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AFR Business

Wike Seeks Partnership with Qatar

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Nyesom Wike, Minister of the Federal Capital Territory, Abuja, Nyesom Wike, has expressed his administration’s readiness to partner with the State of Qatar, to develop the tourism sector and improve security in the nation’s capital.

Mr Wike made the offer when the Qatar Ambassador to Nigeria, Dr Ali Al-Hajri, paid him a courtesy visit in his office in Abuja on Monday.

The minister noted that Qatar has a lot of influence in the international community due to its economic potential and level of development.

He said that FCT was open to cooperation on tourism and security that would be mutually beneficial to both countries.

According to him, tourism and security are top priorities in the Renewed Hope Agenda of President Bola Tinubu.

He stated, “I will be happy if we can have a relationship, particularly as it relates to tourism. We have a lot of potential here that we can explore in terms of tourism with Qatar. So, it will be in our interest if you can explore this.

“We are willing to give out land for the building of a tourist centre. We are willing to see how we can partner with people outside Nigeria to fully complete the Millennium Tower and Cultural Centre, which are the main tourist centres in Abuja.”

Mr Wike said the FCT recorded appreciable achievements in terms of security and the provision of infrastructure due to President Tinubu’s efforts to change the narratives in the country.

He also pledged the commitment of the FCT administration to continue to provide support to foreign missions in the nation’s capital.

The minister said, “You will agree with us that in the past few years, it wasn’t that good but things are moving on. We are ready to cooperate with you in terms of security. It’s key. Yes, there was a time when it did appear that we had some security issues. But as it is today, there is a lot of difference.

“Security is one of the eight-point priorities of the President’s renewed hope agenda. So, we can assure you that we will make it convenient for all our friends who reside and carry out business in Abuja.’’

Responding, the ambassador noted that Abuja was one of the biggest capital cities in Africa with investment potential.

Mr Al-Hajri said Qatar was ready to increase bilateral relations with Nigeria, adding that opportunities existed for investments in the tourism, education, and health sectors in the FCT.

Nigeria Inaugurates Committee for Students’ Loan Programme

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The special committee overseeing the Nigerian Education Loan Fund (NELFUND) has held its inaugural meeting in readiness for the rollout of the programme on Monday, February 26, 2024.

The meeting was chaired by the Governor of the Central Bank, Olayemi Cardoso, who is also the chairman of the special committee.

The 11-member committee comprises the chairman, representatives of the ministries, departments and agencies as stipulated in the Students Loans (Access to Higher Education) Act 2023, and the Executive Secretary of NELFUND, Akintunde Sawyerr, who is the secretary of the special committee.

The statutory members of the committee are as follows:

i. Governor of the Central Bank – chair of the special committee

ii. Executive Secretary of the Fund – secretary of the special committee.

iii. Representative of the Minister of Education

iv. Representative of the Minister of Finance

v. Chairman, National Universities Commission

vi. Representative of Vice Chancellors’ Forum

vii. Representative of Rectors and Provost Forum

viii. The Auditor General of the Federation

ix. Representative of the Nigeria Labour Congress

x. Representative of the Nigerian Bar Association

xi. Representative of Academic Staff Union of Universities, (who have written to decline membership of the committee)

Mr Cardoso charged the committee members to use their diverse skills to ensure the success of the programme, which is one of President Bola Tinubu’s signature projects. He said the ongoing engagement of various stakeholders must intensify in order to achieve a hitch-free rollout of the scheme.

The Students Loans (Access to Higher Education) Act 2023 was signed into law by President Tinubu on June 12, 2023. The Act creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their tuition fees.

The primary objective of the act is to foster the accessibility of higher education for Nigerian students. President Tinubu has asked that the scheme be extended to cover Nigerians undergoing vocational training.

Mr Cardoso pledged his commitment and support towards the success of the programme and praised the commitment of the President to the scheme that will reduce the burden of funding the education of Nigerian students.

With the inaugural meeting of all legal parties to the scheme, the stage is now set for the final rollout of the Fund.

The Nigerian Education Loan Fund (NELFUND) is the creation of the Access to Higher Education Act 2023.

The act, popularly known as the Students Loan Law, seeks to provide loans for indigent Nigerian students to pay fees in any Nigerian tertiary institution.

NELFUND is the body created by the Act to handle all loan requests, grants, disbursement, and recovery of the loans provided.

The Fund, according to the Act, is to be funded from multiple streams and will engage in other productive activities.

It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.

Nigerian JV launches FID for Iseni Gas Project

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A final investment decision to develop the Iseni gas project in Nigeria has been reached by a consortium comprising the Nigerian National Petroleum Corporation (NNPC), Shell Petroleum Development Company of Nigeria (SPDC), TotalEnergies EP Nigeria Limited and the Nigerian Agip Oil Company.

The joint venture will construct an upstream facility to supply 100 million standard cubic feet of gas per day to the Dangote Fertiliser and Petrochemical Plant in Lagos over a ten-year period.

Osagie Okunbor, Managing Director of SPDC, said “This investment decision is a critical step in pursuing the development of the gas-rich Iseni field, which is part of the Okpokunou Cluster in Oil Mining Lease 35 located in Sagbama Local Government Area of Bayelsa State.”

The project aligns with Nigeria’s ‘Decade of Gas’ agenda, aimed at bolstering energy security, fostering industrialization, and stimulating economic growth leveraging local energy resources, according to a statement.

The gas sourced from the project will be converted into feedstock capable of generating 400 MW of electricity, contributing to the resilience of the Nigerian grid.

Fidelity Bank Extends Onyeali Ikpe’s Tenure to 2026

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Nigeria’s tier-2 lender Fidelity Bank Plc, has announced its Board of Directors’ decision to extend the employment contract of its group managing director and chief executive officer, Dr. Nneka Onyeali-Ikpe, from 2024 to 2026.

Mr Ezinwa Unuigboje, the Company Secretary, said this in a regulatory filing sent to the Nigerian Exchange in Lagos on Wednesday. Unuigboje stated that the decision was taken at the board’s meeting on Feb. 12, 2024.

He explained that the extension is in furtherance of the bank’s strategic objectives and premised on Onyeali-Ikpe’s performance since her assumption of office on Jan. 1, 2021. The Board expressed confidence that the bank’s performance will continue its upward trajectory under Onyeali-Ikpe’s leadership.

They also look forward to working closely with her and the executive management team on the execution of various strategic initiatives, including international expansion, according to the statement.

Tinubu Urges Senate to Confirm Five CBN Directors

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Mr Tinubu’s request was contained in a letter addressed to Senate President Godswill Akpiabio and read at the plenary on Tuesday in Abuja.

The board members are Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke and Olayinka Aliyu.

Mr Tinubu stated that the appointment complied with section 6, sub-section 1b and section 10 sub, sections 1 and 2 of the Central Bank of Nigeria Establishment Act 2007.

“I am pleased to present for confirmation by the Senate the appointment of the under-listed directors of the Board of Central Bank of Nigeria (CBN).

“Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke and Olayinka Aliyu.

“While hoping that the request will receive expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” Mr Tinubu stated.

Mr Akpabio referred the matter to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative input. He urged them to report back to the plenary in four weeks.

Meanwhile, in another letter, Mr Tinubu also sought the confirmation of Hamidu Rahim as Commissioner for the National Population Commission (NPC) representing Osun.

The president stated that the request was in accordance with the provisions of section 154, sub-section one of the 1999 constitution as amended.

Mr Akpiabio, however, referred the matter to the Senate Committee on National Population and National Identity for further legislative action and urged the committee to report back to plenary in one week.