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Lekki Port: Amaechi Expresses Satisfaction At Increased Pace Of Work, Urges Promoters To Double Efforts

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi has expressed his satisfaction with the increased pace of work on the construction of the Lekki Deep Sea Port.

Amaechi made this comment in Lagos on Saturday, January 22, 2022, during his inspection of the port site in Ibeju-Lekki, Lagos, in the company of top government functionaries from the Federal Ministry of Transportation and Heads of relevant agencies, including the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council (NSC).

Speaking shortly after his tour of the port site, the Minister commended the promoters on the pace of work.

He urged them to double their effort on the construction to complete the Port and start operations ahead of schedule.

“I am happy; from the last time we came here, there has been huge progress; what this shows is that when you set your mind on something, you can achieve it. The agreement was that we would commission by the last quarter of 2022, but if we double our effort on this project, we could commission by July or August, and that would be great”, he said.

Speaking during the tour, the Chief Technical Officer, Lekki Port, Mr Steven Heukelom, explained that construction work on the project is on course and as scheduled. He noted that dredging and reclamation works had reached 89.93% completion, Quay Wall 85.65% completion, Breakwater 79.66% completion, the landside infrastructure development 67.82% completion, thus bringing total works carried out on the project to approximately 80% completion stage.

Heukelom also informed the Honourable Minister that work has commenced on the marine services jetty, which the NPA will use to carry out their marine services obligation.

He commended the Acting Managing Director, Mohammed Bello-Koko, for the support and partnership in preparing the Port to start operations.

L-R: Chief Technical Officer, Lekki Port LFTZ Enterprise Limited (Lekki Port), Mr Steven Heukelom; the Chief Operating Officer, Lekki Port, Mr Laurence Smith; Honourable Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi; Acting Managing Director, Nigerian Ports Authority, Mohammed Bello-Koko and the Director Maritime Services, DMS, Federal Ministry of Transportation, Awwal Suleiman, during the Minister’s inspection of the Port site in Ibeju-Lekki, Lagos on Saturday, January 22, 2022

Mr Muhammed Bello-Koko reaffirmed the agency’s readiness to provide marine services for the Ports operations. To this end, he disclosed that NPA is procuring tug boats and other necessary infrastructure for the smooth take-off of the Port.

In his remarks, the Chief Operating Officer of Lekki Port, Laurence Smith, reaffirmed the company’s commitment to delivering the project by the fourth quarter of 2022.

He noted that the EPC Contractor, China Habour Engineering LFTZ Enterprise, is working day and night to make this commitment a reality.

Smith expressed confidence that the Port, upon completion, would be a world-class port and would become a regional distribution and transhipment hub for the African region.

Lekki Port is being developed by Tolaram and China Harbour Engineering Company. The Lagos State Government and NPA are also shareholders in the project company.

The Port is scheduled to start port operations by the end of 2022.

22 January 2022
AMCON Takes Over Ibadan Electricity Distribution Company

The Assets Management Corporation of Nigeria (AMCON) on Friday announced the takeover of the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency.

The Chief Operating Officer (COO) Engineer John Ayodele made this known in a memo to members of staff intimating them of the development, The Nation reports.

Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021, Federal High Court judgment.

He explained the government corporation has appointed a lawyer to serve in the receivership action.

He revealed that the receiver arrived on Thursday, January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

The memo reads: “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation- AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits, etc.

“On behalf of the Management, I urge us all to kindly go about the efficient discharge of

our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while I appeal that we continue to remember IBEDC in our prayers.”

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun, and Ondo as well as some parts of Ekiti and Kwara States.

22 January 2022
EXCLUSIVE: NEC Recommends N302 Per Litre Petrol Price By February

The Federal Government may increase the price of Premium Motor Spirit (PMS), better known as petrol, to N302 per litre in February 2022 as part of the recommendation of the National Economic Council (NEC) in November 2021.

TheCable understands that this is part of the government’s plan to fully deregulate the PMS prices, eliminating monthly subsidy payments with provisions to ensure fair competition in the market.

Petrol price is currently between N162 and N165 per litre in Nigeria.

The recommendations were put forward by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria. The report was presented by Nasir El-Rufai, governor of Kaduna state and head of the committee.

The committee was established last year by NEC headed by Vice-President Yemi Osinbajo to look into the dwindling revenues of states.

Other members of the committee include Godwin Obaseki, Kayode Fayemi, and David Umahi, governors of Edo, Ekiti and Ebonyi states respectively; as well as Godwin Emefiele, governor of the Central Bank of Nigeria (CBN); and Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC); Zainab Ahmed, minister of finance, budget and national planning.

In May 2021, the Nigeria Governors’ Forum (NGF) had also recommended N385 per litre — but stakeholders, including the federal government, rejected the recommendation.

The recommendation has since been reconsidered and dropped by the committee.

According to the new report, the committee recommended full deregulation of PMS prices by February 2022 — raising the price by about N130/140 per litre.

It also recommended that all retailers should post PMS prices at all times on a designated website and smartphone app — and they are expected to post price changes no earlier than within 15 minutes of the price change.

With the recommendations, the committee added that the federal government would save N250 billion per month on petrol subsidy removal.

“At current rates, the PMS subsidy is reducing transfers into the federation by about NGN 250 billion per month, and could, if PMS subsidies are not eliminated, result in deductions of NGN 3 trillion in 2022,” the committee’s resolution reads in part.

“The large-scale time-limited (6-months) cash transfer proposed as a way of transferring the subsidy “directly to the people” would cost N600 billion but would by paving the way for the elimination of PMS subsidies, enable the federation to recover N3 trillion in revenues that would otherwise go to PMS subsidies.

“If PMS subsidies are eliminated by February 2022, N250 billion in deductions would have been incurred, but the remaining N195 billion in anticipated PMS subsidy deductions could be redirected towards FGN funding of the cash-transfer programme.”

The NEC committee also recommended a market-based pricing mechanism, as another option, that would ensure petrol price ceilings at least once a month.

Meanwhile, the federation account allocation committee (FAAC) will meet on Wednesday (today) for the monthly meeting to distribute revenues between federal, state, and local governments.

At the last FAAC meeting, NNPC had said it would deduct some funds as value shortfall incurred due to differentials between the current PMS retail price and actual open market price in January 2022.

Most states are presently experiencing fiscal stress and kicking against deductions of the shortfall from FAAC remittances.

The committee further noted that NNPC has failed to keep its commitment of N120 billion per month for value shortfall at N162 per litre for petrol.

Currently, around N250 billion, it added that the development continued to shrink remittances to the FAAC and described the deductions as “arbitrarily”.

19 January 2022
LIRS Sets January 31 As Deadline For Filing Of Annual Tax Returns By Employers Of Labour

As the new year begins, Lagos State Internal Revenue Service (LIRS) has reminded businesses and employers of labour of their statutory obligation to file annual income tax returns pursuant to section 81 (2) of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

The Executive Chairman of Lagos State Internal Revenue Service, Mr. Ayodele Subair said the Act stipulates January 31, 2022 as the deadline for filing of annual income tax returns, failing which penalty accrues.

Subair urged all businesses and employers of labour resident within Lagos State to file their annual income tax returns on or before January 31, 2022, to avoid payment of penalties as well as other statutory sanctions.

The agency, in a statement signed by Monsurat Amasa, LISR Head, Corporate Communications said the only available platform for filing of annual income tax returns in Lagos State is the LIRS e-Tax portal: https://etax.lirs.net.

“The e-Tax portal is built for convenience of taxpayers, is easy, convenient and safe. All businesses and employers of labor are advised to use the e-Tax portal to file their returns.

“Taxpayer ID of all employees is compulsory for the annual income tax returns to be successful filed on the e-Tax portal. Therefore, all employees and taxable persons within the State are advised to generate a taxpayer ID (where applicable) and file their individual annual income tax returns on the e-Tax portal.

“As part of the Agency’s quest to ease compliance obligations for taxpayers, it has designated some staff at its various offices to assist taxpayers with using the e-Tax portal and other filing related issues.

For more information or any inquiries, taxpayers are enjoined to visit LISR website: www.lirs.gov.ng, follow us on our various social media platforms: @lirsgovng, email: etaxinfo@lirs.net or call the LIRS customer care hotline: 0700CALL LIRS (0700-2255-5477).

Taxpayers are advised to stay safe and adhere to all Covid-19 guidelines as stipulated by the Lagos State Government and the relevant health authorities.

18 January 2022
Borrowers’ Scheme: Buhari, Nigerian Farmers To Unveil ‘World’s Largest Rice Pyramid’ in Abuja Tuesday

The Anchor Borrowers’ Programme (ABP), an initiative of the Central Bank of Nigeria (CBN), has been described as a major agricultural breakthrough and a source of pride to the country, as rice farmers continue to count gains under the scheme.

To mark the successes recorded under the programme, particularly, in the area of rice cultivation, the Rice Farmers Association of Nigeria (RIFAN), in collaboration with the CBN, would today (Tuesday) unveil the world’s largest rice pyramid in Abuja.

President Muhammadu Buhari is expected to unveil the mega pyramid.

Other special guests expected to support the president at the event include the presidents of Benin Republic, Niger Republic, and Chad, as well as governors of Cross River, Ebonyi, Kebbi, Jigawa, Ekiti, and Sokoto states.

RIFAN stated in a publication to announce tomorrow’s programme, “RIFAN will also use the occasion to flag off its 2021 – 2022 Dry Season Farming activities and celebrate the Annual Rice Festival. RIFAN has been the major driver of the rice value chain under the ABP for the past six years. Join us in celebrating rice revolution in Nigeria.

“Let’s celebrate President Muhammadu Buhari’s initiative on food security and self-sufficiency in rice together with the Governor, CBN, Godwin Emefiele.”

Launched by Buhari in 2015, ABP is designed to assist small-scale farmers to increase the production and supply of feedstock to agro-processors with the aim of creating an ecosystem that would link out-growers (smallholders) to local processors.

The thrust of ABP is the provision of inputs in kind and cash (for farm labour) to smallholder farmers with a view to boosting the production of rice, maize, poultry, sorghum, cassava, tomatoes, cotton, palm oil, soybean, among others. The idea is to stabilise input supply to agro-processors and address the country’s negative balance of payment on food.

It is also a loan to farmers without collateral and the benefitting farmers are given farm input and cash to cultivate their farms, including the experiment on rice.

According to the structure of the ABP, a farmer who wants to repay his loan can either do so with cash or give the central bank his/her produce of same value, after which officials of CBN’s Development Finance Department would sell and recover the loan.

The programme has increased banks’ finance to the agricultural sector, enhanced capacity utilisation of agricultural firms involved in the production of identified commodities, as well as the productivity and incomes of farmers.

From an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.

Similarly, the average capacity utilisation per annum of domestic integrated rice mills has jumped to 90 per cent, from the 30 per cent that was the case in the era preceding the advent of the ABP.

Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually. The programme has also created an estimated 12.3 million direct and indirect jobs across the different value chains and food belts of the country.

Notwithstanding the disruptions caused by the COVID-19, the challenges of insecurity, among others, the Emefiele-led CBN, in collaboration with some state governments, has continued to encourage rice farmers to cultivate the crop and support the federal government’s quest for food security.

18 January 2022
Christ Embassy Floats ‘Free’ Commercial Bank In Nigeria

The Loveworld Nation, also known as Christ Embassy, has officially launched the latest commercial financial institution in town, called Parallex Bank, with a view to redefining customer experience through digital innovation.

The Parallex Bank was formerly a microfinance bank until the Central Bank of Nigeria, CBN, granted it license to go into full banking services.

The transition into a commercial bank was launched on Friday at its headquaters in Victoria Island, Lagos.

“Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services,” the bank stated on its website.

Part of the special features of the bank includes “Free debit cards, 5 Free Interbank Transfer Daily” and “No Maintenance Fees on all accounts.”

According to the bank, “It will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”

In her remark, Chairman of the Board of Directors, who is also the CEO of Loveworld Nation, Dr. Adeola Adejoke Phillips said the vision of the new bank is to be the preferred financial solution provider, not just in the country but in the world.

She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms.

She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

The bank’s overall corporate policy is determined by a six-member Board of Directors.

The Board takes decisions on policy matters aimed at meeting the company’s goals and objectives.

17 January 2022
BudgIT Uncovers 460 Duplicated Projects Worth N378.9bn in 2022 Budget

BudgIT, a civic-tech non-profit organisation, says 460 projects amounting to N378.9 billion were duplicated in the 2022 budget.

Iyanu Fatoba, communications associate at BudgIT, disclosed this in a statement.

On December 31, 2021, President Muhammadu Buhari signed the N17.13 trillion 2022 appropriation bill into law.

The presidency had submitted a proposed fiscal budget of N16.391 trillion to the national assembly, but the lawmakers later raised it to N17.127 trillion — an increase of N735.8 billion.

BudgIT said it uncovered the discrepancies after examining the 21,108 capital projects in the budget.

“Our preliminary analysis of the 21,108 capital projects in the 2022 approved budget revealed 460 duplicated projects amounting to N378.9 billion,” the statement reads.

“Recall that BudgIT observed 316 duplicated projects inserted into the 2021 FG Budget approved by NASS. ICPC verified 257 duplications, while the Budget Office confirmed the existence of only 185 duplicated projects worth N20.13bn, after which it informed the public that funds were not released for the projects in 2021.”

BudgIT also mentioned the occurrence of “inflated projects” amounting to billions of naira directly linked to the State House and the presidency.

It listed them to include N20.8 billion requested by the presidency to construct a 14-bed presidential wing at the existing State House Medical Center; N28.72 million requested for the purchase of two units of 10kg washing machine and six units of LG televisions in the State House, Lagos Liaison Office, among others.

Speaking of projects approved under ministries, departments and agencies (MDAs) that do not have the capacity to execute them, BudgIT said the National Agency for Great Green Wall (NAGGW) has N1.3 billion or 64% of its capital budget dedicated to purchasing motorcycles, street lights and other projects outside its mandate.

The organisation also raised questions on the ministry of environment which has an allocation of N67.8 million to construct “gun armories” in Cross River, Kaduna, Borno and Yobe states, even though the ministry is not a security agency.

It also said the River Basin Development Authorities (RBDA) had metamorphosed into an agency that constructs roads and supplies street lights.

“A cumulative total of N6.3billion was allocated to supplying street lights in 73 communities across the 36 states, while N14.8 billion was allocated for the construction of 219 roads across 36 states; whereas the majority of the roads are the responsibilities of state and local governments and not the federal government,” the statement reads.

Speaking on the findings, Gabriel Okeowo, BudgIT’s country director, described the duplicated projects as “loopholes for fraud”.

According to him, they are crimes against the 86 million Nigerians living below the poverty line, an injustice to hardworking taxpayers and an open mockery of countries and lending institutions that intend to lend Nigeria N6.29 trillion in 2022.

“BudgIT is currently finalising its detailed analysis of the approved FG 2022 budget which would be presented to all stakeholders in the executive and legislative arm of government as well as the general citizens,” Okeowo added.

“In the meantime, we call on the government to prioritise projects that are of utmost benefit and exercise discipline in implementing duplicated and poorly costed projects in the 2022 budget.”

BudgIT also urged Nigerians, CSOs, the private sector, the international community, and reformers to join the call for an urgent redress of the issues to ensure public funds work for all Nigerians and not for a privileged few politicians.

17 January 2022
Are Nigerians Buying Rice The Right Way?

How would you react to the question, are you buying the right rice? This question is pertinent as focus increasingly shifts to the quality and hygienic condition of rice as a guiding factor when purchasing it.

When you purchase rice, your objective is to buy healthy rice. Healthy rice is safe to consume but you need to consider a few factors. Especially when buying loose from open markets and nearby stores.

The plethora of rice brands in the market has offered consumers a variety of choices. More than the challenge of identifying the rice is to identify the right quality. Some are sold in loose form as seen in basins and loose containers while others are packaged. The form of presentation whether loose or packaged in the trade impacts negatively or positively on the quality of rice.

When rice is sold in the loose form, a lot of factors affect it negatively.

Firstly, the ageing of rice in loose form which can affect its physical and chemical properties and in turn its quality is a major consideration. Different rice brands have expiry dates which buyers of the commodities in cups, plastic containers and basins of various sizes are not aware of because it has been removed from the bags. It is therefore possible that many consumers buy rice that has expired, with the very high risk of consuming unwholesome products whose quality cannot be guaranteed and are therefore not safe for human consumption.

Another factor is the condition of the local market where rice is sold in. When sold in open market in loose form, there are very high chances of cross contamination by other food items like meat, vegetable fruits, corn etc as all items are sold near each other. The rice can be contaminated by stone, dust, husk and other foreign matters thereby impacting on the quality.

It can also be exposed to micro-organisms, rodents, insects and other disease-causing pathogens. While some of these contaminants may be removed during washing at home, not all of them may be removed. In recent times, where the scare of diseases has heightened, these factors are worth considering.

Furthermore, displaying rice in open containers that are not hygienic and on floors is very inimical to human health. In Nigeria, the World Health Organization estimates that more than 200,000 people die of food poisoning yearly from food-borne pathogens (especially Escherichia coli and Salmonella). These deaths are caused by contaminated foods through improper storage, processing, preservation, and handling.

When rice is sold loose, the consumer will be left second guessing the brand and may not be able to make informed choices. The unsuspecting consumer is also vulnerable to retailers who may want to capitalize on this to sell low quality rice for the price of high-quality rice.

Rice manufacturers take all necessary precautions to ensure quality and safety but exposure or loose rice at the market by retailers can compromise quality.

Big Bull Rice is a premium quality Parboiled rice, totally made in Nigeria. It is sortex cleaned,stone free and has a high swelling index. The production of Big Bull Rice goes through extreme measures to ensure safety. When you eat Big Bull Rice, you can be assured of the great lengths taken to ensure your health is safe.

It has been introduced in pocket friendly prices for each consumer – in packs as small as 750g and 2.25kg, so that everyone has access to quality rice without worrying about other irritants. The consumers need not worry about contamination and assured of the original Big Bull quality!

15 January 2022
Vehicle Road Worthiness Certificate Policy Not A Revenue Generation Drive -Lagos Govt

The Lagos State government has said the newly introduced ‘no-vehicle inspection, no road-worthiness’ policy is not an exercise targeted at generating money for the state.

This is as it appealed to car owners in the state to come forward with their vehicles as the cost of inspection is already inclusive in the total package they paid for the renewal of vehicle particulars.

The Director, Vehicle Inspection Service (VIS), Engr. Akin-George Fashola, said this during a radio programme as revealed in a statement issued by the state government.

He said the old format of issuing a roadworthiness certificate and then expecting the vehicle owners to bring their automobiles forward for inspection within 30 days is no longer sustainable as most people do not bring their vehicles for the said inspection once the certificate is issued.

“The referral note that we give when you come to us is just for a grace period that covers 30 days in which we expect you to have checked and fixed the vehicle. The referral note is not an automatic clearance,” the Director informed.

Fashola further explained that the Vehicle Inspection Service is ramping up its capacity to accommodate more vehicles through the 27 fully-equipped centres with 30 more underway to cover up the 57 Local Governments and Local Council Development Areas. He added that a Mobile Testing Centre is also available for companies and owners of large fleets of vehicles.

He said, “You can go to any centre within the length and breadth of the state. Even if you do your first inspection on the Mainland and you had to do your second inspection on the Island, you have no problem because they are all connected up ”

According to the Director, the existing 28 Computerised Vehicle Inspection Service centres are located in Ayobo, Oko-Oba, PWD, Lagos Island, Agric-Ishawo, Owode-Onirin, Bolade-Oshodi, Oke- Odo, Epe, Ojodu, Gbagada, Coker-Aguda, Yaba and Ajah.

Others centres are Cele, Ibeju-Lekki, Odogunyan, Oko-Afo, Badagry, Ojota, Agbowa, Alausa, Anthony, Suru-Alaba, Omorege-Alaba, LASU, UNILAG, and a Mobile Centre.

Commending motorists for their quick responses as recorded in the number of vehicle inspections conducted between Tuesday 4th and Friday 7th January, which totalled 388, Fashola solicited for higher turnout from motorists and urged them to take advantage of easy accessibility of the centres for their vehicle inspections and services.

13 January 2022
Twitter Set To Pay Tax, Establish ‘Legal Entity’ In Nigeria As Suspension Is Lifted

Social media giant Twitter has agreed to pay “applicable tax” and establish a legal entity in Nigeria in the first quarter of 2022, a senior government official said on Wednesday.

Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency, who headed the Nigerian team that negotiated with Twitter, said in a statement while announcing the lifting of the more than six-month-long suspension of the social media platform in the country.

Twitter will also appoint a “designated country representative to interface with Nigerian authorities” by 2023 and register with the Corporate Affairs Commissiion, Abdullahi said.

The platform is also expected to enroll Nigeria in its Partner Support and Law Enforcement Portals. The Law Enforcement Portal provides a channel for the law enforcement agencies to submit a report with a legal justification where it suspects that content violates Nigerian Laws.

“Twitter has agreed to act with a respectful acknowledgement of Nigerian laws and the national culture and history on which such legislation has been built and work with the FGN and the broader industry to develop a Code of Conduct in line with global best practices, applicable in almost all developed countries,” Abdullahi said.

Nigeria suspended Twitter in June 2021, days after the platform deleted a remark from Buhari’s account, provoking outcry over freedom of expression in Africa’s most populous country.

Nigerian officials defended the suspension saying Twitter was used to promote fake news and for destabilising activities, especially by separatists in the southeast.

Buhari’s government and Twitter have been in talks over a list of conditions for ending the suspension, including discussions on taxes, content, and registering locally in Nigeria.

“The issues are being addressed and I have directed that the suspension be lifted, but only if the conditions are met to allow our citizens to continue the use of the platform for business and positive engagements,” Buhari said in a speech marking Nigeria’s independence day.

13 January 2022