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Tinubu assures investors of conducive business environment in Nigeria

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President Bola Tinubu has assured investors that ongoing economic reforms will remove impediments to conducive business operations in Nigeria.

He spoke at the State House when he received Ade Adeola, managing director of Energy and Natural Resources in Europe, Africa and the Middle East for Standard Chartered Bank.

In a statement on Wednesday in Abuja by his media aide Ajuri Ngelale, the president said the reforms would improve efficiency in business startups and administration.

The president said the emphasis would be on efficiency in service, tax reviews and improved security.

Mr Tinubu said his administration was already working hard on making a difference in attracting investments.

“We are committed to strengthening partnership, encouraging efficiency and creating a suitable environment for investors. We are already working hard on security,” Mr Tinubu explained. “We will improve efficiency across the board for good input and output and we will build a very friendly environment for growth and investments.”

Mr Tinubu told the delegation that tax reforms were being undertaken with close adherence to global best practices that would favour businesses for the nation’s collective prosperity.

“We are open for business. We believe in partnership, and we will work with all those interested in the progress of Nigeria," the president stated.

In his remarks, Mr Adeola said the bank was committed to enabling investments in Nigeria with a special focus on energy and natural resources and a huge portfolio in funding for the oil and gas industry.

“We are very excited about your leadership, and we want to restate our commitment to the growth of Nigeria," said Mr Adeola.

Mr Adeola informed Mr Tinubu that the bank supports investments of about $2 billion to $3 billion annually.

NDIC to Probe Directors of Failed Microbanks

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The Nigeria Deposit Insurance Corporation (NDIC) will begin the investigation of the directors and officers of the 183 banks whose licenses were revoked earlier this year. The Managing Director of the NDIC, Mr Bello Hassan, said this at a one-day capacity building workshop for law enforcement agencies on Thursday in Lagos.

He said the law enforcement agencies including the Economic and Financial Crimes Commission (EFCC) and the Nigerian police, among others, would soon be called to investigate sharp practices by the directors of these defunct banks.

“As you are all aware, the Central Bank of Nigeria recently revoked the banking licenses of 183 MicroFinance Banks (MFBs) and Primary Mortgage Banks (PMBs) which may require you to be called upon to investigate some of the directors and officers of these institutions with a view to bring to book those found culpable in the collapse of these institutions,” he said.

Hassan, represented by Mr Henry Fomah, Head of Legal Department of NDIC, noted that through collaborative efforts of agencies, 12 prosecution cases were currently ongoing at various courts.

“There are 25 ongoing investigations at the Nigeria Financial Intelligence Unit (NFIU), 11 with the EFCC and five concluded investigations with the Federal Ministry of Justice for advice and prosecution,” he said.

According to him, this indicates that the corporation as well as other government agencies are on the right course through collaboration.

This, he said, would bring to book errant directors, officers, and managers of these banks that led to their collapse adding that a stable financial system could not be guaranteed if the banking industry was not well sanitised.

“The corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the areas of law enforcement relating to investigation and prosecution of financial malpractices.

“I want to use this forum to appeal to the members of the task force not to relent on your oars but to execute the given mandate diligently thereby achieving the objectives of establishing the task force,’’ he said.

He added that the corporation was not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases urging officers not to relent in their efforts.

The NDIC boss noted that the advancements in information technology with new possibilities in banking operations had equally exposed the banking subsector to emerging threats.

He said the situation had increased the burden on the regulators and supervisors to enhance their operational capacities as well as heightened the need for more collaboration between agencies involved in the fight against banking malpractices.

“This workshop is, therefore, among the steps taken to provide a platform for the agencies concerned to sharpen their skills, share ideas and be well-equipped to face the challenges.

“We recognise that, for the corporation to achieve its mandate and objectives in a more efficient and effective manner; and for the banking system to thrive on the gains of a stable financial system; we must all rise up to the challenge of bringing to book those who might have contributed to the failure of their banks,’’ Hassan said.

Mr Kofo Salam-Alada, the Head of Legal Services at CBN, said it was essential for agencies that would collaborate with regulators to have deep insight into how regulators operate.

“A lot of gaps have been seen which is why we must commend the Nigerian Deposit Insurance Corporation for having been the vanguard of sponsoring capacity building exercises for the past 12 years,” Salam-Alada said.

The News Agency of Nigeria (NAN) reports that the aim of the workshop is to equip officers involved in the investigation and suspicion of financial malpractices in the banking system with the necessary skills required to carry out their duties diligently, with a particular focus on failed banks.

The workshop will also enhance their skills and knowledge as law enforcement officers and/or staff of agencies involved in one way or the other in the investigation of banking malpractices with special emphasis on distressed banks.

World Bank Lauds Tinubu Policy Reforms

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World Bank Country Director, Nigeria Office, Shubham Chaudhuri, has lauded President Bola Tinubu’s reform policies. Chaudhuri, who commended the policies at a symposium on Thursday in Ibadan, however, called for a speedy rollout of palliatives to cushion their effects on Nigerians.

The symposium was organised by the Department of Agricultural Economics, Faculty of Economics and Management Science, in collaboration with the Nigerian Institute of Social and Economic Research (NISER).

The theme of the symposium is: “Economic Opportunity Pathways to Navigating Post-Reform Challenges in Nigeria.”

Chaudhuri said the symposium was timely as it would provide participants the opportunity to discuss how Nigeria could navigate the current challenges following the removal of fuel subsidies.

According to him, it is really about making the best possible use of the revenue that would now flow to the federation.

“This should be in a way that makes sure that ordinary people can get some relief because it has been hard with the prices increasing.

“We think that complementary packages should be rolled out as quickly as possible in a way that the Nigerian people can actually see and feel that there is hope ahead of them.

“We at the World Bank are ready to help with these and we look forward to working closely with all stakeholders,” he said.

Chaudhuri noted that government had to be very clear, transparent and as detailed as possible about how the funds would be used.

“But it is really up to the Nigerian people, civil societies and the media to follow through and make sure that what has been announced is actually being delivered.”

He said every stakeholder had a role to play in monitoring and assessing the impact of the government policies because it was time for collective actions.

He noted that all policy measures so far taken by President Tinubu, right from his first day in office, were on point.

“And there are lots more to be done immediately in terms of relief packages, the cash transfer and a whole package of palliatives that need to be immediately delivered to the people.

“We have helped the government set up a social assistance programme, we have many social investment programmes, one of such is that we have decided to work to support government to deliver cash transfers digitally to families and individuals whose identities are verified.

“And the second one, which is in all the states of the federation, is called NG-Cares; this is to help communities and farmers through a whole range of measures that are implemented by the state,” Chaudhuri said.

Also, Director General, NISER, Prof. Anthonia Simbine, said the challenges in the country were quite many and could be overwhelming but if they are managed properly then there would be some positive changes that could improve the lives of our people.

“The problems the country is facing today are historical. They have origins in years before now and we will not expect that they will be overcome overnight.

“The government of today is taking steps that should have been taken overtime but nevertheless now that they have taken the steps people need to be a bit more patient and the government should support people with mechanisms for managing the situation that they’ve found themselves in,” she said.

In his remarks, the Head of Department of Agricultural Economics, University of Ibadan, Professor Taiwo Awoyemi, said the way policy implementation is done in Nigeria should not be as usual.

“Everybody will have to make a lot of sacrifices to make sure that the transformation agenda becomes fruitful and we should all be ready to contribute to the development of Nigeria,” he said.

The National Economic Council had in its first meeting under the current administration, advocated the use of NG-CARES programme in the states and FCT to implement the proposed palliative.

Tinubu administration pledges to stabilize petrol supply

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President Bola Tinubu has assured that measures would be taken to stabilise the supply and demand of petrol in the country. The Presidential spokesman, Ajuri Ngelale, who disclosed this on Tuesday, said the measures would involve addressing the inefficiencies noticed in the downstream and midstream oil sector.

Tinubu said that there was no need for actions that are detrimental to the economy now, urging all groups to do some fact finding and diligence on the current state of petroleum industry.

“The President wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard very recently from the organised labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr President, wishes to assure Nigerians following the announcement by the NNPC Limited just yesterday that there will be no increase in the pump price of premium motor spirit anywhere in the country,” he said.

The president said that government would continue to maintain competitive environment within all sub-sectors of the petroleum industry.

“We are determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will not be any single entity dominating the market.

“The market has been deregulated. It has been liberalised and we are moving forward in that direction without looking back.

“There are presently inefficiencies within the midstream and downstream petroleum sub-sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”

He said that the current prices of fuel across Africa showed that Nigeria still sells at the cheapest price, adding that the regulation has achieved the desired effect as indicated by the consumption rate.

“Senegal at pump price today of N1,273 equivalent per litre, Guinea at N1,075 per litre, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.

“We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per litre.

“At the inception of our deregulation policy as of June 1, as Mr President took office, we have seen PMS consumption in the country drop immediately from 67 million litres per day down to 46 million litres per day consumption. The impact is evident,” he said.

The president added that the variables considered before subsidy removal has changed significantly where suppliers no longer get the forex as expected from the window.

“What it also does mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get towards the light. And we are pleading with Nigerians to please be patient with us. And as we promised from the beginning we will be open with Nigerians; we will be transparent with them.

“We are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria over the course of several years preceding this time,” he said.

Nigeria, South Korea Seek Stronger Collaboration In Energy, Mining Sectors

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The Speaker of Nigeria’s House of Representatives, Abbas Tajudeen, has called for more partnerships with the Republic of South Korea in the areas of trade and technology.
He made the call when a delegation from the South Korean Embassy to Nigeria and the 21st National Assembly of the Republic of South Korea paid him a courtesy visit in Abuja on Tuesday, to seek Nigeria’s support for South Korea’s World Expo 2023.
He particularly called for more investments from the Asian country in Nigeria’s energy and mining sectors.
Hon Abbas expressed delight over the visit and noted the long-standing relations between Nigeria and South Korea resulting in different exchange of parliamentary programmes since Nigeria’s return to democracy in 1999.
The Speaker recalled that the 9th House established a Nigeria-South Korea Parliamentary Friendship Group to deepen exchange of ideas, legislative practices and procedure, as well as parliamentary exchange programmes for purposes of capacity development of members and staff.
“There was a mutual understanding to initiate a treaty against double taxation on the businesses of both Nigeria and South Korea which, though passed by the National Assembly, was not assented to by the then President of Nigeria.
“The 10th House of Representatives will revisit the bill on double taxation to remove obstacles mitigating against smooth investments in both are countries. The 10th House has also reconstituted the Nigeria-Korea Friendship Group to broaden our parliamentary relations and promote mutual understanding and cooperation in the areas of capacity development and investments.
“With over 20 Korean companies in Nigeria, such as Samsung, LG and Daewoo, and investments worth over $2billion, it is an enormous contribution to the economy of Nigeria. The recent Korean Government supply of a vessel to the Nigerian Navy confirms the deep mutual relations, which the 10th House will do everything to sustain,” Hon Abbas said.
He also stated that the focus of the Nigerian Government and the 10th House was to strengthen the economic ties between Nigeria and South Korea “to achieve the Fourth Industrial Revolution in technology development and transfer.”
The Speaker, therefore, called for increased collaboration between the parliaments of both countries to “strengthen areas that require legislative actions in our budding relations.”
He also solicited for the provision of more business opportunities, including organising trade fairs and exhibitions, while encouraging Korean companies to invest in Nigeria’s mining sector, renewable energy, steel and the petroleum industry.

The Speaker further enjoined both countries to explore opportunities in enhancing cultural cooperation, including film and movies industry, to diversify the economy from oil and gas as the main source of foreign earning.
He stressed the need for increased collaboration between Nigeria and the Korea International Cooperation Agency to accelerate technology and infrastructure development in Nigeria as well as job creation for the youth and assured the Korean delegation of Nigeria’s support for the Asian country’s World Expo hosting bid.
Speaking earlier on behalf of the delegation, Hon. Hun-Seung, thanked Speaker Abbas for “welcoming us with open arms.”
The Korean lawmaker also congratulated Nigeria on the successful inauguration of President Bola Ahmed Tinubu.
“We have a purpose for this visit. The Speaker of National Assembly of South Korea sent us to ask for your assistance to successfully host the World Expo in Korea…,” he said.
According to him, the final vote on the hosting right for the global exhibition is coming up in September. “If you help us we will also help you,” he said, adding that he was looking forward to a strengthened collaboration between South Korea and Nigeria.
Noting that Nigeria is South Korea’s largest trading partner on the African continent, the Special Envoy hailed Nigeria’s huge natural resources. “Our economies are quite complementary with each other,” he said, stressing that the free trade agreement between the two countries could be improved.
According to Hon. Hun-Seung, President Tinubu has been invited to the G20 meeting in New Delhi in September. He said the occasion would enable the South Korean President Yoon Suk Yeol to interact with his Nigerian counterpart.
The South Korean lawmaker also noted that Korea-Africa Summit scheduled for next year would help to lay a new foundation of relationship between the country and Nigeria.
On the delegation were the Ambassador of South Korea to Nigeria Kim Young-Chae, who led officials of the Foreign Mission; and the Special Envoy of the National Assembly of the Republic of South Korea, Hon. Lee Hun-Seung, who led members of the country’s parliament.
While on the side of the Nigerian House were the Minority Whip, Ali Isa; Chairman of the House Committee on Foreign Affairs, Abdulmumin Jibrin, and several members of the House.