Aso Villa Reads for 17/6/2019

Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria

According to New Telegraph, Vice President Yemi Osinbajo has promised Nigerians to expect an improvement in electricity generation and distribution, infrastructure in the second term of the Muhammadu Buhari administration. Osinbajo stated this yesterday after a special Father’s Day service at the Aso Villa Chapel, Abuja. He said in the Next Level agenda of the Buhari administration, power and infrastructure would improve and there will be progress in the economy, security, and in the fight against corruption. Speaking to reporters, the Vice President wished every father in the country a happy Father’s Day. Osinbajo noted that the responsibility of fatherhood in families and society is very crucial in setting good examples for future generations, as it would guide them in the right path to lead exemplary lives. While noting that men should honour and love their wives and recognize their roles as partners, not just in families, but in society, he said that it was equally important for them to teach young men to also honour and respect all women. He said: “Fathers, as you know, have very important role to play in any human society or setting. Former U.S. President Barack Obama, who said that it’s not the ability to father a child, or the ability to have a child that makes you a father, it is the courage to raise one. That’s really what makes you a father.

This Day reports that the Debt Management Office (DMO) last Friday, listed the first Eurobonds on the FMDQ Securities Exchange and Nigerian Stock Exchange (NSE) platforms. The DMO, on behalf of the Federal Republic of Nigeria (FRN), listed dual-tranche $2.50 billion and triple-tranche $2.86 billion Eurobonds on the FMDQ platform and NSE. Speaking at the listing on the FMDQ in Lagos, Director-General, DMO, Ms Patience Oniha, said that the bonds were raised for refinancing of the country’s domestic debt. Oniha said that the Eurobonds proceeds would be used to fund the fiscal deficit as well as other financing needs of the country. According to her, the $2.50 billion Eurobonds issued in February 2018 was meant for refinancing of domestic debt, while $2.86 billion dollars Eurobonds floated in November, 2018 was purposely for financing of the capital project of the budget. The DMO DG noted that listing of foreign currency-denominated debt securities showed the government’s unrelenting commitment to supporting the growth of the debt capital market (DCM) for economic development. On plans for Eurobond upgrade to finance the 2019 budget, she a large part of it would be funded by new borrowing of N1.649 trillion. “But this time around, we are trying to explore all the options starting with those that are cheaper, conventional, semi conventional before we now determine in a very short form the balance that we should take to the international market,” Oniha said.

The Nigerian Electricity Regulatory Commission (NERC) has granted Green Energy International Ltd (GEIL), the operator of the Otakikpo Marginal field an embedded Licence for 40 Megawatts of electricity (40 MW) power plant. The approval was sequel to the company’s application for power generation licence, to utilise its gas resources for power generation, as part of its commitment to the federal government’s use of gas from the field for power and domestic gas projects. Director Corporate Affairs, Green Energy International Limited, Olusegun Ilori, in statement, quoted the Chairman of the company, Prof Anthony Adegbulugbe, to have disclosed that the company had earlier secured a generation licence for 12 MW to increase its projected power generation capacity to 40 MW following the increase in associated gas that would be produced from enhanced oil production during the second phase of the Otakikpo field. Adegbulugbe, added that in addition to providing electricity for company’s field power requirements and access to electricity for the host communities (Ikuru town, Asuama Ayama Ekede,Ugama Ekede and Asu Oyet), the 40MW power plant would provide power to the Otakikpo Industrial Park which would be sited in Ikuru town in Andoni local government, Rivers State. “Some of the committed projects to be located at Industrial Park include an Onshore Oil Terminal, 5000bpd modular refinery and a mini LNG plant to serve the domestic market.” He said the company has already on site six MW electric power plant undergoing installation under the first phase of the small-scale gas utilisation program (SSGUP). The 6MW would be commissioned in third quarter 2019, while the 40 MW would come on-stream by Q2 2020. This is according to This Day.

The Nigerian Air Force has said its Air Task Force of Operation LAFIYA DOLE, has degraded another Boko Haram terrorist hideout in Sambisa Forest, Borno State. Air Commodore Ibikunle Daramola, NAF Director of Public Relations and Information, who disclosed this in a statement on Monday in Abuja, said the operation was conducted on Sunday. “The operation was executed on June 16, after persistent Intelligence, Surveillance and Reconnaissance missions reveal the heavy presence of BHTs at a new camp with several structures hidden under the thick foliage of the Forest. “Accordingly, the ATF dispatched an Alpha Jet to attack the location. “Its bombs hit the target area, with devastating effects on several of the camouflaged structures, neutralising their BHT occupants,” he said. Daramola said the NAF, operating in concert with surface forces, would sustain efforts to completely degrade the terrorists in the Northeast. Punch reported.

The Nigeria Sovereign Investment Authority has grown its assets under management to $1.9bn (N617.69bn). The Managing Director and Chief Executive Officer, NSIA, Mr Uche Orji, said that as of the end of 2018, the NSIA had assets under management of $1.9bn (N617.69bn). NSIA’s assets under management were N533.88bn in 2017, N420.93bn in 2016, N213.67bn in 2015 and N177bn in 2014. Orji, at an interactive session with journalists in Lagos on Saturday, explained that in addition to its core funds, the NSIA managed third-party funds, including the Presidential Infrastructure Development Fund. According to Punch, Orji said from 2012 to 2018, the NSIA reported six straight years of profitability in all its funds with core profits (excluding foreign exchange translation gains) of N28.45bn ($87.5m) for 2018. He put the profit of the authority as of the end of 2018 at N46.50bn, compared to the N22.55bn recorded in 2017. He said, “As the authority is shifting focus towards infrastructure and direct investments in Nigeria, returns will incubate longer and as a consequence, cash available for market- driven investments will decline. Despite this reality, total profits increased from N22.55bn in 2017 to N46.50bn (including FX translation gains) in 2018.”

The Federal Government through the National Automotive Design and Development Council, NADDC, is boosting local car manufacturing with an N11 billion loan to 36 auto companies in the country. Director-General, NADDC, Jelani Aliyu made the disclosure in Abuja during a meeting with the governor of Katsina State, Alh Aminu Masari, yesterday. The meeting discussed a proposal for the setting up of an integrated automobile mechanic and motor spare parts village in Katsina State. The disbursement of the N11bn to auto firms is part of moves to boost local production of vehicles and support the auto policy of the Federal Government. According to Vanguard, the automotive policy, launched in 2014 contains a number of policy measures needed to revitalise the industry for job creation, local value addition, and technology acquisition. At the meeting, Aliyu told the governor that of the N11bn loan, 20 companies had repaid their loan of N7.75bn in full. He explained that the cumulative amount so far repaid from the loan was about N10.04bn. He pointed out that NADDC was constructing three automotive service hubs as part of strategies to ensure the successful implementation of the country’s auto policy. The NADDC boss said that the proposed establishment of the mechanic village in Katsina State was in line with the automotive policy to empower Nigerians and boost local contents in the production of made in Nigeria vehicles.

The Nigerian Electricity Regulatory Commission (NERC) has confirmed that it is already working out a model as it embarks on wider stakeholder consultations to enable it effect the much awaited Multi Year Tariff Order (MYTO) early next year. The regulator says this has become necessary as a way of urgently addressing concerns of technical losses in power distribution to consumers as well as liquidity issues that have been the bane of the power sector value chain of generation, transmission and distribution. The purpose of the MYTO is to set cost-reflective tariffs that will allow the power sector to be properly funded and functional. Adequate, cost-reflective‎ electricity supply is seen as the backbone of industrialisation, but has been a major constraint of the NERC, having missed implementation of the policy six times post privatisation, resulting to some liquidity losses put at N1.4 trillion in the sector. BusinessDay understands that the NERC has commenced the review of Performance Improvement Plans (PIP) to be submitted by the Discos for the tariff period of 2019–2023. This comes as those who know warn that the cost review must be done in a way that poor consumers are not hurt. “We have embarked on an open-book review with the Discos. The open-book review enables us address concerns of technical losses on distributed power. You can also see that the Meter Asset Provider Regulations is currently ongoing with various Discos embarking on metering consumers. We are also monitoring improvement of collection by Discos, as metering concerns is being addressed,” James Momoh, executive chairman of NERC, told BusinessDay exclusively.

Nigerian Export Promotion Council (NEPC) has formally unveiled a SERVICOM Charter to further aid the provision of excellent services, specifically in its role on‎ export licensing, market linkages and statutory functions of the council. According to Business Day, the NEPC SERVICOM Unit of the Council puts the Service Charter document together. Speaking at the launch in Abuja, the executive director/CEO of NEPC, Olusegun Awolowo, said since inception in March 2004, SERVICOM had remained as one of the effective public service machinery institutionalised to ensure customer satisfaction by MDAs. Awolowo said the role of the Council in the country’s economic diversification drive had never been in doubt and could therefore not be overemphasised, especially now that the present government of President Muhammadu Buhari had placed more emphasis on the need for more sustainable economy through the non-oil export sector. “It is in line with the need to provide prompt and adequate service (to our customers) that would change the narratives of the contribution of non-oil export sector of Nigerian economy that I recently reconstituted the NEPC SERVICOM Unit, and charged them to write a Service Charter, which we are presenting today. “The Charter is basically an operational tool to guide our business conduct with our core clients, the exporters, and other stakeholders whom we are responsible and obliged to provide efficient services — as Trade Promotion Organisation, in line with expected international best practices. “I am convinced that efficient service delivery at NEPC would ultimately translate to improved exports, inclusive growth, and increased revenue for government — as we hope to fully achieve NEPC’s Vision of ‘Making the world a market place for Nigerian non-oil products and services’. “To this end, we expect our customers to constantly evaluate our performance and provide feedback on how to improve such services.” Earlier on, in the course of reviewing the Charter, NEPC director of Policy and Strategy, Sidi-Aliyu Abdullahi, listed other purposes of the Charter to include: NEPC’s highest level commitment to providing best services; communicate rights, entitlements and responsibilities to clients; define the standard of services expected by customers and staff; enabled improved services; and creating free atmosphere for evaluation, monitoring and measurement of activities.

The National Pension Commission (PenCom) has issued a Pension Fund Administrator (PFA) Licence to Nigerian University Pension Management Company (NUPEMCO). Following this development, PenCom hereby issues further clarifications with respect to section 11(1) of the PRA 2014 which allows employees choose PFAs of their choice. NUPEMCO shall serve members and employees of the following under-listed organisations who are desirous of moving their Retirement Savings Accounts (RSAs) from their current PFA to the new PFA. Consequently, any employee of the organisations that desires to move his/her RSA to NUPEMCO will be required to fill and submit a transfer consent form which is a pre-requisite for the National Pension Commission to approve the transfer of his/her RSA to the new PFA. Accordingly, those employees that are not desirous of moving their RSAs to NUPEMCO are at liberty to remain with their existing PFAs. New employees of these organisations are also at liberty to choose NUPEMCO or other PFA’s.

The Nigeria Centre for Disease Control has signed a joint declaration of intent with Germany’s National Public Health Institute, the Robert Koch Institute to mark the start of a new project to strengthen health security in Nigeria. Over the past two years, Nigeria has been confronted with several outbreaks of Epidemic-prone diseases, including measles, yellow fever, cerebrospinal meningitis, cholera, lassa fever and monkey pox. In response to some of these disease outbreaks, public health workers have conducted vaccination campaigns and also provided infection prevention and control training to health workers, established new laboratory testing capacity and conducted communication and engagement activities to communities. Reported by Business Day (Monday 17 June 2019, page 47).