Muhyideen Jimoh - News Agency Of Nigeria

12th CNS Swimming championship kicks off July in Asaba

Muhyideen Jimoh
May, Thu, 2025

Sports

12th CNS Swimming championship kicks off July in Asaba

243 total views today

By Ijeoma Okigbo

The Nigeria Aquatics Federation (NAqF), says preparations are in top gear for the 12th Chief of Naval Staff (CNS) Swimming Championship slated for the Stephen Keshi Stadium, Asaba, from July 15 to July 19.

Chinoye Aliyu, president of the federation, said this at a news conference on Wednesday in Abuja adding that the tournament will discover talents to represent the country.

“This championship is a cornerstone of our strategic plan to identify, nurture and prepare elite athletes who will represent Nigeria at international events.

“Recently, Nigeria made history by breaking two African records in the 50m butterfly and 50m freestyle events at the Africa Junior Swimming Championships earlier this month (May).

“It is on the backdrop of these that we encourage swimmers below 18 years of age to register as the CNS tournament has both junior and senior or elite categories.

“We are also expecting a wide range of swimmers; from tertiary institutions, the para-military, states and clubs to register and participate in the tournament.

“The federation’s technical committee and national scouts will be on ground to evaluate performances and select exceptional swimmers for advanced training,’’ Aliyu said.

The President also lauded efforts of the Nigerian Navy and the CNS Vice Adm. Emmanuel Ogalla for his continued support and collaboration towards discovering young talents in the sport.

“I want to particularly thank the Nigerian Navy for restoring the lost glory of swimming in Nigeria.

“Like I said earlier, we broke two records in Egypt, eventually clinching three golds and one bronze medal—an unprecedented feat in the nation’s swimming history.

“This was also due to the support from the CNS who released to us Lt.-Cdr. Labake Oriretan, a former champion and seasoned coach to guide the national team during the competition,” she said.

On his part, Rear Adm. Patrick Nwatu, the chairman, Nigerian Navy Swimming Association, said the partnership has been worthwhile, stressing their continued support for the sport.

“We see supporting NAqF as one of our corporate social responsibility to the nation.

“For almost 14 years now, the Nigerian Navy has been part of this endeavour and we are constantly looking for ways to see how we can improve and contribute our quota.

“We will see how we can identify athletes to be able to participate in international events and also encourage open water swimming.

“Over the years, the collaboration has been worthwhile and we look forward to other areas we can support and partner in the future.

“The last edition was well attended and we look forward to a greater participation this year where we can have our youths express themselves,” Nwatu added.

Also in attendance at the event are Rear Adm. Yusuf Idris, the director of sports Nigerian Navy, Taiwo Oriss, the secretary general of NAqF, Dauda Usman, the vice president of NAqF, amongst others. (NAN) (www.nannews.ng)

Edited by Muhyideen Jimoh

NAF marks 61st anniversary with display of fighter aircraft

Muhyideen Jimoh
May, Thu, 2025

Defence/Security

NAF marks 61st anniversary with display of fighter aircraft

579 total views today

By Sumaila Ogbaje

The Nigerian Air Force (NAF) on Wednesday displayed its fighter aircraft, accoutrements and other facilities to the public as ‘Open Day’ activities to commemorate its 61st Anniversary Celebration.

The News Agency of Nigeria (NAN) reports that the NAF had announced the ‘Open Day’ as one of the activities lined up to celebrate the 2025 edition.

NAN also reports that the platforms on display at the Nnamdi Azikiwe International Airport Abuja include Super Tucano, Maritime Patrol LTR42-500 aircraft, L39 Alpha jets and Bell EC135 Helicopter.

Speaking of the activity, the Commander, 307 Executive Airlift Group Abuja, Air Commodore Mohammed Ahmed, said it was a good thing having civilians to see what the Air Force does.

Ahmed said the NAF saw itself as part of the larger society and owned by the people as well, hence the need to open its doors to Nigerians to see what they are and what they do.

“As the air force is to us, that is how the air force is to you. It is taxpayers’ money being used to buy these airplanes and pay our salary.

“So we appreciate you all. And that is why the Chief of the Air Staff wants us to bring you in so that you can see what your money is being used for.

“Now when we are taking pictures, I saw a young man coming up and his father was saying, come to the future.

“Hopefully one day I will see him and celebrate him as a pilot in Nigeria. So that’s what we are doing here now for today.

One of the visitors, Mr Victor Dickson, a Business Consultant, said it made sense to compare what the air force was before and now, saying what the NAF did had been shrouded in secrecy.

According to him, the only thing people know are just planes, people that wear uniforms but we don’t even understand the rank and where they are situated around the country.

“But here we are for the first time in my life, with my wife and my children, having the opportunity to have air force officers introducing themselves to us.

“They are introducing their uniforms, what they use their different uniforms for, and how they are positioned around the country. And then here again I am at the hangar now, seeing their aircraft.

“I think one of them that stood out for me today was when the senior officer used the word, he said, ‘we know we use your taxpayers’ money,’’ he said.

Dickson described the statement by the NAF officer as a sense of accountability, adding that the open day had provided him the opportunity to see the Nigerian air force at work.

He thanked the leadership of the Nigerian air force for creating avenues for the citizens to connect with their military.

A student from Nigerian Tulip International College Abuja, Stephanie Martin-Sini, said it was interesting to see how the NAF works.

She said they had the opportunity to meet pilots, nurses and doctors, as well as being enlightened on the types of aircraft being used by the air force. (NAN) (www.nannews.ng)

Edited by Yakubu Uba

UK sees growing business opportunities in Nigeria — Envoy

Muhyideen Jimoh
May, Wed, 2025

Foreign

UK sees growing business opportunities in Nigeria — Envoy

294 total views today

By Chinenye Offor

Richard Montgomery, the British High Commissioner to Nigeria, says the United Kingdom (UK) sees growing opportunities in doing business in Nigeria.

Montgomery made this known during a press conference on Wednesday in Abuja at the UK-Nigeria Economic Growth Conference, themed “Driving Sustainable Trade and Investment.”

He noted that Nigeria had become increasingly attractive for business and investment, particularly in the areas of trade and economic partnerships.

According to him, the UK’s positive assessment of Nigeria’s economic trajectory has positioned the country as an increasingly important partner.

Montgomery attributed the renewed investor confidence to the economic reforms initiated by President Bola Tinubu’s administration.

“Nigeria has become increasingly investible in areas of trade and investment opportunities and the naira is more stable, the foreign exchange reserve is rising, which makes the environment less risky for business

“Naira is more stable and predictability enables investment, foreign exchange reserves are also up which makes Nigeria more investible and less risky for business,” he said.

He also noted that revenue had doubled for many states, signaling economic growth and the potential for more job creation.

“In spite of the current high inflation, we still see strong business prospects,” he added.

Montgomery emphasised that both the UK and Nigerian governments were working collaboratively to stimulate job creation, drive wealth generation, and promote inclusive economic growth.

He also highlighted Nigeria’s growing strategic relevance, both regionally and globally.

“Nigeria is an anchor country in Africa and is playing an increasingly assertive role on the world stage,” he said.

Montgomery outlined three key pillars of the UK’s approach to trade relations with Nigeria: as a positive assessment of Nigeria’s ongoing economic reforms, which make it a more accessible investment destination.

“The UK’s own economic reforms and their relevance for Nigeria, and a roadmap for deepening trade and investment relations between both nations.

Also speaking at the event, Mark Smithson, Country Director for the UK’s Department for Business and Trade in Nigeria, said the Enhanced Trade and Investment Partnership (ETIP) was a cornerstone of the UK’s broader bilateral relations with Nigeria.

According to Smithson, Nigeria is the UK’s second-largest trading partner in Africa and the UK’s largest export market on the continent.

“In February 2024, we signed the Enhanced Trade and Investment Partnership, the first of its kind in Africa and one of only two such agreements globally, highlighting Nigeria’s strategic importance.

“ETIP is a co-developed framework aimed at fostering inclusive growth. It aligns with Prime Minister Rishi Sunak’s growth agenda and President Tinubu’s eight-point economic agenda,” he said.

He said the partnership supports job creation, economic expansion, and reforms in the business environment.

“It also promotes public-private collaboration, technical cooperation, and the removal of non-tariff trade barriers such as quality standards, quotas, import licenses, and complex customs procedures.”

Similarly, Zarah Audu, Director General of the Presidential Enabling Business Environment Council (PEBEC), emphasised the UK’s status as one of the most innovative economies in the world and Nigeria’s strategic role as a partner.

“With our large population and dynamic entrepreneurial base, Nigeria is well-positioned to be a key driver of bilateral economic growth,” she said.

She added that the Nigerian government was committed to positioning the country as a globally competitive, transparent, and business-friendly economy.

“Today offers a critical platform to reflect on the evolving UK-Nigeria relationship and explore how the ETIP can drive sustainable economic growth in both nations.

“The ETIP marks a renewed commitment to strengthening trade, investment, and diplomatic ties between our countries.

“It focuses on shared priorities across sectors such as financial services, clean energy, digital innovation, and the creative economy,” she said.

She stressed the importance of reducing trade barriers, improving regulatory frameworks, and expanding Nigeria’s export capabilities. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Nigeria unlocks bn investments in deepwater, gas projects in a year – Presidency

Muhyideen Jimoh
May, Wed, 2025

Oil & Gas

Nigeria unlocks $8bn investments in deepwater, gas projects in a year – Presidency

336 total views today

By Philomina Attah

The Presidency says Nigeria attracts over 8 billion Dollar (about N12.8 trillion) investments in deepwater projects and gas Final Investment Decisions (FIDs) in one year.

Olu Verheijen, Special Adviser on Energy to President Bola Tinubu disclosed this on Wednesday, at the 2025 Africa CEO Forum holding in Abidjan, Côte d’Ivoire.

A statement on the address of Verheijen at the event was made available to the News Agency of Nigeria (NAN) in Abuja by Mr Senan Murray, the Team Lead, Communications, in the Office of the Special Adviser.

According to Murray, the Special Adviser told policymakers, investors, and industry leaders across the continent, that the feat was achieved through decisive actions taken by President Tinubu.

She said the actions focused on improved fiscal terms, streamlined contracting timelines, greater clarity to local content rules, and power sector reforms enabling gas-to-power commercial viability.

Verheijen, therefore, charged industry leaders across the continent, to take cue from Nigeria, by ensuring that Africa move beyond appeals for support, but become an investment destination by design; anchored in policy clarity, commercial logic, and strategic intent.

“Africa must partner smartly, not from dependency, but from aligned strategic interest.

“Nigeria has been able to prove that this approach works. We moved from gridlock to greenlight, and investors responded.

“Nigeria’s attainment of an increase in indigenous equity in gas, from 69 per cent to 83 per cent, is not just a statistic but a seismic shift in ownership and control of Africa’s energy future,’’ she said.

Verheijen urged African investors, DFIs, banks, pension funds, and sovereigns, to be strategic in focus, and strive to fill the vacuum left by International Oil Companies (IOCs), not just with funding, but with fit-for-purpose instruments and risk-sharing structures.

“Our sweet spot is onshore, shelf, and domestic gas. That’s where African players must dominate, because we understand the terrain, the risk, and the reward,’’ she said.

Verheijen celebrated the feats of African private sector champions, like Seplat, Oando and Renaissance, who, according to her, are no longer just “local players.”

The Special Adviser specifically, hailed Renaissance Africa Energy Consortium’s acquisition of Shell’s onshore JV, which she said is “a symbolic transition from colonial-era concessions to indigenous control.’’

She said the 650,000 barrels per day Dangote Refinery, the largest single-train refinery in the world, was built by African capital, African hands, and African ambition.

According to her, the project is not just infrastructure, but proof that African industrial scale is not aspirational, but operational.

Concluding, Verheijen urged the players across the continent to get their policies, commercial logic and strategic intent right to attract capital and investments.

“When we get that right, capital won’t hesitate, it will pursue us. The future will not be given to Africa. It must be built deliberately, unapologetically, and on our terms,’’ she said. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

ECOWAS Court dismisses Ivorian’s suit challenging her colleague’s appointment

Muhyideen Jimoh
May, Wed, 2025

Foreign , Judiciary

ECOWAS Court dismisses Ivorian’s suit challenging her colleague’s appointment

230 total views today

By Mark Longyen

The ECOWAS Court has dismissed a suit filed by its Ivorian employee, Ms. Mariame Kone-Toure, seeking to terminate the appointment of her Gambian colleague, Ama Savage.

The News Agency of Nigeria (NAN) reports that Kone-Toure had served in an acting capacity from Feb. 2023, as of Head of Administration and Human Resources Division, ECOWAS Court of Justice.

She later applied for the substantive position when it was advertised in May 2023.

However, following the recruitment interview conducted in January 2024, Savage was appointed in October 2024 instead.

In her submission before the court, Kone-Toure had claimed that the selection process violated the principles of fairness and non-discrimination as enshrined in the ECOWAS Staff Regulations.

The applicant had argued that, although she was one of the top candidates, the Management Succession Committee only recommended Savage as the sole candidate for the substantive position.

According to her claims in the suit marked: No. ECW/CCJ/APP/32/24, the process is in contrast to similar recruitments in other ECOWAS institutions, where multiple top candidates are usually recommended.

However, ECOWAS had in its submission before the court through its counsel, argued that Savage was the most qualified candidate for the position.

Delivering judgment, Justice Dupe Atoki, on behalf of a three-member panel of the court presided over by Justice Sengu Koroma, the Vice President of the Court, dismissed all the Ivorian’s claims.

The panel, which also had Justice Gberi-Bè Ouattara as a member, upheld ECOWAS’ submission that Savage was the most qualified candidate for the position.

It declared that Kone-Toure’s claims were unsubstantiated, adding that her non-selection was not in any way a violation of her rights.

The court further held that Savage’s appointment complied with ECOWAS Staff Regulations, and the applicant did not provide evidence of discrimination or procedural irregularity against her colleague’s appointment.

“On the merits, the Court examined allegations of discrimination under Article 4(1) and the principle of equitable geographical distribution under Article 9(2)(f) of the ECOWAS Staff Regulations.

“It found that the applicant failed to provide sufficient, verifiable evidence of differential treatment in similar circumstances.

“The court notes that, while she referenced practices in other institutions, she did not present the names or scores of the candidates allegedly favoured, preventing a meaningful comparative analysis.

“On the claim regarding geographical distribution, the court rules that the principle applies only among equally qualified candidates and does not override the requirement of merit-based selection,” the judgment reads in part.

Earlier, the court ruled on jurisdiction, by affirming its competence to hear the matter under Article 9(1)(f) of the 2005 Amended Protocol.

It also held that the suit was admissible as the applicant had exhausted all available internal remedies by initially appealing in futility to the president of the ECOWAS Commission before approaching the court. (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Diversifying investment portfolio, infrastructure development via Sovereign Sukuk

Muhyideen Jimoh
May, Wed, 2025

Features

Diversifying investment portfolio, infrastructure development via Sovereign Sukuk

447 total views today

By Kadiri Abdulrahman

With the rapid growth of Nigeria’s population and the attendant need for development, it has become imperative for government to build infrastructure at minimal cost.

Stakeholders posit that bad infrastructure is one of the country’s biggest roadblocks to smooth corporate operations and capital inflows.

They say the present mode of financing infrastructure is usually marred due to high cost of servicing the debt secured to finance the infrastructure deficit in Nigeria.

Experts say Sukuk financing is one of the effective alternatives and strategies for enhancing growth and development through capital project financing.

Recently, the Debt Management Office (DMO) hosted an investor meeting for the N300 billion series seven Sovereign Sukuk issuance in Abuja.

The DMO had earlier hosted an all parties meeting on March 26 in Lagos, in preparation for the Sukuk issuance.

The Director-General of the DMO, Patience Oniha, said that the Federal Government had been able to raise a total of N1.09 trillion through the Sovereign Sukuk since 2017, to support infrastructure development.

Since 2017, the DMO has completed six Sukuk issuances, raising N1.092 trillion to fund road and bridge projects.

Oniha recalled that the first Sukuk was issued in September, 2017.

She said that after extensive marketing, the offer, which was for N100 billion with a tenor of seven years, received a total subscription of N105.878 billion.

Oniha said that following the modest success of the first Sukuk and the achievement recorded from Sept. 2017 to Dec. 2023 when the last Sukuk was issued, the DMO had raised a total of N1.09 trillion.

“With this amount, over 4,100 km of roads and nine bridges across the six geopolitical zones in Nigeria and the Federal Capital Territory have either been constructed or rehabilitated.’’

Oniha said that the projects had brought substantial benefits, including reduced travel time improved road safety and job creation.

She said that the projects also created improved access to markets for remote farmers, increased access to public services like education and healthcare, and economic development as a whole.

“In addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market.

“Sukuk has been well accepted as demonstrated by the level of subscription received in the past.

“Investors get fulfillment of contributing to infrastructure development, and also getting a return in terms of income which is paid every six months,” Oniha said.

Experts say that if alternatives sources with minimum cost are pursued, Sukuk can be a viable option for funding large-scale infrastructure investments in Nigeria.

They urged the Federal Government to take immediate steps to increase non-Muslim awareness of Sukuk by engaging in more interactions with the public, to improve capital market intermediation and stimulate the issuance of more Sukuk as a reliable source of funding.

According to them, Sovereign Sukuk has contributed to financial inclusion and economic growth by providing Shariah-compliant investment opportunities, catering to certain underserved populations.

“It also attracts diverse investors, including Islamic finance institutions, broadening the investor base and deepening financial markets.

“Sukuk injects liquidity into the economy, promoting economic activity and growth.

“These contributions can have a positive impact on overall economic growth and development,’’ an economist said.

For investors, Sukuk provides a sense of project ownership and ensures that economic activities are based on tangible assets, giving investors a secure foundation for their investments.

For the government, Sukuk can be an effective financing instrument for infrastructure development and economic growth, as seen in countries like Indonesia.

However, experts advise government to establish a comprehensive approach to assist working units in technical ministries in project preparation, development, and service delivery.

They call for support and guidance for instrumental stakeholders like technical ministries to have the authority and tools to achieve Sukuk project success.

Sukuk can contribute to achieving sustainable development by benefiting individuals, institutions, societies, and the country as a whole.

Investors in Nigeria see Sukuk as an attractive option for diversifying their portfolios and supporting infrastructure development.

However, industry analysts believe that Sukuk, as a source of financing infrastructural deficit in Nigeria, needs to attract young retail investors.

They believe that Nigeria can benefit immensely from deep capital for financing infrastructure through Sukuk.

Uche Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, said that Sukuk was the route to go by the Federal Government in obtaining project-tied credit facilities.

According to Uwaleke, the issuance of N300 billion Sukuk by the DMO on behalf of the Fededal Government is highly commendable.

“Recall that when the Federal Government first entered the Sukuk market in 2017, only N100 billion worth of Sukuk was issued.

“So, the current one represents an improvement as investors are given more room to diversify their portfolio.

“I am particularly happy that the government is upscaling the use of Sukuk in plugging the infrastructure gap in Nigeria.

“The advantage that Sukuk has over the conventional bond is that it is asset-backed.’’

Uwaleke said that Sukuk proceeds must be tied to infrastructure which was why proceeds had been applied to road construction.

“Given that it is an infrastructure based bond, Sukuk represents a critical instrument for Nigeria’s economic development.”

The expert, however, said that the Sukuk market size in Nigeria was still very small despite the potentials

He urged governments, both at the federal and sub-national levels to utilise more of Sukuk when raising funds from the domestic capital market considering the huge infrastructural gap in the country.

“It is by so doing that government borrowing can be more impactful and also work to reduce the country’s debt burden,” he said.

He urged members of the public to take advantage the opportunity and invest in Sukuk because, unlike conventional bonds, as it was tax- free with a predictable and stable return.

Attahiru Machido, a stockbroker, said that the idea of Sovereign Sukuk was informed by the need to bridge infrastructure deficit in the country.

Machido said that the roads constructed with the proceeds of Sukuk would be effectively supervised to ensure that they meet the required standard.

“The roads must remain usable throughout the lifespan of the Sukuk ” he said.

Olalade Agboola, bank executive, said that Sukuk, like all other government securities, was backed by the full faith and credit of the federal government and charged upon the general assets of Nigeria.

“It also qualifies as securities in which trustees can invest under the Trustees Investment Act.

“It qualifies as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption and pension funds, amongst other investors,” she said.

As the Federal Government continues to explore funding options to bridge the wide infrastructure gap, experts hold that a cost effective, project-tied credit option like the Sovereign Sukuk is a veritable choice.(NANFeatures)

***If used, please credit the writer and the News Agency of Nigeria.

Saudi KSrelief conducts 21,000 free eye surgeries in Nigeria – Official

Muhyideen Jimoh
May, Wed, 2025

Foreign

Saudi KSrelief conducts 21,000 free eye surgeries in Nigeria – Official

212 total views today

By Nabilu Balarabe

The King Salman Humanitarian Aid and Relief Center (KSrelief), Saudi Arabia, has conducted 21,000 free sight-restoring surgeries in Nigeria since 2019.

Mr Mohammed Al-Sahabi, the Project’s Communications Officer, stated this during an eye treatment outreach organised by KSrelief in Potiskum, Yobe on Tuesday.

He said the centre had also carried out over 218,000 ophthalmic screenings and distributed more than 45,000 prescription eyeglasses to patients under the Saudi Noor project.

“This mission-driven project encompasses a broad range of clinical interventions, including diagnostic eye examinations, cataract extraction with intraocular lens (IOL) implantation, treatment of refractive errors, and distribution of corrective eyewear.

“The Saudi Noor project is executed under the guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness the Crown Prince Mohammed bin Salman.

“It reflects the Kingdom of Saudi Arabia’s broader global humanitarian vision-championed through KSrelief-to enhance health outcomes and reduce disease burdens in vulnerable populations,” Al-Sahabi said.

The official said the outreach, scheduled to hold from May 12 to 19 in Potiskum, aimed to deliver comprehensive ophthalmologic services to the under-served population in the North-East to prevent blindness.

He said the centre planned to conduct about 5,000 ophthalmic surgeries and distribute 130,000 eye glasses to patients during the outreach in Potiskum.

Al-Sahabi noted that KSrelief efforts had significantly improved visual outcomes and quality of life indicators among thousands of Nigerians, especially in rural communities where access to eye care was critically limited.

The official added that the global outreach of KSrelief had earned it the recognition as one of the world’s most active humanitarian institutions.

“Since its establishment in 2015, the Centre has implemented more than 3,400 humanitarian projects across over 107 countries.

“Currently, its medical and humanitarian presence spans over 30 nations, with blindness prevention campaigns actively conducted in Sudan, Yemen, Bangladesh, and Mauritania, among others,” he said.(NAN)(www.nannews.ng)

Edited by Yakubu Uba

Sukuk, rewarding instrument to diversify investment portfolio—-Uwaleke

Muhyideen Jimoh
May, Wed, 2025

Economy/Business

Sukuk, rewarding instrument to diversify investment portfolio—-Uwaleke

230 total views today

By Kadiri Abdulrahman

A professor of Capital Market at the Nasarawa State University in Keffi, Uche Uwaleke, says Sukuk is the route to go by the Federal Government in obtaining project-tied credit facilities.

Uwaleke, who is also the President of Association of Capital Market Accaremics, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He spoke against the backdrop of the recent issuance of N300 billion Sukuk by the Debt Management Office (DMO).

According to Uwaleke, the issuance of N300 billion Sukuk by the DMO on behalf of the Fededal Government is highly commendable.

“Recall that when the Federal Government first entered the Sukuk market in 2017, only N100 billion worth of Sukuk was issued.

“So, the current one represents an improvement as investors are given more room to diversify their portfolio.

“I am particularly happy that the government is upscaling the use of Sukuk in plugging the infrastructure gap in Nigeria.

“The advantage that Sukuk has over the conventional bond is that it is asset-backed,” he said.

Uwaleke said that Sukuk proceeds must be tied to infrastructure which is why proceeds have been applied to road construction.

“Given that it is an infrastructure based bond, Sukuk represents a critical instrument for Nigeria’s economic development,” he said.

The expert, however, said that the Sukuk market size in Nigeria was still very small despite the potentials

He urged governments, both at the federal and subnational levels to utilise more of Sukuk when raising funds from the domestic capital market considering the huge infrastructural gap in the country.

“It is by so doing that government borrowing can be more impactful and also work to reduce the country’s debt burden,”he said.

NAN reports that the DMO had on Monday hosted an investor meeting for the issuance of N300 billion series seven Sovereign Sukuk in Abuja.

The Director-General of the DMO, Patience Oniha, said that since inception in 2017, Sukuk had become a product of choice for non- interest investors in the capital market.

According to Oniha, the acceptance of the Sukuk is an attestation of one of the major roles of the DMO to develop the domestic capital market, while also raising funds for the Federal Government.

She said that the Federal Government had been able to raise a total of N1.09 trillion through the Sovereign Sukuk since 2017, to support infrastructure development.

The director-general said that for the seventh series, the plan was to raise N300 billion to be used to further finance capital projects.

She recalled that the first Sukuk was issued in September 2017, adding that after extensive marketing, the offer, which was for N100 billion with a tenor of seven years received a total subscription of N105.878 billion.

She said following the modest success of the first Sukuk and the achievement recorded from Sept. 2017 to Dec. 2023 when the last Sukuk was issued, the DMO had raised a total of N1.09 trillion.

“With this amount, more than 4,100 km of roads and nine bridges across the six geo-political zones in NIgeria and the Federal Capital Territory (FCT) have either been constructed or rehabilitated, ” she said.

Oniha said that the projects had brought substantial benefits, including reduced travel time improved road safety and job creation.

She said that the projects also created improved access to markets for remote farmers, increased access to public services like education and healthcare, and economic development as a whole.

She said that the Sukuk had been well accepted as demonstrated by the level of subscription received in the past.

“Investors get fulfillment of contributing to infrastructure development, and also get a return in terms of income which is paid every six months,” Oniha said.

She said that financial advisers play a crucial role in the issuance of Sovereign Sukuk, assisting the Federal Government of Nigeria through DMO.

“Their responsibilities include advising on the structure of the Sukuk, managing the offering process, and facilitating investor participation,” she said.(NAN) (www.nannews.ng)

Edited by Sadiya Hamza

Minister urges maritime agencies to avoid task duplication

Muhyideen Jimoh
May, Wed, 2025

Economy/Business

Minister urges maritime agencies to avoid task duplication

281 total views today

By Diana Omueza

Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy, has urged the various agencies in the marine sector to align priorities and eliminate task duplication to advance the sector.

Oyetola said this on Tuesday in Abuja at the 2025 two-days Sectoral Retreat for Top Management of the ministry and its agencies.

He said that it was imperative for the agencies in the marine sector to focus on strengthening inter-agency coordination and work as a single ecosystem.

“Let me reiterate four strategic imperatives that must guide our efforts going forward; we must eliminate duplication, align priorities, and work as a single ecosystem.

“Adoption of technology and data-driven management from port operations to fisheries monitoring; we must deploy tools that improve efficiency and transparency.

“All our interventions must adhere to the principles of accountability, due process, and value for money.

“The marine environment is not an infinite resource, we must safeguard it through regulation, education, and enforcement,” he said.

The minister urged stakeholders at the retreat to critically assess the current position of the sector, identify areas of concern and set paths to ensure disciplined execution and measurable outcomes.

According to him, the retreat is beyond administrative formality but a crucial opportunity to evaluate the sector’s direction and to reposition it for impactful delivery in line with national expectations.

He said that the Federal Government had positioned marine and blue economy at the forefront of its growth agenda, expecting significant strides in its development.

He said that it was the responsibility of the agencies and stakeholders to meet those expectations by setting high standards for the sector, raising its performance across all areas.

Oyetola listed the ongoing modernisation of port infrastructure and systems, steady improvements in port operational efficiency, early-stage implementation of the National Single Window platform amongst others as achievements that should be consolidated.

“Most significantly, the Federal Executive Council has approved the National Policy on Marine and Blue Economy.

“This is a foundational policy document that sets out our vision, priorities, and responsibilities for the sector’s long-term development.

“It provides the framework upon which all future initiatives, regulations, and investments must be anchored.

“As we move into the implementation phase, the burden of delivery rests squarely on the leadership of the ministry and its agencies,” he said.

The minister said that the strategic thrust of the policy must be fully internalised.

According to him, they should be translated into well-prioritised programmes, institutional coherence, and measurable outcomes that align with national expectations and reflect the aspirations of Nigerians.

Mr Olufemi Oloruntola, the Permanent Secretary of the ministry, described the retreat as an opportunity to strengthen the effective interplay between agencies leadership and the management of the ministry4.

This, he said was essential to the delivery of collective mandates.

“While the minister sets the strategic direction, it is our task as senior management to translate that direction into measurable progress driven by discipline, collaboration and a sense of responsibility.

“Equally vital to our success is the role of directors in the ministry who constitute the core of our management structure.

“Their responsibility in ensuring internal alignment, administrative efficiency, and seamless coordination with our agencies cannot be overstated.

“As we work to realise the minister’s vision, it is this internal machinery that must function at full strength to ensure consistency, clarity, and cohesion in our operations,” he said.

The permanent secretary said that it was time to focus on translating the marine and blue economy policy into real, measurable outcomes.

He commended the heads of agencies for their readiness to lead within their institutions and to cascade obligations throughout their teams.

He urged them to identify barriers, propose solutions for strengthening inter-agency synergy, and define actionable steps that would position the marine sector as a major driver of national development, in alignment with global trends.(NAN)(www.nannews.ng)

Edited by Constance Athekame/Kadiri Abdulrahman

Muhyideen Jimoh
May, Tue, 2025

Sports

Visa delay: Embassy seeks China-Nigeria sports communication channel

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By Muhyideen Jimoh

The Chinese Embassy in Nigeria has called for enhanced collaboration with the National Sports Commission (NSC) and the establishment of a China-Nigeria sports communication channel to foster seamless partnership in the sector.

The Culture Counselor of the Chinese Embassy Yang Jian Xing, made the call on Tuesday in Abuja when he paid a diplomatic visit to the leadership of the NSC.

The News Agency of Nigeria (NAN) reports that the visit is coming in the aftermath of the visa delay from the Chinese embassy that led to Team Nigeria withdrawing from the World relays in Guangzhou, China.

Xing expressed regrets over the visa challenges and pledged China’s commitments to the country’s vision for sports development.

” I want to describe what has happened as an accident and we are sorry and we regret it in its entirety.

“We are here to let the Sports Commission know that the Chinese Government holds Nigeria in high esteem, he said.

He said that China was desirous of boosting diplomatic ties with Nigeria in the sports sector and other areas of mutual interest.

” We are open to better collaboration with the National Sports Commission to boost diplomatic ties of both China and Nigeria in terms of Sports Training and Exchange programmes”.

” Once again, I want to assure you that from next time we will try our best for this not to repeat itself again and we will also like to create a special channel for a China and Nigeria Sports Communication”, he added.

Earlier, the NSC Chairman, Shehu Dikko commended the move to visit the commission while stressing the need for better collaboration going forward.

” We are very happy to receive officials from the Chinese Embassy in our office today (Tuesday).

“It shows the Chinese Government genuine disappointment for what happened which for us is a huge sign of better things to come between both countries especially in Sports.

” We should at all times try to create positives out of things like this and we are happy that this has further strengthened our relationship with the Chinese Embassy, Dikko said.

The Director-General of the NSC, Bukola Olopade in his remarks reiterated the commission’s desire to build stronger sporting ties with China.

He said the incident of the visa glitch should serve as a springboard to a more robust working relationship between both countries.

” Your humility and diplomacy is the best I have seen anywhere and I am very grateful that you best described the incident between the AFN, the commission and your embassy as an accident.

“We have all agreed to take it as such and move forward to better things”.

” I want to thank you for everything and for the request for exchange programmes and training for our media and Sports men and women.

“This is truly worthy of note . We are looking forward to a bigger and better relationship between Nigeria and China,” Olopade said. (NAN)(www.nannews.ng)

Edited by Joseph Edeh