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Green industrial vision complementary to oil and gas investment drive, says Tinubu

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President Bola Tinubu says Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population.

Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr. Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation.

Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the President said: ”We value your cooperation, friendship, and partnership. Substantially, we have oil and gas as our primary source of revenue today. As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximizing the present.

”Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels.

”I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live and live well.

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”We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.

”As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome deepened partnership with your institution.”

President Tinubu also highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth.

He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilize the economy.

The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond.

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He disclosed that the Bank has indicated interest to finance key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, as well as the provision of $3 billion in innovative financing for the NLNG dividend initiative.

”They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings. I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,” the Minister said.

The Minister also said Moody’s positive outlook rating follows the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

In his remarks, Mr. Winters lauded President Tinubu’s bold economic reforms, noting the international investment community’s recognition and support.

”We see ourselves as ambassadors to Nigeria in the international investment community, and we take our advisory role very seriously. We will continue to offer objective advice to the country because we have commitments in the country backed by our strong belief in what this administration is doing,” he said.

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The delegation from Standard Chartered Bank included Mr. Foluso Phillips, Chairman of Standard Chartered Bank Nigeria, and Mr. Dalu Ajene, the Chief Executive Officer of the Nigeria branch of the bank.

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Atiku reacts to hacking of NBS website

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Atiku

Former Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar on Thursday said bad tidings have characterized President Bola Tinubu’s administration.

Atiku was reacting to the hacking of the National Bureau of Statistics, NBS, website.

The development is coming on the heels of the recent data published on the website of the @NBS_Nigeria on Crime Experience and Security Perception Survey, CESPS.

In a statement by his Media Office, Atiku expressed hope that the hack was not an attempt to pigeonhole the integrity of data majorly used for planning and development and research purposes.

According to Atiku: “The unprecedented claim that the website of the National Bureau of Statistics (NBS) has been hacked is an unpleasant development that adds up to the bad tidings that have characterized the President Bola Tinubu administration.

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“The development, which is coming on the heels of the recent data published on the website of the @NBS_Nigeria on Crime Experience and Security Perception Survey (CESPS), underscores the credibility crisis of the current administration.

“These are strange times in Nigeria, and it is hoped that the situation at hand is not an underhand attempt to pigeonhole the integrity of data majorly used for planning and development and research purposes.

“Subjecting data and statistics such as those harvested, analysed, and released by the NBS to sexing up or political considerations is counterproductive.

“That is why the claim that the website of the National Bureau of Statistics was hacked into, the very first time in its history, should be of concern to the fidelity of the stats it releases to the public.

“Moreover, the coincidence of this so-called hack coming only shortly after the release of damning stats on security is suspicious.

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“We may be tempted to assume that every stats released by the Bureau is an outcome of a hack.”

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Court admits ex-Gov Yahaya Bello to N500m bail

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The Federal Capital Territory High Court, on Thursday, granted the immediate past Governor of Kogi State, Yahaya Bello, bail in the sum of N500 million with two sureties in like sum.

Justice Maryann Anenih had, on December 10, refused the ex-governor’s bail application, stating it was filed prematurely.

While delivering the initial ruling, she said that since the 1st defendant was neither in custody nor before the court at the time, the application was incompetent.

There was, however, room for the governor’s lawyers to file a fresh bail application and apply for a hearing date.

The former governor is facing an alleged money laundering trial involving N110 billion, along with two others.

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He had pleaded not guilty to the 16-count charges brought against him by the Economic and Financial Crimes Commission, EFCC.

When the case was called for hearing on Thursday, counsel for the former governor, Joseph Daudu, SAN, informed the court that the defence counsels had filed a further affidavit in response to the counter-affidavit filed and served by the prosecution counsels.

He, however, applied to withdraw the further affidavit, stating, “We do not want to make the matter contentious.”

There was no objection from the prosecution counsel, Olukayode Enitan, SAN.

The court, therefore, granted the application for withdrawal and struck out the further affidavit.

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Daudu, SAN, also informed the court that discussions had taken place with the leader of the prosecution counsels, resulting in an agreement to ensure a speedy trial.

In light of this understanding, Daudu urged the court to grant the bail application.

He further requested that, if the court would graciously grant the defendant bail, it should review the bail conditions for the 1st, 2nd, and 3rd defendants.

He urged the court to broaden the scope of properties to be used as bail sureties to include locations across the Federal Capital Territory, FCT, rather than limiting them solely to Maitama.

The prosecution counsel, Olukayode Enitan, SAN, acknowledged that Daudu, SAN, had been in talks with the prosecution team.

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In accordance with the Rules of Professional Conduct, RPC, the EFCC counsel gave assurance of their cooperation in expediting the trial.

He said, “I confirm the evidence given by the distinguished member of the bar leading the defence, J.B. Daudu, SAN, that he has been in conversation with the leader of the prosecuting team.

“As with the legal tradition that we should cooperate with members of the bar when it does not affect the course of justice, we have decided not to make this contentious, bearing in mind that no matter how industrious the defence counsel might be in pushing forward the application for bail and no matter how vociferous the prosecution counsel can argue against the bail application, your lordship is bound by your discretion to grant or not to grant the application.

“We are, therefore, leaving this to your lordship’s discretion.”

Delivering her ruling, Justice Anenih acknowledged that the offence the 1st defendant was charged with was a bailable one and granted the ex-governor bail in the sum of N500 million, with three sureties in like sum.

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The sureties must be notable Nigerians with landed property in Maitama, Jabi, Utako, Apo, Guzape, Garki, and Asokoro.

The 1st defendant was also ordered to deposit his international passport and other travel documents with the court. He is to remain at Kuje Correctional Centre until the bail conditions are met.

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Fuel price drop will not change anything, Nigerians are exhausted – Shehu Sani

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The former senator representing Kaduna Central, Shehu Sani has said Nigerians are so exhausted with the country’s situation to the extent that an N50 per litre premium motor spirit price reduction will not have an impact.

Sani was on Thursday, through his X account, reacting to Dangote’s announcement of a reduction in its ex-depot petrol price to N899.50 per litre.

He wrote, ‘”People are so exhausted, even if petrol is reduced by N50, they just look and move on,” he stated.

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