News

Oyo, Imo, Six Others To Receive $540m AfDB Funds For SAPZs

Published

1 year ago

February 5, 2024

Editor

Oyo, Cross River and Imo are among seven states and the Federal Capital Territory to receive the first tranche of disbursements of $540m from the African Development Bank to develop Special Agro-Industrial Processing Zones.

Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the AfDB President, Akinwumi Adesina, disclosed this on Monday when a delegation of the bank and that of the United Nations Industrial Development Organisation presented their separate reports on the status of projects being executed in Nigeria to Vice President Kashim Shettima at the Presidential Villa, Abuja.

Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, revealed details of Monday’s discourse in a statement titled, ‘AfDB set to begin disbursement of $540m SAPZs fund.’

Monday’s development comes nearly eight months after the AfDB President, Adesina, first apprised President Bola Tinubu of a $520m investment in the zones.

At a two-day summit on A New Global Financing Pact in Paris in late June 2023, Adesina had assured Tinubu that the bank would support the new administration’s economic policies in Nigeria, placing the people first in development targets.

Speaking on Monday, Oyelaran-Oyeyinka said the SAPZs, which plans to turn Nigeria’s rural landscape into economic zones of prosperity, is meant to “support inclusive and sustainable agro-industrial development in Nigeria.”

“The phase one of the project is at the point of disbursement. Kaduna, Oyo and Cross River States are all in the process of receiving disbursements and we hope that the other states can speed up their documentation so that we can fast-track these states.

“We raised $540m in catalytic funding and expect every state to find a partner to bring equity and join up with them. It is a government-enabled project but private-sector driven,” he explained further.

He also clarified that the first phase of SAPZs is being implemented in seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo and the Federal Capital Territory.

“Ogun state found a partner for the project and decided not to take the loan. We are going to distribute the loan to the other states.

“The next thing is preparation for phase two with 27 states. The demand is enormous, but we must prioritise those who move fast.

“We have set up eligibility criteria for the states and to rank them. We expect them to have a feasibility report, environmental impact study and a commitment to counterpart funding,” Oyelaran-Oyeyinka added.

On his part, VP Shettima called for immediate action, saying it is time for the government and its development partners to walk the talk.

The three states will benefit from phase one of the development of processing zones, including Oyo, Kaduna and Cross River, while others will get theirs as soon as they conclude documentation.

In another report on the visit to the Ajaokuta Steel Company Limited, as earlier commissioned by the VP, the Head of Investment and Technology Promotion Office at the UNIDO, Abimbola Wycliffe, told VP Shettima that the recovery plan for the company would include revitalising through rehabilitation, modernisation and expansion.

She said, “Single-phase turnaround for the entire plant is challenging due to heavy investments and a prolonged revenue generation timeline. Convert the integrated steel plant into strategic business units to serve as profit centers.

“Conduct opportunity studies for each SBU, focusing on incremental investments, raw material availability, labor, utilities, and market demand. Prioritize SBUs with lower investments and quicker positive cash flows (the low-hanging fruits)”.

Wycliffe called for the reinvestment of profits from each SBU in ASC to reduce the burden of incremental investment on the Nigerian economy, even as she recommended the enhancement of foreign exchange earnings and contribution to local economic development in the country

In his response, VP Shettima called for immediate action, saying all hands must be on deck to ensure that the visions of President Bola Ahmed Tinubu are delivered to the Nigerian people.

He asserted, “We have passed the age of talking; we must walk the talk. We can talk from now till eternity and it does not mean anything if there is no action and; hence, we must make this work. We just must.

“We have not seen beyond the depth of our pockets; what comes to us is more important than what comes to the generality of the people. Things must change.

“I read a book on how Korea transformed itself with no natural resources, how they started producing steel against all odds, how they went into shipbuilding, and how Hyundai, Daewoo, Samsung and Kia came about. I believe that when there is a will, there is always a way. We have to walk the talk,” the Vice President stated.

News

SEC Bans CEOs From Becoming Chairmen Without 3-year Break

Published

10 minutes ago

June 21, 2025

Editor

The Securities and Exchange Commission has issued a new directive prohibiting Chief Executive Officers and Executive Directors from immediately assuming the position of Board Chairman within the same company or group after leaving office.

A mandatory three-year “cool off period” has been introduced before such transitions can take place.

The directive is part of a wider effort to strengthen corporate governance and prevent the concentration of power in public companies and capital market operators deemed to be of significant public interest.

This was disclosed in a circular released by the Commission and signed by the management on Thursday on its website titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors.”

The SEC expressed concern over what it described as a “worrying trend of the transmutation/conversion of Independent Non-Executive Directors (INEDs) to Executive Directors, including to the position of the Chief Executive Officer.”

It warned that such practices undermine board independence.

The Circular reads,”This practice clearly erodes the neutrality of the transmuting INEDs, compromises their ability going forward to provide objective judgment and is generally antithetical to the principles which underpin independent directorship as outlined in both the National Code of Corporate Governance (NCCG) as well as the SEC Corporate Governance Guidelines (SCGG).”

As a result, the Commission has directed the immediate discontinuance of the conversion of INEDs into Executive Directors within the same company or group structure.

The new rules also introduce strict tenure limits. Directors in Capital Market Operators considered to be of significant public interest will now be limited to 10 consecutive years in the same company, and 12 years within the same group structure.

“A Chief Executive Officer or Executive Director who steps down after 10 or 12 consecutive years, as the case may be, cannot be appointed as Chairman until the expiration of a 3-year ‘cool off period’.

“The tenure of such former Chief Executive Officer and Executive Director as Chairman shall be for a maximum of 4 years and no more.”

The SEC said these changes are backed by its powers under Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025, which authorises it to set governance standards for regulated entities.

“The foregoing directives take immediate effect and compliance is mandatory. Public Companies and Capital Market Operators are therefore required to take the directives into account in their board appointments and succession planning,” the statement added.

The Commission also clarified that years already served by current officeholders will count toward the newly established tenure caps.

News

We’ve Initiated Policies, Reforms For Sustainable Health Delivery System — Edo Deputy Gov

Published

3 hours ago

June 20, 2025

Editor

Deputy Governor of Edo State, Hon. Dennis Idahosa has
said that the Senator Monday Okpebholo-led administration has initiated policies and reforms that will ensure a sustainable healthcare delivery system.

Idahosa stated this while chairing the second meeting of the state taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin.

According to statement by his Chief Press Secretary, Mr. Friday Aghedo, the meeting included the taskforce members, stakeholders, and developmental partners.

In his keynote address, the deputy governor called for societal vigilance and surveillance to help curtail the effects of the outbreak of Dengue Fever and Diphtheria.

He mentioned that the state was putting up concerted efforts at building a responsive and resilient PHC system.

He encouraged members of the taskforce to be solutions driven, as well as be an instrument of change in their quest to disseminate, enlighten and champion a result driven health process that benefits locals across the eighteen local government areas.

He noted that the plan was to make primary healthcare the most accessible form of healthcare in the state to aid better maternal and health outcomes.

Idahosa singled out and commended the Egor local government chairman, Hon. Kelvin Eguaekun, for his concerted effort to network and maintain cleanliness in his council area.

Idahosa informed the state government move to implement a reward system for local government chairmen who play critical roles in their domains by disseminating and implementing processes that showcase the benefits of a cleaner environment to drive down diseases.

Amongst chairmen who pledged to implement reached decisions at the stakeholders meeting included Hon. Haruna Mohammed of Owan East and Hon. Joy Ohonyor of Owan West.

News

What We’ve Done So Far To Curtail Ravaging Dengue Fever, Diphtheria – Edo Govt

Published

3 hours ago

June 20, 2025

Editor

Edo State government said measures have been put in place to combat the outbreak of Dengue Fever and Diphtheria.

The state Commissioner for Health, Dr. Cyril Oshiomhole, disclosed this during a meeting with the state deputy governor and taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin

He said the government has made donations of medical supplies to the University of Benin Teaching Hospital (UBTH) as part of the intervention.

Oshiomhole listed the medical supplies to include hospital beds, mattresses, oxygen cylinders, intravenous fluids, and and erythromycin, among others.

Dr. Oshiomhole also mentioned that the state received support of twenty doses of Diphtheria antitoxins from Delta state government.

“We also want to commend the UBTH, the Nigerian Centre for Disease Control (NCDC), and development partners such as UNICEF, WHO for their collaborative efforts and provision of technical support to combat the disease.

“NCDC provided the state with diphtheria antitoxins and intravenous erythromycin and other logistics.

“In addition, NCDC team is presently on ground to do a verbal autopsy of some of the current victims of the Diphtheria outbreak,” he stated.

He noted that the state is also faced with dengue fever which has led to the emphasis on the need for a cleaner environment.

Oshiomhole also reminded on Lassa fever whose outbreak can be controlled to an extent through environmental cleanliness.

The commissioner explained the reactive vaccination for teens from ages 5-14 in schools based on the outbreak of Diphtheria in six council areas of the state.

He harped on the need for contact tracing in neighborhoods and schools in order to track and vaccinate high-risk people, front liners, and high-risk personalities in society.

Earlier, Executive Secretary, Edo State Primary Health Care Development Agency (EDSPHCDA), Dr. Coulsen Oisokhai, called for collaboration with civil society organizations and development partners to strengthen relationships.

Speaking on behalf of implementing partners, Dr. Nora Eyo of the WHO harped on vaccine hesitancy as a major challenge faced in Edo State.

She pointed out the prevalence of waste dumps in residential buildings in the state as a challenge to sound health.