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Projects Concession to Raise N647bn Revenue-ICRC




The Infrastructure Concession Regulatory Commission (ICRC), said the approval  for the concessioning of its four projects by the Federal Executive Council (FEC) would attract N647.7 billion revenue to Nigeria.

This is contained in a statement signed by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja on Friday.

Nwoko said the projects included the 360 MegaWatts(MW) Gurara II Multipurpose Dam and HydroPower Plant(HPP), and the 40 MegaWatts Kashimbilla HPP under a Public Private Partnership(PPP) model.

He said others included the Secure e-ticketing Solutions for the Lagos-Ibadan Rail Service, Warri-Itakpe Rail Service and the Device Management System, a project by the Nigerian Communications Commission (NCC).

“The approvals by FEC will bring about the generation of 400MW of electricity, infusion of private sector funds into the nation’s economic/infrastructure development and a total revenue generation of N647.7 billion.

“It will also help in the fight against crime, terrorism and insecurity while improving the effectiveness of the rail services in the specified routes,”he said.

Nwoko said the 360MW Gurara II HPP is a Greenfield project that would adopt a Build, Operation, Maintenance and Transfer PPP model.

He said the project would be executed by Messrs. CGCOC Group Co. Limited under an Engineering Procurement and Construction contract for a concession period of 30 years.

Nwoko said the dam, HPP and other complementary infrastructure would be executed within a concession period of 30 years.

” Within the concession period, a total revenue generation of 875 million dollars is expected.”

He said both the Gurara and the Kashimbilla HPP projects would bring about improved living conditions and employment and promotion of agriculture through irrigation.

“The two projects will also help reduce greenhouse gases as well as foreign exchange preservation.”

Nwoko said for the Kashimbilla 40MW HPP, the FEC’s approval was for the operations and maintenance of the hydropower plant.

He said one of the primary objectives of the dam, was to mitigate the environmental disaster associated with overflow of flood water, in various downstream states affecting more than six million people.

“These states include Taraba, Benue, Kogi, Delta, Cross River and Bayelsa.”

He said the hydropower component of the dam would also aid in ecological flood control, and water supply for a population of about 400,000 people.

Nwoko said it would also help irrigation potentials for about 3,000 hectares of arable land for farming as well as fishing to support food security.

He said the cost of the project was put at N7.68 billion, approved for a concession period of 15 years and would yield a total revenue of N85 billion.

Nwoko said the DMS which had the NCC as grantor, sought to provide a single control point for comprehensive device management for mobile communication devices in Nigeria.

“Specifically, the proposed DMS will support capabilities for tracking of mobile communication devices to eliminate fake and substandard devices.

“It would also provide detailed statistical information for stakeholders use, and support the fight against cybercrime and insecurity.

“It adopts a Design, Build, Finance, Operate, Maintain and Manage PPP model for a concession period of 10 years at a cost of 26 million dollars.

“A total revenue generation of N86.6 billion,”he said.

He said the Lagos-Ibadan e-ticketing and the Warri-Itakpe concessions adopt a Design, Finance, Build, Operate and Manage a Secure Ticketing Solution (Hardware and Software) for the Passengers’ Stations.

“The solution seeks to ensure the provision of electronic and manual tickets, provision of adequate infrastructural security, and deployment of adequate maintenance regime.

“It also seeks to provide an adequate training regime and provision of value-for-money throughout the life of the solution.”

Nwoko said the Lagos-Ibadan concession was approved at a cost of N1.1 billion granted to Messers Global Software Digital Solutions Ltd. and Datamataic Global Services Ltd as technical partner for a period of 10 years.

“A total of N112.8 billion will be generated from this project.”

He said the Warri-Itakpe counterpart would be executed at the cost of N860, 806,423, granted to Fane International Consult Ltd.

Artificial Intelligence Technologies Ltd. as technical partners, also for a 10-year term.

“Revenue generation is estimated at N63.3 billion,” he said. (NAN)


Nigerian Banking System is Stable, CIBN Assures Nigerians




The Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday reassured Nigerians that the banking system remained “safe, sound and resilient,” dispelling fears of bank liquidations.

Its president, Prof. Pius Olanrewaju, gave the reassurance in a statement in Lagos to correct misinformation and fake news that licence of more banks would be revoked.

Olanrewaju emphasised the importance of clarifying rumours that additional bank licenses would be revoked, following the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3.

“We would like to allay the fears of bank customers and the general public that the assertion is false and misleading.

“The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN, stated.

He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.

“Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Olanrewaju said.

According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound, in collaboration with other stakeholders in the ecosystem. (NAN)

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Business News

FG Secures Investment Commitments of over $30bn Across Sectors-Minister



The Federal Government  has secured investment commitments of more than 30 billion dollars across different sectors of the economy.

Dr Doris Anite, the Minister, Industry, Trade, and Investment (FMITI), said this during her presentation at the Ministerial Sectoral News Conference to mark President Bola Tinubu’s first year in office  on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that her presentation was titled “Unlocking Trade and Investment to Achieve Renewed Hope Agenda “- Key Achievements and Contributions of the ministry.

Anite said Nigeria’s investment landscape was now witnessing a significant influx of foreign capital, aligning with the Renewed Hope agenda  Tinubu.

She said in addition, the ministry was taking decisive and structured steps to attract capital investments, which would transform the nation’s homegrown enterprises and industries into global players.

“We have concluded stakeholders’ engagements with our domestic private equity and asset management firms towards the inauguration of an Investment Mobilisation Initiative aimed at increasing local and foreign investment as a catalyst for economic growth.”

The minister said in a bid to boost private equity capital formation, the Nigeria diaspora fund was initiated.

“The Nigeria diaspora remit between 20 to 25 billion dollars annually according to the World Bank, but these remittances have not been channeled intentionally to private equity.

“ Therefore, the investment initiative by my ministry is creating the platform to target, mobilise and utilise some of these funds into the productive economy.

“Our Private Equity and Asset Management firms are adept at attracting investments and the support from the Ministry is an assurance that the government is backing this investment drive.

“Government will provide the enabling environment, remove the roadblocks and red tapes to ensure that these investments thrive.”

Anite said the investment drive was not limited to only Nigerian Diasporans, but the ministry was also reaching out to all fund providers.

She said the ministry had also received support from development finance partners.

“I have no doubt that with the success of this initiative, Nigeria will witness a boom in the formation of businesses, and a strong financial and capital market.

“Nigeria will also witness the creation of a strong economic and industrial base to catalyse a one trillion dollar Gross Domestic Product (GDP) economy.”

Anite said the ministry was set to host the Nigeria Investment Summit, a platform to connect domestic and global investors to Nigeria.

“We are creating and de-risking the investment opportunities in Nigeria, and will showcase these as we inaugurate our digital dealroom which will present the investment opportunities and help facilitate the investments to happen.”

She said this had become necessary because most contracts issued in Nigeria had other jurisdictions as places for arbitration, mostly England.

“We have observed that this is so because most businesses experience delays in the arbitration and legal process for enforcing contracts.

“This red tape will be removed with the automated commercial courts, and this will boost investor confidence and increase investment flows.” (NAN) 

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Domestic Securities Market a Major Source of Funding for FG – DMO




The Debt Management Office (DMO), says the Nigerian domestic securities market remains a major source of funding for the Federal Government.

The Director-General of the DMO, Patience Oniha, said this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market.

According to Oniha, during COVID-19, when the international markets were closed, we were able to raise the full amount needed to fund the budget.

“Last year, we raised seven trillion Naira as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,’’ she said.

Oniha said that the 2024 budget had a deficit of six trillion Naira to be financed through new domestic borrowing.

She said that the National Assembly also approved N7.3 trillion Ways and Means for securitisation.

“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion.

“The financial sector has come a long way, and this is another strategic meeting to chart a way forward,’’ Oniha said.

Mrs Nadia Zakari, the President, Financial Market Dealers Association (FMDA), said that the Nigerian business environment was evolving and unique, necessitating such interactive sessions.

According to Zakari, such sessions are critical for both market operators and the Federal Government for them to be able to make decisions as they plan for the rest of the year.

“We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO,’’ she said. (NAN)

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