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Economy

Buhari inaugurates NNPC Board, demands transparency, accountability

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2023: Buhari directs public office holders with political ambition to resign

… As NDE coordinator says FG tackling unemployment in Gombe***

President Muhammadu Buhari has urged the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with Corporate Governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency.

Inaugurating the Board chaired by Sen. Margery Chuba Okadigbo, the president charged them to focus on profitability and operate at par with its industry peers across the world.

Also read: Again, Buhari vows to tackle security challenges before leaving office

He said: ”I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities.”

Buhari reminded the Board members that they came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021.

According to him, the Act seeks to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.

”The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.

”NNPC Limited is expected to operate at par with its industry peers across the world while acting as Enabler Company that will foster the development of other sectors of our Economy.

”The inauguration of this Board is a major step in the ongoing transition to a more viable petroleum industry that will attract investment to support our economic growth and generate employment to millions of our people,” he said.

The president directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.

”NNPC Limited is expected to operate at par with its industry peers elsewhere in the world while acting as Enabler Company that will foster the development of other sectors of our economy,” he added.

He thanked the leadership and members of the National Assembly for their seamless support in the journey towards a viable, accountable and transparent energy industry.

The President said he would count on the professional insights and ethical conduct of the Board members to ensure the delivery of his administration’s promises to Nigerians.

In his remarks, the Minister of State, Petroleum Resources, Timipre Sylva, said under the present administration a lot had been achieved in the petroleum industry.

He said such achievements included the signing of the PIA, the registration of NNPC Limited as a CAMA company and the inauguration of the Board of the NNPC Limited.

”Mr. President this is history in the making because this is the first time any President of the Federal Republic of Nigeria is inaugurating an independent board of an independent NNPC Limited.

”This, however, puts a lot of responsibility on the shoulders of those inaugurated and those of us in the Ministry of Petroleum Resources,” he said.

Those inaugurated are; Sen. Okadigbo, Chairman, Mele Kolo Kyari, Chief Executive Officer, Umar I. Ajiya, Chief Financial Officer, Dr. Tajudeen Umar (North East), Mrs. Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West) and Henry Obih (South East).

Others are; Constance Harry Marshal (South-South), Chief Pius Akinyelure (South West), Dr. Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources and Aliyu Ahmed, Permanent Secretary, Minister, Finance, Budget and National Planning.

In the meantime, Mr. Hassan Mustapha, Gombe State Coordinator, National Directorate of Employment (NDE), on Friday said the federal government was addressing youth unemployment in the state.

Mustapha who stated this in an interview with the newsmen in Gombe said the government was concerned about the youth and how to engage them productively.

He stated that the federal government was empowering unemployed youths in the state with various skill acquisition programmes.

According to him, idleness leads to crime and drug abuse, making it imperative for youths to be engaged to make society crime-free.

“This is why the federal government through the NDE is empowering youths with skills, especially those without employment.

“The truth is the government cannot employ everyone; this is why we are empowering them,” he said.

The NDE coordinator said the federal government was also using the empowerment programme to reduce poverty amongst youths in the state, adding that with relevant skills, youth could make themselves self-reliant.

“In line with the mandate of the directorate, youths are being trained and given the opportunity to become assets to the society to contribute to national development while making crime unattractive to them,” he said.

Mustapha said the NDE empowered no fewer than 11, 000 unemployed youths in Gombe State in various entrepreneurial skills in 2021.

He stated that the youth were given different trainings such as vocational skills development, school-on-wheels training for rural dwellers, basic business and small-scale enterprise training (for graduates on how to run businesses) and the rural employment programme.

Mustapha stated that members of the National Youth Service Corps (NYSC) were also part of the training under the entrepreneurship development programme in the state in 2021.

He added that some of the trainees were given starter packs of N800, 000 in form of loans to help them establish their businesses.

He said the era of white-collar jobs was over in view of the huge population of youths and the limited resources available to the government, hence he advised youths to embrace skills acquisition programme.

“We offer this training free of charge so youths should make themselves available to acquire skills, which will make them productive to contribute meaningfully to the society and the nation,” said Mustapha.

 

Economy

NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

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NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

The Nigerian Railway Corporation (NRC) flagged off Thursday, its annual Capital procurement process for 2024 at the National Headquarters in Ebute Metta, Lagos.

The Maritime First learnt that the significance of this exercise was to ensure transparency in the selections of the most competent bidders among the 524 documents that bidder.

The Managing Director/ Chief Executive Officer, Engr. Fidet Okhitia was represented, by Dr. Monsurat Omotayo flagged off the exercise. 

In her remarks, she promised it would be a transparent exercise, even as she identified some of the challenges before they arrived at the present state of the exercise.

She however noted that placing two Adverts, on the nation’s national daily was not planned for initially.

According to the Director of Procurement, NRC, 524 companies bid across the three categories, as published in the National newspapers.

The Categories were: 

*Works, comprising renovations, growth, and repairs of locomotives, coaches and rolling storks.

*Services, covering business concerns bordering on insurance, and alternative revenue generation.

Goods, which touches on supplies of lubricants, diesel (AGO), spare parts, and track materials.

Amongst the audience were professional evaluators, and representatives of the Federal Ministry of Transport, Chartered Institute of Purchasing and Management Supplies. 

Others were Non-governmental organizations like the Civil liberty, Professional bodies, Outside observers, and the members of the Fourth Estate.

Engr. Fidet Okhiria

Participants were made to register their details at the entry point. While, the Health Safety and Environment (HSE) was also on ground to ensure adequate care, and to nip in the bud, any health challenges.

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Economy

Naira Loses 6% Against Dollar At Official Market

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Naira Loses 6% Against Dollar At Official Market

The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.

This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.

However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the dollar.

CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024, said the apex bank was doing everything possible to achieve a stable exchange rate.

He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.

Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.

He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.

He predicted ups and downs but assured the global economic community that the Naira would steadily gain against foreign currencies.

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Economy

Unstable Economy: UK Firm Presents Solutions To Nigerian Business Leaders

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SOAN Inaugurates New Leadership, Boosting Hopes Of Crushable Inflation

Nigerian business leaders are to benefit from the programme of United Kingdom-based leadership development organisation TEXEM UK on how to win despite the exodus of staff, very high inflation and turbulent operating landscape.

TEXEM’s Director of Special Projects, Caroline Lucas, said on the organisation’s website, www.texem.co.uk, that the programme with the theme “Strategies for Sustainable Organisational Success” is slated for April 24 and April 25 in Lagos.

According to Lucas, in today’s volatile and disruptive business landscape, organisations face numerous strategic challenges.

“TEXEM’s programme, “Strategies for Sustainable Organisational Success,” offers tailored solutions to address these pressing issues.

“Senior leaders grappling with skyrocketing costs, high currency risks, and disruptive technologies require practical insights and tools to navigate uncertainty effectively.

“This programme provides actionable strategies for sustainable success amidst turbulent times,” she said.

Lucas asserts that exceptional crisis management skills are essential in the face of staff exodus and geopolitical disruptions.

“TEXEM equips participants with the necessary leadership capabilities to lead through crises, ensuring organisational excellence even amidst adversity.

“Innovation becomes imperative in turbulent waters.

“TEXEM’s programme fosters a culture of innovation and provides guidance on harnessing adversity as a catalyst for profitable growth,” she said.

According to her, participants will learn to turn challenges into opportunities, driving sustained profitability.

Lucas said resilience and effective risk management are crucial in today’s volatile landscape.

She said through interactive sessions and case studies, TEXEM helps senior leaders develop unshakable qualities, enabling them to navigate uncertainty and confidently mitigate risks.

“Optimizing resource utilisation is paramount amidst soaring costs.

“TEXEM offers insights on managing resources efficiently, ensuring optimal impact even amidst cost pressures. Decisive problem-solving is paramount.

“TEXEM enhances participants’ decision-making capabilities through peer learning and observation practice, empowering them to make better decisions that drive organisational success,” Lucas said.

She said that beyond the curriculum, networking opportunities with industry peers enrich the learning experience, abound.

“Professional exchange provides valuable insights into different approaches to overcoming challenges, enhancing overall learning and impact.

“TEXEM’s programme aims to develop leadership strategies for optimum performance in an era of uncertainty.

“By helping participants understand how to manage and deploy resources more efficiently, it equips them with the skills needed to thrive in turbulent times,” Lucas said.

Saying that adversity is the mother of innovation, she added that TEXEM empowers individuals and organisations to thrive in volatile times, fostering innovation and sustained profitability.

“At the end of the programme, participants can expect to develop leadership skills for better decision-making and possess survival skills to navigate crises effectively.

“Through its comprehensive approach and proven methodology, TEXEM ensures participants unlock their potential, foster innovation, and drive sustained profitability in today’s challenging environment,” Lucas said.

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