By Tony Obiechina, Abuja Federal Government says it will consider using private sector funds through Public Private Partnerships (PPPs) as a funding option for certain key projects in the Ministry of Innovation, Science and Technology.This was disclosed when the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh, paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.

The meeting which was at the instance of the ICRC DG, sought partnership between the two government bodies to harness PPPs to advance critical projects that can boost the economic and technological growth of the nation. Speaking during the meeting, Dr Ewalefoh said that science and technology, if properly deployed, can serve as a key driver of the economic growth and progress of Nigeria.“Many countries around the world have used Science and Technology to drive the economic growth and prosperity of their country and people.“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.“Over the last two decades, countries and businesses have harnessed technology and innovation for upscaling their economy and improve the efficiency in their service delivery.“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Ahmed Tinubu.“It is, therefore, my aspiration that your ministry will partner with the ICRC to see areas where we can champion private sector funding through Public Private Partnership to develop some of the projects specific to the ministry,” he said.The DG informed the Minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the Ministry.He added that the commission has streamlined its processes to accelerate PPP project delivery and deliver important services to the Nigerian people, pointing out that some key private sector operators have already verbalised their desire to work with the Ministry in a PPP arrangement.In his remarks, the Minister expressed his excitement at the appointment of Dr Ewalefoh as the DG of ICRC, saying that the DG’s wealth of experience will revolutionise the PPP sphere in Nigeria, adding that, indeed, a square peg has been placed in a square hole.The Minister emphasised that the Ministry served as a key enabler of economic growth and has had the support of President Bola Ahmed Tinubu demonstrated through major approvals granted the Ministry.He said that the President had given approval for methanol production, saying that although the implementation process were still being finalised, foreign direct investments for the project has reached over $1.5 billion.“We want to go into beneficiation of raw materials and we have the presidential executive order number 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting. We are looking at doing green hydrogen, too,” he said.He stressed that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said.

By Ubong Ukpong, Abuja

Speaker of the House of Representatives, Tajudeen Abbas yesterday described growing malnutrition and food insecurity as great threat to Nigeria’s economic stability and public health.

Inaugurating the Local Organizing Committee for the National Assembly summit on nutrition and food security in Abuja, the Speaker reiterated the urgent need for legislative action to restore the country’s productivity and public health.

Abbas who was represented by Deputy Speaker, Benjamin Okezie Kalu noted that Nigeria’s rate of malnutrition is among the highest in sub-Saharan Africa.

He noted that malnutrition, especially among children, stunts physical and cognitive development, impacting long-term educational and economic potential and contributing to broader societal challenges.

The Speaker assured the lawmakers’ full support for the committee’s initiatives, urging collaboration with State Houses of Assembly to create a unified approach to combating food insecurity.

He said, “The need for this National Summit on Nutrition and Food Security has never been more urgent.

“This organizing committee’s mission is to foster collaboration across ministries, engage both public and private sectors, and create a platform for lawmakers, experts, and community leaders to address the root causes of food security challenges.”

The chairman of the committee, Chike Okafor said there is malnutrition across Nigeria, particularly in the north spiking by 51 percent among children.

He described the situation as a humanitarian crisis exacerbated by recent floods in Adamawa, Maiduguri, and Jigawa, which have disrupted food supplies nationwide.

According to him, the summit will help to in the formulation of policies to tackle food insecurity.

By Tony Obiechina, Abuja

In exercise of its regulatory powers, the National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies.

NAICOM Management said in a statement yesterday that its decision followed years of insolvency and failure of the insurance firm to meet the obligations of annuitants and policyholders.

According to the statement, “The commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October 2024.

“This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

”

The commission appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. Members of the new Board include: Dr. Haruna Mustapha – Chairman, Jacob Erhabor – MD/CEO, Wasiu Amao – Executive Director Technical, Ms. Oremeyi Longe – Executive Director Finance, Anthony Achebe – Non-Executive and Haj. Halimatu Khabeeb – Non-Executive Director.

“The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms,” the statement added.

It explained that commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.

“The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest,” it noted.