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Economy

Presidency cautions media on security reporting

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Buhari to CBN: Don’t give Kobo for food, fertilizer imports

…As OPS, marketers fault PIGB on single regulator for oil industry***

The Federal Government has warned the media to thread softlyin reporting security.

In spite of the right to freedom of expression, the Presidency urged the media to strike a balance between openness and national security.

Presidential spokesman Garba Shehu in a statement yesterday said:  “In the midst of the debate over the right to freedom of expression and the government’s efforts to ensure that the digital space and the mass media generally do not become a playground for terrorism and destabilization, security agencies in the country have given assurances that they would maintain a balance between openness and national security.

“They have, however, called on the nation’s media owners and practitioners to walk the fine balance between openness on one hand and national security on the other.

According to him, the Director-General of the Department of State Services, DSS, Lawal Daura, the Director-General of the National Intelligence Agency, Ambassador Ahmed Rufa’i Abubakar and the Chief of Defence Staff, General Gabriel Olonisakin, at an interactive meeting with owners and decision makers in the media at the State House Conference Centre in Abuja on Tuesday, also  gave assurances that the security situation in the country was within the control of the government.

The media, he said, can helped the government by reducing sensation from their daily coverage.

In their own assessment, “our state of national security is not as bad as it is painted by the media.”

In seeking the support from the media towards the achievement of security for everyone, the heads of the agencies emphasized that sharing and coordination among security agencies and the media is essential to counter the ever-changing threats faced by the nation.

The Security chieftains, he said, expressed the particular worry that there are groups in the country with evil designs to disrupt the processes leading to the 2019 general elections in the hope of creating a stalemate.

“They warned the media against the activities of some unregistered groups that have lately been active in trying to undermine critical institutions such the law-enforcement agencies and the Independent National Electoral Commission, INEC.

“The security heads also called for closer cooperation from the media to prevent terrorists and radical ideologies directed from abroad from undermining the ongoing efforts to restore security in parts of the country facing the challenges of terrorism, economic sabotage, criminality, farmers-herdsmen clashes and the spread of illegal weapons.

“In a special submission by the NIA, its Director-General recalled unsavoury developments of the last one year, which had put the agency in a negative limelight, but said that such developments were not peculiar to the Agency.

“Similar institutions across the world have passed through this phase. What is, however, important is for the right lessons to be learnt from these developments.

“I see these challenges as impetus to reposition the Agency for effective service delivery in realization of its core mandate, as a critical component of our National Security Architecture,” he said.

He said the nation also faced threats from the human trafficking and illegal migration, smuggling, slavery, forced labour, prostitutions, drugs trafficking, activities of drug cartels and their networks, as well as trafficking in small arms and light weapons (SALW).

According to the DG, “Financial Crimes, identification of financial resources and properties suspected to be obtained by corrupt means belonging to Nigerians especially Politically Exposed Persons (PEPs); Herdsmen and Farmers clashes, cattle rustling etc; Piracy and Militancy, particularly in the Niger Delta: Oil theft, illegal oil bunkering, pipeline vandalism; and Cyber Crimes/ Cyber security: activities of online fraudsters, hacking etc. will henceforth receive priority attention.”

The intelligence and security chieftains also expressed the view that the Nigerian media has a role in securing Nigeria’s national interest.

This expected role of the press is in tandem with global best practices, particularly on issues that have bearing on national security.

They, therefore, invited the media “as partners to continue to be security conscious and exercise restraint in disseminating information that could expose the Services to ridicule or harm our National Security,” stressing that, “Prior consultation with appropriate members of the Intelligence Community is the best way to go.”

Meanwhile, the Organised Private Sector (OPS) and oil marketers have faulted the provision of a single regulator, the Nigerian Petroleum Regulatory Commission (NPRC) in the Petroleum Industry Governance Bill (PIGB) by the National Assembly.

They spoke jointly to reporters in Lagos yesterday. While  the OPS was represented by its Chairman, Economic Policy Committee, Manufacturers Association of Nigeria (MAN), Mr. Odiah Reginald Odiah, the Major Oil Marketers Association of Nigeria (MOMAN) was represented by its Executive Secretary, Mr. Obafemi Olawore. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) was also represented by its Executive Secretary, Mr. Olufemi Adewole.

The groups told reporters that they have carefully gone through the PIGB and noted the provision of a single regulator in the bill would be counter-productive and keep Nigerians and the economy in same problems we experience today in the oil and gas industry.

They say it has become imperative to point out the problem before the bill gets presidential assent because they learnt the National Assembly has harmonised their positions on it. Creating one regulator for the upstream and downstream sectors of the industry will be too big and the regulator will become ineffective, they argued.

They groups said: “We need the National Assembly to create two regulatory bodies or agencies that will be independent, one for the upstream and one the downstream.”

At the beginning of Nigeria’s oil industry, it was only one regulator that existed, the Department of Petroleum Resources, and it was not able to properly and efficiently regulate the industry, hence the creation of the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF).

Nation

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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Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

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