Aso Villa Reads for 12/11/18
Every day, we bring you the best stories that the media is reporting about the Government of Nigeria
New Telegraph reports that “the Federal Government has secured more interest from investors for the Nigeria’s multi-billion dollars oil and gas industry. The government did this at the just concluded African Oil Week (AOW) in South Africa through the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB), Oando and a host of others. “The African Oil and Gas industry is showing signs of an auspicious future; there is renewed investor interest and burgeoning confidence in the continent and sector following continued upward movement in oil prices and recent oil and gas discoveries,” a statement from one of the organizers read”.
“As part of the efforts to prevent workers from using their pension accounts for money laundering, operators will begin to investigate workers who make voluntary contributions of N5m and above into their Retirement Savings Accounts.” According to Punch, “the National Pension Commission disclosed this in its new guidelines for voluntary contributions under the Contributory Pension Scheme. A section of the guideline read, “In line with the Money Laundering Act 2011 and Nigerian Drug Law Enforcement Agency requirement, Pension Fund Custodian shall report any single voluntary contribution lodgment of N5m and above. PFC shall forward a copy of the report on such lodgments to the relevant Pension Fund Administrator.” The commission had earlier stated that it became imperative for it to review the provisions for voluntary contribution under the CPS to address some concerns which include combating money laundering, after it observed high incidence of withdrawals. Additional voluntary contributions are savings made over the statutory minimum of 18 per cent mandated by PenCom.”
“The Nigerian Postal Service (NIPOST) has received the approval of the federal government to begin a nationwide Digital Addressing System (DAS) and Address Verification System (AVS). Based on this, the agency has commenced the DAS and AVS systems nationwide and has digitally uploaded the addresses of individuals and organisations on its online portal, which is now accessible to all, including government.” This Day reports that “the Digital Addressing System and the Address Verification System, were part of NIPOST’s new products showcased at the Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), which ended yesterday. Speaking on some of the new products and services that were on display at the NIPOST stand all through the trade fair, the Lagos Zonal Manager at NIPOST, Mrs. Adebola Ayeni, disclosed that the DAS was one of the new products recently approved by the federal government, “which sets NIPOST on a digital path, in compliance with the directive of the Universal Postal Union (UPU).” “Following the directive of UPU on the implementation of digital addressing system across nations, the global rate of postage has changed to meet the needs of customers.”
According to Daily Trust, “the Nigerian Incentive-Based Risk-Sharing System on Agricultural Lending (NIRSAL) is engaging banks and other key stakeholders to encourage improvement in another vital index: on-balance sheet lending to the sector by banks. In this regard, a key outcome of the recent NIRSAL/CROs’ Forum, a platform that brought together chief risk officers of banks, the Central Bank of Nigeria (CBN) and NIRSAL, was a commitment by participating banks to source more of their investment in agriculture from their own direct funds. The imperative of improving agricultural financing by banks is underscored by the fact that overall bank lending to the sector has hovered between 3 and 4% over the past eight years. In his presentation at the event, the Managing Director/CEO of NIRSAL, Mr Aliyu Abdulhameed, stated that agriculture deserves more support because of its capacity to generate jobs and substantial contribution to the country’s GDP.”
“Industry regulator, the National Insurance Commission (NAICOM), in furtherance of its policy to diversify product distribution, has announced plans to grant states of the Federation what is called State Insurance Producer (SIP) licence. The SIP will be an Agency of a state government licensed by NAICOM to provide intermediary services, and will be remunerated from all the services they provide. The operational guideline expected to be released today shall come into effect on January 1, 2019, Mohammed Kari, commissioner for insurance, made the disclosure at the 2018 Educational Seminar of the Chartered Insurance Institute of Nigeria, held in Ibadan, the Oyo State Capital.” This is according to Business Day (Monday November 12, 2018 page 6).
“The Consumer Protection Council (CPC) on Friday advised consumers to extensively parboil their beans before consumption and to make sufficient enquiries before engaging in purchases. Mr Babatunde Irukera, CPC’s Director-General, in a statement, gave the advice on the heels of information that had gone viral on social media on the reported use of sniper to preserve beans by retailers. He said in addition to the cooking method and making enough enquiries before purchase, consumers should sufficiently wash their food items before cooking. He said: “In any and every case, thoroughly washing food items before consumption or preparation for consumption is a generally accepted method of protecting and promoting safety. “CPC has recently confirmed by credible information that retailers, mostly in the open market are using a pesticide to preserve beans.” According to The Sun “the use of 2,2-dichlorovinyl dimethyl phosphate (DDVP) compound, otherwise marketed and known as “Sniper” to preserve beans, and more particularly to eliminate or protect from weevils.” Irukera explained that sniper, by its chemical composition and nature, was potentially injurious when human beings are “unduly exposed by inhalation, absorption, direct skin contact or ingestion.”
Leadership reports that “the government of Japan is partnering with the United Nations Industrial Development Organisation (UNIDO) and the federal government in the implementation of its Promoting Social Stabilisation through Entrepreneurship Development for the Youth in the Northeast (PRO-SSED) project. The government of Japan has already committed the sum of $800,000 to the project which would run for one year in the selected north-eastern states of Adamawa, Bauchi and Gombe, while the Nigerian Educational Research and Development Council (NERDC) is contributing the sum of $250,000 in kind, UNIDO is the implementing agency for the project. UNIDO and NERDC had approached and secured funding from the government of Japan. Speaking at the formal launch of the project in Abuja , the Japanese ambassador to Nigeria , Mr Yutaka Kikuta, disclosed that the project which has a lifespan of one year and specifically designed to build and strengthen the trades specific skills and competencies of the participating students in the selected states, would help secondary school education system in the country produce youths who would be able to play a major role in the socio-economic development of the north-eastern Nigeria and the country as a whole”.
“President Buhari on Friday applauded the proposed investment of $200 million in Nigeria’s cotton industry by Vlisco Group , which is expected to create over 700,000 jobs. The President thanked the CEO of Vlisco Group, David Suddens, for the initiative, adding that his administration was already making efforts to revive the ‘good old days’ when the cotton and textile industry employed hundreds of thousands of Nigerians. Buhari while receiving the Vlisco team at the Presidential Villa, Abuja on Friday, said he was excited at the prospect of reviving the industry while had hitherto provided jobs for millions of Nigerians. I am very much aware of your company’s effort especially your investment in the textile industry, and it is one area that we are trying to develop because it will create employment and boost agriculture. “ To get cotton to grow again in the Country is like going back to the good old days when the textile industry used to employ hundreds of thousands of people. “ I am very excited about the prospect of reviving the industry because it will keep farmers busy, create employment which brings more security, help the economy, transfer technology and of course we have a large market to absorb the products.”” Business Day reported this.
Business Day (Monday November 12, 2018 page 19) reports that “Nigeria’s aspiration for an improved road infrastructure has received a boost with the commissioning of a N2.2 billion bitumen company — Ringardas Nigeria Limited (RNL). The new bitumen storage plant, described by industry experts as one of the biggest in Africa, was commissioned last week by Babatunde Fashola, Minister if power, works & housing. The minister, represented at the occasion by a director in the ministry, Funsho Adebiyi, described the establishment of the plant as a significant milestone in Nigeria’s bid to having good road network. The plant situated in Kwali area of the Federal Capital, Abuja is said to have been built from the N3.5 billion new capitals injected into the company by its French owner — RUBIS Energie, in the last three years.”
“The National Social Trust Fund (NSITF) has recorded a remarkable feat as it captured 92, 804 employers of labor across the country, into the Employees Compensation Scheme (ECS) as at end of third quarter of 2018. This represents 76 percent increase in Employees record into the Fund’s database as against 18,300 when the scheme commenced operations in 2011. The Fund kicked in in 2011 following the enactment of Employees Compensation Act, 2010 which makes comprehensive provisions for the payment of compensation to employees who suffered from occupational disease or sustain injuries due to accident at workplace or in the course of employment. According to statistics released by the Fund, total sum of N1,903,566,952.16 has so far been paid through 8,399 invoices generated within the period under review, representing 21,819 claims were paid as at September, 2018”. Business Day (Monday November 12, 2018 page 43) reported this.
