Minister of State for Petroleum Resources, and Oil, Heineken Lokpobiri, disclosed this on the sidelines of the ongoing 2024 Offshore Technology Conference, OTC, in Houston, Texas.

A signature bonus is a single, non-recoverable lump sum payment made upfront by oil companies to the government for the rights to develop an oil block commercially after successfully winning in the license bid round.

The minister assured investors that oil will remain relevant in Nigeria’s economy for a long time and that the government is creating an enabling environment that will attract the best of investments into the country.

Lokpobiri, who urged investors to take advantage of the opportunity of the oil bid round to make an investment, said: “Historically, no source of energy goes away. So, do not be deceived into thinking that fossil fuel will go away. The discourse at the recent global conferences has further proven that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country.

“We are here at OTC to show the rest of the world that Nigeria is different and our government is different, in creating the best regulatory framework, allowing competitiveness, and removing all the investment barriers.

“Today, we are restoring investment confidence in the sector and ensuring investors can bring in their funds without worries. This will show to the world that Nigeria is ready for business.”

‘Signature bonus highest in Nigeria’

Announcing the removal of the signature bonus, Lokpobiri said over the years, payment of signature bonuses remained a huge bottleneck for investors as well as investment into the sector.

“Stakeholders had explained that globally, payable signature bonuses by awardees of an oil bloc or marginal field rank highest in Nigeria. On many occasions, the huge amount involved in payment of signature bonus was a setback for investors,’’ the minister added.

He said to ensure investors have a soft landing, such payments will now be tied to immediate exploration and production activities by new entrants.

Lokpobiri noted: “Rather than pay such monies into the coffers of the Federal Government, the investor must now be able to prove to us that they have the funds required to move into exploration.

“What we have resolved going forward and with the 2024 oil bid round is to see that fields won in a bid round must be put into immediate use as opposed to what has been obtained in past where fields are left idle after assets are won.”

He said the new strategy will create jobs and boost activities in the upstream oil sector.

Exercise to increase reserves, production capacity — NUPRC

In his remarks, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe, said the recent Presidential Executive Orders issued in March this year, were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.

He added that it would culminate in further increasing the nation’s oil and gas reserves, currently standing at 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.

Komolafe said: “The exercise, which was initially announced on April 29, 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces twelve meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.

‘’Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality. Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021 (PIA), which ensures compliance with best practices to boost investors’ confidence.

‘’In keeping with the provisions of the PIA and regulations made under the Act, the commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks (namely PPL 300-CS; PPL 301-CS; PPL 3008; PPL 3009; PPL 2001; PPL 2002; PML 51; PPL 267; PPL 268; PPL 269; PPL 270; and PPL 271).

“In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise, which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.’’

We are shifting to gas, deep offshore, not leaving Nigeria – Shell

On her part, the Managing Director, of Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor Aboni, disclosed that Shell does not intend to leave Nigeria.

She said the company is globally shifting from oil to gas while focusing on the development of its deep offshore oil and gas assets.

Recall that in 2022, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that it realised N174 billion from signature bonuses paid by winners in the 2020 marginal oil fields licenses, while it revoked those of 33 companies for failing to meet the 45-day deadline required to pay the signature bonus for the fields.

667 firms eyeing 57 oil blocks on offer

A total of 57 fields were on offer, with 665 companies indicating interest in acquiring them.

Meanwhile, the Executive Chairman, Lee Engineering and Construction Company, Chief Leemon Ikpea, has said indigenous companies are ready to acquire assets of International Oil Companies, IOCs, under divestment.

He said: “I can rightly assure Nigerians that indigenous companies have the capacity and are ready to double the investment of these divested assets. What is important for us is collaboration to bridge the gap. Great minds and not portfolio investors are spanning from indigenous operators and you will be surprised at what they can pool and grow these investments.

“Indeed, following the Federal Government of Nigeria’s commitment to the Nigerian Local Content Act, which seeks to promote indigenous technological capabilities in the oil and gas sector, Lee Engineering is currently building a gigantic, next-generation production facility in Warri, Delta State, Nigeria, to be commissioned soon.

“The facility has an installed capacity to manufacture high-volume industry equipment such as pressure vessels, heat exchangers, process skids, tanks and other oil and gas tools that will help transform the industry. The investment in the gigantic fabrication facility is estimated to be worth over 200 million dollars.

“However, there is a need for continuous government support and incentives to drive this needed objective for indigenous operators, which will in turn discourage capital flight and strengthen the country’s currency for profitability and economic recovery.”

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Richard Teng, the firm’s chief executive officer (CEO), made the claim in a blog post  on Tuesday.

On February 28, the federal government detained two top executives of Binance as part of a probe bordering on illegal operations in the country and foreign exchange rate manipulations.

The detained executives included Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance.

Nigeria’s government, on March 25, filed a criminal charge against Binance for “tax evasion”—the same period Anjarwalla fled detention.

Speaking on Binance’s issues with the Nigerian government, Teng detailed how the world’s largest cryptocurrency exchange tried to engage with the authorities, including a meeting on January 8 in Abuja, where it was confronted with criminal allegations.

Teng said that despite multiple requests, Binance has still not received details of the allegations, “and our employees, therefore, inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing.”.

“However, as our employees were leaving the venue, they were approached by unknown persons who suggested to them that they make a payment in settlement of the allegations.

“Later that day, our local counsel—representing us at that time—was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.

“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning. Our team grew increasingly concerned about their safety in Nigeria and immediately departed,” he said.

Teng said the payment request was declined “via our counsel, not viewing it to be a legitimate settlement offer.”

The CEO said Binance clarified that it would engage in settlement negotiations on the condition that the relevant petition or the details of all allegations were seen.

In addition, he said any settlement “must be official, recorded in writing, and signed by all relevant parties.”

The post We were asked for a bribe to settle Nigerian case — Binance CEO appeared first on New Mail Nigeria.

In a circular on May 6, CBN said IOCs can repatriate 50 percent of their export proceeds immediately or when required, while the remaining 50 percent can be used to settle financial obligations in Nigeria.

The circular was signed by Hassan Mahmud, director, trade and exchange department.

On February 15, the apex bank placed a limit on transfer of proceeds from crude exports by IOCs to offshore parent company accounts.

The CBN said the transfer of funds by the IOCs has an impact on liquidity in the domestic foreign exchange market.

The financial regulator directed banks to only transfer 50 percent of repatriated export proceeds, on behalf of the IOCs, to their parent company offshore accounts, with the remaining 50 percent repatriated after 90 days.

However, CBN has clarified that within the 90-day period, IOCs can use the balance to settle financial obligations such as petroleum profit tax, royalty, and domestic contractor invoices.

“The 50% balance of the repatriated export proceeds could be used to settle financial obligations in Nigeria, whenever required, during the prescribed 90-day period.”

CBN said the IOCs can also utilise the balance for cash calls, domestic loan principal and interest payments, transaction taxes (including Nigerian Content Development (NCD) Levy), education tax, and forex sales at the Nigerian Foreign Exchange Market.

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Gowon spoke on Monday during a first President Umaru Musa Yar’adua international leadership conference and awards organised by the Global Initiative for Leadership Success in Abuja.

Recall that Yar’adua became president in 2007, but in 2010, he died as a result of ill health.

Gowon said Yar’adua had achieved significant milestones for Nigeria within his short time in office, including granting amnesty to the Niger Delta militants as a way of restoring the economy of the country.

He lamented that, though Yar’adua admitted that the process that produced him as president in 2007 was flawed and constituted the Justice Muhammed Uwais Committee for electoral reforms, successive administrations failed to continue with his initiative.

Gowon said, “He was a decent man—a man with absolute integrity. He was an honest man. He did very well and he has to be remembered. He was so honest that he said the process that brought him to power was not right. And he set up a committee. But it was not followed by successive leaders.

“However, I believe that one day we will have a solution. He was honest and sincere in dealing with any problem, and he was incorruptible. You can not blame him for corruption; he was clean. His various activities, including the amnesty programme that he brought to the Niger Delta, ensured our economy was protected.

“His illness and death—I believe if God had allowed him to complete his years in service, I believe Nigeria would have been better. A lot of things would have been better because he meant well for the country. So continue that love for the country and love for one another to make Nigeria great.”

Gowon also decried the spate of insecurity in the country and called on government and security agencies to fish out perpetrators of violent killings, abductions of schoolchildren in the North, and kidnappings for ransom in other parts of the country.

In his welcome address, the Chairman, Board of Trustees (BOT) of the Global Initiative For Leadership Success, Gen A.B Mamman, said, “The blatant refusal to adopt and implement in whole this Uwais Committee report is consequential on the ever-faulty governance leadership recruitment system in Nigeria till date, accounting yet for her to remain in doldrums.

“Most public office holders continue to appear at the the Economic and Financial Crimes Commission (EFCC), or the Independent Corruption Practices and Other Related Offences Commission (ICPC) office to answer questions on their tenure and so many other reasons.”

The post Nigeria would have been better if Yar’adua had completed his tenure – Gowon appeared first on New Mail Nigeria.

This was disclosed by Emomotimi Agama, SEC acting director general (DG), during a virtual meeting with Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body of major blockchain and cryptocurrency associations within the country.

P2P platforms allow two parties to connect directly to engage in financial transactions without the involvement of traditional financial institutions.

In a statement by SEC, Agama said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space.

According to the DG, concerns regarding crypto P2P traders and their perceived impact on the exchange rate underscore the need for collective action and dialogue within the financial market ecosystem.

Agama said those involved in sharp practices that undermine national interest should desist from such activities, adding that stakeholders should reach out to SEC to name and shame the bad actors.

He said actions are being taken to rid the virtual asset space of illegal trading activities, and SEC will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

Speaking further, the DG requested the support of the industry to strike the right balance between encouraging innovation and safeguarding national economic interests.

“With our deep understanding of this industry and the cryptocurrency sub-sector, we recognize the importance of collaboration and cooperation in addressing the challenges we face; hence, your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours,” he said.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction, p2p inclusive, irrespective of the challenge we all know that p2p trading poses.

“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”

SEC TO UTILISE ALL POWERS AGAINST ILLEGAL ACTIVITIES

Agama said SEC will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest.

He said SEC will ensure Nigeria’s capital market community is respected globally for decency and fair play. There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules.

“Some may say there are no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence, the law is the law irrespective of the technology used,” Agama said.

SEC TO IMPLEMENT NEW REGULATIONS

Agama said the capital market regulator would introduce regulations in the coming days to guide activities in the virtual space.

He said SEC will also fast-track licence approval for persons or institutions. “I want to seek your co-operation in dealing with this as we roll out in the coming days the regulations that would take control of these areas.

“We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult,” Agama said

Agama also said SEC is working on establishing an accommodating regulatory guideline for digital assets following calls by stakeholders for a specific digital asset regulatory regime.

According to the DG, the proposed regulatory guidelines, which are currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem.

Some of the listed operations are; wallet providers, digital asset custodians and fund managers, cryptocurrency crowdfunding, initial coin offerings (ICOs), security token offerings (STOs), and initial exchange offerings (IEOs).

Others are cryptocurrency exchange platform providers, and virtual asset brokerage services.

He said SEC is ensuring every Nigerian operating within the industry with the potential to contribute to economic progress is included, supported, and properly regulated.

“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s Digital Asset Powerhouse with diverse solutions like Real World Asset Tokenization (RWA) that will drive wealth and catalyse our capital market,” the DG said.

Agama said Nigeria has the talents and the people to make the market great, but President Bola Tinubu is concerned about the teeming youths involved in the space.

He said Tinubu wants the youths to do the right thing and develop an ecosystem the country can be proud of. “Manipulations and all forms of activities that undermine our national interest would not be acceptable. It is therefore very important that we know that the SEC, by virtue of Section 13 of the ISA, speaks to the regulation of all capital market activities.”

Meanwhile, to tackle challenges facing the crypto space and move the market forward, BICCoN requested the setting up of a working group.

The post SEC to delist naira from P2P platforms appeared first on New Mail Nigeria.

In a tweet on Sunday, Israeli Prime Minister Benjamin Netanyahu said the decision was taken after a unanimous vote by the government.

Netanyahu described Al Jazeera as an incitement channel and thanked Shlomo Karhi, minister of communications, for swinging into action.

Earlier, police seized Al Jazeera’s broadcasting equipment from its Jerusalem offices, and pulled the Qatari news channel off air.

The decision to shut down the news outlet comes weeks after a law passed by the Knesset allowed the temporary closure of foreign media outlets deemed to be harming national security.

The law allows Netanyahu and his security cabinet to shut Al Jazeera’s offices in Israel for 45 days, a period that can be renewed.

“The government approved, and I immediately signed the orders against Al Jazeera. Our orders will go into effect immediately.

“Too much time has passed, and there are too many unnecessary legal hurdles for us to finally be able to stop Al Jazeera’s oiled incitement machine that harms the security of the country. For months, I did everything and will continue to do everything so that they can no longer operate from Israel,” Karhi said.

Karhi said he ordered the seizure of the station’s broadcasting equipment “used to deliver the channel’s content,”  including editing and routing devices, cameras, microphones, servers, and laptops, as well as wireless transmission tools and some mobile phones.

Israel has long had a rocky relationship with Al Jazeera, accusing it of bias and collaboration with Hamas, the Palestinian militant group.

The Qatar-based network has repeatedly rejected the accusations.

Reacting to the development in a statement, Al Jazeera condemned the Israeli government’s decision to close its operations in Israel as a “criminal act” and warned that the country’s suppression of the free press “stands in contravention of international and humanitarian law”.

Press freedom groups have also condemned Israel’s decision to shut down the Qatar-based network especially as Doha has been at the forefront of mediation efforts to halt the war in Gaza.

The post Israel to shut down Al Jazeera over ‘incitement’ appeared first on New Mail Nigeria.

Mrs. Tinubu, who received Owowoh, led by Maj.-Gen. John Ochia, the Commandant, Nigerian Defence Academy (NDA), to the State House on Monday, described her achievement as outstanding and divine.

“Your story is that of aspiration, resilience, and determination, really, your case is divine; it is not because you studied very hard but because God selected you for a purpose.

“It is going to be from glory to glory, that is why we are here to celebrate you for what you have done, and I know that you still have more worlds ahead of you. I pray that goodness and mercy will continue to follow you. The nation would continually celebrate you because of what you have done.

Oluremi also commended the Nigeria Army for giving a female, the chance to excel.

“I want to thank the Nigerian Army for giving you that opportunity, for realising that this is your time, and you did not disappoint them. You have opened doors for other women so that they can look at them and give them a trial.

“I pray that God will teach you every step of the way, how to behave, and that you will bring joy to your generation and generation unborn because you have become a reference.

Oluremi further encouraged the nation’s youth to emulate Owowoh’ resiliency and cautioned them to desist from being destructive, lousy, and problematic.

She, however, recommended Owowoh for a national award and encouraged her superiors to encourage her to become a youth advocate for others to learn positively from her.

Earlier, Ochai had said that Owowoh’s outstanding performance, marked history among countries like India, Pakistan, Qatar, the UK, Canada, Australia, and others, that did their best to be trained in the institution where she succeeded.

He said that Owowoh was subjected to rigorous training and that she excelled. “If she were male, we would have left it at that, but because she is female, we tested her, and she came first in academics, even in the physical training, she went through a tough process until her male colleagues even noticed that we did not have to go further.

“In a male-dominated profession like this, in the Army in particular, what is significant about her graduation is that the RMA, is one of the oldest military training institutions for the training of officers for the armed forces of countries in the Commonwealth and the UK.

“ The significance of Owowoh’s case is that, in the cause of the training, we selected the best; she surpassed the record of over 200 male cadet officers. When we did the selection, she came first, and we doubted her.

“Secondly, she is going on a global skill, are we going to risk putting her there, and probably if she eventually does not graduate, then it will be an embarrassment to the nation? We subjected her to another test, and she came first again.

“In that academy, gender is not given preference; as a matter of fact, even in their accommodation, they share other facilities and control the same training, no concession, if you fail at any point, you will drop, and she came out as the best. It is on that note that I wish to present Owowoh to you,’’ Ochai said.

Oghogho Musa, the President of Defence and Police Officers’ Wives Association, (DEPOWA), on behalf of other officer’s wives associates, who also accompanied the celebrant, appreciated the Nigerian Army for giving Owowoh the chance to shine.

“We are sincerely grateful, today, our hearts are full of gladness because, like the commandant said, the NDA is dominated by men, and our sister excelled  and became the overall best.

“We are grateful to God for giving us such a brilliant officer and keeping the flag flying for us. As women, we are happy that the inclusions we are talking about are seeing the result now.’’

Musa said that her success would create opportunities for more women in the military to be included in key decision making and get involved in other notable exercises.

Owowoh in her response, expressed gladness and gratitude for the supports she got, saying that “the nation should expect greater things from her.

“I feel honoured, I am overwhelmed because this does not come like an everyday breakfast. It is due to my hard work, dedication, God’s grace and mentorship from my officers, and my parent’s advice that all this came together for me to be where I am today.

“Nigeria should expect the best from me; I will give my best in my capacity with the help of God and with the Nigerian Army giving me the backup that is required. I will also try to learn what is specific to my field and to my corps and try my best to deliver what I can.’’

Owowoh, a 23-year-old officer of the Nigerian Armed Forces, graduated from RMA in a colourful sovereign parade on April 12.

She was a member of the 70 Regular Course before she proceeded to the RMA for training. Owowoh passed out as second lieutenant alongside 24 other International Cadets with honours and was recognized for her exceptional  performance during her time at the RMA.

Other dignitaries, who  received Owowoh alongside the first lady were the wife of the Vice President, Hajia Nana Shettima, and the wife of the Chief of Army Staff, Maria Lagbaja among others.

The post First lady extols 1st Nigerian female British military academy graduate appeared first on New Mail Nigeria.

While the DStv and GOtv owner acknowledged the anticipated impact of the ongoing Lagos-Calabar construction project on their uplink facilities, telcos on Sunday expressed broader concerns emphasising the vital role of telecommunication service and the effect of possible anticipated technical disruption.

The Lagos-Calabar coastal highway corridor serves as a crucial landing point for multiple submarine cables connecting Nigeria to Europe

The cables, including the West Africa Cable System (WACS), MainOne, Glo1, ACE, and NCSCS, are vital for international communications and data transmission in the country.

The Federal Executive Council approved Phase One of the ambitious 700-km Lagos-Calabar coastal highway project in February, entrusting the task to Hitech Construction Company Limited.

The highway project was designed to connect Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Edo Bayelsa, Rivers, and Akwa Ibom, before culminating in Cross River.

Meanwhile, the demolition of numerous properties and recreational centres in Lagos has been carried out to expedite the construction of the highway.

In light of the developments, telcos stressed the necessity of stakeholder consultations with the Ministry of Works to address potential risks and implement robust mitigation measures.

While dialogue with the Federal Government is yet to happen, telcos have warned Hitech Construction to exercise caution to prevent damage to critical national infrastructure.

Speaking with our correspondent on Sunday, the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo, confirmed that the Ministry of Works had yet to engage the telcos on environmental impact assessment.

The ALTON chairman said the Ministry of Works, headed by David Umahi, had engaged some stakeholders but excluded the telecom operators.

“The Ministry of Works has not approached us, and I’m unsure if environmental impact assessments have been conducted. The route is crucial for the landing of numerous submarine cables, so caution is essential.

“Some members have reached out to them, urging caution. As the chairman of the industry, I can affirm that ALTON members were not consulted regarding the assessment of the undersea cable within that right of way,” he explained.

Adebayo revealed that some of its members had written to the Works Ministry on the matter over the need for a dialogue. He, however, said the body had yet to get any response.

He added that the Nigerian Communications Commission had been engaged to facilitate talks with the ministry. “We’ve informed the Nigeria Communications Commission about this issue, and they are attempting to contact the Ministry of Works. However, I can confirm that neither we nor any of our members were contacted. This is on record. We were not included in the stakeholder consultations, and we’re concerned about the actions being taken.”

According to Adebayo, the Lagos-Calabar coastal highway corridor facilitates international traffic into the country, with so much risk involved if caution is not applied by the construction firm.

“There’s a significant risk involved, and I advise carefulness. Any destruction could lead to total disruption and severe economic consequences. Caution must be exercised to avoid damaging this critical economic infrastructure.”

In March, service disruption caused by cuts to the undersea cable supplying broadband Internet connectivity to Nigeria and countries in the West African sub-region forced many banks and other financial institutions, as well as telecom companies and allied firms, to scale down their operations.

Experts said the recent subsea cable cut, which disrupted connectivity in West Africa on March 14, 2024, could result in collective repair costs of about $8 million for the four digital infrastructure companies affected.

The Chief Executive Officer of West Indian Ocean Cable Company, Chris Wood, said the four digital infrastructure companies affected could spend as much as $8m each to repair a single cable.

The affected cables include MainOne Cable, the West African Cable System, the African Coast to Europe submarine cable, and the SAT3 subsea cable systems.

Wood highlighted that each affected cable firm might need to allocate between $1m and $2m for the complete restoration of a single subsea cable, depending on the severity of the damage incurred.

The WIOCC CEO stated, “It is not a few $100,000. It is several millions of dollars, maybe $1m to $2m per cable, depending on how long it takes the ship to find the cable and repair it.

“Maybe slightly more than that. And those costs are borne by the cable owners themselves. It is a cost that we will factor into our businesses because these things do happen.

“I can’t say exact figures because it depends on the nature of the cuts and how long it takes to repair them, but when you look at the four systems together, it is several $1m.”

According to Wood, it will cost Africa $1bn to lay new cable that will connect from Europe, connecting multiple African countries, including Nigeria.

He noted that it would take at least 10 years to design the project and finish building, noting that the cost would be huge.

“So, it is not a simple thing to say, right? Let’s lay more cables because ultimately somebody has to pay that billion dollars, and eventually it is the end user. So, there has to be a commercial justification for spending that kind of money.

According to the President of the Association of Telecommunications Companies of Nigeria, Tony Emoekpere, the ongoing construction work is yet to get close to the areas where the undersea cables and fibre cables are located.

However, he said it was crucial to recognise that all submarine cables to Lagos are situated along that coastal line.

“Discussions will ensure that the ongoing construction won’t affect them, with plans in place to prevent any disruption. Nobody will allow anything to happen without precautions.

“I spoke with someone this week who mentioned this. Concerns will naturally arise, and ongoing interactions will address them as the risk is significant. These are sensitive issues, and measures will be taken to ensure services aren’t disrupted along that line,” he added.

A few weeks ago, ALTON and ATCON jointly issued a statement expressing worries over wilful vandalism and theft, as well as other challenges affecting the growth of the sector.

They requested the protection of assets and network infrastructure and urged the federal government to pass legislation that designates telecommunications infrastructure as critical national infrastructure.

Telecommunications infrastructure undoubtedly plays a pivotal role in national security and socioeconomic growth, especially as the country currently contends with multiple security challenges that require urgent and immediate actions in response to these threats.

“Attacks on cell towers, fibre optic cables, and other critical assets disrupt telecommunications services and result in significant financial losses for operators,” telcos lamented.

The telecom sector has been grappling with economic challenges that have significantly increased their operating costs, a situation that has dwindled appetite for investments.

Investment in the sector decreased by 70.5 percent to $134 million in 2023 from $456.8m in the corresponding year, according to the National Bureau of Statistics.

Last week, the ALTON chairman mentioned that telcos were becoming reluctant to invest more in infrastructure as they continued to contend with a tough economic environment.

Adebayo stated, “If you don’t invest in a sector, you can’t talk about quality of service; you can’t talk about right pricing. The government must help, and the time is now.”

He drew a comparison with the energy sector, where a lack of investment in infrastructure had led to decrepit substations and outdated transformers, some of which are 25–30 years old.

“When the people in the energy sector came, they licenced the DisCos; they sold them those companies and all of that, and everybody thought that would solve the problem. The answer is ‘no’ because when the DisCos came, they didn’t invest in infrastructure.

“We don’t want to come to a time where the telecom sector becomes like that. We need to continue to put the right policies and regulations in place to attract investment. It is only when we attract investment that we can demand a minimum level of performance,” he emphasised.

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Ojukwu has been in police custody since May 1 after he was “abducted” in Lagos.

The family of the journalist and FIJ management were initially not aware of his whereabouts until 48 hours after he was declared missing.

The journalist was not allowed to communicate with his family members and friends as his mobile gadgets were seized.

On Sunday, Ridwan Oke, a human rights lawyer, said Ojukwu had been taken to Abuja from Lagos.

Muyiwa Adejobi, police public relations officer (PPRO), said the journalist has a case to answer over alleged violations of sections of the Cybercrime Prohibition Act 2015.

Providing an update on the incident, Bukky Shonibare, chairperson of FIJ’s board of trustees, said the journalist has been moved from the national cybercrime centre in Abuja to the force criminal investigation department.

Orelope-Adefulire, a former Lagos deputy governor, is the special assistant to the president on sustainable development goals (SDGs).

She served in the same capacity in the administration of former President Muhammadu Buhari and was reappointed by President Bola Tinubu.

OSSAP-SDGs coordinates and supervises the federal government’s programmes on SDGs at the national level. The office also executes capital projects.

THE FIJ REPORT

On November 7, 2023, Ojukwu authored a report “SPECIAL REPORT: 2 Weeks Before End of Buhari’s Tenure, Special Assistant Adejoke Adefulire Paid a Restaurant N147.1m to Build Classrooms in Lagos. A Lot Was Amiss”.

In the report, it was stated that Orelope-Adefulire’s office paid N147 million to Enseno Global Ventures Ltd for the construction of one skill acquisition centre (type A) with a pile on the raft foundation and one block of six classrooms at Ajeromi Primary School, Lagos state.

The money was paid to the company on May 15, 2023 — 13 days before the end of the tenure of Buhari’s administration.

The report stated that the company, Ensemo Global Ventures, is an Abuja-based restaurant.

The post Daniel Ojukwu was detained over report on abuse of contract procurement by Orelope-Adefulire – FIJ appeared first on New Mail Nigeria.

The summit, hosted by the Corporate Council on Africa, will take place at the Kay Bailey Hutchison Convention Center in Dallas, Texas.

According to a statement issued by Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, the Vice President will join other political and business leaders from Africa, the US, and beyond for high-level dialogues, networking sessions, and plenaries.

African leaders expected at the summit include Presidents Joseph Boakai of Liberia, Lazarus Chakwera of Malawi, Joao Lourenço of Angola, Mokgweetsi Masisi of Botswana, José Maria Neves of Cabo Verde, and Deputy Prime Minister Nthomeng Majara of Lesotho.

Shettima is scheduled to speak at various sessions, including the Roundtable on African Infrastructure Investment and a plenary session on Navigating Africa’s Energy Future.

He is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses”.

He will also chair a session promoting the ‘Invest in Nigeria’ initiative and attend other meetings and engagements on the sidelines of the summit.

Shettima, who is expected to return to Nigeria at the end of his engagements, travelled at a time when the whereabouts of President Bola Tinubu have generated concerns.

Saturday made it exactly six days after Tinubu attended the World Economic Forum’s (WEF’s) Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, but he has yet to return to Nigeria.

The two-day forum, which aimed to help public and private sector leaders address shared global challenges, opened on Sunday, April 28th, and ended on Monday, April 29th, 2024.

The Presidency has not released any statement on what was holding the president back from returning to Nigeria.

This has led to speculation in some quarters that the president may have proceeded to Paris, France, where he had traveled several times for medicals.

However, two credible sources have independently told our correspondent that the president proceeded to London from the Saudi capital of Riyadh.

One of our two sources, a highly placed official at the Presidency, told one of our reporters Sunday that the president “is at the moment in London on a private visit.”

The official, who asked not to be mentioned, declined further comments on the reason for the president’s visit to London.

“I really don’t know, he (the president) has left Saudi Arabia, and he should be in London now, but I don’t have details. I don’t have an idea about it (the purpose of the president’s trip to London), but I think it is a private visit,” the official said.

Another top official at the Presidential Villa said there was no cause for alarm about the president’s whereabouts.

The official, who refused to disclose his boss’ whereabouts, assured that the president would return to the country “this weekend.”

The president had, on April 23, left Abuja for the Kingdom of the Netherlands on an official visit.

His Special Adviser on Media and Publicity, Ajuri Ngelale, had, in a statement, said the visit was at the invitation of Prime Minister Mark Rutte.

Ngelale had said that while in the Netherlands, Tinubu would engage in high-level discussions with the Prime Minister and hold separate meetings with His Royal Majesty, King Willem-Alexander, and Queen Maxima of the Kingdom.

“While in the Netherlands, the president will participate in the Nigerian-Dutch Business and Investment Forum, which will bring together heads of conglomerates and organisations in both countries to explore opportunities for collaboration and partnerships, especially in agriculture and water management, towards innovative solutions for sustainable farming practices,” he stated.

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