NEWS AGENCY OF NIGERIA
Foreign

Saudi Arabia to conduct free surgeries for indigent Nigerians

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By Maureen Okon

The Kingdom of Saudi Arabia on Monday pledged its commitment to organise free surgeries for Nigerian citizens under the Nur-Saudi Voluntary Campaign in Nigeria.

Its Ambassador, Mr Faisal Alghamdi, made the commitment at the Kingdom’s 93rd National Day celebration which was held at his residence in Abuja.

He recalled that the Custodian of the two Holy Mosques, King Salman Al Saud (may, Allah protect him), had in 2022 approved the Nur-Saudi Voluntary Campaign in Nigeria.

“The campaign will be executed through King Salman Humanitarian Aid and Relief Center (KSRelief) and it will be executed in stages.

“The first stage had been executed which targeted combating blindness and its causes, in addition to a large number of open-heart and urology surgeries.

“In this regard, I would like to congratulate the parents of the Nigerian conjoined twins on the successful separation surgery.

“The surgery done will make it the 56th surgery performed by the Kingdom in separating conjoined twins from across the world,” he said.

Speaking on the bilateral relations between Nigeria and Saudi Arabia, the Ambassador said that the historic bonds between both countries had been firmly growing since 1961.

Alghamdi said that the extant relations would continue to grow under the government of President Bola Tinubu.

He said: “I wish him, his government and the people of Nigeria good luck and success.

Furthermore, the mutual visits contribute in developing this bilateral relations at all levels.”

Alghamdi also added that, in 2022, about 200,000 Nigerians visited Saudi Arabia, 95,000 of them pilgrims and more than 90,000 on minor pilgrimage.

In the same period, the Kingdom had given 200 scholarships to Nigerian students both males and females while the trade volume between the Kingdom and Nigeria was more than $600 million.

The News Agency of Nigeria (NAN) reports that the Kingdom’s national day is celebrated every year on Sept. 23rd, but since the day fell on a Saturday, it was celebrated on Sept. 25.

Furthermore, the anniversary was marked due to the unification of all parts of the Kingdom by King Abdulaziz Al Saud.

The celebration was attended by government officials, heads of diplomatic missions and international organisations, notable businessmen and women, amongst others. (NAN)(www.nannews.ng)
Edited by Bashir Rabe Mani

Sports

NPFL: Wikki Tourists FC set to take its rightful place –Ag. Chairman

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By Victor Okoye

Aminu Rinji, the Acting Chairman, Wikki Tourists Football Club of Bauchi, says the club is set to take its rightful place in the country’s apex league.

The News Agency of Nigeria (NAN) reports that Wikki Tourists were relegated from the Nigeria Premier Football League (NPFL) to the Nigeria National League (NNL).

The Bauchi-based club side finished 9th out of 10 club sides in Group B at the end of the 2022/2023 abridged league season.

Rinji told NAN on Monday in Abuja that the Interim management of the club was doing a wonderful job, to bring back smiles to the faces of fans.

He said the performance of the team during the pre-season was a testament to the fact that the club was on its way back to its glory days.

“With the way things are going in the camp of Wikki Tourists, I can assure you we will be back in the next NPFL season Inn sha Allah.

“The feel good factor is back in the team which was evident during our pre-season games.

“The atmosphere in the stadium during the games tells you all you need to know about the massive work that is been done behind the scene in this team,” he said.

The chairman said that the team was now focused on achieving its goals within the shortest possible time.

He said that the club had put some new innovation and procedures in place, to checkmate all malpractices and misconducts which led to its decline in the past.

“Wikki Tourist now has focus and goals to achieve within a period of time. Every player has to fight to get a contract and fight for his place in the team.

“No bribe will give you anything in this football club anymore. If you doubt what I am saying ask the players,” he said.

He revealed that everything had been put in place to ensure that the players were comfortable and are willing to fight for the badge again.

Rinji said that the interim management was also working hard to ensure that talents are being developed at the grassroots.

“We want to ensure that the players earn good salaries so as to avoid any form of distraction.

“There is a plan for the home grown talents. Baggio is already back in the team and I have heard of a boy from Shira who is doing fabulously well.

“The Interim management wants to build a synergy between Wikki feeder and the U-15 with the main team,” he said.

He urged the players to work hard and make the state proud so as to justify the confidence reposed in them by the club management.

The chairman said that the club was still in the market in search of players who would add more value to the team.

“Wikki Tourist isn’t Manchester United but we now have a goalkeeper that can play with his legs and can do better than Andre Onana.

“We are in the market for a modern day number nine who can score goals. We shall be back in the NPFL next season Inn sha Allah,” he said.

He appreciated the governor of the state as well as the commissioner of Sports for all their efforts to revive and restore the fortunes of the club.

“They really are trying beyond their best possible to restore the club to its rightful place, but patience and prayers will always be key.

“Indeed, football has come alive again in Bauchi State,” he said.

NAN reports that Dec. 1 has been proposed as the commencement date for the 2023/2024 abridged NNL season.(NAN) (www.nannews.ng)

Edited by Joseph Edeh

Mr Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Oil & Gas

Nigeria’s annual upstream CAPEX drops to $6bn- NUPRC

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By Yusuf Yunus

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s total annual upstream capital expenditure decreased from 27 billion dollars in 2014 to less than six  billion dollars in 2022.

The Chief Executive of NUPRC, Mr Gbenga Komolafe, revealed this on the sideline of the World Petroleum Congress (WPC) in Calgary, Canada.
Komolafe, represented by the Executive Commissioner, Mr Kelechi Ofoegbu, the figure represented a 74 per cent decrease in its capital expenditure (CAPEX).
He attributed the decline in CAPEX to several factors, while emphasising that regulatory uncertainty,  significantly impacted investment in Nigeria’s oil and gas industry.
Komolafe further said that prevalent in the years preceding the enactment of the Petroleum Industry Act (PIA) also affected investment in the industry.

The News Agency of Nigeria (NAN) reports that the event was jointly organised by Cabtree Consulting, the Gas Aggregation Company of Nigeria (GACN) and CarbonAi x-rayed.

The topic was “Nigeria and Canada: Collaborating to Decarbonise Nigeria’s Oil and Gas Sector”.

He said other factors are de-funding of fossil fuel development occasioned by energy transition and the global call for decarbonisation.

According to him, most International Oil Companies (IOCs) deprioritised Nigeria in their portfolios which led to the redirection of CAPEX to other countries.

This, he noted, was with attendant dwindling investment in Nigeria’s upstream sector.

‘‘This under-investment impacted negatively on the country’s rig count. On average, Nigeria had seventeen (17) active oil rigs in 2019 representing one of the highest counts in the African continent as at then.

“The average rig count declined to eleven in 2020, seven in 2021, 10 in 2022, but recently grew to as high as 31 by August 2023, a positive signal of new investments trickling into the country.

“The relatively high crude oil prices may have also attributed to the increase in activities in the petroleum upstream sector.

“We also see this as a reflection of investors’ acceptance of the PIA and its effective implementation by the regulator.

“The projected outlook over the next few years looks promising, and as the regulator in the oil and gas upstream sector.

“We would leverage on this opportunity by doing all that is necessary to attract more investments and revamp the Nigerian upstream sector, ’’ he said.

The NUPRC boss added that the PIA has repositioned the Nigerian petroleum sector by creating efficient and effective governing institutions, with clear and separate roles for the industry.

According to him, it has also provide for enabling transparency, accountability, and fostering a business environment conducive for petroleum operations.

He explained that since the enactment of the PIA, the  Commission had gone ahead to develop 24 priority regulations which would give meaning and intent to the spirit of the PIA, and create a predictable regulatory environment for operators and other stakeholders.

On energy transition, he maintained that the need for oil and gas producers to embrace the reality of green transition and take strategic position to leverage the opportunities presented by the unfolding era had become more pressing.

‘‘With Nigeria’s huge gas reserves of 208.83 TCF and a potential for an increase to about 220 TCF within the next ten (10) years, Nigeria has adopted natural gas as our transition fuel in our stride at developing cleaner fuels and staying on track with our net zero emission commitment of 2050.

“Unfolding event has equally shown that natural gas is our destination fuel, with a projection that gas will form a significant part of energy mix for Nigeria by year 2030 and beyond.

“In recognition of this, Government has designed the Decade of Gas programme to ensure that gas actually play a role to lift us from the challenges that confront us in order to drive industrial development,’’ Komolafe explained.

Earlier, the Chief Upstream Investment Officer, NNPC Upstream Investment Management Services(NUIMS), Mr Bala Wunti, said reaching net zero would require improvements to the enabling environment.

Wunti said as well as robust project preparation and tapping different sources of finance in a coordinated manner,taking into account each country’s context whether developed or developing.

He said in his presentation titled, ‘‘Decarbonising Nigeria’s Oil and Gas’’.

Wunti was represented by the Asset Manager, Group PSC(Production Sharing Contract), NUIMS NNPC Ltd., Mr Justus Derefaka, hinted that pursuing a net-zero emissions pathway comes at a very high price tag.

He added that gas use for power would need to increase to meetrising electricity demand until 2030.

‘‘Delivering Nigeria’s current NDC requires strong gas uptake across the economy, including 80 per cent of cars being powered by Compressed Natural Gas(CNG) and 50 per cent of the population using Liquified Petroleum Gas(LPG) for cooking by 2050.

NAN also reports that the five-day conference has the theme: “Energy Transition: The Path to Net Zero”.

The 24th WPC has recorded no fewer than 15,000 visitors from over 100 countries, 5,000 delegates and over 200 national and international exhibitors. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Sports , Health

Customs boss introduces “Work-Life Balance” initiative to promote physical, mental health

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By Kadiri Abdulrahman

Abuja, Sept. 23, 2023 (NAN) The Acting Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi, on Saturday innaugurated  the Work-Life Balance” initiative.

The initiative saw officers of the NCS and other invited guests taking brisk walks from the Customs Headquarters in
Wuse Zone 3, Abuja to its newly constructed but yet to be occupied headquarters in Maitama, Abuja.

According to Adeniyi, it is to promote mental and physical well-being of officers and men of the NCS.

He said that the theme of Saturday’s exercise was “balancing for better tomorrow ”.

He said that the initiative represented the NCS ‘s commitment to consolidation, collaboration and innovation.

“As officers and men, we come under a lot of pressure to fulfil various obligations.

“Most of the time, this pressure comes from our work spaces, emanating from the nature of our tasks which are usually mentally demanding and physically exhausting.

“Our operatives across the country work under conditions that do not promote good health.

“Those living in big cites are forced to acquire lifestyles where their commitment is awkwardly skewed in favour of work at the expense of their well-being, ” he said.

The acting Comptroller-General said that the result of such imbalance showed in the preponderance of reported cases of medical conditions affecting the workforce.

“We have witnessed an increase in reported cases of avoidable diseases like low blood sugar, high blood sugar, blood pressure, weight control and obesity.

“A conscious effort to improve the health conditions of Customs officers could be promoted and achieved through their lifestyles,” he said.

According to him, over the years, the NCS has established 32 clinics and medical centres across the country to take care of our health needs.

“While this has proven to be an effective strategy, a more sustainable approach lies in our effort to a healthy work-life balance among our officers, ” he said.

The News Agency of Nigeria (NAN) reports that participants at the physical fitness routine that characterised the work-life balance initiative included representatives of the Minister of Industry, Trade and Investment, and the Chief of Army Staff.

Others were representatives of the Nigeria Immigration Service, the Nigeria Correctional Service,and the National Drug Law Enforcement Agency (NDLEA), among others. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

General News

NDLEA urges youths to abstain from illicit drugs

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By Lilian U. Okoro

The National Drug Law Enforcement Agency (NDLEA), on Friday advised Nigerian youths to desist from substance abuse and involvement in illicit drugs for a greater and better future.

Mrs Rita Geh, Director, Narcotics and Controlled Substance, NDLEA, gave the advice at a conference organised for secondary school students by the Healing Heart Foundation, an NGO, on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the conference had the theme: “Youth for the Future: Power of Focus”.

Geh expressed worry over the abuse of prohibited substances and drugs among Nigerian youths, which, she said, could be found at every nook and cranny of the society.

She said that some of the substances and drugs that people abused included nail polish, lizard faeces, paints, adding that some people also mix Lacasera and Tom-Tom sweet, among others.

She advised that youths should desist from any form of illicit drug/substance involvement if they wanted to be successful in life.

Geh called for collective efforts by all stakeholders and all concerned patriotic citizens in the fight against drug abuse, saying that it should not be left for the NDLEA alone.

“The increasing rate of drug abuse and its corresponding devastating effects make it pertinent for all stakeholders including governments, families, policy-makers and organisations to collectively look at the issue with a view to addressing it.

“Unfortunately, many youths do not know the adverse effects of drug and abuse to human life.

“Drug abuse does not only affect the abuser, it also affect his family and the general public.

“Drug abuse is the root cause of insecurity, kidnapping, rape, violence and other social vices that are bedeviling the country today.

“And everyday, new substances of intoxication are coming up and young people are trying new ways of getting intoxicated,” Geh noted.

Mrs Sophy Mbanisi, President of the Foundation, said that the event was organised to sensitize secondary school students on the effects of abusing drugs.

Mbaisi said that considering the prevalence of drug abuse among the youths, the objective of the event was to guide teenagers and youths against drug abuse.

She said that some young ones had started abusing drugs even at primary or secondary school level.

She said that 20 secondary schools, both private and government schools, were represented at the event, with each of the school having a total of 20 students, excluding their teachers.

According to her, Nigerian youths need to keep hope alive, believe in themselves and shun drug abuse for a brighter future, because they are tomorrow’s leaders.

Speaking, a Psychiatric Nurse, Mrs Racheal Mubo, urged the youth to say no to drug abuse and addiction in the interest of their mental health.

Mubo, also an Assistant Director, Nursing Services, Federal Neuro-Psychiatric Hospital Yaba, said that over 90 per cent of mental illness were caused by drug and substance abuse.

She noted that many youths do not know the implications of drug involvement, saying that it could affect one’s mental, moral, financial and physical behaviour.

According to her, it is imperative to make youths understand the mental health implications of their action in abusing drugs.

“The chronic use of illicit drugs can lead to short and long term changes in the brain, which could lead to mental health issues like memory loss, depression and anxiety.

“It can even damage the body system, causing other sicknesses. Drug abuse can ruin one’s life and make one useless for life,” Mubo said.

Mrs Shade Ajayi, a Sexual Abuse Expert, advised the youth to shun rape, sexual violence and Child Sex Abuses (CSA) for the sake of their future.

Ajayi described rape and CSA as a huge violation of human rights, saying that both are injurious to the victim and perpetrator.

She said that “any sexual intercourse without consent is rape and it is injurious to both persons.

“The victim will be physically and mentally hurt with attendant stigma, while the predator will be shamed and imprisoned under the Violence Against Persons Prohibition (VAPP) Act”. (NAN)(www.nannews.ng)

Edited by Christiana Fadare

General News , Oil & Gas

FG warns fuel stations operators against pump alteration

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By Kelechi Ogunleye

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations operators who alters petroleum pumps.

Mr Farouk Ahmed, NMDPRA Chief Executive, said this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday in Abuja.

Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction.

He said that the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity of the offence.

According to him, adjustment of fuel pumps by filling station operators is a major concern to the oil regulatory bodies and the Federal Government.

“What we are doing now is that we have some of our staff going round to take on-the-spot checks of some of the petrol stations.

“If you drive into a station, drive out, you will not know if you have been cheated until you do a measurement.

“Sometimes we do a physical measurement where we go to some stations and buy one litre, look at that environment to see whether that one litre is really one litre.

”Then we will know whether or not they have tampered with the pump,” he said.

The NMDPRA boss said that the authority would continue to collaborate with the RMAFC to generate more revenue for the federation.

“We have started the engagement but this is just a formal collaboration on areas where we can improve the revenue generation for the federation.

“There are two areas we have to look at which are either to generate revenue or cut costs,” he said.

He called on citizens to invest in the midstream sector of the economy.

“For example, if you want to build a gas plant, come to us, we will give you the guidelines, the policies, and you will come and invest.

“The area you want to invest in will determine the cost of investment; the investment opportunities are there,” he said.

RMAFC Chairman, Mr Bello Shehu, said that the engagement between both organisations was to strengthen their partnership.

“We are here in order for them to enlighten us on what they do and what we can do as a commission to assist them to better boost revenue generation for Nigeria.

“We are interested in what the authority does to enable us monitor better and know the right questions to ask which will enable us give appropriate information,” he said.(NAN) (www.nannews.ng)

Edited by Gregg Mmaduakolam/Ismail Abdulaziz

Environment

Floods: Expert wants more commitment to climate change mitigation

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By Fabian Ekeruche

The Center for Climate Change and Development, Alex Ekwueme Federal University, Ebonyi, has urged the Federal Government to put climate change at the centre of its economic growth plan.

Prof. Chukwumerije Okereke, the Director of the center, made the appeal in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos against the backdrop of recent flooding incidences in the country.

According to him, climate change is not just a simple marginal environmental problem; rather, it has wide scale economic impact.

The don stressed that there was the need for countries around the world and Nigeria to wake up to the significant economic consequences of climate change.

He urged the government to leverage climate change adaptation and mitigation to engender economic progress in the country.

“If the government is to stand a chance of succeeding in delivering economic growth in the country, it is important for it to pay attention to climate change.

“This is because the negative economic impact of climate change will likely derail the nation’s ability to sustain economic growth,’’ the don said.

He said that recent flooding in various parts of the country, including Lagos and Abuja, was at a huge cost to the nation in terms of human and property loss.

“These events bring to sharp attention and focus, the extent and scale of impact that climate change-induced weather patterns can cause.

“Scientists, including myself, have been calling attention to the wide-ranging impact of climate change around the world and especially in Nigeria.

“There is the need for countries around the world and Nigeria to wake up to the significant economic consequences of climate change,” Okereke said.

He recalled that the flooding event of 2012 had cost Nigeria trillions of Naira in damages, adding that more recent flooding events had also taken a lot of lives and caused immense damages to property.

“It is possible that the worst is not over yet.

“The metrological agency has warned that there will be a lot of flooding this year. More recently, the Cameroonian Government has warned that it will be opening up the dam because of large rainfall.

“This large rainfall in our view has to do with climate change.

“So, it is important that we begin to take proactive measures to respond to climate change and to increase our resilience,” Okereke said.

The don said that he recently called on the Nigerian Governors Forum (NGF) to take cognisance of the implications of climate change to the wellbeing and economic growth of the indigenes of their states.

He said that he had appealed to the NGF to adopt measures to increase the resilience of their states to climate change.

“Several states across the country still do not have any coherent climate change policy or action plan.

“It is time that they begin to do so, under a range of different measures that the national and state governments can put in place such as simple drainage systems, better city management and the clearing of drainage systems.

“All of these can help to limit the impact of flooding and the devastation that it causes to citizens,” Okereke said.

He emphasised the need for the government to put climate change at the centre of its economic growth plan.

The don added that the government needed to also engage robustly within the international community to draw down climate finance that was necessary to put in place series of measures to combat climate change in Nigeria. (NAN) (www.nannews.ng)

Edited by Christiana Fadare

 

Environment

Oil spillage, plastics devastating environment – Don warns

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By Thompson Yamput

A University Don, Prof. Benjamin Dauda, has warned against the devastating effects of oil spillage and plastics on the environment in Nigeria.

Dauda, who is the Dean, Faculty of Sciences and Head of Department (HOD), Department of Industrial Chemistry, Federal University Lokoja (FUL), gave the warning at the institution’s 15th Inaugural Lecture held at the Andakolo Auditorium, Lokoja, on Thursday.

In his lecture, titled: “Polymer: Material Driving Technological Advancement”, said no doubt the oil sector provide 95 per cent of Nigeria’s foreign exchange and 80 per cent of budgetary revenue, but the devastating effects of oil spillage demand urgent steps by government.

He disclosed that 16, 476 spills occurred with three million barrels spilled into the environment of oil producing states thereby putting human and aquatic lives in jeopardy.

“The oil spills occasioned by crude oil theft, illegal refining, sabotage of oil facilities, and erosion of pipelines, consequently damage farm lands and aquatic lives.

“There’s the loss of revenue, increased cost of spill clean up and human health challenges like still births, miscarriages, skin diseases, etc,” he said.

On control measures, Dauda advised organisations to make use of cotton as a better oil sorbent by making it more hydrophobic for oil spill clean up in marine water.

“These novel sorbent coated pads have the advantages of high uptake capacity (85 – 95%) owing to their hydrophobicity and oleophilicity,” he said.

The lecturer also cautioned against indiscriminate disposal of plastic materials in to the environment, which also has its own effects on the land and humans.

According to him, humans use a staggering one million plastic bottles every minutes due its significants to life aside its effects.

He added: “A major drawback in the use of composite (Polymer) is in their high susceptibility to delamination and other catastrophic failures due to imperfection within the structure.

“This is why government must fund research in universities for economic and social development. We have the know how and we can synergise with colleagues in other fields to proffer solutions.

“Companies should partner with universities to help solve processing problems and improve quality of their products.”

The don also tasked Nigerian companies producing polymer for global market into having their own Research and Development (R &D) units where they could “employ researchers that conduct research that will help improve processing and quality of products”.

Earlier, Prof. Olayemi Akinwumi, the Vice-Chancellor (VC) of FUL, said that in our ever-evolving world, the importance of materials science and its impact on technological advancement could not be overstated.

He noted that Dauda’s extensive knowledge, dedication and pioneering research in the field of Polymer Chemistry and Technology have not only contributed significantly to the academic community, but have also played a pivotal role in shaping the technological landscape of our society. (NAN)(www.nannews.ng)

Edited by Muhammad Suleiman Tola

Economy/Business

DMO takes FGN securities issuance awareness to Delta

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By Kadiri Abdulrahman

The Debt Management Office, on Thursday, took its Federal Government of Nigeria (FGN) Securities Issuance Awareness Programme to Asaba, the Delta State capital.

The programme, which is a collaborative effort of the DMO and CSL Securities Limited, the stockbroking firm for the FG, witnessed a large turnout of industry stakeholders and prospective investors.

Patience Oniha, Director-General of the DMO, said the programme was designed to educate Nigerians about safe investment opportunities in FGN securities.

According to Oniha, who was represented by Mr Makaizu Nwankwo, Director, Debt Recovery and Settlement Department at the DMO, investing in FGN securities is the safest place for Nigerians to grow their investments.

“The safest place to grow your investment is through the FGN securities. They help to fastrack national development, ” she said.

She said that the various FGN security instruments, which constituted the local component of country’s public debt, also contributed to developing the local financial market and deepening financial inclusion.

She listed the various investment platforms to include FGN bond, FGN savings bond, treasury bills, the green bond, and the Sukuk bond.

She said that the FGN savings bond was specifically designed for the retail investors to benefit, while supporting government to raise funds and also supporting development of the financial market.

“One function of these FGN securities is to raise capital to finance deficits in the budget, and also to raise funds to execute critical infrastructure projects.

“FGN securities also contribute to the development of the domestic capital market, and they serve as a benchmark for other private institutions to issue their own securities.

“They are backed by full faith and credit of the Federal Government of Nigeria, and are default risk-free,” she said.

Oniha said the objective was to ensure that many more Nigerians became aware of the huge investment opportunities so they could take advantage of them.

“The purpose of this gathering is to introduce DMO to the people. Some might have read one or two things about us in the newspapers, but the Nigerian people are a very important set of stakeholders we must engage.

“Also, we have to educate the general public about the various products that we offer. We are talking of investment products similar to shares, but this is the other side of shares.

“The needs of government are growing and becoming different, so, we need to get more stakeholders involved in what we are doing,” she said.

She said that the idea of getting more Nigerians to invest in government securities was to also promote and encourage financial inclusion.

“We do not want anybody outside of the banking system as much as possible. We want to encourage financial inclusion.

“It is good to keep bank accounts, but it is also good to get actively involved in the financial market, either by buying shares or bonds,” she said.

According to her, the various FGN securities constitute the local component of government borrowings which go into providing some critical needs of the citizens.

“As you know, government does borrow to execute projects. One of our objectives is to prove our ability to raise the funds that government will use to fund these projects that will benefit all of us.

“We will like you to support us by subscribing to our products so that we can transfer the funds to the government, ” she said.

According to Mr Abiodun Fagbulu, Managing Director, CSL Stockbrokers Limited, the stockbroking firm for the Federal Government, FGN securities are financial instruments issued by the DMO on behalf of the government.

Fagbulu, who was represented by Mr Richard Akinmoladun from CSL, said that FGN securities were designed to accommodate all categories of Nigerian investors.

He said that government securities also enhanced the saving and investment opportunities of the populace.

“They are mostly fixed-income securities under which the government is obliged to make payments of a fixed amount on a fixed schedule, once or twice a year, and repay the principal amount on maturity.

“Investors in fixed-income securities are, therefore, guaranteed a constant and secure return on their investments,” he said.

Fagbulu said that it had become increasingly necessary to create awareness about government securities among retail investors.

He said that ordinary Nigerians also deserved the opportunity to invest and benefit from the huge opportunities in FGN securities.

“FGN securities serve as a benchmark for other private institutions to be able to issue their own debt securities,” he said.(NAN)(www.nannews.ng)

Edited by Idris Abdulrahman

Environment

Denmark pledges support for Nigeria’s renewable energy sector

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By Muhyideen Jimoh

The Ambassador of Denmark to Nigeria, Mr Sune Krogstrup, has pledged his country’s readiness to invest more and support Nigeria’s quest to develop it’s renewable energy sector.

The envoy made the pledge in an interview with the News Agency of Nigeria (NAN) in Abuja.

He said Denmark as a leading global player in the sector was ready to support Nigeria’s green energy transition plan.

Krogstrup who decried the increasing effect of greenhouse gas emissions, stressed the need for all hands to be on deck to cut down on emissions.

“Denmark has a lot to offer Nigeria in terms of green technology and know-how aimed at reducing greenhouse gas emissions.

“We in Denmark, we are among the global front runners when it comes to developing and implementing new technology, green technology that supports a green transition.

“We are very ambitious in terms of the green transition, the Danish ambition is to make sure to reach climate neutrality by 2050. Nigeria has also committed itself to some very ambitious targets for reducing its emissions.

“And much needs to be done in terms of bringing in investments and technology,” he said.

He underscored the need for Nigeria to take bold steps backed with the political will to implement its Energy Transition Plan (ETP) and meet the net-zero emissions target of 2060.

NAN reports that former Vice President, Yemi Osinbajo, in August 2022 launched Nigeria’s ETP to provide a blueprint to achieving cabon neutrality by 2060, ending energy poverty and driving economic growth.

“I think that the energy sector is key in this regard. Bold and ambitious steps need to be taken from the Nigerian side if you are to reach the very ambitious targets.

“And of course, Denmark, along with a number of other international partners are ready to support Nigeria on that journey in the form of investments, cooperation and collaboration, government to government,” he said.

The envoy emphasised the need for a sustainable energy transition from fossil fuels to renewable energy in order to mitigate climate change and get cleaner energy.

He assured that Denmark would continue to collaborate and deepen cooperation with Nigeria, especially in areas of mutual interest. (NAN) (www.nannews.ng)

Edited by Salif Atojoko

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