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President Buhari Diversifying Economy From Over-dependence On Oil, Gas – Says Ngige

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Dr Evelyn Ngige, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, has said that President Muhammadu Buhari-led administration was trying to diversify Nigeria’s economy from over-dependence on oil and gas.

Ngige stated this in Bauchi on Monday, during the opening ceremony of the 14th meeting of the National Council on Industry, Trade and Investment.

According to her, the meeting could not have come in a better time than now when all efforts are being made by the federal government to further fortify the economy by devising means to diversify it from its present overdependence on the oil and gas sector.

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She said, the National Council on Industry, Trade and Investment is the highest Policy Advisory Body in the sector, under the Chairmanship of the Honourable Minister of State of Industry, Trade and Investment, Mariam Katagum.

The Permanent Secretary explained that the main purpose of the Council meeting was to brainstorm, strategise, deliberate and recommend policies and programmes aimed at addressing challenges facing the sector.

“Today, major economies, particularly in the developed world are driven by the industry, trade and investment sectors.

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“We must therefore redouble our efforts towards turning our industry, trade and investment sectors into the main engine of growth of the national economy for the common prosperity of all Nigerians.

“It is important to note that decisions reached by the Council will be escalated for the consideration of the Federal Executive Council, after which the implementation of the decisions will be coordinated by the Federal Ministry of Industry, Trade and Investment.

“In the next two days, our job here as technical officials will be to deliberate on all the Memoranda received and recommend appropriate decisions for presentation and consideration by the Ministerial Council on Thursday, 10th November 2022,” she said.

Ngige, who revealed that the council had received over 70 memoranda from various Ministries, Department and Agencies (MDAs) for deliberations and consideration, urged the stakeholders to thoroughly examine them for appropriate recommendations.

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She said these recommendations would further strengthen the sector to deliver economic growth and development through industrialisation and increase investment in the local economy for employment generation and wealth creation.

In her address, Hajiya Zainab Takko, Bauchi state Commissioner for Commerce and Industry, said that the National Council meeting was a very important forum where far-reaching decisions pertaining to the industrial growth and development of the Country were discussed.

She added that it is a forum where workable solutions are proffered to move the nation towards economic independence and self-reliance in both the public and private domains of the economy.

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The commissioner further said that Bauchi state had keyed into numerous federal government Programmes and initiatives bordering on Commerce, Industry and Investment.

The Five-day meeting was organised by the Federal Ministry of Industry Trade and Investment (FMITI) in collaboration with the Bauchi state Ministry of Commerce and Industry.

The theme of the meeting is ‘Strengthening Industry, Trade and Investment sector in promoting development in the country’.

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Nigerian Army Hands Over Rescued Chibok Girl, 3 Children To Borno Govt

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The Nigerian Army has handed over Lydia Simon, the rescued Chibok schoolgirl and her three children to the Borno State government for reunification with her family.

The theatre commander, North-East Joint Task Force, Operation Hadin Kai, Maj. Gen. Waidi Shuaibu, made this known at the handing over ceremony at the Maimalari Cantonment, on Thursday in Maiduguri.

According to him, troops of the 82 Division Task Force Battalion rescued the six-month-old pregnant lady alongside her three children on Wednesday April 17, in Gwoza Local Government Area of the state.

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He said that she was the number 18 among the girls that were rescued by the Nigerian military.

Shuaibu explained that the abduction of the Chibok school girls in 2014, made both national and international headlines which culminated in the hashtag, “bring back our girls. ”

The commander added that several efforts have been made both internationally and nationally to return the girls safely and reunite them with their families.

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“One of such national efforts is the conduct of military operations deep within the terrorists’ enclaves which have yielded positive results to facilitate rescue of some of the Chibok girls.

“Starting from Esther Marcus, who appears on serial 103 on the abducted Chibok school girls’ list, who was the first to be rescued by troops of 7 Division Gar, till now efforts are still ongoing.

“Just recently on April 17, one more Chibok girl was rescued with her three children from the Mandara mountain by troops of the theatre,” he said.

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Alleged Fraud: Court Admits Bundles Of Documents As Evidence Against Emefiele

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The trial of the former Central Bank of Nigeria, CBN Governor, Godwin Emefiele, charged with abuse of office and alleged $4.5 billion and N2.8 billion fraud continued on Thursday with the Economic and Financial Crimes Commission, EFCC, tendering bundles of documents before the court.

The bundles of documents were tendered by the EFCC counsel, Rotimi Oyedepo, through the third prosecution witness, Clement Ngolu, a compliance officer with Zenith Bank.

The documents were admitted as evidence following no objections from the first defence counsel, Olalekan Ojo and the second defence counsel, Adeyinka Kotoye.

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The News Agency of Nigeria reports that Justice Rahman Oshodi admitted the original copies of the Zenith Bank account opening package and statement of account of Limelight Multidimensional Services Ltd. sent to the EFCC as evidence.

“I have read the documents dated March 2024, and I admit the original certified copy of the bundles of documents, which include account opening package and statement of accounts, into evidence and are marked as Exhibit A,” Oshodi said.

Ngolu, in his evidence, said his department responded to regulators and law enforcement agencies to ensure that bank activities were in line with banking policies and regulations.

He further stated that his department worked with agencies such as EFCC, Nigeria Police, ICPC, and NSCDC.

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The witness said that his department in 2014 got a request from the EFCC to furnish them with statements of accounts for Limelight and two other accounts.

“The documents we sent to the EFCC were duly signed by the staff of the bank. The process of generating the statement was done through our computer system, which was in good condition.

“The documents were printed out from the company’s computer, which was working well and the documents were in the bank’s custody,” the witness said.

The defence, however, said they had no question for the witness.

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Also, a former Director of Information Technology of CBN, Mr John Ayoh, in the continuation of his cross-examination, said he had a confrontation with Emefiele because he asked him to do something wrong.

The witness, who further confirmed that he was sidelined by the embattled governor, added that his being sidelined made him not have any relationship with him.

“I was not happy being unpopular with the former CBN governor but on a number of occasions, I signed contract letters to vendors,” he said.

The fourth witness, a contractor, testified before the court that he was allegedly pressured by the apex bank management to pay $600,000 for the contract that he had executed.

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Ex-Rep Drags Wabote To EFCC Over Disbursement Of Funds For NCDMB Projects In Bayelsa

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A former member of the Federal House of Representative from Bayelsa State, Isreal Sunny-Goli, has filed a petition before the Economic and Financial Crime Commission, EFCC, over the need for a thorough investigation into the controversies surrounding the payment of $35 million for projects in the state.

The projects includes the Brass Fertilizer and Petrochemical Company Limited, the Atlantic International Refinery & Petrochemical Limited, as well as the Brass Petroleum Product Terminal Limited.

Recall that recently the House of Representative Committee on Local Content, led by its chairman, Boma Goodhead, launched a probe into the alleged payment of the sum of $35 million, with 40 per cent equity, to a company with a registration value of N10 million.

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During the probe, the Committee accused the former management team of the Nigerian Content and Development Monitoring Board, NCDMB, headed by erstwhile Executive Secretary, Simbi Wabote, of showing signs of alleged financial recklessness for investing a total of N14 billion for shares to a company one year after it was registered in 2020.

Sunny-Goli, who was a member of the Federal House of Representative representing Brass/Nembe Federal Constituency of Bayelsa State in the 9th Assembly, urged the EFCC to investigate the projects, which are situated within the precinct of Brass Local Government Area of Bayelsa State.

He said given his years of active political and communal leadership and by all standards, he is qualified to express concerns about the overall development of his people and to protect same.

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Parts of the petition read: “It is on this premise that I hereby wish to forward a petition to the Commission for a thorough investigation and possible prosecution.

“It relates to the disbursement of funds for the Brass Fertilizer and Petrochemical Company Limited, the Atlantic International Refinery & Petrochemical Limited, as well as the Brass Petroleum Product Terminal Limited, all situated within the precinct of Brass Local Government Area of Bayelsa State, during the tenure of the immediate past Executive Secretary of the Nigerian Content Development & Monitoring Board, (NCDMB), Eng. Simbi Kesiye Wabote.”

Sunny-Goli pointed out that the Brass Fertilizer and Petrochemical Company Limited was a project conceived to establish two trains of 5,000MTPD methanol plants and one train of 500MMscf per day processing plant and associated infrastructure to be sited in Odiama, Brass Island, Bayelsa State, with a total NCDMB equity contribution for this project is $200m.

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“With an initial payment of $20m made in May, 2021, and an annual payment of $60m over the period of 3 years. He alleged that the NCDMB Directors involved were the past Executive Secretary of the NCDMB, Simbi Wabote and Mohammed Umar with one Mr. Ben Okoye as the Keyman.

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“Also the Atlantic International Refinery & Petrochemical Limited: This project was conceived for the establishment of a 2,000bpd Modular Refinery, a jetty facility, and a 2MW power plant in the Brass Free Trade Zone (FTZ), Bayelsa State. With the project current status as nothing tangible has been accomplished on this project, thus making its delivery uncertain and gloomy.

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“Its target completion period was 24 months from the date of financial close. Full investment amount of $35m was released in one bullet in October 2020. The Keyman is one Akindele Akintoye and the NCDMB Directors involved are Simbi Wabote and Isaac Yalah. Current Status of Project: The project has stalled and has little or nothing to show for the disbursement made. Delivery timeline is also uncertain.

“Brass Petroleum Product Terminal Limited: The investment was for the establishment of a 50 million-litre facility with a two-way product jetty, automated storage tanks, and loading bay in Brass, Baylesa State. Project was initially conceived to have the NNPC Limited and the NCDMB as shareholders with the private company but was curiously financed by the Simbi-led NCDMB alone. The Keymen involved as NCDMB Directors are Simbi Wabote and Mohammed Umar.

“Current Status of Project: The project for which funds were disbursed in September 2021, has not progressed as expected, and its completion remains not only uncertain but funding by the other shareholders is also not assured,” the petition added.

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