News

$15bn Rail Project To Connect N’Delta States Not Started Yet, Says NDDC

Published

1 year ago

April 29, 2023

Editor

The Niger Delta Development Commission has reiterated that the Memorandum of Understanding with a US-based firm, Atlanta Global Resources Inc., to build a railway network that will connect the nine states of the Niger Delta region is to commence the preliminary processes of feasibility and viability of the rail project.

This is coming on the heels of the position of the Chairman of the NDDC’s Governing Board, Lauretta Onochie, that the MoU with the US firm is “shady and illegal.”

She had alleged that the deal was signed “without her knowledge and without the authorisation or consent of the board.”

Onochie, who listed reasons the MoU was declared illegal, said the Act establishing the NDDC (Act No 6, of 2000), states that the chairman of the board is solely vested with the power to sign MoUs with any organisation.

However, the statement signed by the Commission’s Director of Corporate Affairs, Dr Ibitoye Abosede, made available to The PUNCH on Friday, partly read, “At the Public-Private Partnerships Summit which we organised in Lagos on Tuesday, April 25, 2023, we signed a Memorandum of Understanding with a United States-based firm.

“This foundational process may have been misconstrued by some persons to mean that the NDDC has signed the Engineering, Procurement and Construction contract.

“We have been inundated with enquiries over what is ordinarily one of the preliminary steps necessary for the actualisation of a partnership arrangement with the private sector.

“All we signed at the PPP Summit was a basic MoU to commence the preliminary processes of feasibility and viability of the rail project. It did not include any agreement on details.

“It is only after the preliminary studies, that the finance appraisals will be done and then the civil engineering procurements and the locomotive hardware will be considered.

“For those who may not know, Atlanta Global Resources Inc deals with financing for Industrial products, infrastructure projects, agriculture equipment, capital equipment financing etc. They came recommended by a reliable US financial institution, especially for the deployment of US-produced locomotives,” the statement added.

The NDDC added that it was aware that a partnership agreement for a massive project such as a railway network involves many international and national financial protocols.

“Obviously, many things will be involved and it comes in the mould of the NLNG train 7. Again, the ICRC and the Nigerian Railway Corporation, NRC, as well as the Ministry of Transport will be part of the negotiations. In addition, EPC contractors and hundreds of other international consultants will be involved.

“The prospects of realising the rail network are very good and we are confident that we will succeed ultimately.

“The current Board and Management of the NDDC have resolved to do things differently so as to effectively drive sustainable development in the Niger Delta region.

“To give effect to this, we decided to use the PPP model to provide alternative sources of funding for key development projects and programmes,” it further read.

The Commission urged stakeholders to give them the necessary support to ensure that they succeed in the venture.

News

Bauchi Commissioner Gifts 3 Students Cash For Prompt Resumption, Ability To Read

Published

8 hours ago

May 17, 2024

Editor

The Bauchi state Commissioner for Education, Dr Jamila Dahiru, on Thursday, gave a cash gift of N5,000 each to three Senior Secondary II students of Government Science Secondary School, Misau for their determination to succeed in Education.

Two of the students, Adamu Adamu, Mustapha and Haruna impressed the commissioner for their presence in school in the first day of resumption while Abdullahi Musa marvelled her for his reading ability and comprehension.

According to the commissioner, the gesture was to appreciate their determination to learn as well and motivate other students to emulate them.

While paying a courtesy visit to the Emir of Misau, Alh. Ahmed Sulaiman, the commissioner disclosed that the Bauchi State government was working with stakeholders from the Misau Emirate to fine-tune modalities of temporarily accommodating the students of Federal Science Technical College, Misau at its Science Secondary School Misau.

She said the college made the request in a letter to the ministry stating that the facility given to them could no longer accommodate their students population, hence the resolve to convene the stakeholders meeting to fine-tune ways of sharing the facility for the betterment of the state.

She disclosed that government science secondary school Misau, one of the best in the state in terms of befitting facilities has the capacity to accommodate up to five thousand students, but currently houses about three hundred students.

She appreciated the Emir for his continued support to programmes and policies of the government with more emphasis on the education sector.

Speaking on behalf of the Emir and other stakeholders, a retired Director with the Ministry, Muhammad Musa, expressed gratitude to the Commissioner for the honour and promised to assemble critical stakeholders from the emirate so as to arrive at an acceptable decision for the benefit of all and sundry.

News

NDIC Obtains Order To Wind Down 96 Microfinance, Mortgage Banks

Published

8 hours ago

May 17, 2024

Editor

The Nigeria Deposit Insurance Corporation has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria in May 2023.

The Managing Director, NDIC, Bello Hassa, revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos on Thursday organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.

Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”

He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.

Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”

Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.

News

JUST IN: 36 Speakers Back State Police

Published

10 hours ago

May 16, 2024

Editor

Speakers of the 36 Houses of Assembly in Nigeria on Thursday expressed support for the National Assembly’s ongoing efforts to alter the 1999 constitution to create state policing in the country.

The Speakers made their resolution known at the end of their meeting in Abuja.

The Senate and House of Representatives are currently working to amend various constitutional provisions, including those regarding state police, financial autonomy for local government, fiscal federalism, and mayoral status for the FCT.

Details shortly…