Business

No agenda to Islamise Nigeria, says Islamic Devt Bank

Published

2 years ago

September 21, 2022

Islamic Development Bank, Jeddah

The Islamic Development Bank, IsDB, has no agenda to Islamise Nigeria, Dr. Thamer Baazeem, Director of Marketing and Communication, has said.

Leading a four-man delegation to Vanguard Regional Office, Abuja, yesterday, Baazeem explained that the IsDB was like any other development finance institution mainly focusing on the socio-economic development of the people in member countries.

He said: “Sometimes, because our name is Islamic Development Bank, some people think that we do projects to Islamise the places we operate, especially here in Nigeria, we have heard that a lot. I can assure you, this is not in our agenda at all.

“We are a socio-economic development agency or institution. Our projects can be in a Christian dominated community, depending on the needs of the country.

“If the national development plan says we have a need here and the project went well, the project will be done there, no matter the religion or ethnicity in that part of the country.

“Even our projects in non-member countries we help Muslim communities in non-member countries but we help them in projects like schools and hospitals.

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‘’These facilities are open to everyone and we help them to be better citizens of their countries because when people have better economic status, they begin to contribute to the development of their nations, no matter whether they are Muslims or not.

‘’We need the media to help us in tackling this perception because that will help a lot in the success of our projects in Nigeria and other countries.”

He commended Nigeria for its leadership role among African region members countries and the bank, as a whole, which prompted it to establish the African regional hub in Abuja.

“Our decision to open the Region Hub Office in Nigeria is a demonstration of how important Nigeria is for us and to also show the people the impact of our projects.

“We have a portfolio of $1.8 billion in Nigeria with quite a number of projects. These projects are in several sectors to improve the socio-economic status of the people of Nigeria,’’ he said.

He also commended Nigeria’s quick response in contributing to the Special Fund for Afghanistan, following the Taliban take-over of government of that country last year, which precipitated the crisis there, saying Nigeria was the first country to contribute to that fund, along with Saudi Arabia.

In his remarks, Senior Regional Communications Specialist, Mr. Assane Ba, Mustapha, said the IsDB usually runs four-year programmes with member countries, adding that such programmes were determined by the priority and the needs of each country.

The Regional Editor, Vanguard Newspapers, Mr. Soni Daniel, who received the delegation on behalf of the Editor-in-Chief/General Manager, Mr. Gbenga Adefaye, assured of the organisation’s readiness to collaborate with the bank to improve the socio-economic status of Nigerians.

According to him, Vanguard is driven by a philosophy based on how to make the society a better place for all Nigerians.

Vanguard

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Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

1 day ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

1 day ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.