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CBN plans digital currency launch before December

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  • Reps back bill stopping foreign accounts for bankers

The Central Bank of Nigeria has said it will launch a digital currency before the end of this year.

The Director, Information Technology, CBN, Rakiya Mohammed, disclosed this on Thursday, during a virtual media briefing at the end of a Bankers Committee meeting also held virtually.

He said, “The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.

“We have spent over two years studying this concept of central bank’s digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.

“Very soon we would make an announcement on the date for the launch and by the end of the year we should have the digital currency.”

Meanwhile, a bill seeking to prohibit bank employees from operating foreign accounts has passed second reading at the House of Representatives.

The lawmakers voted in favour of the bill after which it was referred to the house committee on anti-corruption.

The bank employees’ declaration of assets act amendment bill also seeks to mandate the bankers to declare assets of their spouses and children less than 18 years old.

The Economic and Financial Crimes Commission (EFCC) had in March ordered those in the banking sector to declare their assets in accordance with the act, raising questions as to the legality of such directive.

The bank employees’ declaration of assets act requires bank board members, managing director, general managers, clerks, cashiers, messengers, cleaners, drivers, and any other category of workers — whether part‐time, casual or temporary — to declare their assets.

Leading the debate on the bill on Thursday, sponsor of the bill, Shina Peller, said it had become necessary to expand the scope of the act regarding those who should declare their assets.

He said the act was “aimed at monitoring the activities of bank employees and customs officers to ensure that their lifestyle reflects their earnings, and to discourage them from engaging in corrupt practices.”

“However, human society is very dynamic; as society changes, it becomes imperative to amend the laws to reflect the changes in the society for the laws to serve their purposes effectively and efficiently. It is for this reason that I am proposing the amendment to this Act,” he said.

Peller said the bill sought to extend the application of the act to employees of other financial institutions including pension funds agencies, insurance firms, stocks brokers among others.

He added that when passed into law, the bill would transfer the responsibility of keeping assets declaration form from the Secretary to the Government of the Federation to the institution’s regulatory body.

“The principal act applies to employees of the Nigerian Customs Service. With the coming into effect of the 1999 constitution (as amended) on the 29th of May 1999, all public servants, including employees of the customs service must declare their assets to the Code of Conduct Bureau,” he said.

“This amendment bill addresses this anomaly by removing the employees of the customs service from employees which the principal act applies to.

“Under the principal act, it is only the assets of bank employee concerned which shall be declared in the form. The act does not apply to the spouse and unmarried children under 18 years of the declarant. This is another loophole of the Act which may be exploited.”

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NNPC achieves 1.8mbpd crude oil production

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November 14, 2024

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NNPC achieves 1.8mbpd crude oil production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

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He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

 

NNPC achieves 1.8mbpd crude oil production

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FG gets fresh $134m loan from AfDB for agric projects

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November 14, 2024

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FG gets fresh $134m loan from AfDB for agric projects

The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.

Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.

The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.

Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.

He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.

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The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.

He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.

Kyari noted the Cross River government’s commitment to wheat production.

He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.

“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.

“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.

“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.

 

FG gets fresh $134m loan from AfDB for agric projects

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Chery relishes impactful presence at 2024 Lagos Trade Fair, says it’s a resounding success 

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November 14, 2024

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Chery relishes impactful presence at 2024 Lagos trade fair, says it’s a resounding success 

 

Days after one of the biggest trade shows in Nigeria ended, talks about the spectacular displays, special products on offer and which companies did what at the 2024 Lagos International Trade Fair are still reverberating in the business industry in and around the nation’s commercial capital.

After staging one of the most outstanding displays at the fair, Carloha, sole representative of Chery vehicles in Nigeria, has declared that the 2024 Lagos International Trade Fair was a resounding success for Chery.

The fair held from November 1 to November 10 at Tafawa Balewa Square (TBS) in Lagos was attended by businesses from various sectors.

Chery made a commanding impression with a display of its array of vehicles that captivated attendees.

Chery’s lineup at the place featuring the Tiggo 8 Pro, Tiggo 4 Pro, Tiggo 2 Pro, and Arrizo 5 — easily became the highlight of the event, drawing admiration from automotive enthusiasts and industry experts alike.

Carloha Nigeria in its assessment of the show notes that the enthusiastic response from attendees reflected Chery’s alignment with the values of Nigerian consumers: durability, efficiency and style.

Indeed, it says the presence of Chery at the fair reinforced the brand’s status as a leader in innovative and high-quality vehicles.

“Chery’s presence at the fair signals its commitment to supporting Nigeria’s automotive industry growth,” it states, adding that the brand looks forward to continuing its journey with Nigerians seeking reliable and stylish vehicles that elevate their everyday driving experience.

Chery showcased the unique strengths and aesthetics of each of its models, with the Tiggo 8 Pro taking centre stage.

Tiggo 8 Pro

Known for its luxurious design and cutting-edge technology, the Tiggo 8 Pro made a lasting impact on attendees looking for a blend of sophistication and performance in an SUV.

Auto enthusiasts and prospective buyers were particularly captivated by the model’s spacious interior, high-quality finishes, and suite of intelligent features, which align with Chery’s reputation for engineering excellence.

Tiggo 4

For those interested in compact SUVs with versatility and style, the Tiggo 4 Pro was an instant hit.

Its sleek design, fuel efficiency, and advanced safety features resonated with visitors seeking a reliable yet stylish vehicle for urban and adventurous lifestyles alike.

The Tiggo 4 Pro’s appeal lies in its balance of form and function, and this resonated with young professionals, families, and automotive aficionados who stopped by Chery’s exhibit for a closer look.

Tiggo 2 Pro

The Tiggo 2 Pro also attracted significant attention at the fair.

Known as a stylish, compact SUV with a bold, urban design, the Tiggo 2 Pro struck a chord with those looking for a vehicle that combines affordability with aesthetic appeal and performance.

Its smaller size, combined with a powerful engine, makes it an ideal choice for city driving, and visitors were impressed by its efficient fuel consumption and user-friendly tech features, making it a perfect fit for Nigeria’s dynamic city life.

Arrizo 5

Arrizo 5, Chery’s stylish sedan that combines efficiency with cutting-edge technology, was part of the impressive lineup.

Many attendees were taken aback by the Arrizo 5’s seamless integration of petrol and CNG technology.

This appeals to those looking for sustainable and budget-friendly commuting options.

The sedan’s advanced safety features, plush interiors, and fuel efficiency made it a strong contender for those prioritizing both style and sustainability in a vehicle.

This year’s Lagos International Trade Fair saw an unprecedented turnout, with thousands of visitors exploring the diverse offerings from local and international brands.

Chery’s display not only highlighted the brand’s innovative automotive designs but also underscored its commitment to Nigeria’s automotive market.

The foot traffic at the Chery stand was a testament to the brand’s growing appeal, as well as Nigeria’s evolving automotive landscape, where demand for high-quality, dependable vehicles continues to rise.

Engagement with visitors

Beyond showcasing vehicles, Chery’s team engaged with visitors to explain the unique benefits of each model and answer questions.

This helped create a personal and informative experience for everyone who stopped by.

From live demonstrations to interactive sessions, Chery provided an immersive experience that helped attendeesj job understand the full scope of features each model offers, strengthening the brand’s connection with potential customers and automotive enthusiasts.

Carloha’s Sales Director, Mr. Joseph Omokhapue, says to make Chery ownership easy and affordable, highlighted their exclusive offers: a 6-year free service plan, 6-year/200,000 km warranty, and flexible auto financing options.

“These benefits are at the core of Carloha’s commitment,” he said, adding, “With fair pricing, nationwide 24/7 parts and service support, our customers can enjoy their Chery vehicles with complete peace of mind.”

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