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Economy

We’ve reached out to US on stolen funds’ repatriation – Osinbajo

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  • As US sells N181bn warplanes, weapons to Nigeria over B’Haram
  • And Fed Govt, U.S. congressmen discuss security, humanitarian issues

Vice-President Yemi Osinbajo has said the present administration has reached out to the United States government to step up its assistance in ensuring that corrupt officials do not have a safe haven in the US for their loot.

According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice-President spoke during a visit of a US Congressional Delegation to the Presidential Villa, Abuja, on Monday.

“We have reached out to the US government with respect with helping us with the repatriation of proceeds of crime and proceeds of corruption,” he was quoted as saying.

Osinbajo reportedly told the delegation that the present administration regarded corruption as an existential threat that must be dealt with at its root.

Osinbajo added, “We have worked quite closely with the US government on repatriation of funds, we have seen some results.

“We think that this is very important because what tends to happen with corrupt public officials is that if they are able to find a safe haven for the proceeds of their criminality, not only are they encouraged as individuals but there is the general feeling that ‘if I am able to get the proceeds out of the country, I might just get away with it.’

“This is one of the reasons why we have taken several actions to ensure that we are able to deal with it because some of the major dislocations in the economy are on account of the problems that we have seen with corruption.

“The Buhari presidency’s strategy which is one of the most effective ways of fighting corruption is ensuring that these proceeds are unsafe and for people to know that they would be found out and they would be punished for it and we would seize whatever profit they had make.’’

On the return of the Chibok girls, the Vice-President reportedly said, “it is a issue on the front burner for us all the time. There is no question of not continuing to negotiate and looking for the girls.’’

Meanwhile, the Headquarters of the United States Department of Defence, the Pentagon, has informed the US Congress of the sale of 12 Super Tucano A-29 ground attack aircraft and weapons to Nigeria to fight the Boko Haram insurgency.

Reuters reported that the Pentagon communicated the sale of the 12 ground attack aircraft valued at $593m (N181bn) to the US Congress on Monday.

The report quoted Pentagon’s Defence Security Cooperation Agency as having made the announcement to the US legislature.

The Super Tucano A-29, “an agile, propeller-driven plane with reconnaissance and surveillance as well as attack capabilities, is made by Brazil’s Embraer.”

The US had in April, this year, agreed  to sell high-tech aircraft to Nigeria to tackle  the Boko Haram insurgency in the North-East.

United States officials told the Associated Press that the Congress was  expected to receive formal notification within weeks, setting in motion the deal with Nigeria.

They added that the arrangement would call for Nigeria purchasing up to 12 Embraer A-29 Super Tucano aircraft with sophisticated targeting gear.

The purchase will gulp about $600m, said the  officials in April. They were, however, unauthorised to discuss the terms of the sale publicly and preferred anonymity on the diplomatic conversations.

The United States had before this new development, blocked Nigeria from acquiring the Super Tucano ground attack aircraft from Brazil in November, 2016 because of allegations of human rights violations against the Nigerian military.

In the meantime, eight United States congressmen arrived in Nigeria yesterday for talks with the Federal Government on security and humanitarian matters.

The delegation began their four-day visit with a meeting with National Assembly members led by Senate President Bukola Saraki.

Senator Christopher Coons (D-Delaware) is leading the team.  Coons is a member of the Appropriations, Foreign Relations, Judiciary, Small Business and Entrepreneurship and Ethics committees.

Other members of the delegation are: Senators Gary Peters (D-Michigan); Michael Bennet (D-Colorado); Representatives Lisa Blunt Rochester (D-Delaware); Terri Sewell (D-Alabama); Charlie Dent (R-Pennsylvania); Barbara Lee (D-California) and Frederica Wilson(D-Florida).

The congressmen, who are on tour of West Africa, will also visit Ghana, Côte d’Ivoire and The Gambia.

In Abuja, they will meet with a range of high-ranking leaders to gain a fulsome picture of the bilateral relationship.

They are scheduled to meet with Vice President Yemi Osinbajo, Senate President Saraki, House Speaker Yakubu Dogara, other members of the National Assembly, and religious and civil society leaders.

The congressmen will also visit Lagos, where trade and investment relations will be discussed.

In the country’s financial capital, they will meet with business executives, tour the Egbin Thermal Power Plant, participate in an American Business Council roundtable, and conclude with a reception featuring alumni of the Young African Leaders Initiative and the Tony Elemelu Foundation.

Accompanied by Ambassador Symminton, the U.S. lawmakers discussed security, the humanitarian crisis in the Northeast and ways to build a better working relationship between the parliaments of both countries.

A statement from the Senate President’s media office reported Saraki as saying: “Today’s meeting was held to discuss ways to improve the relationship between the U.S. and Nigeria; look at securing greater support in the fight against terrorism and for the humanitarian crisis in different parts of the country.

“We also discussed improving agriculture in Nigeria and providing jobs for our people.”

Saraki said the congressional delegation and the National Assembly discussed ways to strengthen the institutional relationships between Nigeria and the United States.

Punch with additional report from Nation

Economy

Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

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Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

President Bola Tinubu has secured a 600 million U.S. dollar Danish shipping and logistics company, A.P Moller-Maersk, investment for Nigeria’s seaport infrastructure.

This investment is to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr Robert Uggla, disclosed this during a meeting with Tinubu on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday.

Tinubu noted that this investment would complement the administration’s ongoing one billion dollars investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The President added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project.

The window is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted.

”A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Uggla said his company had made significant investments of over two billion dollars in Nigerian ports and other activities.

He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand, while reducing the cost of logistics.

‘’We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.

“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

‘’We believe in Nigeria, and we will invest 600 million dollars in existing facilities and make the ports accommodating for bigger ships.

‘’In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest.

“We will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,’’ Uggla said.

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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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