NEWS
Nigeria Sets January 2025 for $5bn Africa Energy Bank Take Off
The Federal Government has set Jan. 28, 2025 as the deadline for the operationalisation of the five billion dollars Africa Energy Bank (AEB).
The bank would be domiciled in Abuja, the Nigeria’s capital city.
Amb. Nicholas Ella, Permanent Secretary, Ministry of Petroleum Resources and Executive Board Member, who led a delegation representing Nigeria at the African Petroleum Producers Organisation (APPO), disclosed this at the APPO’s 19th Executive Board meeting.
The meeting which had representatives of 13 member countries was held in Yaounde, Cameroon.
Ella, in a statement on Friday, reiterated Nigeria’s commitment to the ideals of APPO and the immediate setting up of the AEB in Abuja.
Nigeria won the hosting right for the establishment of the AEB Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.
The AEB which is being established by APPO in collaboration with the Afriexim Bank, aims to bridge financing gaps in the continent’s oil and gas industry.
“The Headquarters building (of the Africa Energy Bank) was inspected by the Technical Team in May 2024, and renovation works for its completion is ongoing.
“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support of President Bola Tinubu and our National Assembly to actualise this project in Nigeria,” Ella said.
Giving further insights, Ella said the Federal Executive Council (FEC), on June 25, 2024, approved the hosting of the bank while the ratification of the Charter and Headquarter’s Agreement are in advanced stage.
He said the FEC also approved and endorsed the Establishment Document of the AEB, and instructed the Attorney General and Minister of Justice, to commence with the process of ratification.
“The Attorney General concluded the process on Sept. 9, 2024 and transmitted the AEB Establishment Documents, currently with the President for his assent. Once that is done, it will be forwarded to APPO,” he added.
On equity contribution to the AEB, Ella said Nigeria was making efforts to complete its share of the equity contribution to the AEB.
He said apart from the earlier payment of 59.1 million dollars, an additional 10 million dollars was paid into APPO Account by the federal government last week, with the intention to make full payment before the bank takeoff.
“Nigeria wishes to advocate for the establishment and funding of the Africa Energy Bank as part of APPO’s budgetary plans.
“This initiative would not only address the financial needs of the energy sector but also provide a platform for mobilising investments in oil and gas projects, which are vital for Africa’s economic growth and development,” he said.
In reaction to Nigeria’s update on preparations for the bank’s operationalisation, the Secretary-General of APPO, Dr Farouk Ibrahim, said 50 per cent of the funds needed for the AEB take off was available.
Ibrahim, who urged APPO member countries to keep up the tempo for the bank’s take off, explained that it would have three classes of shareholders with APPO and Afrexim occupying the priority shareholder position.
Responding to Nigeria’s presentation, the APPO Executive Board member from Egypt, Hisham Selim, described Nigeria’s explanation concerning preparations for bank’s take off as “encouraging.”
The date for the AEB’s take-off coincides with the 38th anniversary of the establishment of APPO, an 18-member country bloc that drives the development of the African energy industry. (NAN)
NEWS
Police Neutralise 6 Hoodlums, Recover Firearms in Bauchi
The Police Command in Bauchi State, says it has neutralised six hoodlums in a crackdown against criminal elements in Ningi Local Government Area of the state.
The police operatives also recovered arms and ammunition during the operations.
The Commissioner of Police in the state, Awwal Musa, stated this at a news conference on Friday in Bauchi.
“The Command neutralise six hoodlums, recover firearms and ammunition in Ningi axis.
“Apprehension of a suspect for illegal possession of two AK-47 rifles and 343 rounds of ammunition
“Mop-up of illegal firearms from public spaces and arrest of suspects in connection with criminal conspiracy and culpable homicide,” he said.
He reiterated commiment to suppress criminal activities across border communities in Alkaleri, Ningi and Toro LGAs.
According to Musa, the command is collaborating with sister security agencies and quasi security outfits enhancing community policing and partnership with local stakeholders.
“We urge all citizens to support our efforts by reporting suspicious activities promptly,” he said. (NAN)
NEWS
Why Tax Reform Bills May not be Recalled – Tinubu
Proposed tax reform bills at the National Assembly will not be withdrawn, says President Bola Tinubu.
The National Economic Council (NEC) on Thursday called for the bills’ withdrawal for further consultations.
The President, in a statement on Friday by Mr Bayo Onanuga, his Special Adviser, Information and Strategy, however, urged that the legislative process be allowed to take its course.
Tinubu said the legislative process, which had already begun, provided an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.
He welcomed further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considered them for passage.
The statement read: “When President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective.
“This is to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive.
“This objective remains more critical even today than ever before.”
The committee worked for over a year and received inputs from various segments of society across the geopolitical zones.
Inputs were received from trade associations, professional bodies, various MDAs, governors, traders, students, business owners and the organised private sector.
“The tax reform bills that emerged were distilled from the extensive work of the Presidential Committee.
“The tax bills before the National Assembly aim to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices,” the statement read in part.
The tax reform bills include the Nigeria Tax Bill, which seeks to eliminate multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.
The Nigeria Tax Administration Bill (NTAB) proposes new rules governing the administration of all taxes in the country.
Its objective is to harmonise tax administrative processes across federal, state and local jurisdictions to ease taxpayers’ compliance and enhance the revenue for all tiers of government.
The Nigeria Revenue Service (Establishment) seeks to re-establish the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect its mandate as the revenue agency for the entire federation, not just the Federal Government.
The Joint Revenue Board Establishment proposes creating a Joint Revenue Board to replace the Joint Tax Board, covering federal and all state tax authorities.
The fourth bill will also establish the Office of Tax Ombudsman under the Joint Revenue Board, protecting taxpayers’ interests and facilitating dispute resolution.
The statement read: “The bills’ overarching objective is to effectively coordinate federal, state, and local tax authorities, thereby eliminating the overlapping responsibilities, confusion, and inefficiency that have plagued tax administration in Nigeria for decades.
“Under existing laws, taxes like Company Income Tax, Personal Income Tax, Capital Gains Tax, Petroleum Profits Tax, Tertiary Education Tax, Value-Added and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.”
The proposed reforms seek to consolidate these numerous taxes, integrating them and excise duties into a unified structure to reduce administrative fragmentation.
“While there may be differences in approach or specific provisions of the new tax bills, what is not in contention is the need to review our tax laws and how we administer them to serve our overall national development agenda.
“President Tinubu will continue to respect and welcome the advice and recommendations of the National Economic Council, an essential constitutional organ of government on economic matters,” the statement read. (NAN)
NEWS
Minister, NMA Hail NSA, Security Forces over Rescue of Kaduna Doctor
Dr Tunji Alausa, former Minister of State for Health and Social Development, has commended the Office of the National Security Adviser (ONSA), for rescuing Dr Ganiyat Popoola and her nephew.
Alausa also commended the military and other security agencies for the safe rescue of the kidnapped victims after 10 months in captivity.
Alausa, now Minister of Education, gave the commendation when the rescued victims got reunited with their family by the National Security Adviser (NSA), Mallam Nuhu Ribadu.
on Friday in Abuja.He thanked President Bola Tinubu for his commitment to the safety and security of all citizens, as well as the NSA for facilitating the release of Dr Popoola without ransom.
According to him, President Bola Tinubu has invested so much resources in making the country safe.
“As we can see, security is significantly better all across the country but we are not there yet but it is going to continue to get better.
“I will also like to thank the entire armed forces for working so hard to secure the release of Dr. Popoola.
“More importantly, the NSA, who continuously reassures us that Dr. Popoola is alive in spite of being in captivity for about 10 months,” he said.
Alausa said that Popoola and her nephew have been released without any bad occurrences.
“This shows the skills of our armed forces, they did this without paying ransom and they secured the release of Popoola and her nephew.
“The country Nigeria is forever grateful to them,” he said.
The minister also thanked the Nigerian Medical Association (NMA) and the National Association of Resident Doctors (NARD) for their perseverance, trust in the government and persistence in ensuring the safe release of their colleague.
He urged all Nigerians to join hands with the security forces to fight insecurity in the country, adding that the challenges should be seen as Nigeria’s.
On his part, the President of NMA, Dr Bala Audu, described the rescue of Popoola along with her nephew as a miraculous outcome that all Nigerian doctors and indeed all Nigerians were happy with.
Audu acknowledged the specific efforts and persistence of all Nigerian doctors through NARD and the persistence of the Minister of Health in reaching out to the ONSA.
Also, the President of NARD, Dr Tope Osundare, expressed appreciation to President Tinubu for the support and concern for all the doctors all over the country.
Osundare said the collaborative efforts of the government agencies and institutions in synergy with NMA, ensured the release of Dr Popoola.
“We were emotionally traumatised as a body, we had our meetings, we had our protests and we had the reassurance.
“That is why our thanks go to the President and the NSA for all that they have done to ensure the release of Dr Poppola out of captivity.
“Today we are celebrating and we are happy that she is out of this captivity because I can imagine what she has gone through within that period of over 10 months.
“Today we want to appreciate God and appreciate everyone that has been involved,” he said.
The Defence Headquarters (DHQ) had earlier in the day confirmed the rescue of Popoola and other victims through non-kinetic operations in a series of operations with other security agencies.
The Director of Defence Media Operations, Maj.-Gen. Edward Buba, in a statement, said that the details of their release had remained classified due to ongoing operations. (NAN)