All Posts in "Day: October 14, 2020"

FEC approves $1.96bn rail contract from Kano to Niger Republic

* Okays N745.2m for another 8 forensic auditors.

* Raises PTDF hqtrs contract sum to N14bn

THE Federal Executive Council, FEC, has approved about $1.96 billion for the award of contract for the development of the proposed Kano-Jigawa-Katsina-Jibia to Maradi rail line in Niger Republic.
The Council on Wednesday, also approved the sum of N745.2 million for the procurement of additional eight Field Forensic Auditors for the forensic audit of the Niger Delta Development Commission, NDDC and another N12.088 billion Umuahia/Bende/Ohafia road with a distance of 45 kilometers.
The approval was disclosed by the Ministers of Transportation, Rotimi Amechi, Works and Housing, Babatunde Fashola, Niger Delta Affairs, Senator Godswill Akpabio and Information and Culture, Alhaji Lai Mohammed, while briefing State House correspondents at the end of the FEC virtual meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
Briefing on the rail project, the Minister of Transportation, Rotimi Amechi said that his ministry presented two memoranda that were approved by the council.
According to him, “Two memos for the Ministry of Transportation were approved by the council. The first one is the award of contract for the design, manufacture, supply, testing and commissioning of one railway crane of 150 ton capacity for emergency and recovery of rolling stocks.
“This is to sort out say situations of accident on the track. It is for a total cost of N3,049,544,000. That’s the first memo that was approved for the Ministry of Transportation.
“The second one is the award of contract for the development of the proposed Kano-Katsina-Jibia to Maradi rail line in Niger Republic and to Dutse, the capital of Jigawa, for a total cost of $1,959,744,723.71, inclusive of 7.5% VAT.”
It was gathered that the proposed rail line from Kano in Nigeria to Maradi in Niger Republic is to cover a track length of 248 kilometres and will pass through seven senatorial districts in the North.
The rail contract which was initially budgeted in the 2018 Appropriation will connect at least seven cities in Nigeria and one city in Niger Republic and is expected to start from Kano and pass through Dambatta, Kazaure, Daura, Mashi, Katsina, Jibia and terminate in Maradi, Niger Republic.
It will connect about three states of Jigawa, Kano and Katsina and when completed, would assist in the supply of crude oil from Niger Republic to the refinery being built in the border town between both countries.
The border town is close to Katsina State and a mutual agreement for the construction of the refinery was some time ago reached between Nigeria and Niger Republic.
Also briefing, the Minister of Information and Culture, Alhaji Mohammed, who briefed on behalf of the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed  said that the council approved the precocurement of 1,800 units of laptop computers for training schools and computer-based test examinations at three Nigeria Customs training schools.
He said, “On behalf of the Honourable Minister of Finance, Budget and National Planning, I want to report also that she got two of her memos approved. One is for the procurement of 1,800 units of laptop computers for training school and computer-based test examinations at three Nigeria Customs Service training schools in Gwagwalada, Lagos and Kano for a sum of N351,540,000, with a completion period of six weeks.
“The major advantage of this particular contract is that it saves the department a lot of money in hiring consultants for training and other services.
“The Minister also got another approval for N197,843,100 for the expansion of the Nigeria Customs Service’s cash management’s software in compliance with International Public Sector Accounting Standards (IPSAS). This is also going to enhance the efficiency of the Department of Customs.”
Also briefing on behalf of the Minister of State, Petroleum Resources, Timipre Sylva, Alhaji Mohammed said, “Finally, on behalf of the Minister of State for Petroleum Resources, a memo was presented today asking for approval for the augmentation of the contract for the construction of Petroleum Technology Development Fund corporate headquarters office in Abuja, for the sum of N3,773,784,399.48, therefore raising the initial approval for the contract to about N14 billion.
“However, the important thing about this particular contract is that the building has since been completed, it has since been in use and we inherited this augmentation from 2012, but since governance is a continuum, we are honouring the augmentation, but this headquarters building has been completed, the contractors have been magnanimous while all these arguments about the augmentation was going on, they were magnanimous enough to complete the project and many international conferences have been held in that building.”
The Minister of Works and Housing, Babatunde Fashola said a memorandum for the award of contract for the section two of the Ohafia/Arochukwu road at the sum of N12.088 billion.
He said, “The memorandum presented by the Ministry of Works and Housing today is for the Section two of the Ohafia to Arochukwu road. This section comprises Umuahia/Bende/Ohafia road in Abia State and it was approved for construction at N12.088 billion comprising a distance of 45 kilometers to complement Section One which was previously awarded in 2018, that is the section from Bende/Arochukwu to Ohafia which was 19.27 kilometers.
“So with this award now, the entire length of the road is now under contract with the same contractor and we hope for expeditious execution.”
The Minister of Niger Delta Affairs, Senator Akpabio said that the memo that was presented by the Ministry of Niger Delta Affairs was a concluding memo on the procurement of Field Forensic Auditors for the forensic audit of the Niger Delta Development Commission.
He said the council approved eight additional forensic field auditors at a total sum of about N745.2 million.
“This brings to the total number of field forensic auditors to 16 in addition to the earlier approved Lead Forensic Auditors, messrs Olumiluwa Bashir and Co. These people are now going to be charge of the nine states of the Niger Delta which has been divided into 16 lots.
“As I stated earlier, lots one is Ernst and Young for the headquarters. They will be undertaking the 19 years of audit and also bring out the organigram for restructuring of the NDDC for better performance in future.
“Council also considered and approved the need to attach investigative security agencies, the relevant ones to each of the team to ensure transparency and also to be sure that whatever comes out is acceptable to not just in Nigeria but to the international community.”
On his part, the Minister of Interior, Rauf Aregbesola said, “We considered in exco the award of contract for the procurement of 52 number operational Green Maria vehicle to facilitate effective operation in the Correctional Service as well as ease of movement of awaiting trial inmate from the Custodial centres 247 of them in all to about 5022 courts in Nigeria.
“This is to compliment what we have already acquired between 2016 and 2019 of about 451 Operational Green Maria vehicles. The objective is to ensure that the delay associated with trial of inmate is reduced if not eliminated.”
Patoma Admin by — October 14, 2020 in News 0
FG Arraigns Promoters of Dantata Success over N2bn Fraud

 
By Favour Nnabugwu
The Federal Government has arraigned Dantata Success and Profitable Company and their promoters before the Federal High Court in Abuja for investment fraud of over N2billion.

Those charged along with the company are Basira Ibrahim Dantata, Lawan Sanni and Gaji Ibrahim Dantata.

The defendants who were arraigned before Justice A. I Chikere of Federal High Court 3, were alleged to have between 2018 and 2019 within the jurisdiction of the court with intent to defraud about 7,250 investing public to subscribe and invest in an unregistered investment scheme amounting to over N2 billion.

According to the charge, they committed an offence contrary to Section 54 of the Investments and Securities Act 2007 and punishable under same section.

When the matter came up in court, one of the defendants Gaji Ibrahim Dantata was not available due to health reasons.

Justice Chikere thereby adjourned the matter to November 5, 2020 for plea and motion filed by the defendants.

Recall that the Securities and Exchange Commission pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019 sealed up the business premises of Dantata Success & Profitable Company (DSPC), a company that had been engaging in illegal activities in the Nigerian capital market. In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

The company was not registered or authorized by the Commission to engage in any activity in the capital markets, however it targeted and reached Nigerian investors through radio programs in the Kano area of Nigeria and collected large sums of money from investors under the guise of a “structured investment”.
The activities of the company contravene the provisions of Section 38(1) and 67(1) of the Investments and Securities Act which respectively, prohibit unregistered and unauthorized entities/persons from operating any investment business or making any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call.

The Commission also issued a warning to the public that Dantata Success & Profitable Company and any individuals representing them are not registered and therefore not entitled to provide investment advisory or services in Nigeria.

The Commission further warned the public to exercise utmost caution before deciding to subscribe to investment schemes and to always confirm the registration status of any company or individual and the products they are offering before entering into any transaction with them.
Patoma Admin by — October 14, 2020 in Metro 0
NCRIB, NAIPCO tighten knot on market development

L- Financial Secretary, the National Association of Insurance and Pension Correspondents(NAIPCO), Mr. Mathew Otoijagha; General Secretary, NAIPCO, Mr. Zaka Khaliq; Honourary Treasurer, the Nigerian Council of Registered Insurance Brokers(NCRIB), Mr. Wale Oshodi; PRO, NAIPCO, Mrs. Amaka Obiefuna; Vice President, NCRIB,  Mr. Tunde Oguntade; the President, NCRIB, Mrs. Bola Onigbogi; the Chairman, NAIPCO, Mr. Chuks Okonta; Vice Chairman, NAIPCO, Ms. Ngozi Onyeakusi; Assistant Executive Secretary(AGS), NCRIB, Mr. Tope Adaramola and the Executive Secretary, NCRIB, Mr. Fatai Adegbenro; at a courtesy visit of the executives of NAIPCO to the executives of NCRIB at NCRIB Secretariat in Yaba, Lagos yesterday.

Patoma Admin by — October 14, 2020 in Industry, Trade & Investment 0
Nigerians in informal sector charged to enrol in micro pension scheme

 
By Favour Nnabugwu
Nigerians in the informal sector have been urged to enrol into the Micro-Pension Scheme of National Pension Commission, PenCom to guarantee a fulfilled retired life
He assured that the current Micro Pension scheme of PENCOM under the leadership of Hajiya Aisha Umar is well structured to deliver valuable benefits to citizens in the informal sector.
Comrade Adams Otakwu, chairperson of  Conference of Civil Society of Nigeria while addressing journalists in Abuja on Wednesday, urge youths, artisans, small and medium scale  urged them to take advantage of the scheme to save for the raining day.
“We commend the effective and robust regulation of the Nigerian pension industry in the last four years, as well as the uncommon drive by the National Pension Commission under Aisha Umar and the PENCOM management team to boost micro pension in Nigeria.
“We note the commitment of the current management of PENCOM to reinvigorate micro-pension education at the grassroots across Nigeria, that will have exponential impact on micro economic growth in the country
“We note further that over 60 per cent of citizens in the informal sector who are unawares or ill-informed on the micro-pension are currently being targeted for enlightenment by the Micro Pension Scheme of PENCOM.”
He noted that a good number of players in the  informal sector are willing to enroll in the Micro-Pension Scheme, adding, “we see a visible determination by the National Pension Commission under her current management to scale up sensitization on the benefits, essence and impact of Micro-Pension as remedy for old age miseries.”
Otakwu expressed the readiness of civil society organizations to scale up awareness on the importance of enrolling in the scheme.
“We call on Nigerian youths, artisans, small and medium scale entrepreneurs, and members of the informal sector to enrol en-mass in the Micro-Pension Scheme of PENCOM in order to ensure befitting retirement and old age lives.
“Beyond the ongoing prospect and success of the Micro-Pension Scheme by PENCOM under Aisha Umar and her management team, we have seen growth in pension assets, timely payment of retirement benefits and rapid enhancement of social safety net stimulated through the pension industry,” he said.
Patoma Admin by — October 14, 2020 in News 0
S&P warns reinsurers, primary insurers against IFRS 17

S&P Global Ratings has warned that reinsurers and primary insurers to brace themselves for hurdles in the transition to International Financial Reporting Standards (IFRS) 17.

The implementation of IFRS 17 takes effect from 1 January 2023, and S&P explained that it requires insurers and reinsurers globally, excluding those based in the US, to restate their balance-sheet comparatives with new key metrics.

The ratings agency said that in June 2020, the International Accounting Standards Board published its final amendments to IFRS 17, addressing issues for primary insurers regarding their purchase of reinsurance. According to S&P, these amendments dissolved some significant accounting mismatches between market value assets and book value liabilities, which would have created risks for reinsurers.

“Despite this improvement, we believe the transition to IFRS 17 is a major challenge for reinsurers and users of their financial reporting. Reinsurers are likely to be up against technical accounting challenges. They’ll also have to develop new key performance indicators (KPIs) and bring important stakeholders, both internal and external, up to speed. Furthermore, although we expect pending updates to GAAP will somewhat improve the comparability between those standards and IFRS 17, differences will remain,” warned S&P.

The agency added that the new KPIs could affect reinsurers’ risk appetite and bring about shifts in business and financial strategies that could, in the long term, have a ratings impact.

Patoma Admin by — October 14, 2020 in Industry, Trade & Investment 0
Nigeria Re: Akinsola Ale, new Managing Director/CEO

Akinsola Ale has been appointed Managing Director/CEO of Nigeria Reinsurance Corporation (Nigeria Re). This decision was endorsed by the National Insurance Commission (NAICOM) on 31 August 2020.

A graduate of the University of Lagos and the Chartered Insurance Institute in London, A. Ale brings over 30 years of professional experience in the insurance industry and beyond.

Prior to his appointment, A. Ale acted as Executive Director of Technical Services at Nicon Insurance Limited.

Patoma Admin by — October 14, 2020 in Insurance 0
Corp member donates 1m sanitary to 4 Area Councils in FCT

A Corp member identified as Nwokolo Chibuikem Prince has donated one million sanitary pads to four area councils in the Federal Capital Territory, FCT.
The are council he donated to are; Kuchibuyi Village in Bwari Area Council:  Anguwan Dio Tunga Maje Village in Gwagwalada Area Council:  Sheda Galadima Village in Kwali Area Council and Chikuku village in Kuje Area Council.
Nwokolo is a Corp member who came up with a personal project titled, ‘Donate a sanitary pad and save a girl child across FCT Area Councils’ is passionate about educating young girls on the need and necessity to always use a sanitary pad during menstruation to promote a personal hygienes.
With FCT Code: Fc/19c/0637 and Nysc Call Up Number: NYSC/CRU/2019/297763, Batch C Stream 1, a graduate of Cross River University Of Technology Calabar.
He said during the donation,  “Sanitary pads should be a right for every female child across FCT Area Councils and Nigeria at large and to a privilege to them. No woman should suffer the indignity of choosing between eating or buying a sanitary pad”.
“Too many young girls out their across FCT Area Council, still finds it so difficult to use a sanitary pad during menstruation at the unhealthy state of the nation in this COVID-19 pandemic, more emphasis effort should be put in place on ensuring that the female child in the rural part of the federal capital territory gain access to sanitary pads during menstruation not just a hand sanitizer and face mask campaign”.
He stated, “Most young girls still practice the use of cloths and papers; some don’t even use any of them during their monthly cycle which is unhealthy to them as an individual and the community at large”.
He affirmed, “A girl child is part of a society and deserves a right to good health and personal hygiene. Donate a pad today a save on girl child across Federal Capital Territory Abuja. Long live Nigeria; long live NYSC, long live to a Girl Child.”
Patoma Admin by — October 14, 2020 in Metro 0