortly after a closed doors meeting with the All Progressives Congress (APC) Presidential candidate, Bola Tinubu, who visited him in Daura on Saturday.

Mr Tinubu had on Wednesday during a campaign rally in Southwest Nigeria that the issues of naira change and fuel scarcity in the country could be a policy targeted against his chances of winning the February 25 Presidential election. A statement his media team said was mistaken as an affront on the administration of Buhari.

Emefiele was summoned to Daura on Sunday morning to a closed-door meeting with the Buhari from where he received the approval to extend by ten days.

The CBN Governor said the ten days window provides opportunity for Nigerians who are yet to change their old Naira notes to new ones to “now do so”.

“This in an opportunity that people must utilise, because the deadline will not be extended again,” he said.

Nigeria government had I’m November 2022 unveiled the redesigned notes of N200, N500 and N1,000 denominations and said the existing ones cease to be legal tender by January, 31,2023.

Weeks to the end of the deadline, tension mounted across the country as citizens panicked while traders began to reject the old notes in fear of rumours that banks have no adequate new notes for everyone.

The National Assembly had to sit in a joint session to call for many months’ extension, especially as Nigerians lament that most Automated Teller Machines (ATMs) across the country were still handing out the old Naira notes. Many fuel stations had to stop operation to avert the situation of collecting old naira notes, thereby causing artificial petrol scarcity.

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Nigeria Government Quietly Approves ₦‎185 As New Petrol Pump Price 

A yet to be substantiated report, but already published by credible mainstream media, claims that the Federal Government of Nigeria may have “quietly” approved ₦185 as the new petrol pump price per liter.

The Guardian newspaper said it had received exclusive information that “the approved pump price was communicated to significant marketers in a memo early Friday, Jan. 13, 2023. 

Media reports claim that “fuel stations in Lagos have started adjusting their pump price to the approved ₦‎185 per liter.

Bay-6 News Online can report that the new price regime for petrol pump prices came after months of heightened scarcity and product sales beyond the general cost, especially in the northern part of the country. 

Though the scarcity has been felt nationwide since November of 2022, the northeast has battled with queues and lack of fuel since the beginning of 2022. 

In Borno and Yobe states, for example, fuel was sold between ₦250 and ₦310,until now, even though the official pump price was N165.

This news gathered that some significant marketers known for selling at the official rate of ₦165 were forced to jerk up their pump price to ₦200 per liter due to the austere economy. But the ₦‎200 per liter is still below the rate sold at the independent markets. 

It is expected that in the coming days, marketers will begin to adjust their pumps by next week. 

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Yobe Traders to Pay 35% Less on Shops in 5 Newly Commissioned Ultramodern Markets – Gov. Buni

First Published by The Humanitarian Times

It’s yet another happy moment for the people of Yobe state, Northeast Nigeria, when the state Governor, Mai Mala Buni, announced a 35 per cent discount for renting the shops in each of the five newly completed market complexes across the state.

The five markets located in Damaturu, Potiskum, Geidam, Gashua and Nguru have a total of 2500 shops built at the cost of 12.8 billion nairas.

The governor said making renting of the shop affordable will ease the cost of businesses and increase productivity among local traders.

Unveiling the subsidized rents on shops at a brief ceremony held on Wednesday in Damaturu, the governor said, “the 35 per cent subsidy followed the initially approved annual rents on shops, as recommended in the report of the Committee on the allocation of shops to traders and other businessmen and women in the state.”

“Their business could also thrive competitively at the completed five markets across the state,” he noted.

“The ground floor Prime View Double (PVD) shop, with an initial price of N468,000 rent per annum, is now reduced to N304, 200.

“The ground floor Prime View Single (PVS), initially at N390 000, is now to be rented out at N253, 500 a year.”

Besides, he added that the ground floor prime view with two faces to earn N442, 000 is now to be rented at N287, 300.00 per annum, while the ground floor shops and other doubles for N390, 000.00 is reduced to N253, 500.

“The ground floor single shops initially with an annual rent of N325 000 will now be slashed to N211, 250, while the ground floor shops with two faces are to attract N253, 500, as against the initial price of N390, 000.

For the shops upstairs, the governor disclosed that PVD had been reduced to N253, 500.00, as against the former rate of N390, 000 per annum.

The upstairs PVS will now cost N211, 250 against the initial fixed rent of N325, 000.

The upstairs prime view, with two faces, will attract an annual rent of N236, 600, while the upstairs others double is pegged at N169, 000.

Traders are to rent the upstairs single at N152, 100.

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