Author: Chike Ozohili

  • Solid Minerals Will Be Nigeria’s Biggest Revenue Earner –Alake   

    Solid Minerals Will Be Nigeria’s Biggest Revenue Earner –Alake   

    The Minister of Solid Minerals Development, Oladele Alake, has said the administration of Bola Ahmed Tinubu is committed to ensuring that the solid mineral sector becomes the biggest revenue generation hub of the country.

    He said for the present administration to achieve its vision of economic rejuvenation, all hands must be on deck.

    Alake said, “We have recognised the fortunes of the oil sector, and we are determined to ensure that the solid minerals sector is the Noah’s ark that would take us out of the deluge of economic challenges that Nigeria currently faces.”

    Speaking during the 22 Annual General Meeting and International Conference of The Nigerian Society of Mining Engineers in Kaduna, Minister Alake enjoined all the stakeholders to be patriotic, saying that the president is determined to take the nation out of the wood.

    Alake stated that the seven point agenda of the present administration is geared towards promoting the public private company that will galvanise financial and physical access of government in the sector.

    “It is now that our country needs patriotic and scientific contributions more than any other time, where all hands must be on deck to realise the vision of the Tinubu led administration, aiming at making solid minerals the biggest revenue generation hub among all sectors in the economic structure of Nigeria.

    “I wish to enjoin your society to be seen and heard in this historic process of rejuvenation and resurgence of the sector that will mature hitherto; our doors are open to ideas and proposals, and we shall re-evaluate all of them and shall reflect with our professional alacrity,” the minister said.

    Meanwhile, the Nigerian Society of Engineers said that Public Private Partnership (PPP) concession will make the private sector concessionaire responsible for full delivery of specified production and infrastructure services.

    “Government should intensify efforts in providing an enabling environment to attract investors into the mining sector for PPP agreement especially as it concerns fully explored strategic mineral deposits,” the Society advised.

    In its communiqué issued at the end of the AGM, the society tasked the federal government on Public Private Partnership, while also urging government and private investors to ensure due diligence before consummating any form of agreement.

    According to the communiqué, “the government should make deliberate efforts in implementing established roadmaps to fast- track the development of the minerals industry.”

    In the communiqué jointly signed by the President and Secretary General of the Society, Eng. Benson Jatau and Engineer Tony Ojile, enjoined the government to embrace PPP in its bids for industrial development in order to attract private expertise for service delivery enhancement.

    The duo however, called on the ministry of solid minerals development to as a matter of urgency resolve the challenge of state interference with the ministry statutory regulatory functions, as otherwise will erode the authority of the minister and also has the tendency of driving away private mining investors.

  • FX Policy: LCCI Tasks CBN On Creative Financing Options

    FX Policy: LCCI Tasks CBN On Creative Financing Options

    The Lagos Chamber of Commerce and Industry (LCCI) have urged the CBN to adopt creative financing options for clearing the short to medium-term backlog of foreign exchange.


    LCCI noted that the new FX policy of the CBN unbanning the 43 items that were excluded from accessing FX at the official market is a market-friendly step towards unifying the exchange rates and is expected to curtail inflationary pressures in the short term.


    The body also said the policy change was expected to reduce the demand pressure on the parallel market and ensure there is a gradual convergence in FX market rates.


    The President/Chairman of Council, LCCI, Asiwaju Michael Olawale-Cole, said this in a statement at the weekend, adding that the policy would promote orderliness and professional conduct by all market participants to ensure market forces determine exchange rates on a willing buyer- willing seller principle.


    “The Chamber recommends that the CBN adopt creative financing options for clearing the short to medium-term backlog and establish a mechanism to address forex unification under the current system.

    “The Chamber believes the authorities must pursue the right monetary policy reforms to improve the investment climate and boost investor confidence. We call on the CBN to ensure transparency and accountability in banks’ foreign exchange dealings at the Investors & Exporters window”.


    Recall that the CBN recently lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”.

    The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others.


    But in a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said the ban has been lifted.

    “As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease,” the Thursday statement read.


    “As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.”


    “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal,” CBN added.

  • World Food Day: HOMEF Calls For Ban On Nigeria’s GMOs

    World Food Day: HOMEF Calls For Ban On Nigeria’s GMOs

    As Nigeria joins the rest of the World to mark the 2023 World Food Day, the Executive Director Health of Mother Earth Foundation, Nnimmo Bassey, has called on the Federal Government to remove all Genetically Modified Foods from the country’s shelves.

    World Food Day is an essential international observance held every year to raise awareness about food security and hunger while promoting action to ensure everyone has access to safe, nutritious, and affordable food.

    Bassey in a statement on Sunday, said one big challenge the country is faced with protecting its food, including water, from the new wave of colonialism that is systematically taking hold of food systems across the globe.

    According to him, the transnational corporations leverage the current food crises to advance an atrocious agenda to gain control over the world’s food systems.

    “GMOs are being pushed into our food system without stringent government regulations. People do not know the implications of growing or eating GM foods because the population is not given information on the risks related to the technology.

    “In Nigeria, approvals for importing GMOs are granted without adequate public notice and proper and independent health and environmental impact assessments. It is improper for our farmers to be given seeds to grow without telling them what they are planting or what eventually will end up on the consumer’s plate.”

    HOMEF states that marking World Food Day should encourage people, organizations, and governments to unravel the root of hunger and malnutrition, address food injustice, and abuse of farmers’ rights. The day is a reminder of the avoidable fate of millions worldwide who suffer from hunger despite abundant natural and human resources.

    Bassey, noted that modern agricultural biotechnology directly undermines our pursuit of food sovereignty, posing a threat to our dignity and our fundamental right to refuse foods laden with uncertain health consequences and an agriculture system that stresses our ecosystems. 

    He further charged Nigerians to be intentional about what is on their plates. “We must not fail as individuals to ensure that what goes into our stomachs is safe. We must demand accountability from regulatory agencies to ensure that food products approved for import are wholesome, meet the dietary requirements of the people, and support the local economy.”

    HOMEF’s Director of Programme, Joyce Brown, echoed that agroecology can feed the world, cool the planet, and help local farmers adapt to climate change impacts.

    “Governments worldwide who want to address food insecurity and take meaningful climate action must invest in agroecology – the foundation for a positive transformation of food systems. Agroecology ensures optimum water and other resources use, revives soils and the ability to hold in carbon, uses renewable energy, and promotes shorter food supply chains while making healthy and nutritionally diverse food available to all”.

    Mariann Bassey-Orovwuje, the Deputy Director of Environmental Rights Action/ Friends of the Earth Nigeria, noted, “Food is a central and integral part of any society, and it creates a connection between our beliefs, ethnicity, and cultural heritage. Food is not just a part of culture; it defines culture.  What we eat and how we eat provides much information about specific cultures. Food, water, and soil are all interconnected and are not commodities. They are a sacred, life-affirming, and central composite of every existing society”.

    Orovwuje stressed that food and producers must be treated with respect and dignity.

    She called for policies that celebrate the smallholder farmers who produce over 70% of the food consumed globally. “We need deep-rooted changes in how agriculture is practiced and how the food system is organised and regulated. We need to wean our food system from corporate control and concentration and keep seeds in the hands of small-scale farmers.”

  • ‘Ifediche’ Garners 5 AFFRICUFF Nominations

    ‘Ifediche’ Garners 5 AFFRICUFF Nominations

    The Igbo Language movie, “Ifediche”, has received five nominations from the African Cultural Film Festival, popularly called AFFRICUFF, scheduled to hold between October 26 and 29.

    The movie producer, Brown Ene, disclosed this at the weekend, saying that the movie was also set to premier November 12, as well as its official release in cinemas on November 17.

    Ene, who is the Chairman, Actors Guild of Nigeria (AGN), Enugu State Chapter, made the disclosure during a Premier Press Conference in Enugu.

    He further disclosed that Ifediche had in September won ‘The Best Film Foreign Language’ at the Toronto Nollywood International Film Festival, Canada.

    According to him, before that, the film received an honourable mention as ‘Best Feature Film’ at the Eastern Europe Film Festival.

    “It was also nominated as ‘Best
    Indigenous Language Movie’ at the 2023 African Magic Viewers Choice Awards and as ‘Best Narrative
    Feature Film’ by Eastern Nigeria International Film Festival.

    “Few days ago, it was nominated by Abuja International Film Festival and received five nominations from AFRICUFF, USA.

    “As Ifediche continues to make
    its path round the world and earn recognitions, its production team has scheduled its official premiere on November 12, and secured its official release with Blue Pictures Distribution Company in cinemas on November 17,” Ene said.

    Speaking on how the film came about, Ene recalled that in 2021, during an interaction with former Gov. Ifeanyi Ugwuanyi, he announced that he would support the state AGN in a talent hunt and film production.

    He said that Ugwuanyi’s support, alongside others, gave birth to “Ifediche” and “We are happy and excited that this little project has got us international recognition”.

    He further said that the movie was shot in Enugu to project beautiful aspects of the state and centred on a university-trained village girl who decided to embrace her root in the quest to achieve her lofty dreams, which the big city failed to give her.

    “She has to surmount unforeseen obstacles emanating from her root and the dreams she harbours.

    “Ifediche is unique because it is a movie that tells about heritage, culture, family and love,” he said.

    He further said that the movie was acted by budding and notable actors and actresses, including Pete Edochie, Chinwetalu Agu, Ebere Okaro, Chinaza Onyia, Chinelo Enemchukwu, Jide Kenenna, Chika Okpala, alias Zebruddaya, Offiafuluagu Mbah and many others.

    While appreciating all the support they received so far for the production and post production of the movie, the producer urged Nigerians to look out for Ifediche in cinemas from November 17.

    “It is not just about Enugu as Ifediche has brought honour to Nigeria,” he added.

    AFFRICUFF is a vibrant showcase of African cinema presented annually to feature diverse perspectives and stories from across the continent.

  • Theft Reports Of Railway Coaches In Maiduguri False, Clarifies NRC

    Theft Reports Of Railway Coaches In Maiduguri False, Clarifies NRC

    The Nigeria Railway Corporation (NRC) has vehemently denied recent claims of an attempted theft of railway coaches in Maiduguri, Borno State.

    Mr. Fidet Okhiria, the Managing Director of NRC, issued an official statement to address this issue.

    In his statement, Okhiria clarified that the coaches in question were being relocated to the NRC running shed in Jos, Plateau, as part of a legitimate maintenance and refurbishment process to enhance their operational efficiency.

    He emphasized that the NRC is actively working on expanding Rail Mass Transit services across the nation.

    The reports circulating on social media regarding the alleged theft of NRC coaches led to concerns about security and infrastructure management in Nigeria.

    However, NRC has affirmed that the situation was misreported, and the coaches were undergoing necessary maintenance, not being stolen.

  • FG To GenCos, DisCos: No More Excuses Over Poor Power Supply

    FG To GenCos, DisCos: No More Excuses Over Poor Power Supply

    The Minister of Power, Adebayo Adelabu, has warned electricity generating and distribution companies over the poor distribution of electricity to Nigerians stressing that the government will no longer listen to their excuses.

    Adelabu, who made this known to Discos and generating companies during a meeting Saturday in Abuja, said the meeting was to find a lasting solution to the issues surrounding power distribution.

    According to a statement signed by the Minister’s Special Adviser, Strategic Communication and Media Relations Bolaji Tunji, Adelabu said: “We called this meeting to learn from you and the only way to salvage a bad situation is to understand the real issues on the ground.

    “Power is one of the most important things we need to energize the economy in terms of achieving the desired economic growth and Industrial development.

    ”The President has identified the power sector as a major driver of economic growth; therefore no excuse will be entertained for non-performance.”

    The minister also said that the meeting will become regular to create a stable and accessible environment that will enable discussions surrounding the generating, transmitting, and distribution value chain of electricity to be reviewed and decisions reached.

    He added that this development will make an impact in the power sector within two to three years.

  • Nigeria’s Underperforming In Oil, Gas Sector Due To Insecurity – Lokpobiri

    Nigeria’s Underperforming In Oil, Gas Sector Due To Insecurity – Lokpobiri

    Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said that the challenge of insecurity in the Niger Delta was responsible for the underperformance of the petroleum sector.

    The Minister, who said this in a meeting with the Abuja Chapter of the Energy Correspondent Association Friday in Abuja, added that it was also affecting Nigeria’s oil production output.  

    While noting that the issue was making it difficult for the country to meet its OPEC production quota, Lokpobiri said the government was working to address the drawback.

    He was hopeful that by the end of 2023, the country would increase its oil production to about 2 million barrels per day.

    Due to massive crude oil theft and pipeline vandalisation, Nigeria’s oil production presently hovers between 1.3-1.4 million barrels per day.

    “My sole agenda is to increase production. Once we increase production we will get more revenue for the country. You know Nigeria is still more dependent on oil.

    “Though the non-oil sector is also supporting the economy, a substantial part of our forex comes from oil.

    “The reason why we are underperforming is because of insecurity and we are gradually tackling those problems.

    “So, my ambition is to see how I can lead the sector to increase production so that we can get more revenue to deal with the fund and strategic rationale projects in the country.

    “I get the reports from relevant authorities. Today, we are doing about 1.4 million barrels of crude. So, we are steadily increasing but our target is to see how we can get to two million barrels,” he said.

    Lokpobiri urged the industry players to join hands together to find a permanent solution to the issue.

    He said the federal government was discussing with International Oil Companies and local producers to find a lasting solution to the insecurity challenge.

    He said the engagement was already yielding positive results.

    “We have identified where the problem is, and where we are getting the shortfall and we are already engaging them within the next few weeks, we will be able to give you how far we have gone in that direction.

    In an earlier remark, President of the association, Mr Victor Nnodim, assured the minister of the association’s readiness to partner with him as he sought to fulfill his agenda of ramping up crude oil production and delivering a better petroleum industry for the country.

    “We will support you to achieve your mandate,” he said.

  • Again, Rampaging Armed Bandits Kill 3, Abduct Others In Benue

    Again, Rampaging Armed Bandits Kill 3, Abduct Others In Benue

    Once again, a group of armed assailants, suspected to be Fulani herdsmen, has carried out a violent attack in Benue State, resulting in the tragic loss of three lives and the abduction of several others.

    The incident occurred as innocent victims were en route from Makurdi, the capital of Benue State, to Otukpo, the headquarters of Benue Zone C senatorial district.

    The attack took place in Tyolaha, a village situated within the Gwer West Local Government Area of Benue State.

    According to Agbo Daniel Adakole, a youth leader who provided insight into the incident to NIGERIAN ANCHOR, the attackers were heavily armed and indiscriminately fired their weapons, resulting in the loss of three lives and numerous injuries. Additionally, there are reports of individuals still missing.

    Adakole further disclosed that the perpetrators of this heinous act were armed Fulani herders. The victims primarily consisted of local residents who were traveling on the Benue Links Bus service along the Makurdi-Naka-Otukpo route.

    At the time of filing this report, it remains unconfirmed whether the incident has been reported to the Benue State command of the Nigerian Police or if any law enforcement agencies have been alerted for assistance.

    These armed bandits have been a persistent threat, targeting and harming both farmers and travelers in the border areas between the Idoma and Tiv-speaking regions of Benue State.

    Notably, just two weeks ago, on October 2nd, a gruesome armed attack occurred in the village of Agagbe, close to Tse-Awuna in Gwer LGA, resulting in the loss of three lives.

  • Borrowers’ Ability To Repay Loans Dwindling Due To High Interest Rates – IMF

    Borrowers’ Ability To Repay Loans Dwindling Due To High Interest Rates – IMF

    The International Monetary Fund (IMF) has posited that the ability of individuals and business borrowers to service their debts is diminishing due to higher for longer interest rates.

    According to the Fund in its Global Financial Stability Report making debt more expensive is an intended consequence of tightening monetary policy to contain inflation.

    “The risk, however, is that borrowers might already be in precarious positions financially, and the higher interest rates could amplify these fragilities, leading to a surge of defaults,” it said.

    The Bretton Woods Institute noted that many businesses suffered closures during the pandemic, and others emerged with healthy cash buffers thanks in part to fiscal support in many countries.

    However, the lender pointed out that many firms were able to protect their profit margins even though inflation had picked up saying that in a higher-for-longer world, however, many firms are drawing down cash buffers as earnings moderate and debt servicing costs rise.

    “Indeed, the GFSR shows increasing shares of small and mid-sized firms in both advanced and emerging market economies with barely enough cash to pay their interest expenses. And defaults are on the rise in the leveraged loan market, where financially weaker firms borrow. These troubles are likely going to worsen in the coming year as more than $5.5 trillion of corporate debt comes due.

    “Households too have been drawing down their buffers. Excess savings in advanced economies have steadily declined from peak levels early last year that were equal to 4 percent to 8 percent of gross domestic product. There are also signs of rising delinquencies in credit cards and auto loans.

    “Headwinds also confront real estate. Home mortgages, typically the largest category of household borrowing, now carry much higher interest rates than just a year ago, eroding savings and weighing on housing markets. Countries with predominantly floating rate mortgages have generally experienced larger home price declines as higher interest rates translate more quickly into mortgage payment difficulties. Commercial real estate faces similar strains as higher interest rates have resulted in funding sources drying up, transactions slowing, and defaults rising,” the Fund said.

  • NDIC Boss Urges ICAN To Integrate Deposit Insurance System Courses

    NDIC Boss Urges ICAN To Integrate Deposit Insurance System Courses

    The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has called upon the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the Deposit Insurance System (DIS) into its educational programs and modules.

    Mr. Hassan made the call during a courtesy visit by the Governing Council Members of ICAN, led by the President of the Institute, Mr. Innocent Iweka Okwosa, to the Corporation’s Management in Abuja.

    Director, Communication & Public Affairs Department, Bashir A. Nuhu, in a statement Thursday in Abuja, quoted Mr. Hassan saying that including DIS courses within ICAN’s training programmes would enhance the understanding of DIS not only within the banking sector but also among professional accountants.

    He described it as critical to bridging the knowledge gap on the mandate and achievements of DIS, its critical role in protecting depositors and its contribution to financial system stability. He added that it would also address misconceptions of the benefits and limitations of the deposit insurance system.

    Mr. Hassan further stressed the significance of public awareness in maximizing the impact and reach of the deposit insurance system throughout the general public and the financial sector as a whole. He stated that given the novel nature of the scheme in Nigeria and globally, collaboration with ICAN and other stakeholders had become imperative to strengthen the effectiveness of the Corporation’s operations to fully implement its mandate.

    Mr. Bello Hassan congratulated Mr. Okwosa on his assumption of office as the 59th ICAN President. He encouraged him to ensure that chartered accountants uphold the Institute’s values of accuracy and integrity in all aspects of their work. He also reassured the Institute of the Corporation’s unwavering support and partnership in furthering the practice of accounting in the country. He also extended condolences to the Institute on the recent passing of the first chartered accountant in Nigeria, Mr. Akintola Williams who left a legacy of excellence and professionalism that has paved the way for the growth of the profession in Nigeria.

    Mr. Hassan commended ICAN’s commitment to maintaining zero tolerance for professional misconduct, asserting that this stance would continue to provide confidence to the Corporation and other stakeholders in relying on the work of accountants in fulfilling their mandates.

    In response, Mr. Innocent Iweka Okwosa praised the NDIC MD for his exemplary leadership and the professionalism he has instilled in the Corporation’s operations. He noted that under Mr. Hassan’s leadership, the Corporation has made substantial contributions to ensuring the safety and stability of the Nation’s financial system, a crucial element for the growth and prosperity of the Nigerian economy.

    The collaboration between NDIC and ICAN holds the promise of strengthening the knowledge base among accountants and financial professionals while fostering the growth and stability of Nigeria’s financial sector.