By Felicia Imohimi

The Federal Government has urged the contractor handling shoreline protection of Tombia community in Yenagoa Local Government Area of Bayelsa to work according to the job’s specification and fast-track the process.

The Permanent Secretary, Ecological Project Office (EPO), Shehu Ibrahim, made the call at the inspection tour of some ecological projects in Yenagoa.

Ibrahim identified the project’s specification as 800 metres shoreline protection of River Nun.

He, therefore, frowned at the quality of work done so far, giving the contractor MW Global Services, three weeks to make amends and ensure the completion of the project within the time frame.

According to him, Environmental Impact Assessment (EIA) was not carried out hence the challenge.

Mr Stanley Odenigbo, Managing Director of the company however assured the EPO boss and entire community of delivering a quality project within the stipulated time.

He attributed the setback to flood, adding that the 2022 flood ravaged the project.

According to Odenigbo, the completion of the project will safeguard the community from flood.

Meanwhile, Chief Patrick Ikpaikpai, the Community leader, has commended the Federal Government for the intervention by giving succour to the community members during raining and dry seasons.

One of the residents, Okpoffaa Julius, decried that prior to the project, flood had ravaged the community and farmlands rendering a lot of people homeless, while some non-indigenes relocated.

“Since the commencement of this project in year 2022, we have been believing that God has finally answered our prayers.” he said. (NAN)(www.nannews.ng)

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Edited by Abiemwense Moru/Bashir Rabe Mani

By Ismaila Chafe

The Federal Government says it successfully averted over 4000 impending strike actions by industrial unions across the country through dialogue in the last seven years.

Minister of Labour and Employment, Dr Chris Ngige, made this known at the weekly Ministerial briefing organized by the Presidential Communications Team on Tuesday in Abuja.

According to him, dialogue remains the best tool for settling labour disputes.

“We have been very proactive in handling industrial disputes.

”We have conciliated about 4000 labour disputes, more than that figure I think about 4300 or so since I came into that ministry and you don’t hear about that.

“Once we get notice of an impending strike, we call them to come, we discuss and we resolve the matter.

”Some of them are not very big unions especially in the oil and gas sector. But you don’t hear about that because we are forever committed to doing what we are supposed to do.

“The Ministry of Labour holistically conciliates but we don’t make those ones public because an agreement is reached almost immediately and the agreement ground is easy and you won’t see a strike.

”Once you write to us of a pre-action, (Trade Dispute Notice) once you do that, you have exercised your right and the rest is left for us.”  he said.

Ngige added that the Ministry has Labour Dispute Desks and Rapid Response Teams in all the States of the federation that help in addressing industrial disputes.

According to the minister, modalities are already in the pipeline to give pay rise to civil servants especially those that enjoy peculiarity allowance, adding that the authorities are just waiting for the president’s approval to implement.

“We are already addressing the envisaged challenges associated with the current high cost of living.

“We are handling the issue of pay rise, some of the Ministries Departments and Agencies are doing that; even for Federal Civil Servants, there is a peculiar allowance that is envisioned for them.

“The Presidential Committee on Salaries has approved it and we have sent that to the President and once he approves it, implementation will start for them.

”Other people in the public service are also taking a queue, some are giving five or ten per cent pay rise,” he said.

The minister further disclosed that Nigeria had completed arrangements to collaborate with the International Organization for Migration to prevent illegal migration by job seekers.

He added that efforts had been intensified to revive textile industries in the country, adding that the Central Bank of Nigeria had since put in place special funds for cotton growers.

He said that the fund was to locally source raw materials for the textile industries.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

By Lizzy Okoji

The Federal Government, in collaboration with the International Organization for Migration (IOM), on Tuesday evacuated 151 stranded Nigerians from Benghazi, Libya as the government resumed its voluntary evacuation in Libya.

Amb. Kabiru Musa, Charge D’affiares en titre of the Nigerian Mission in Libya, made this known in a statement made available to the News Agency of Nigeria (NAN) on Tuesday in Abuja.

According to Musa, the evacuees who included 71 females, 54 males, 14 children and 13 infants are expected to arrive at the Murtala Mohammed Airport Lagos at 8 p.m.

Musa said that in 2022, the IOM, Ministry of Foreign Affairs through the Nigerian Mission in Libya, successfully repatriated almost 4,000 Nigerians who were irregular migrants in the country.

He said that the March 28 voluntary evacuation was the first in the year with several other exercises to follow in the coming days and weeks.

​“Under the IOM’s voluntary repatriation exercise, we successfully evacuated 151 stranded Nigerians from the city of Benghazi to Lagos, Nigeria at 16:00 hours local time aboard chartered flight no. UZ189.

“The flight is expected to arrive the Murtala Mohammed International Airport, Lagos at 20:00 hours Nigerian time the same day.

“There are several Nigerians living illegally in this country who have been subjected to very inhumane treatment, and the Federal Government, through the Mission here, has continued to intervene with local authorities to stop this.

“The voluntary repatriation offers an opportunity for those who want to return to Nigeria to do so safely and reunite with their families.

“There are always officials of relevant government agencies on ground to receive them and ensure their resettlement and reintegration back to society,” Musa said.

Musa said that more Nigerians would be evacuated from Tripoli on Wednesday, with another exercise to be carried out on April 3 from Misrata, Libya. (NAN)

Edited by Idris Abdulrahman

By Ibironke Ariyo
The Journalists International Forum For Migration (JIFORM) and the German Embassy in Nigeria will be partnering on a training programme for journalists on migration and economic issues.

Dr Ajibola Abayomi, JIFORM President, in a statement said that his team was received by Mr Gerald Wolf, the Deputy Consul General and Elle Ogunsanya, the programme Coordinator at the Lagos consulate of the embassy.

Abayomi said that the JIFORM delegation had requested for collaboration on the training of journalists on migration matters.

He urged the embassy to work with the JIFORM to further drive the campaign against irregular migration, human trafficking and other migration menaces.

According to him, “while we agree that migration is not a crime, the message must be clear that it must not be abused by anyone due to inadequate information on the choice they make.

“We are appalled by the cases of repatriation of thousands of migrants from Germany and other countries involving Nigerians.

“We are convinced that we can do better with quality information for the purpose of enlightening the public and this can be achieved with capacity building for media practitioners to engage stakeholders on the way out.

“Journalists also need to be exposed to better management of migrant information geared towards economic development for the good of all,” he said.

Abayomi emphasised that JIFORM was open to collaboration with various institutions to ensure that migrant matters from the point of safe, regular and orderly migration become a win-win situation for all countries.

“On this, we seek your support to continue to empower journalists in Nigeria as we look forward to having the second edition of the JIFORM intercontinental migration summit hosted in Germany later this year,” he said.

Responding, Wolf said his office would welcome a proposal to actualise a workshop for journalists and take steps to ensure its success when approved.

Wolf also said that the German government had a series of opportunities for skilled and qualified migrants from Nigeria, especially in education and those who are qualified teachers.

The Deputy Consul wished the JIFORM well on its desire to stage a migration summit in Germany.

He said his office was looking forward to also liaising with other German organisations in Nigeria to be part of interaction with the media during the proposed training programme.

The News Agency of Nigeria (NAN) reports that JIFORM, founded in 2019 in Lagos, comprises over 300 journalists covering migration across the continents.

NAN reports that the body has facilitated a series of local and international capacity building and training programmes for journalists and other stakeholders over the years. (NAN) (www.nannews.ng)

Edited by Vincent Obi

By Isaac Aregbesola

Participants at the International Women Conference have urged the President-elect, Sen. Bola Tinubu, to promote more laws, policies and special budgets targeting women and institutions that advance the cause of women.

They made the call at the first International Women Conference, with the theme “Equity versus Equality, Redefining Gender Roles,” organised by Arise Monilisa Foundation (AMF) in Abuja on Monday.

The conference was convoked to celebrate women, especially those that excelled in the male dominated sector.

Zik Okafor, a  former National President of Asscoaition of Film Producers, Nigeria, who was a key speaker at the conference, stressed the need for women to be given opportunity to have their voices in the society.

The Chief Executive Officer of Zulu Film noted with concern that women had not been allowed to occupy their rightful places in the political space in Nigeria.

He said that “out of 192 countries Nigeria is number 184 in terms of women participation in politics, it is not a good story.

“From 1999 till date, only 157 women have been elected into the National Assembly in Nigeria, 38 Senators and 119 members of House of Representatives, compare to 2,657 men elected, 616 Senators and 2041 House of Representatives members.

“I think government needs incisive mind set, bold action and commitment, they need to promote more laws, policies, special budgets targeting women and institutions that advance the cause of women.”

According to him, there should also be deliberate and conscious efforts from the government to seriously put an end to gender based violence, secure equal access to quality education, health, economic resources and importantly participation in politics.

“I have no doubt that women are ultra-commitment agents of change and they hold a brand new hope for the world,” he said.

Speaking in the same vein, Monalisa Chinda, the Founder of AMF, said women and youths should be given the chance and the leverage to participate in all sectors including politics.

“They should be given that chance to play their role by the incoming government to contribute their own quotas to the development of the country.

“I think it is time to give women space to be what they are meant to be,” she said.

While noting with concern that women were not encouraged by their male counterparts to thrive politically, she called on men to support women to occupy rightful political seats in the country.

She also challenged the women to become mentors that change the narrative for female folks everywhere.

“Women must start from henceforth to become the biggest supporters, fans, Trust-anchor, mentors and financiers of their fellow women,” she said.

Also in her submission, Alex Okoroji, an actress and author, stressed the need to fill the existing gender gaps in our society.

“The gender gaps should be filled to enhance development in the country and the best way to fill the gap is to bring up women to fill their rightful place in the society.

“By bringing more women into discussion. By acknowledging women contribution to development in the society, I think there also need to be better presentations.

“People need to be more aware of women achievement in the society, media can play a crucial role in bringing the women folk to the limelight, how women are represented in the society,” she said.

According to her, there is the need to encourage more women in the areas of leadership, governance and politics.

“I believe that there are not enough laws that support women ideas.

“Because a lot of the laws were made by men and when you have more men as lawmakers than women, not enough women representative, how do we create laws that will be in favour of women?

“So, we need to have more female lawmakers, and have them in politics and governance, then we can have our voices represented and raise issues that women care about,” she said. (NAN) (www.nannews.ng)

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Edited by Muhammad Suleiman Tola

Naira redesign and challenge of currency management

By Kadiri Abdulrahman, News Agency of Nigeria (NAN)

When the Central Bank of Nigeria (CBN) introduced the Naira redesign policy in October, 2022, it informed the public that it was meant to check abuse of naira, contain inflation and ensure control of the volume of naira notes in circulation.

Among other gains, Emefiele said the step would also help to deepen the drive to entrench a cashless economy in the country.

Mr Godwin Emefiele, the CBN Governor, who announced plans of the apex bank to redesign the N200, N500 and N1,000 denominations said that the process was in line with the apex bank’s key function of national currency management.

Emefiele said that out of the N3.2 trillion the apex put in circulation between 2015 and October 2022, only N500 billion was within the banking system, with N2.7 trillion permanently outside the banks.

According to him, maintaining the integrity of a legal tender and the efficiency of its supply are some of the functions of a great central bank.

“In recent times, currency management has faced several challenges that have continued to escalate in scale and sophistication, with unintended consequences for both the CBN and the country.

“On the basis of these, and in line with the provision of CBN Act, the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,000,” he said.

“The standard practice globally is for central banks to redesign, produce and circulate new local legal tender every five to eight years,” he said, adding that in the case of naira, the last attempt at such was 20 years ago.

However, the policy soon ran into troubled waters, as the CBN, after mopping up existing banknotes, was not able to make adequate supply of the redesigned banknotes to deposit money banks even after placing restrictions on withdrawal limits.

This created a scenario where bank customers were stranded, with no access to cash, while inadequate Internet infrastructure in commercial banks also made it frustrating for them to execute online banking transactions.

Some state governors who kicked against the policy due to the untoward hardship it inflicted on Nigerians, approached the Supreme Court to intervene on the issue.

The governors accused Emefiele of misinforming the president about the negative implications of the policy.

On March 4, the Supreme Court passed a judgment invalidating the Naira redesign policy on the grounds that it was not done with due consultation and in line with constitutional provisions.

The apex court, thus ordered that the old Naira notes should continue to be used side by side with the new Naira notes until Dec. 31.

Financial experts have expressed diverse views about the initiative. While some have commended it, saying that it would contribute to stabilising the Naira, others condemned its timing.

An ex-banker, Dr Tope Fasua, said the measure would have significant effect on the economy, adding that it was essentially about “black money.’

“When central banks do this, they try to pull in monies people are hiding; illegal money, corruption money, kidnapping money. Nigeria has managed to become a hub for these kinds of illegalities.

“I will even suggest that the CBN does this more often, maybe every 10 years. You will see a scenario where the banks are awash with liquidity.

“There are many people sitting on billions in naira, and even in dollars. The CBN should also see how it can pull in the dollars,” he said.

However, other financial experts say the challenges facing the economy as enumerated by the Emefiele cannot be tackled by mere redesign.

One of them is Mr Okechukwu Unegbu, the past president of Chattered Institute of Bankers of Nigeria (CIBN), who said redesigning the naira was not the most important problem facing the economy.

Unegbu, said the apex bank should have tasked itself with ensuring the availability of lower naira denominations, like N50, N100 and N200.

Unegbu argued that embarking of a cashless economy can only be successful in a literate society with the right infrastructure.

“There is no problem with the cashless policy but because of the state of the economy and the level of illiteracy, the CBN should have started implementation in phases.

“Cashless policy should start from urban and commercial centres like Lagos, Abuja, Port Harcourt and Kano before moving to the rural communities.

“You cannot make such a blanket decision in the Nigerian system because of the way we are. The shortage of cash is worse in rural communities, where some people have never even sighted the new notes,” Unegbu said.

According to Mr Muktar Muhammed, the prospects of the policy having a positive impact on the nation’s economy had been blighted by its poor implementation.

“It is a good policy but poorly implemented because we did not take into consideration the Nigeria factor.

“It was not driven entirely by economic considerations. We had to contend with political consideration as it relates to vote-buying and we had the security consideration,’’ he said.

Muhammed said that the policy had done some damage to the informal sector, although he believes that in the long run, the sector will find it beneficial.

“Some of the small businesses have started to open bank accounts because they realised that it is the only way they can do business.

“It has also helped in stabilising the exchange rate, from between N800 to N900 to the dollar to around N750 to the dollar.

“That is still not good enough, but it is better considering where we are coming from,’’ the investment banker said.

Dr Isa AbdulMumin, the Acting Director, Corporate Communications, CBN, says it was making efforts to ensure that enough naira notes were injected into the economy to ameliorate the hardship associated with lack of cash.

AbdulMumin said that the CBN also directed all deposit money banks to open for operation on Saturdays and Sundays to meet their customers’ cash demand.

The apex bank said it has sufficient new naira notes to meet and financial needs of the citizenry.

The Central Bank of Nigeria (CBN) has dismissed speculations over the inadequacy of the newly redesigned naira notes in the banks, saying there is sufficient quantity in circulation.

“I can assure everyone that the new notes will circulate. So, as transactions take place, you are going to be having the new ones.

“As people are giving out the old notes, they’ll be receiving the new notes”, said Mr Abiola Omotoso, the Controller of Ekiti State branch of the bank.

Stakeholders say they are hopeful that the apex bank will take advantage of the Dec. 31 window given by the Supreme Court to perfect the Naira redesign policy implementation including directing banks to expand their internet infrastructure. (NANFeatures)

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

By Vivian Emoni

The United Nations Industrial Development Organisation (UNIDO), is collaborating with the Japanese government, European Union (EU) and African Development Bank (AfDB) to implement waste to wealth project.

The Regional Director of UNIDO Nigeria, Mr Jean Bakole, said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

Bakole said that the project would last for three years, and that the collaboration would support the execution of the project.

According to him, the essence of the collaboration is to ensure that the project is executed effectively within the time frame.

He said that UNIDO was also partnering with the Ministry of Environment, as the essence of the project was to see how the organisation could turn pollution materials into initiative.

“The process will help to recycle plastic from value chains of solid and plastic waste of old materials into new materials, thereby, turning waste into wealth.

“The three years project by UNIDO is going to be beneficial in Nigeria, as it will promote economic development and job creations,’’ he said.

Bakole said the organisations were trying to reduce the effects of the bad materials to reevaluate them into new products with the help of new technologies used in recycling industries.

The regional director said that the organisations were working on adding value to eco-system and seeking ways to get talented youths in the field.

He stressed that the aim was to offer the youth ideas, opportunities, training and financial aids in the recycling processes.

“Going into the processes will bring job opportunities, help in start-up and evaluate ideas of how the materials can be recycled and utilised efficiently.

“The circular economy forms a linear economy approach which will have its methodology to domesticate in Nigeria and benefit not only in Nigeria but other countries.

“This is to reduce the negative impact of waste, particularly solid waste, e-waste and domestic waste,’’ he said.

According to Bakole, the effort will help to know how to go through plastic value chain in order to transform used products into new products which can assist the local and national economy. (NAN)(www.nannews.ng)

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Edited by Chinyere Bassey/Ese E. Eniola Williams

By Adebola Adegoke

A leading Zimbabwean property company, WestProp Holdings has announced its official listing on the Victoria falls stock exchange.

Dr Michael Louis, Chairman of the board announced at a press conference held in Zimbabwe, on Monday that the company would formally be listed on April 29.

He said the company had received approval to list two categories of share capital namely its ordinary shares and preference shares.

“It is my privilege to formally announce that on the 7th of March, the Registrar of Companies approved West Property Company Pvt Ltd., to become a public company and West Prop Holdings Ltd. was birthed and issued with its certificate of name change,” he said.

Louis said the shares would accordingly be opening an offer for public subscription for the securities from March 27 to April 21, 2023.

He said the decision was in line with the National Development Strategy of ZImbabwe to achieve an empowered upper-middle income society by 2030 to chart a new transformative and inclusive development agenda.

“The board thought of creative ideas to have a participatory inclusive economic model that really can help the poor and give everybody a secure future.

“We are further elated to announce that we have decided to list on the victoria fall stock exchange because of the numerous benefits it holds for shareholders, including but not limited to shares trading in US Dollars, no capital gains and minimum transaction costs.

“If you buy preference shares the company underwrites a minimum return of 7.5 per cent per annum on investments,” he said.

Louis added that WestProp’s IPO is to raise 30 million dollars in capital to accelerate the development of the company’s existing projects such as Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.

This, he said, was in line with the company’s 2050 vision of one billion bricks resulting in thousands of jobs and a total value of five billion dollars.

“As we have now gone public, the board is convinced the time is now for individuals to be part of a bigger family to start investing in their long-term future and especially encourage the youth to start participating.

“To this end, the board will be investing in educational literacy programmes to transform and educate the public and especially the youth regarding their responsibility of securing a generational future,” he said.

Louis, the new chairman of the board acknowledged the achievements of Kenneth Sharpe, the Chief Executive Officer (CEO) and his team that have led the company to receive several international and national awards.

The awards included Company of the Year 2023 ( Zim land Developments and construction Awards); Property Development Company of the Year 2021. ( Property Magazine); Company of the Year National Awards 2021 (Zimbabwe Business Awards).

Others were Best Real Estate Innovative company of the year 2021 (Zim Infrastructure Investment summit);

Outstanding Property Development company 2022. (Zim CEO Network).

In his remarks, Sharpe announced that the company was offering one million ordinary shares at 10 dollars each and 5.4 million preferential redeemable convertible shares at 5 dollars each.

According to him, the preferential shares allow investors five years to decide to become ordinary shareholders during which time they will benefit from a minimum guaranteed return of 7.5 per cent per year as well as dividends from the company’s profits.

“This is likely to result in over 10 per cent per year being paid out which is an amount that no other listed company or bank in Zimbabwe is currently offering investors.

“We have a goal of taking our company from the current annual sales of 40 million dollars to over 100 million dollars within seven years and to create a balance sheet that will exceed one billion dollars in value which is more than five times the one today.

“All the shareholders will benefit from this growth. We know It is achievable and within our grasp,” he said

He said the company’s corporate strategy statement was to pioneer world-class, vertically-integrated, premium lifestyle communities in Zimbabwe by 2025.

“It is not a coincidence that we have targeted one billion bricks if you look at our projected construction for the projects we have designed, it will take one billion bricks and five billion dollars to complete them.

“Every day we are putting bricks into the ground working towards the vision where we know that within the next 27 years, we will have laid one billion bricks.

“As of today, we have laid 5,298,975 bricks and we have 55, 626,972 committed bricks from our existing sales,” he said.

“This ensures we have smart cities encompass the live, work, shop and play model which means we provide social amenities like shopping malls, sporting facilities, creches, churches and many other recreational facilities in a safe 24 hour secure gated community,” he said.

He also assured the public that the benefits of investing in the company were multi-dimensional.

According to him, the company guarantees a secure investment where someone who’s investing 50 dollars will know that their money will still be there in one month, in one year and five years.

“It’s an alternative to the banks. There’s no cost we deduct for holding that value on behalf of the investor, and they are guaranteed that their investment is safe with us.

“Once they have invested with us, the investment doesn’t just stay at the 50 dollars that they invested. We give a solid return. The reason why we’re able to give them an expected return of over 10 per cent a year in USD is that we are highly profitable.

“We are saying that together with the public, we can join hands and build Zimbabwe because the opportunity to invest with us will allow us and the public to come together, hold hands and build our country brick by brick.

“We are doing this today through IPO and the listing, benefiting yourself in becoming a shareholder with us, you are joining hands in owning the assets that we own,” he said. (NAN)(www.nannews.ng)

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Edited by Chioma Ugboma