COVER
Again, Buhari Seeks Senate Approval to Borrow $30bn
…Writes NASS for Companies Act Amendment
…Leaves Abuja for Equatorial Guinea
By Mathew Dadiya, Abuja
President, Muhammadu Buhari has sought the approval of the Senate to borrow about $30 billion for infrastructural development in the country, which he tagged: “Economic Stimulus Infrastructure Fund.
”The President’s request was conveyed in a letter to the Senate President, Ahmed Lawan for reconsideration following the rejection of the same request by the eight senate under the leadership of Bukola Saraki in 2016.
Senior Technical Assistant (New Media) Office of the Vice President, Philip Obin disclosed this in his twitter handle @PhilipObin yesterday.
President Buhari said that he decided to represent the request for an external loan of $29.96billion to finance key projects in different sectors of the economy.
According to the Presidency, Buhari informed the Senate that the borrowed funds will fund 39 emergency projects in the Power, Agriculture, Transport & Mining sectors of the Nigerian economy.”
The letter titled: “Request for the National Assembly to reconsider and approve the Federal Government’s 2016-2018 external borrowing plan” reads in part:
“Pursuant to Sections 21 and 27 of the Debt Management Office (Establishment Etc) Act, I hereby request for resolutions of the Senate to approve the Federal Government’s 2016-2018 External Borrowing Plan as well as relevant projects under this plan.
Specifically, the Senate is invited to note that (a): While I have transmitted the 2016-2018 external borrowing plan to the eight National Assembly in September 2016, this plan was not approved in its entirety by the legislature. Only the Federal Government’s emergency projects for the North East’s four states projects and one China Assisted Railway Modernization Projects for Lagos-Ibadan segment were approved out of the total of 39 projects.
“(b). That outstanding projects in the plan that were not approved by the legislature are nevertheless, critical to the delivery of the government’s policies and programmes relating to power, mining, roads, agriculture, health, water and educational sectors. These outstanding budgets are well-advanced in terms of the preparation, consistent with the 2016 date.
“Sustainability analysis undertaken by the Debt Management Office were approved by the Federal Executive Council in August 2016 under the 2016-2018 external borrowing plan.
“Accordingly, I have attached for your kind consideration, relevant information from the Minister of Finance, the specific outstanding projects under the 2016-2018 external borrowing plan for which legislative approval is currently being sought.
“I have also directed the Minister to make herself available to provide any additional information or clarification which you may require to facilitate prompt approval of the outstanding projects under this plan.”
According to the Debts Management Office (DMO), Nigeria’s total external debt stood at $27.162 billion as at June 2019.
If this loan request is granted the nation’s external debts would hit all time high of about $60 billion including the $3 billion being approved by the IMF/World Bank.
…Seeks Amendment to Companies Act
In a related development, President Buhari also sought an amendment to a section of Companies and Allied Matters Act (CAMA) with a view to preserving the powers of the Attorney-General of the Federation to approve the registration of companies limited by guarantee.
“Pursuant to Section 58 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I hereby forward the Companies and Allied Matters and other related matters Bill 2019 for consideration and passage into law by the Senate.
“The Senate may wish to note that in this bill, Section 26(5) of the extant companies and Allied Matters Act has been amended to preserve the powers of the Attorney-General of the Federation to approve the registration of companies limited by guarantee and reflect the ease of doing business principles in a veto order (1) of 2017 on the promotion of transparency and efficiency in the business environment.
“While I look forward to the usual expeditious consideration and passage of this bill, please accept the assurances of my highest consideration”, Buhari said in the letter.
Recall that the Senate repealled and re-enacted the CAMA Bill in May 2018 to make it possible for individuals to register their companies from any part of the world.
The bill came 28 years after the passage of the original Companies and Allied Matters Act and is expected to make Nigeria the best country in Africa to do business in.
The bill was transmitted to the president in May but has not been assented to.
The bill, if signed into law, is expected to provide significant benefits to companies by reducing red tape and making it easier to comply with regulatory obligations.
The amendments are aimed at encouraging investments that will allow small businesses and startups thrive, lower costs and ease regulatory burdens. Changes included in the bill will mean that many of the over 75,000 private companies limited by shares which are established in Nigeria every year will be able to incorporate more easily.
In addition, small companies will no longer be required to have a company secretary or hold Annual General Meetings and the requirement for statutory declaration of compliance has also been removed.
Minimum share capital required for companies to be registered has also been reduced to encourage more investments in small companies; and individuals will no longer need a lawyer to register a company.
Leaves Abuja for Equatorial Guinea
Meanwhile, President Muhammadu Buhari will today (Friday) leave Abuja for Equatorial Guinea for a gas summit.
President’s spokesperson, Garba Shehu, said in a statement that leaders of other gas-producing countries were expected to be at the one-day summit, thereafter on return, would proceed to Daura, Katsina State on a five-day official visit.
President Muhammadu Buhari will depart Abuja Friday to participate in the 5th Gas Exporting Countries Forum (GECF) Summit in Malabo, Equatorial Guinea.
“Apart from the Nigerian leader, the one-day meeting will be attended by leaders of major gas producing nations of the world namely, Algeria, Egypt, Equatorial Guinea, Libya, Bolivia, Iran, Qatar, Russia, Trinidad and Tobago, United Arab Emirates, Venezuela, Kazakhstan and Norway, whose countries account for 70 per cent and 80 per cent of global gas reserves and production respectively.
The idea of the GECF was first mooted in 2001 when the First Ministerial Meeting held in Tehran, Iran, while the First GECF otherwise called Gas Summit, took place in Doha, Qatar in 2011 with Nigeria represented at the highest level.
Indeed, President Buhari had attended the Third Gas Summit in Tehran in November 2015. This Fifth Gas Summit in Malabo is the first time the biennial meeting will be hosted in Africa.
Recall that on November 19, 2019, President Buhari had received Mr Gabriel Mbega Obiang Lima, the Special Envoy of President Teodoro Obiang Nguema Mbasogo, who brought a special invitation to the Nigerian leader to attend the 5th Gas Summit as well as thanking Nigeria for her support towards the hosting.
During that visit, the president had noted that, “Nigeria is more of a gas producing rather than oil producing country. That fact had long been established. If we had followed our plans laid out in the 1970s for the gas sector, we should have had 12 trains by early 1980s, instead of being on just six trains,” of exporting Liquefied Natural Gas (LNG).
Nigeria, being home to the largest proven natural gas reserves in Africa – over 202 trillion cubic feet (TCF) – and the ninth largest in the world, the Malabo Summit provides a veritable platform for President Buhari to reaffirm Nigeria’s commitment to the broad objectives of the GECF which among others, seek to “support the sovereign rights of Member Countries over their natural gas resources and their ability to independently plan and manage the sustainable, efficient and environmentally-conscious development, use and conservation of natural gas resources for the benefit of their people.”
The Nigerian delegation will also use the opportunity to discuss current trends in the global gas market, potential policies for the energy sector and opportunities for collaboration.
At the end of the 5th Gas Summit, the Malabo Declaration is expected to be adopted”, Garba said.
President Buhari would be accompanied by the Minister of Foreign Affairs, Geoffrey Onyeama; Minister of State, Petroleum Resources, Timipre Sylva; Minister of Mines and Steel Development, Olamilekan Adegbite; and the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils. The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
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