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Suspected Herdsmen Kill Three in Ogun

From Kunle Idowu, Abeokuta
Amule Kanji village in Imeko Afon Local Government Area of Ogun State was on Sunday night thrown into grief when suspected gunmen believed to be herdsmen killed no fewer than three persons in the community.
The victims – Tunde Taiwo, John Taiwo and Femi Bara, sources said, were reportedly attacked at about 11pm, while returning to Ologede village on a motor cycle.
Confirming the incident, the Balogun of Imeko Isale, Chief Ganiu Akinyele said the killer herdsmen were part of those who attacked Igangan which is just a few kilometres away from Amule Kanji village, the scene of the gory incident.
The assailants were reported to have left an AK-47 rifle at the scene of the incident and went away with the victims’ motorcycle.
Akinleye further said that the remains of the three victims had been evacuated by the Police, saying that the killer herdsmen have relocated to Sagada village in Imeko.
“You know there was a crisis in Igangan yesterday, those herdsmen who escaped to Imeko through our forest reserves killed three men on Sunday night,” he said.
“The three victims ran into these fleeing herdsmen, who killed them. They even took the victims’ new motorcycle away, leaving their old one, behind”.
“We saw empty AK-47 cartridges at the scene on the incident. A formal report has been made at the police station in Imeko and the police have gone there to take the corpses”.
“This is getting too much. We can no longer sleep in our houses. The herdsmen are everywhere. Government should come to our rescue. The Amotekun operatives in Imeko are too few. We need help”.
He explained that the herdsmen who escaped after killing people in Igangan are now in Ogun State, adding, “They camp in a village called Sagada, under Oke Agbede in Ward 2”.
Though, sources said the victims were evacuated from the scene, but the Police Public Relations Officer in Ogun state, Abimbola Oyeyemi, said the Command had no knowledge of the incident but promised to get back, as at Press time.
Digital Technology Key to Reducing Crude Oil Production Cost – FG
The Federal Government says deployment of digital technology is key to reducing the Unit Operating Cost (UOC) of producing crude oil in Nigeria to 10 dollars per barrel by December 2021.
Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu, made the assertion yesterday, at the ongoing 2021 Nigeria International Petroleum Summit (NIPS) in Abuja.
The News Agency of Nigeria (NAN) reports that the summit has at its theme: “From Crisis to Opportunities: New Approach to the Future of Hydrocarbons”.
Nabasu said: “As the demand for energy increases at an astronomical rate, the quest for deployment of innovation and technology to keep pace with the demand increases.
“The oil and gas industry utilises these innovations and trends to increase the efficiency of operations and reduce costs.
“Most oil and gas companies overrun in cost and time. The use of digital technology can help companies manage over-spending and operations, meeting deadlines and ultimately increasing overall productivity.”
According to him, with the uncertainty triggered by the COVID-19 pandemic, the current objective of the oil and gas industry is maintaining sustainable profitability.
He said some of the digital technologies and innovations that had helped in this regard include Artificial Intelligence, Big Data and Analytics, Robotics and Automation, 3D Modelling, Cloud Computing, Blockchain technology, amongst others.
“These technologies do not come cheap. No doubt, there are huge costs involved in the deployment of innovation, but those companies that make it a priority reap the benefits.
“According to a research by McKinsey, effective use of digital technologies in the oil and gas sector could lead to reducing capital expenditures by up to 20 per cent and operating costs in the upstream by three to five per cent.
“Therefore, digital technology should be placed at the core of the business strategy in the industry,” Nabasu added.
Also, Mrs Betty Ugona, Chief Innovation Officer, Research, Technology and Innovation Division, Nigerian National Petroleum Corporation (NNPC), said digitalisation was one of the NNPC strategies to curb high cost of operations.
Ugona said the division was set up to provide research support to the NNPC following the impact of the COVID-19 pandemic on crude oil production and how best to overcome the challenges.
On his part, Mr Michael Zhaung, Managing Director, Hauwei Nigeria, said Hauwei was committed to digitalisation of the oil and gas industry in Nigeria.
He said Hauwei would continue to partner with oil and gas companies in Nigeria to provide real time monitoring of oil and gas infrastructure in order to reduce vandalism and oil theft. (NAN)
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Nigeria’s Capital Market Key to Achieving $1trn Economy – FG

By Tony Obiechina, Abuja
Minister of Finance and Coordinating Minister of the Economy Wale Edun has emphasized the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a $1 trillion economy.Edun, who spoke at the Capital Market Committee (CMC) meeting, was represented by Minister of State for Finance; Dr.
Doris Uzoka-Anite highlighted the market’s transformation since 2015, with improvements in governance structures, new products and platforms, stronger regulatory environment, and growing investor participation. According to the Minister, the Implementation of the Capital Market Master Plan (2015-2025), has been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.Edun said the revised plan prioritizes digitalization, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.He said the passage of the new act modernizes the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.On the challenges and opportunities inherent in the Act, the Minister said, it will help deepen market participation, as well as ensure regulatory coordination remains tight.On the government’s private sector innovation in creating the needed environment for businesses to thrive, the Minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.The Minister added that the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.He explained that, with the Securities and Exchange Commission undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards amongst others, the domestic economy has recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.Earlier in his speech, the DG SEC, Dr. Emomotimi Agama, emphasized the Commission’s commitment to regulatory reforms and capital market growth.According to him the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.Agama highlighted the Commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.He also emphasized the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.The SEC boss noted that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitization team to deepen public understanding of the new law. A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65% and market capitalization growing by 53.39%. He also noted the Commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.The SEC boss emphasized the importance of financial inclusion and investor education, citing the Commission’s initiatives to empower women, youth, and grassroots communities. He also highlighted the Commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.Agama concluded by emphasizing the Commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looking forward to fruitful deliberations at the meeting.The highlight of the CMC meeting was the unveiling of the ISA Act 2025 by the minister.COVER
FG Boosts Internet Access, Rolls out $2bn Fibre Network

By David Torough, Abuja
The Presidency on Monday said Nigeria’s Communications and Digital Economy sector attracted $191m in foreign direct investment in Q1 2024, a nine fold increase from $22m in Q1 2023.The Minister of Communications, Innovation and Digital Economy, Bosun Tijani disclosed this during an interview for an upcoming State House documentary marking President Tinubu’s second anniversary.
Special Adviser on Information and Strategy to the President, Bayo Onanuga, revealed in a statement yesterday titled; “Investment in Digital Economy Grows Ninefold, Rollout Of $2 Bn Fibre Optic Infrastructure Begins Q4: Bosun Tijani. ”Tijani highlighted the sector’s robust workforce development, driven by the three Million Technical Talent programme and revealed plans for a $2bn initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.“These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.Comparing FDI inflows, he said, “In Q1 2023, the sector had about $22m; by Q1 2024, with this administration well underway, we reached $191m. The trend continued in Q2, increasing from $25m in 2023 to $114 m in 2024.”According to the minister, the 3MTT programme, launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.“By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 m goal. And in the rest of the time in office, we hope to reach three million,” he said.Regarding connectivity, Tijani announced that Project Bridge, focused on deploying 90,000 kilometres of fibre optic cable, will commence in the fourth quarter.“We are preparing a $2bn investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10 per cent could yield a 2.5 per cent GDP growth,” he said.Tijani celebrated Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model.He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education. In addition, N300m was invested in 10 startups using AI and blockchain to enhance agricultural productivity.On the Nigeria Startup House in San Francisco, an initiative targeting $5 billion in startup funding, Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”Tijani revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure, and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98 per cent nationwide coverage, adding that the Federal Executive Council had already approved the project.He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 states in the federation have adopted zero-rated Right-of-Way policies.According to him, these efforts will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.He projected the sector’s GDP contribution to rise from 16 per cent to 22 per cent, stating, “If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth we’ve not seen before. Technology allows us to bridge the gap between governments and the people.”Tijani said the government is not chasing quick wins. “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come”.COVER
Abbas Recommends Israel, Brazil, Vietnam Revenue Diversification Models

By David Torough, Abuja
Speaker of the House of Representatives, Hon. Abass Tajudeen, has declared that Nigeria’s heavy dependence on oil revenue would continue to leave its economy vulnerable, noting that agriculture remained the most viable alternative to achieving resilience.
Abass made the declaration in Abuja on Monday at a one day public hearing on some Bills seeking the establishment of agricultural colleges and institutions. Represented by Chief Whip of the House, Hon. Ibrahim Isiaka, the Speaker said it was within this context that the establishment and expansion of Agricultural Research Institutions across the country are not only necessary but strategically urgent.He said Nigeria should “Emulate countries like Israel, Brazil, and Vietnam that have attained a significant leap in agro development by investing substantially in research and development.”According to him, Brazil’s Embrapa, for instance, reengineered an infertile savannah into a global food hub, just as Vietnam’s targeted agricultural reforms pulled vast populations out of poverty, while Israel continues to innovate in arid-zone agriculture through technology-driven methods.Chairman of the House Committee on Agricultural and Institutions, Hon. Isiaq Abiodun Akinlade, recalled how in the 60s and 70s, the country was among the major exporters of agricultural produce such as cocoa, cotton, palm oil, and groundnuts.The lawmaker noted that Nigeria, with a population size of over 220 million and still growing, is desirous of more agricultural colleges and research institutions to help proffer solutions to issues, “namely climate change, insecurity, pest outbreaks, soil degradation, unskilled labourers, and livestock management.”