By Philip Yatai

The Department of Development Control, Federal Capital Territory Administration (FCTA) has demolished 11,705 shanty colonies across Abuja city, from January to October.

The department also generated N2.5 billion and created 13,873 direct and indirect jobs within the period, says Mr Mukhtar Galadima, Director, Development Control, Abuja Metropolitan Management Council, FCTA.

Galadima, who disclosed this during a media briefing on the activities of the department in Abuja on Sunday, explained that the shanties and illegal developments were demolished in conjunction with the Ministerial Enforcement Task Force Team.

He identified the affected areas as Kabusa, Kasuwan dare, Galadimawa junction, Mabushi scavenger colony and Gudu District along Oladipo Diya Way.

He equally said that the department also removed obstructing structures on waterways at Lugbe, Jahi and Lokogoma.

This, according to him, has curtailed the flooding being experienced within the city in recent years.

He also said that the encroachment on rights of way and security black spots were equally dismantled in collaboration with security agencies in the FCT.

The director also disclosed that a total of 1,764 building plan applications were received within the period, out of which 1,422 were granted approvals, including backlogs of previous years.

On revenue generation, Galadima said that the N2.5 billion was generated from building plan approval and land use contraventions from January to October.

He said that amount represents 68.5 per cent of the N3.7 billion target for the year, adding that of the N2.5 billion, N1.7 billion was generated from building plan approval alone.

The director also explained that the 13,873 direct and indirect jobs were created at different stages of construction at various sites as approved by the department.

Another achievement according to Galadima included the inauguration of One-Stop Vetting Team to treat backlog of files and fast -track of building plan approval for Plots within areas serviced with infrastructure.

He added that the department also established Regional Offices to decentralise monitoring and enforcement activities in the Area Councils and Satellite Towns.

“We equally inaugurated a Committee on the Prevention of Building Collapse in the FCT to proffer modalities and institutional framework to avert building collapse in the territory.

“The department also inaugurated a Post-Development Audit which commenced at Dawaki as a pilot scheme.

“The staff of the department equally carried out routine monitoring of physical development activities within the territory where contravening developments are served either with stop work, quit notice or demolition notice,” he said.

On staff welfare, Galadima said that the department has institutionalised end of year activities where it appraises itself, enhances staff bonding as well as presents awards to deserving staff to boost morale.

“There is also a monthly medical fitness check for all staff and monthly sporting activities to boost physical fitness of staff,” he added.

He identified increasing cases of land grabbing and harassment of the department staff by security agencies as some of the challenges recorded within the period under review.

“There is also the problem of non-resettlement of indigenous communities which created pockets of expanding slums throughout the city.

“Another challenge is the inadequate and obsolete utility vehicles for monitoring and heavy-duty equipment for enforcement to cover the ever-growing territory.

“Others are inadequate office accommodation, slow adoption information and communication technology, and non-0utilisation of land after removal of squatter settlements.

“There is also the challenge of slow pace of infrastructural development especially in the satellite towns and abandoned buildings serving as criminal hideouts among others,” he said. (NAN)

Edited by Ekemini Ladejobi

By Ismail Abdulaziz

President Bola Ahmed Tinubu on Saturday in Riyadh, Saudi Arabia, said all negative perceptions about doing business in Nigeria would be removed.

He stated this during a meeting with the Captains of the Saudi Arabian Industry at the Nigeria-Saudi Investment Roundtable.

He said that with the new cabinet members, Nigeria was now ready for business, adding that these are parts of the Renewed Hope Agenda.

He said that the new administration was tackling headlong the wrong notions with respect to the ease of doing business, monetary policy, and trade cooperation.

“I believe in this team that I have brought from Nigeria. When I took office, I declared the immediate commencement of bold and fundamental economic reforms. We have executed them, and we sustain the reform process. Today, I declare that red tape is gone!

“I believe in the full application of free market economics. Your money will flow easily in and easily out. The arbitrage around our nation’s old foreign exchange policy regime and the corruption that was associated with it is also gone!

“We took on those bold endeavours from day one in preparation for serious investors like you seated here. The greatest opportunity for any entity to prosper lies in its human capital. My team is prepared. We can produce. Our market is full of Nigerian youths who are brilliant, highly educated, industrious, and passionate about innovation and engagement with world-class services.

“The navigation of the ship of this great nation lies in the membership seated here. We are ready to answer all of your questions directly, even into this night if need be. The sky is not just the limit, but it is the destination for our two countries and peoples,” the President said.

Saudi Arabia’s Trade and Investment Minister, Khalid El-Falih, said that after listening to the President speak about what was possible between the two nations, Nigerians can expect that the Saudi investment community would respond with new investments across several sectors of the Nigerian economy.

“The Minister of Commerce and I will be visiting Nigeria either before the end of this year or very early next year with a very large delegation of Saudi CEOs from all key sectors. We know you are ready for business, so we do not want to come to Nigeria for any exploratory discussion. We are coming for implementation. It is an action visit.

“Mr. President, you agree with me that good intentions alone will not take us anywhere, so we will prepare well with your team and our investors will align with your officials, beginning now, to develop a concrete work plan of investments in the key sectors for takeoff when we meet again. When we meet soon in Abuja, it will be to sign and begin delivery on all agreements. We will also use the opportunity to formally inaugurate the Nigeria-Saudi Business Council.”

Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al Qasabi, previewed how Saudi Arabia can further contribute to the soft infrastructural reforms needed to unlock game-changing quantums of foreign direct investment in Nigeria.

“We have signed an agreement with the World Economic Forum on the reform of the services sector in Africa. In developed economies, the services sector contributes enormously to GDP. But in the developing world, we tend to focus on goods.

”So, we would like to make Nigeria the pilot country in this agreement with WEF to study Nigeria’s service challenges to make it seamless and make the supply chains across sectors streamlined and raised to international standard to enhance Nigeria’s economic and investment viability over the long-term,” he said.

Chairman of Dangote Industries, Alhaji Aliko Dangote, told the Saudi investors that Nigeria, under the leadership of Tinubu, would be seen in the world as a foremost global investment haven.

“What I always say about Nigeria is that it is the world’s best kept secret in terms of investments and returns. We are also looking to ensure that our investments are a two-way process.

”Nigerian companies have a lot of value to add to the Saudi economy, and we look forward to working together in expanding our Nigerian operations as well. The soon-coming launch of the Nigeria-Saudi Business Council will be a huge opportunity for both countries to expand on what has been established here.”

At the Investor Roundtable, dozens of Chief Executive Officers from several Saudi conglomerates specialising in construction, finance, new and traditional energy, healthcare, agriculture, electric power, mining, aviation, telecommunications, creative arts, and hospitality were present and made their exploratory proposals to the President on areas of tangible collaboration.

Responsing Tinubu said: “I have listened to all of you very intently, and I am not only impressed, but I am determined to be your partner in progress and prosperity. Nigeria will reward your faith. Our people are ready, and we will not dissappoint.”

The Nigerian government delegation comprised the Governors of Bauchi, Niger and Katsina States; Minister of Finance & Coordinating Minister of the Economy, Mr Wale Edun; Minister of Budget & Economic Planning, Sen. Abubakar Bagudu; Minister of Industry, Trade & Investment, Dr Doris Uzoka-Anite.

Others are the Minister of Communications, Innovation & Digital Economy, Dr Bosun Tijani; Minister of Agriculture, Sen. Abubakar Kyari; Minister of Humanitarian Affairs & Poverty Alleviation, Dr Betta Edu; and Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri.

The Nigerian business delegation comprised of the Chairman of Dangote Industries, Alhaji Aliko Dangote; Chairman of the Chagoury Group, Amb. Gilbert Chagoury; President of Flour Mills Nigeria, Mr John Coumantaros; CEO of Oando Energy Company, Mr/ Wale Tinubu and many others.(NAN)
Edited by Maureen Atuonwu

By Ismail Abdulaziz

The Government of Saudi Arabia has pledged investment in the revamping of Nigeria’s refineries.

It also indicates interest in providing financial support to sustain the government’s determination of reforming the foreign exchange.

Saudi Crown Prince Mohammed bin Salman made these pledges at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

Mr Muhammad Idris, Minister of Information and National Orientation, disclosed this in a statement on Thursday in Riyadh, Saudi Arabia.

He explained that to support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regime, the Saudi Government would make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

He said that Salman commended the economic reforms of Tinubu, expressing the commitment of the Saudi Government to supporting these reforms in order for Nigeria to reap the full benefits.

According to him, Saudi Arabia is very eager to see Nigeria thrive under Tinubu, and realize its full potential as the economic giant of Africa.

Salman also highlighted Agriculture and Renewable Energy as areas where Saudi Arabia would invest to help the country attain food and energy security.

The Crown Prince said that the investment in Nigeria`s refinery would be led by the Saudi state-owned oil company, Saudi Aramco.

He gave the assurance that the revamping of the refineries would be completed within a two- to three-year timeframe.

The Crown Prince also expressed appreciation to Nigeria for its active participation in and support for OPEC+.

Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight.

The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.

Also, Tinubu and Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.

The two leaders also discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

The bilateral meeting was attended by the Minister of Foreign Affairs, Amb. Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Amb. Yahaya Lawal and the state Chief of Protocol, Amb. Adekunle Adeleke.(NAN)

Edited by Ismail Abdulaziz

By Ismail Abdulaziz

President Bola Tinubu has assured potential Saudi Arabian investors of the safety of their investment in Nigeria.

The president stated this at the first Saudi-Africa Summit in Riyadh, Saudi Arabia, on Friday.

Tinubu said that Nigeria was ready for business while assuring investors of some of the world’s highest returns on investment.

He said that Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups.

The president said these groups had for long being terrorizing the Lake Chad and Sahel regions of Africa.

“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.

”It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.

“(We are both) members of several international organisations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others.

”Our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.

Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

Speaking on climate change and how it affects Africa,  Tinubu said it has led to an expedited rate of desertification and incessant flooding in Nigeria and many other African countries.

He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria was also working on a number of initiatives to fight the effects of climate change and energy poverty.

“Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.

“Mr. Chairman, let me also take this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed,” the President said.

On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.(NAN)

Edited by Ismail Abdulaziz

By Ismail Abdulaziz

President Bola Tinubu has arrived Riyadh, Saudi Arabia for the Saudi-Africa Summit holding on Friday.

The president was received by ministers, members of the National Assembly as well as other government functionaries at the airport.

At the Saudi-Africa Summit, the President will underscore Nigeria’s commitment to attracting more Foreign Direct Investment and expanding business partnerships.

Presidential spokesman Ajuri Ngelale said the visit would strongly reinforce the administration’s ongoing domestic economic reforms.

Discussions at the first Saudi-Africa Summit will revolve around supporting joint action, enhancing political coordination and addressing regional security threats.

He added that it would also facilitate economic transformation through research and the local development of new energy solutions, which was expected to boost cross-sectoral investment cooperation.

The President is accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; Minister of Education, Prof. Tahir Mamman and the Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun.

Others are the National Security Adviser (NSA), Malam Nuhu Ribadu; the Director General of the National Intelligence Agency (NIA), Amb. Ahmed Rufai Abubakar; and the Chairman of the National Hajj Commission of Nigeria (NAHCON), Malam Jalal Arabi.

President Tinubu is expected to return to Abuja following the conclusion of the Saudi-Africa Summit.(NAN)

Edited by Ismail Abdulaziz

By Ismail Abdulaziz

President Bola Tinubu will on Thursday depart Abuja for Riyadh, Saudi Arabia, to attend the first Saudi-Africa Summit.

Presidential spokesman Ajuri Ngelale, who disclosed this in a statement on Wednesday in Abuja, said that the summit would take place in Riyadh on Friday.

He said the summit would afford the President to underscore Nigeria’s commitment to attracting more Foreign Direct Investment and expanding business partnerships.

He said that these efforts are strongly reinforced by Tinubu’s administration’s ongoing domestic economic reforms.

Ngelale said that discussions at the summit would include support for joint action, enhancing political coordination and addressing regional security threats.

Others, he said, are facilitating economic transformation through research and the local development of new energy solutions in order to boost cross-sectoral investment cooperation.

The News Agency of Nigeria (NAN) reports that the President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; Minister of Education, Prof. Tahir Mamman and  Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun.

Others on the entourage are the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu; as well as the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu.

Also on the visit are the National Security Adviser (NSA), Malam Nuhu Ribadu; the Director General of the National Intelligence Agency (NIA), Amb. Ahmed Rufai Abubakar; and the Chairman of the National Hajj Commission of Nigeria (NAHCON), Malam Jalal Arabi.

The Presidential spokesman said that Tinubu would return to Abuja following the conclusion of the Saudi-Africa Summit.

Edited by Ismail Abdulaziz

By Philip Yatai

The FCT Minister of State, Dr Mariya Mahmoud, has tasked indigenous construction companies to adopt modern technologies that would transform the engineering landscape of the country.

She made the call at the 40th Anniversary of News Engineering Nigeria Limited, in Abuja on Tuesday.

Mahmoud, who was represented by Dr Jummai Ahmadu, Director, Reform Coordination and Service Improvement, FCTA, minister urged them to embrace these technologies to remain relevant in the global construction landscape.

She called on the management of the company to keep pushing the boundaries, seeking new frontiers, and embracing innovative technologies beyond what it had achieved in the last four decades.

“This momentous occasion is not only to mark four decades of dedication and hard work, but also to highlight the incredible journey of a company that has played a pivotal role in shaping the engineering landscape of the nation.

“The engineering prowess of News Engineering Nigeria Limited has pushed the boundaries of what is possible.

“The infrastructure and technology solutions it has provided, have transformed the landscape of our nation’s capital city, enabling progress and development in numerous sectors.

“As we celebrate this 40th anniversary, we must also reflect on the people behind this success,” she said.

In her remarks, the Managing Director of the company, Mrs Josephine Nwaeze, said that the anniversary was a testament of commitment to building on the vision of the founder.

Nwaeze said that the firm has expanded its reach across the engineering value chain through the years, through diversifying its expertise to meet the ever-changing needs of clients and the industry.

“The theme for the anniversary, “sustaining legacy” encapsulates the essence of our journey thus far. Over the past four decades, we have weathered challenges, embraced innovation and built a strong foundation for success,” Nwaeze said. (NAN)

Edited by Ismail Abdulaziz

By Philip Yatai

The Federal Capital Territory Administration (FCTA) has inaugurated a Capital Gain Tax (CGT) Implementation Committee to boost Internally Generated Revenue (IGR) in the territory.

Mr Chinedum Kelechi, the Mandate Secretary, Economic Planning, Revenue Generation and Public Private Partnership, FCTA, inaugurated the committee in Abuja on Tuesday.

The News Agency of Nigeria (NAN) reports that the committee would be chaired by the Executive Chairman, FCT-IRS, while the Director, Tax Operations, FCT-IRS would serve as secretary.

Other members of the committee include the Solicitor General; Director, Land Department; Director, Development Control; Director, Abuja Geographic Information System; and the Chairman of Nigerian Bar Association (NBA).

Kelechi explained that the committee became necessary following FCT Minister Nyesom Wike’s approval for the implementation of the CGT Act, Cap. CI LFN 2004.

“The Act imposes a CGT tax rate of 10 per cent on the total amount of chargeable gains accruable to any person upon disposal of his or her chargeable asset.

“Or assets in a year of assessment after deduction of the allowable expenses from the gains made on the asset’s disposal.

“This is to be remitted to the FCT Internal Revenue Service (FCT-IRS) as required by the extant law,” he said.

He added that Wike had equally approved inter-agency collaboration and synergy between the FCT-IRS and other relevant agencies to ensure smooth implementation of the CGT Act.

The mandate secretary said that the committee would conduct comprehensive awareness and education campaigns to improve citizens’ understanding.

He also said that the committee would conduct regular stakeholders’ engagement through business associations, chambers of commerce, NBA and other relevant organisations.

He added that the committee would monitor transactions across stakeholders, agencies as well as enforce the CGT implementation in accordance with extant laws.

Kelechi urged members of the committee to collaborate with the judiciary to handle cases of severe non-compliance or fraud as well as establishing a transparent dispute resolution mechanism among others.

Earlier, the acting Executive Chairman, FCT-IRS, Mr Haruna Abdullahi, said that the CGT was part of taxes that FCT-IRS was empowered by law to collect.

Abdullahi decried the situation where the collection of the CGT due to FCT was less than five per cent.

He commended Wike for bringing relevant stakeholders together to work with FCT-IRS to enhance the revenue in the territory.

Edited by Ismail Abdulaziz