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Osinbajo Presides Over FEC, Approves N311.473bn Contracts

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By Mathew Dadiya, Abuja

The Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo, Wednesday approved five contracts worth a total of N311.473 billion.

Briefing State House Correspondents after the meeting, the Minister of Works and Housing, Babatunde Fashola said that the ministry of works and housing presented three memoranda and they were approved by the council.

The contracts according to him were construction of Ibadan -Ilesha-Ife Dual Carriage Way, connected to Oyo and Osun State at the cost of N79.

829 billion. 

The second one was for the link-road that connects the second Niger Bridge to Asaba and Onitsha.

 

He explained that the Asaba link-road was awarded to Julius Berger and the Onitsha link-road was awarded to Renold Construction Company (RCC) Construction at the total cost of N200.176 billion. 

This, he said, “completes essentially the access road that will link the Bridge in the short time. 

“You might recall that these roads were under-designe when the bridge was awarded. 

“So it is this administration that completed the design and we now awarded them so that you can have a bridge that has link-roads. 

“This was awarded initially under a Public Private Partnership (PPP) and the bridge in 2010 administration.”

The minister said that the third approval was for phase two of the Kano-Katsina High Way from the point known as Gidan-Mutum Daya all the way to Katsina Steel Rolling Mill. 

He said that the project, a 78KM stretch, was approved at the sum of N29.654 billion. 

“That road is a 152KM road linking Kano and Katsina road from Kano. 

“It was a single lane Highway until it was awarded in 2013 by the previous administration in phase 1. 

“So we inherited it and we have continued to execute it. 

“The award was to then expand the road into a dual carriage highway way. 

“That means we are constructing the existing one and building another new one. 

“It was awarded for the first 70KM plus the phase 1. What we we have now done is to complete the award to the same contractor so that there is a uniformity of construction.”

Also the Minister of state, education Emeka Nwajiuba said that one memorandum approved was in respect of Tetfund intervention programme in respect of University of Abuja. 

Nwajiuba said that a key component of that project was the award of contract at the sum of N915 million for the construction of the faculty of environment. 

Another contract was also approved for the sum of N908 million to build the faculty of education.  

“Those are the two components arising from the special intervention programme that was awarded then in 2017. 

“So we have to act to give effect to them so that they can proceed with the delivery,” he said

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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