BUSINESS
NAICOM Names Five New Directors
By Tony Obiechina, Abuja
The Governing Board of the National Insurance Commission (NAICOM) has approved the promotion of five of its senior staff to the position of Directors.
In a statement by NAICOM on Monday, the approval was given at its board meeting held on 21 June, 2024, following the promotion exercise conducted on 27th March, 2024.
The new Directors include: Ajibola Bankole – Director, Inspectorate, Ahmad Ibrahim Adamu – Director, Innovation & Regulation, Talmiz Usman – Director, Legal, Enforcement & Market Development, Kamaludeen Barde – Director, Finance & Accounts and Rasaaq Salami – Director, Human Resources & Administration.
The Governing Board also approved the updated organisational structure of the Commission to enhance its efficiency, effectiveness, and adaptability. This restructuring ensures that the organisational structure aligns with the Commission’s strategic goals and objectives, aiding the executive management in achieving its mandate.
The new directorates are, Inspectorate, Supervision; Market Conduct & Complaint Bureau; Innovation and Regulation; Legal, Enforcement & Market Development; Human Resources & Administration; Finance & Accounts, as well as Technology, Strategy & Research.
Agriculture
Experts urge Media to Present Information on Genetically Modified Foods Objectively
The National Biotechnology Research and Development Agency (NBRDA) has urged the media to stand in the communication gap in favour of biotechnology development n Nigeria, re-affirming the safety in the consumption of genetically modified foods.
Prof. Abdullahi Mustapha, Director General/Chief Executive Officer of the agency, affirmed this during a one-day media field trip to NBRDA FARMS on Monday in Abuja.
The trip was organised by Open Forum On Agricultural Biotechnology (OFAB), an initiative of the African Agricultural Technology Foundation (AATF).
“Today, you shall be visiting our TELA Maize farms. This provides an exciting opportunity to see for yourselves what we have been doing here and equally gather your findings on what you have seen today and then take back the message to the people to quell some of the miscommunications about Genetically Modified Organisms (GMO) crops.
“TELA Maize hybrid varieties were developed to address some of the pressing challenges facing our farmers, including pests and diseases that can significantly reduce crop yields,” he said.
According to him, the production of the TELA MAIZE hybrid was done through the combined efforts of scientists at the Institute for Agricultural Research (IAR), Zaria in collaboration with stakeholders in key institutions such as NBRDA, NBMA, NASC, and the AATF Research Team.
“We are here to showcase our demonstration farms of genetically modified versions of commonly consumed crops developed by our scientists that have enjoyed rave reviews from the global world of science and the agricultural sector.
“These experts have worked tirelessly to ensure that this crop is not only high-yielding but also safe for human consumption,” he added.
He noted that the National Biosafety Management Agency (NBMA) has been instrumental in ensuring the safety and efficacy of TELA Maize which is believed to have the potential to transform the agricultural landscape in Nigeria and beyond.
Dr Jean Baptiste, the Regional Representative of the African Agricultural Technology Foundation, said that GMOs were aimed at leveraging the potential of biotechnology to develop a system that will help farmers.
He said Tella maize is a variety, developed using biotechnology methods to control insects.
“It also checks the resistance to drought and controls army worms, and stem borers in maize.
“At the end of the day, the benefits are enormous because it helps farmers increase yield and to be able to meet food security issues.
Dr. Francis Nwankwo, a TELA MAIZE developer from the African Agriculture Technology Foundation (AATF) explained the processes saying Tela maize passed through a genetic transformation that happens at the DNA level .
“They are not manufactured. What happens is we identify genes that can inhibit the infestation or reduce the infestation of some lepidoptera pests that affect some crops.
“So when we identify those genes we incorporate them into the DNA of maize thereby making it the maize, plus the genes.
“That way we increase the genes and reduce the struggles that our conventional maize go through on our farms like the stem borrower and others,” he said.
In her presentation, Dr Rose Gidado, Director, Agricultural Biotechnology Department, NBRDA, explained that many countries have derived huge benefits from TELA maize citing countries such as the U.S. and Canada.
“We actually brought you here so you could see the disparities between the TELA MAIZE and the non-TELA MAIZE species, and the environment which is far different from what we see on social media.
“We have other crops like beans that have actually been through the same gene transfers and are doing perfectly well and are safe for consumption,” she said.
She, therefore, urged the media to be on the guard in view of a lot of misinformation going round on social media and take responsibility in providing related information to the public adequately and objectively. (NAN)
Oil & Gas
Utilise Oil, Gas Industry Report as Tool for Public Debate – NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged stakeholders to utilise its 2022/2023 oil and gas report for civic engagement, constructive dialogue, and public debate.
Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, made the call at the report’s public presentation on Thursday in Abuja.
The report was unveiled by Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), alongside Sen.
George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.Orji emphasised the report’s significance in guiding policy, encouraging public debate, and improving governance in natural resource management.
He highlighted the report’s comprehensive data on revenues, governance structures, operations, and compliance within the oil and gas sector.
Speaking at the public presentation of the report, Akume reaffirmed the Federal Government’s commitment to transparency principles.
Olukoyede pledged to investigate the report’s findings and recommendations, noting that NEITI’s previous reports led to the recovery of over N1 billion.
The report is available on NEITI’s website, providing valuable insights into the sector’s performance and challenges.
The presentation was attended by Chairmen of National Assembly Committees, captains of industries, members of diplomatic missions, development partners, civil society organisations and the media. (NAN)
Economy
NES Decries Rising Inflation, Unemployment, Poverty, Others
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.