News Agency of Nigeria
King Charles III unveils initiative to reduce unemployment in Nigeria
Economy/Business

King Charles III unveils initiative to reduce unemployment in Nigeria

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By Oluwafunke Ishola

His Majesty, King Charles III of England, has set up an initiative to tackle unemployment, bridge skills gap and enhance employability of Nigerian youths.

This was disclosed during the Prince’s Trust International (PTI) Recruitment Fair on Tuesday in Lagos.

The fair was done in collaboration with the Nigeria Employers’ Consultative Association (NECA) and Field of Skills and Dreams (FSD).

Mr Will Straw, the Chief Executive Officer, PTI, said that job scarcity was a global challenge and not peculiar to Nigeria.

Straw noted that Nigerian youths are faced with the issues of skills, jobs and experience gaps.

“Over 10 million Nigerian children are out of school.

“Many more leave school early to start earning; among those who complete their schooling, many can leave education without the skills needed to enter the workforce.

“And with far more job seekers than formal jobs, most young people in Nigeria have to work in the informal sector, which makes up over half of the economy.

“Young people are told you can’t get a job because you lack experience, but can’t gain experience because you can’t get a job,” he said.

To address these challenges, Straw said that the PTI aims to bridge the gap by focusing on programmes that would equip youths with skills.

Straw noted that the PTI was founded by His Majesty King Charles III to tackle the global crisis of youth unemployment.

He added that the programmes are in 23 countries around the world.

According to him, the PTI in collaboration with local partners work on providing opportunities to develop the skills, communication, resilience and confidence of youths to succeed and deliver tangible employment outcomes.

“We work with local partners to deliver education, employment and enterprise programmes that empower young people to learn, earn and thrive,” he said.

Straw said the PTI was working with the private sector to recruit youths, noting that 96 per cent of youths that had undergone their programmes were employed within three months.

“Our ambition in Nigeria is to create life-changing opportunities for young people, aiming to directly support tens of thousands of young people in the years ahead and many more indirectly in their families and communities,” he said.

Similarly, Ms Arunma Oteh, the PTI’s Trustee and former Vice President, World Bank, said that 60 per cent of Nigeria’s population are youths, noting that investment in youths was worthwhile and sustainable for development.

Oteh, who was also a former Director-General, Securities and Exchange Commission in Nigeria, expressed excitement at the possibility the programme portends for young Nigerians, employers and the country.

She said that Nigerian youths are hardworking, creative, and resilient.

Oteh said the launch of the PTI in Nigeria would catalyse more changes and development in the country.

Also, Mr Oyerinde Adewale-Smatt, the Director-General, NECA, said unemployment was a great challenge for the country and was projected to grow to 40 per cent in 2023.

Adewale-Smatt said that the partnership plays a critical role in addressing unemployment, skills gaps and employability in Nigeria and Africa.

Similarly, Mrs Omowale Ogunrinde, Founder, FSD, said that many employers are looking beyond certificates to skills that would enhance the values and operations of the organisation.

Ogunrinde disclosed that 3,891 applicants applied for the recruitment fair, but 120 were successful and shortlisted for the recruitment process with 30 organisations at the fair.

Earlier, Ms Kachollom Daju, the Permanent Secretary, Federal Ministry of Labour and Employment, said that unemployment was an issue of concern to the Federal Government.

Daju said that the government had made deliberate efforts to bridge the youth unemployment gaps through several interventions including upgrading of skills centres and the National Development Plan, among others.

She commended the organisers of the fair, noting that it aligns with the government’s effort to bridge unemployment, reduce poverty and enhance development in the country. (NAN)

 

Edited by Chinyere Joel-Nwokeoma

Military Pensions Board pays 3rd tranche of debarment allowance
Defence/Security

Military Pensions Board pays 3rd tranche of debarment allowance

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By Sumaila Ogbaje

The Military Pensions Board (MPB) on Tuesday announced the payment of third tranche of the Security Debarment Allowance (SDA) to eligible military retirees and next-of-kins of deceased pensioners.

Chairman of the board, Rear Adm. Saburi Lawal, made this known in a statement in Abuja.

Lawal said payment of the third tranche, represented the third quarterly payment of the SDA for the year 2023.

He said it was in fulfillment of the pledge made by the board after the payment of the first and second tranches, that payment of subsequent tranches would be effected promptly, once funds were made available by the Federal Ministry of Finance, Budget and National Planning.

According to him, payment of the third tranche was to the military pensioners who were active on the board’s data base, as at Nov. 9, 2017.

He said the payment of the SDA was to give effect to the presidential approval for extension of the payment of the SDA to military pensioners and retirees who exited the services before Nov. 9 2017.

He said the group were originally excluded from implementation of the provisions of the reviewed Manual of Financial Administration (MAFA) 2017, as it relates to the SDA.

“Gleaning from the foregoing, our esteemed retirees are please to note that the SDA is calculated as a function of 10% of the retiree’s annual basic salary as at the time of retirement, multiplied by the number of years in the service

“All concerned military pensioners/retirees and next of kins of deceased military pensioners are therefore advised to contact their banks for their entitlements.

“The board wishes to assure our esteemed military retirees/pensioners, next of kins of deceased military personnel and other well-meaning Nigerians that the Board remains resolute, and will ensure prompt payment of the remaining tranches of the SDA, subject to release of funds by the Ministry.” he said. (NAN) (www.nannews.ng)

Edited by Idowu Ariwodola/Maharazu Ahmed

EU, Yiaga Africa urges young parliamentarians to deepen democracy
Politics

EU, Yiaga Africa urges young parliamentarians to deepen democracy

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By Angela Atabo

The European Union and Yiaga Africa have urged young parliamentarians not to forget their constituents, but promote good governance and deepen democracy as they assume office.

They gave the advice on Tuesday in Abuja, during the Convergence 5.0 conference with the theme “Leadership, Power and Politics”, organised by Yiaga Africa in collaboration with Young Parliamentarians Forum, with support from EU.

The European Union Ambassador to Nigeria and ECOWAS, Samuela Isopi, said that young people represent a key actor for change and development, but inequality pushes them into political apathy.

Isopi, represented by the Deputy Head of the EU to Nigeria, Alexandre Borges-Gomes, said that the inclusion of young people in the electoral process and as political representatives was only fair and also good for development.

“The passage of the Not-Too-Young-To-Run law is a step in the right direction, however, it has not translated into a quantitative increase in youth political participation, only, it has expanded the space for their political participation.

“A good law is only as good as its implementation, and that needs political will to change .”

Isopi encouraged the young parliamentarians to do their bit to deepen democracy and build critical mass.

“Your constituents matter, never lose sight of that; we, the EU, will continue to provide support and do all we can to promote effective youth political participation,” she said.

Mr Samson Itodo, Executive Director, Yiaga Africa, said youth representation in legislature improved with a slight margin.

He said that the North West had the highest percentage of young legislators, but the North East, South East and South South had low representation of youths.

Itodo said that the All Progressives Congress (APC) had the highest number of young legislators followed by the Peoples Democratic Party (PDP).

” Key findings revealed that youth representation in the House of Representatives
increased from three per cent in 2019 to 3.92 per cent (0.9 increase), while
in the state assemblies it rose from 8.9 per cent in 2019 to 9.2 per cent
(0.3 increase).

“Two young people between 25 – 29 won seats in the House of Representatives. This is the first time candidates below 30 years will be elected to the National Assembly since the passage of the Act in 2018.

“Four young female legislators under 35 years won legislative seats in three state assemblies, namely Delta, Lagos and Kwara.

“Kwara has the highest record of young female legislators and the youngest elected female, 26 years, is from Kwara state.”

Itodo recommended an investment in sustained capacity building for young legislators who were primarily first-time lawmakers, to improve their knowledge of legislative practice and procedure.

He also said there was need to ensure young legislators were assigned leadership roles in
legislative committees to maximise their intellect, energy and creativity in improving legislative governance.

Itodo advised the establishment of Youth Parliamentarians Forum as legislative committees to
guarantee access to technical and financial resources to facilitate active youth participation in
parliament.

He also called for more political participation of youths, adding that Yiaga Africa introduced the Not-Too-Young-To-Run Leadership Prize for Legislative Performance, with some benefits to celebrate outstanding leadership performance and encourage quality legislation.

Itodo said that Yiaga Africa had promised to dole out $20,000 to any lawmakers elected at the state and federal level who makes his or her mark in legislative duties.

He said lawmakers that would qualify for the prize money must be under 35 years of age, either at the state or federal legislature, and would be assessed based on the number of bills sponsored and level of contributions to legislative proceedings.

Yiaga Africa Director of Programmes, Cynthia Mbamalu, said that the convergence 5.0 is the largest gathering of young legislators in Nigeria and is a platform for young legislators to learn from experts in the field on how best to effectively deliver leadership.

Mbamalu said that it was also a platform for young elected representatives to learn how to build power and how to best to navigate the politics in the national and state houses of assembly, hence the theme, leadership, power politics.

She said that after the signing of the Not-Too-Young-To-Run law with the hope of having more young people in politics, the progress had been somewhat slow .

“In the 2023 elections, we hoped for better, but yes, it did not go the way we were expecting.

”But, we still have things to celebrate, like in the House of Reps, we have 14 under 35 years old who won the elections.

“At the state level, there are 92 under 35 year olds who won the elections; for the women, it is still a sad story as we have four lawmakers who are under 35 years old that are women.”

Mbamalu urged the young parliamentarians to promote legislations that can increase women political representation in Nigeria and support youth political representation in the country, as it would help to stem the tide of migration.

Prof. Abubakar Sulieman, Director-General, National Institute for Democratic and Legislative Studies (NILDS), said that legislators at all levels had two major roles to play as agenda setters.

Suleiman said one was policy agenda setting and constitutional matters of national security, social security, human security, national unity and sustainable development.

He said that their second role was that of law and policy reformation, and encouraged them to ensure that constitutional amendments are made to have better policies that would promote the security and welfare of all people.

He also urged them to properly carry out their monitoring and evaluation oversight to avoid sabotage .

Mr Kabir Tukura, Member, House of Representatives and Chair, Young Parliamentarians Forum, commended Yiaga Africa for the initiative to equip young legislators for good governance.

Tukura pledged the allegiance of the forum members to work to deepen democracy as well as leave a mark legislative wise, by supporting laws to improve the participation of marginalised groups in politics .

He called on all young parliamentarian to keep their heads down and learn, adding that Yiaga Africa taught him legislation and how to move motions in the House.

He said that the convergence platform was a well of knowledge for them.(NAN)(www.nannews.ng)

Edited by Oluwole Sogunle

FCTA signs standard operating procedures on citizens-centred governance
General News

FCTA signs standard operating procedures on citizens-centred governance

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By Philip Yatai

The Federal Capital Territory Administration (FCTA) on Tuesday, signed a Standard Operating Procedures (SOPs), towards building an effective, accountable, and citizens-centred governance.

The Permanent Secretary, Mr Olusade Adesola, said during the signing ceremony in Abuja, that the move was also to improve the quality of service delivery in the FCT.

Adesola explained that the SOPs provide a framework for FCTA Secretariats, Departments and Agencies (SDAs), to operate in a consistent manner and ensure that services were delivered promptly, uniformly, and with professionalism”.

According to him, the implementation of the SOPs, which will commence in January 2024, is a demonstration of the FCTA’s commitment to reforms that will transform the Administration for better services.

“Putting this document together reflects the FCTA’s commitment to upholding the highest standards of governance that will serve the people with dignity and integrity.

“As we sign the SOPs today, we are embarking on a journey towards a more efficient, accountable, and citizen-centred governance.”

The permanent secretary added that the implementation of the SOPs, would also reduce ambiguity, minimise errors, and promote a culture of continuous improvement in service delivery in the FCT.

This, according to him, will lay a strong foundation for a more streamlined, transparent, and accountable service delivery across the various departments in the FCTA.

Adesola, who explained that the SOPs would be subjected to periodic reviews, advised the SSDAs to comply with the provisions or have their Overhead withheld.

In her remarks, Dr. Jumai Ahmadu, acting Director, FCTA Department of Reform Coordination and Service Improvement, explained that the idea of developing the SOPs was hatched in May 2022.

Ahmadu said that the move was in line with the Federal Government’s resolve to digitalise the civil service for effective and efficient service delivery.

She said that the SOPs was designed to provide a framework for consistency and professionalism across all departments, in line with the Federal Civil Service Strategy and Implementation Plan.

“The implementation of the SOPs is also a pre-requisite for deployment of Performance Management Systems (PMS).

“This, will therefore, ensure uniform and prompt service delivery.

“It also signifies our commitment to upholding the highest standards of governance to serve our citizens with integrity”, she added. (NAN)(www.nannews.com)

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Edited by Ekemini Ladejobi

SGF urges ex-ministerial aids to work for Tinubu’s success
General News

SGF urges ex-ministerial aids to work for Tinubu’s success

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The Secretary to the Government of the Federation (SGF), Sen. George Akume,

By Collins Yakubu–Hammer

The Secretary to the Government of the Federation (SGF), Sen. George Akume, has called on Ministerial Special and Technical Assistants in the immediate past administration to support President Bola Tinubu’s administration to succeed.

Akume called for the support of Tinubu by the former staff of President Muhammadu Buhari so enable him succeed in the socioeconomic and political development of Nigeria.

Akume made the appeal when the ex-ministerial aides, under the aegis of the Network of former Ministerial Aides (NETMA), paid him a courtesy visit on Monday in Abuja.

According to him, Tinubu means well for this country, adding that he is a committed leader who is completely detribalised and committed to the peace and development of the country.

“President Tinubu is very passionate about creating a new path to the greatness of Nigeria through the faithful implementation of the renewed hope agenda of the new administration.

“I urge you to reach out to the Nigerian people with details of the various policies and programmes of the administration.

“This should be done in view of your unique national outlook given your membership that cuts across gender, religious and ethnic backgrounds,” Akume urged.

Earlier, the Chairman of the group and leader of the delegation, Dr Philip Ugbodaga, said that the body was originally set up for synergistic purposes.

He also added that it was for effective coordination of inter-ministerial responsibilities by Special Assistants as well as a strategic peer review platform among aides during their tenure with former ministers.

Ugbodaga, who served as Special Assistant to the immediate past Minister of State for Budget and National Planning, commended Tinubu for finding a very worthy personality in Akume for appointment as the SGF.

He noted that Akume had distinguished himself in politics and service to the country and to humanity.

“You played a very critical role in the victory of our great party, the All Progressives Congress, in the last general elections.

“With remarkable intellectual acumen and experiences signposted by your very impactful tenure as the governor of Benue State for eight years, you should be applauded.

“Even as a distinguished Senator of the Federal Republic of Nigeria for 12 years and as a minister in the immediate past administration for four years, you have done well.
“The country is blessed to have you in the new administration to fitly coordinate and provide crucial impetus to the swift execution of government policies in the renewed agenda of President Tinubu,” Ugbodaga stated.
He explained that the group, the first in the history of the country, existed as the Network of Ministerial Aides (NETMA) during the last administration and had now been transformed to a ‘Policy Advisory Think Tank’.
According to Ugbodaga, as a ‘think tank’, the group looks forward to working closely with the new administration to establish cooperation and partnership at all levels.
Especially as the body has experts in every area urgently needed for the social, political and economic rejuvenation of Nigeria.
“We are confident that, working closely with you, we can offer the services of individual members of our organisation to the new administration in relevant capacities.
“This is as deemed appropriate in the implementation of the renewed hope agenda of President Tinubu, by drawing on our institutional memory working in the last administration,” he said.
The News Agency of Nigeria (NAN) reports that the visit had in attendance 39 members representing the aides who served in Buhari’s administration from 2015 to 2023. (NAN)

Edited by Josephine Obute/Muhammad Suleiman Tola

Why theological education is important to society — Pastor Adeboye
Education , Religious

Why theological education is important to society — Pastor Adeboye

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By Victor Adeoti

Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCCG), says theological education is very vital in correcting heresies and wrong doctrines in the society.

Adeboye said this on Tuesday during the inauguration of new administrative building and chapel of RCCG Bible College main campus, Redemption Camp, Mowe, Ogun.

Represented by Pastor Joseph Obayemi, National Overseer Emeritus, RCCG, Adeboye said theological education was necessary to guild and train up and coming pastors against wrong doctrine.

“Theological education, such as ours is very vital to our society, especially in this end time when there is a lot of heresies and wrong doctrines in our society.

“This happens when the up and coming pastors, who have no mentor will just climb the pulpit and say so many wrong things.

“And because of the charisma and youthful exuberance, many will continue to follow them, but school like this can be used to guild them.

“If they come for the training, we will teach them that there is difference between being charismatic, anointed by God or being matured spiritually.

“Theological education open our eyes to see more rudiments of Christianity and not just anybody going to the pulpit to preach.

“So, theological education is very necessary for our time and it will continue to be useful, even in the nearest future, ” he said.

The new administrative building and chapel of RCCG Bible College main campus, Redemption Camp, Mowe, Ogun
The new administrative building and chapel of RCCG Bible College main campus, Redemption Camp, Mowe, Ogun

Adeboye also said that the new administrative building of the college was a reflection of the glory of God.

In his remarks, Pastor Ezekiel Odeyemi, RCCG Continental Overseer, said the Bible college was an integral part of the church.

Odeyemi said the college was crucial to the progress of the church and to maintain the integrity of the doctrine of the gospel.

“The Bible college is an integral part of RCCG.

“An expanding organisation like redeemed, required trained hands and so the college is crucial to our progress and to maintain the integrity of the doctrine and the gospel.

“And that is the reason occasion like this makes us happy and show to us that the college is making progress and the people put in charge not disappointing us, ” he said.

Also, Pastor Babatunde Adedibu, the provost of the college, said the motivation behind the new building was the resolution of the board of governors to reposition the college to an affiliate of two recognised universities in Nigeria by the National Universities Commission (NUC).

Adedibu, who noted that the construction of the building started on Oct. 19, 2017, said it was conceived to serve the immediate and future need of the college.

He thanked the General Overseer and his wife for their financial, moral and spiritual support. (NAN)(www.nannews.ng)

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Edited by Tayo Ikujuni

Senate to constitute special, standing committees before July ending — Bamidele
General News

Senate to constitute special, standing committees before July ending — Bamidele

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By Naomi Sharang

The Senate will constitute special and standing committees before end of this month, this is according to the new Senate Leader, Sen. Opeyemi Bamidele.

 

The senate leader said this while briefing newsmen after his emergence as the majority leader of the 10th Senate on Tuesday in Abuja.

 

Bamidele said that with the emergence of the majority and minority caucuses which make up the principal officers, they would hit the ground running.

 

According to him, “Before long, during the month of July, we will have all the committees; special and standing committees properly constituted.

 

“For us, the next task is to ensure we hit the ground running so that from tomorrow, we are able to take steps that will show that we have a clear understanding of what is to be done.

 

“The first task ahead of us is to constitute special committees of the 10th Senate. Our rules make provision for six special committees.

 

“This is so that every senator can get busy based on their own professional background and can properly fit into the sector where they can add value.

 

“We are ready to attend to correspondence from the executive. Through the committee of the whole of the house, we will commence with the confirmation hearing of the Service Chiefs and some other appointees who had been named by the President.”

 

He assured that as the new leadership had emerged, it would ensure that that seriousness is attached to all legislative assignments.

 

“By the grace of God, we will be able to make a difference that will be positive that will be worth the effort of all of you that worked with us in ensuring that the two presiding officers emerged in a manner that was not rancorous.

 

“But of course, the emergence of the remaining principal officers of the 10th Senate was not an issue that was meant to be decided on the floor.

 

“Rather, it was an issue which on the one hand as related to the All Progressives Party (APC) needed to be decided among the critical stakeholders of the party. This was what led to the emergence of the officers.

 

“On the other hand, with respect to the minority parties, again it wasn’t entirely a party affair because it wasn’t a typical situation where you have one opposition party but rather six political parties were involved.

 

“Fifty of our colleagues were involved. So rather than it being a decision to be taken at the secretariat of political parties it was more of a decision taken by members who were elected on the platform of the six minority parties.

 

“Thirty eight of them by virtue of their signature took a decision as to who their leaders will be and of course this was also communicated to their respective political parties and as democrats, all the presiding officers did was to follow suit because more than a single majority had decided.”

 

Bamidele added that it had been a no victor no vanquish situation adding that “we are happy eventually a leadership has emerged for the 10th Senate.”(NAN)

(www.nannews.ng)

 

Subsidy removal: National Economic Council and palliatives challenge
Features

Subsidy removal: National Economic Council and palliatives challenge

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By Chijioke Okoronkwo, News Agency of Nigeria (NAN)

The recent removal of subsidy on fuel by President Bola Tinubu and its aftermath have become one of the most prominent issues in national discourse lately.

The pronouncement has drawn rage and applause from its proponents and opponents; it has also elicited threats of industrial action from labour unions who contend that their members bear the brunt of the new policy.

Nonetheless Tinubu has acknowledged the attendant variables of the policy, its micro and macroeconomic implications and multiplier effects although the initial its implementation may bring temporary difficulties.

“The decision to remove the subsidy is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements”, Tinubu said.in his Democracy Day address to Nigerians.

Consequently, to address those initial difficulties, Tinubu directed the National Economic Council (NEC) chaired by Kashim Shettima, his vice, to produce palliatives measures to ameliorate the impact of the subsidy removal.

Taking the bull by the horn, in NEC’s first meeting under the new administration on June 15, subsidy removal, palliatives, among other issues were addressed.

Espousing on NEC’s deliberations and resolutions, Gov. Bala Mohammed of Bauchi State said the Council received a proposal from stakeholders for a consequential adjustment estimated at N702.9 billion to cushion the effect of subsidy removal on Nigerian workers.

“NEC has taken very far reaching decisions and deliberations on the issue of the removal of petroleum Premium Motor Spirit subsidy and its general impact on the economy, the federation and the sub nationals, including workers and everybody, that are vulnerable.

“Specifically on the issue of National Salaries, Income and Wages Commission, NEC has received recommendations on the various ways and means that the country can use whatever increases that we have in the revenue to mitigate the impact that is going to make on the lives of our workers and all those people involved.

“They gave us a scenario recommending that there should be a consequential adjustment, estimated at N702.9 billion as part of the allowances that should be given as petroleum allowance to all workers and as well as a N23 or N25 billion monthly offer to cushion the effect on workers.

“There were other suggestion that will go a long way in making sure that there is review of salaries and wages”, he told State House Correspondents.

In addition to the palliative, he said, government looked at all the issues, the challenges and problems holistically.

According to him, consequently it set up a small committee to review and come up with a term of reference to organised areas, specifically where this palliative can go to and how it will be dispensed.

“And some of the recommendations that were made include that the states create platforms having strong capacity to handle the implementation of palliatives.

“Additional funding can be sourced from the Federal Government, World Bank, development partners as well as Nigerian private sector.

“In specific, the World Bank can be approached for additional financing on NG-Cares programme. Discussion can start as soon as possible. So these are the recommendations that were made.

“And, NEC will pursue these recommendations for the benefit of the Nigerian, vulnerable and the poor,’’ said Gov. Umar Radda of Kastina State.

One area of concern to stakeholders is the legality of any framework to alleviate the impact of the policy and Gov. Alext Otti of Abia said it also attracted the attention of NEC members.

According him, consequently, NEC recommended that there should be a legislative backing to the policy to avert litigations.

The governor said that the council reflected on the removal of petroleum subsidy vis-à-vis the floating of foreign exchange.

Otti said that the impact of the two actions definitely was increased prices; hence the need to find a solution to the shock they would trigger on the economy and individuals.

Energy experts say automobiles are at the centre of Premium Motor Spirit (PMS) consumption in Nigeria.

They argue that to ensure that more money is saved through consumption of less PMS some radical changes have to happen in the automobile industry as is presently going on in developed and even some developing nations.

The NEC meeting presented an opportunity for the leaders to brainstorm on the automobile industry through a presentation by the Director-General of National Automotive Design and Development Council (NADDC), Jelani Aliyu.

“It was that about six states in the country, including Lagos, Ogun, Anambra, Enugu, Akwa Ibom, Kaduna and Kano that have benefited from domestic production of vehicles or assembling of vehicles by Nigerian companies operating in Nigeria.

“And these companies include INNOSON, Maikano, Dangote Peugeot, Peugeot automobile of Nigeria, Stallion Hundai, Honda, Elizade/Toyota, Coscharis and Ford, Kojo Motors, Jet Systems motors.

“At the moment, about 50,000 jobs have been created by this simple action of either assembling vehicles in Nigeria or producing them Nigeria.

“A great feat is that some of these companies have gone into the manufacturing or assembly of electric vehicles and vehicles powered by Compressed Natural Gas (CNG).

“The impact of this is that the pressure on the price of petroleum products particularly PMS will be reduced; the more we use electric vehicles and CNG powered vehicles.

“Some of the decisions that we were taken include that legislative support will need to be given to these companies that are doing great things in Nigeria”, Otti said.

He said it was important to underscore the point that former president Muhammadu Buhari had made a commitment that by 2060 that Nigeria would join countries that would eliminate fossil fuel powered vehicles.

Otti said the commitment also entailed switching to electric vehicles in pursuit of the net zero emission that some of the countries in Europe, America and Asia had signed on to.

“So if that must happen, then we need to ramp up the production of electric vehicles and CNG vehicles.

“It is estimated that if we give legislative support to this company, that about a million jobs from the 50,000 jobs that exist in that industry would be created.

“It was also suggested that the funding that is required by most of these vehicle manufacturers and assemblers shall be made available to them; so that we begin reduce the dependence on PMS and other fossil fuel powered vehicles.

“It was also suggested that electric vehicle development plan, will fast track the development of electric vehicles should be supported wholeheartedly by the new government”, he said.

Experts in the petroleum industry say from every indication, including Tinubu’s body language, petroleum subsidy is here to stay so it is important that mechanisms are put in place to cushion its effects on the citizenry.

Given its projected positive implications for various sectors of the nation’s economy such as the automobile, it is important that all stakeholders should embrace subsidy removal and give support to alleviation mechanisms being worked out by the Federal Government. (NANFeatures)(www.nannews.ng)

TAJBank pays dividends in 3 years, as PBT increases by 300%
Economy/Business

TAJBank pays dividends in 3 years, as PBT increases by 300%

203 total views today

TAJBank Managing Director, Hamid Joda

By Kadiri Abdulrahman

TAJBank Limited, Nigeria’s fast-growing non-interest bank, has set a new record in the Nigerian banking system with the payment of dividends to its shareholders within three years of its operations.

According to a statement by Isiaku Gwamna, the Chaiman of TAJBank’s board, in spite of the inclement operating environment, the board and management of the bank were able to sustain TAJBank on the path of sustainable growth.

TAJBank had earlier made history as the first corporate entity in Nigeria’s history to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.

Gwamna said that the global economic whirlwinds in the past two years, as well as the macroeconomic developments, especially the surging inflation rate, had impacted negatively on businesses.

“On behalf of the Board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of one share for every 10 shares, subject to shareholders’ approval.

“We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you,” he said.

The bank’s Managing Director, Mr Hamid Joda, described 2022 as a significant milestone in the journey of TAJBank, in spite of the headwinds that characterised the operating environment.

Joda said that the management was able to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects.

He said that TAJBank recorded remarkable growth across key indices in 2022, as its balance sheet grew by over 93 per cent from N110 billion recorded in 2021 to N212 billion.

He said that its Profit Before Tax (PBT) also increased from N1.6 billion in 2021 to N5.081 billion in 2022.

“The bank’s earnings per share grew by 138 per cent to N31.27 kobo in 2022 compared to N13.11 kobo recorded in 2021.

“In our relentless effort to promote non-interest products and modes of banking nationwide, the board and management of TAJBank have set key objectives for the year 2023 and beyond.

“These initiatives include, to promote financial inclusion by leveraging various channels and touchpoints, especially our electronic platforms.

“This is with the aim of reaching out to the unbanked populace; and to be recognised as the market leader in the non-interest banking industry in Nigeria.

“We also plan to open 110 branches/business offices across state capitals/major commercial centers before 2024,” he said.

He said that the bank also planned to offer non-interest banking products and services to underserved markets; to grow its agency network to 100,000 active agents by 2025 thereby reducing the financial exclusion rate.

“We also plan to grow our customer base to at least four million by 2027; and to achieve a minimum customer satisfaction score of 85 per cent ”, he said.(NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

ICT expert commends Mutfwang on Gwaman’s appointment as PITCDA D-G
Science & Tech

ICT expert commends Mutfwang on Gwaman’s appointment as PITCDA D-G

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By Olasunkanmi Onifade

Mr Simeon Tanko, an ICT expert, has commended Gov. Caleb Mutfwang of Plateau on the appointment of Mr Datong Gwaman, as Director- General, Plateau Information and Communication Technology Development Agency (PITCDA).

Tanko made the commendation in a statement on Monday in Abuja, saying the success of any administration was largely dependent on the quality of personnel appointed to serve in it.

He said usually it is not usually an easy task to identify people who are ready to lend their intellect, time and energy to the governance.

He said through the appointment Mutfwang had demonstrated ability to identify the type personnel that would add value to his administration.

Tanko expressed optimism that Gwaman would ensure that PITCDA was run transparently and contribute his quota to ensure that the agency delivered on its mandates.

The News Agency of Nigeria (NAN) reports that before his appointment Gwaman was Head, Business Relationship Management (Operations Directorate) at Central Bank of Nigeria, Abuja

He had on several occasions deployed his proficiency as a Business Analyst on the Federal Account Allocation Committee (FAAC).

His career at the apex bank also saw him head the Information Technology Infrastructure Operations and had also risen to management level at the Bank of Agriculture. (NAN)(www.nannews.ng)

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Edited by Uche Anunne

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