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N7.6bn CBN Loan: Makinde Set to Begin Work On Akufo, Eruwa Farm Estate Projects

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Oyo State governor, Engr. Seyi Makinde on Wednesday said with the signing into law of the Oyo State Agribusiness Development Agency bill, ( OYSADA) work would soon begin on the Farm Estates at Eruwa and Akufo respectively.

The governor disclosed this during the signing ceremony  of  OYSADA bill  which took place at the Government House, Agodi, Ibadan, the state capital.

He emphasized that the signing of the Agency bill into law would allow the Agency, which is based in Saki, to start work fully and to kickstart the operation of the Farm Estates’ projects in Eruwa in Ibarapa axis and Akufo, Ibadan.

The Oyo State House of Assembly had earlier approved the request of Governor Seyi Makinde to access N7.6 billion agricultural loan from the Central Bank of Nigeria (CBN.) around October 2019.

Meanwhile, the governor had requested to access the loan to develop Akufo and Eruwa farm settlements into farm estates in the state.

Speaking further at the event, Governor Makinde said: “I have just signed the law to make provision for the establishment, composition and powers of the Oyo State Agribusiness Agency and every other matters connected therewith.

“Agribusiness is one of the cardinal programmes of this administration and what we have done today is to give a legal backing to Oyo State Agribusiness Development Agency.

“With the signing into law of the Agency bill, they are now free to start business as OYSADA. They will be based in Saki and they will be starting the first two projects as soon as possible. The first is the Farm Estate at Eruwa and the second is the farm estate at Akufo. So, I thank you for coming to witness this signing ceremony”.

In a statement signed by the governor’s media aide, Taiwo Adisa,  Makinde  informed that the state government decided to sign off on the bill at this critical time in readiness for the expected boom in its economy through the derivable benefits from agribusiness initiatives.

Giving further insights into the advantages the state stands to gain from the Agency, the governor said: “The agency aims to develop the strategy, coordinate, and implement Agribusiness Investments and projects in the State through public, private and development partnerships.

“It will also enhance the optimisation of agro-food value chain business within Oyo state through an agricultural ecosystem that strengthens productivity, value chain growth and the processing and packaging of agro-based production.

“The Agency will support the State’s economic growth through engagement in domestic trade in agro-food by import substitution and exportation of nutritious processed and package agro-based products.

“Another benefit derivable from the Agency is that it will promote engagement of youth in agriculture through the development of agribusiness enterprises from downstream, midstream to the upstream of the agricultural sector.”

 

 

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FG Lifts Five-Year Ban on Mining in Zamfara, Eyes Economic Boost

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The Federal Government has officially lifted the five-year ban on mining activities in Zamfara State, citing improved security and the potential for economic growth in the mineral-rich region.

The announcement was made on Sunday by the Minister of Solid Minerals Development, Dele Alake, through his representative, Segun Tomori, during a press briefing in Abuja.

“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state,” the minister said in a statement.

Security Gains and Economic Promise

The ban, imposed in 2019 due to escalating insecurity and illegal mining, was described by Alake as a necessary but temporary measure to protect lives and resources. However, he noted that the ban inadvertently created a vacuum exploited by illegal miners, leading to resource plundering.

Alake praised recent security advancements under the Tinubu administration, highlighting the neutralization of notorious bandit commanders and other strategic wins, including the capture of Halilu Sububu, one of the state’s most wanted criminals.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity,” Alake said.

He added that with the restoration of mining activities, Zamfara’s mineral wealth—ranging from gold and lithium to copper—could now be harnessed under strict regulation to contribute significantly to national revenue.

Boosting Regulation and Combating Illegal Mining

The minister emphasized that lifting the ban would pave the way for better regulation and monitoring of mining activities. This, he said, would enable authorities to tackle illegal mining more effectively and ensure Nigeria benefits fully from Zamfara’s mineral resources.

“By reopening this sector, we are prioritizing not only revenue generation but also intelligence gathering to curb illegal mining,” he said.

Addressing Controversies

Alake also addressed concerns surrounding Nigeria’s recent Memorandum of Understanding (MOU) with France, which had sparked controversy. He clarified that the agreement focused solely on capacity building and technical support for the mining sector.

“The high point of the MOU is on training and capacity building for our mining professionals. Similar agreements have been signed with Germany and Australia. Misinformation about ceding control over our mineral resources is uncalled for,” Alake said.

Press as Partners in Progress

Commending the media for their role in promoting reforms in the mining sector, Alake urged continued collaboration to drive transparency and attract foreign investments.

 

 

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NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational

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The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.

In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”

The facility resumed operations two months ago after years of inactivity.

“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.

He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.

The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.

Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.

The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.

 

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Bank Robberies Now History in Lagos Since 2014 – IGP

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The Inspector General of Police, Kayode Egbetokun, has declared that the era of armed and bank robberies in Lagos State is a thing of the past, attributing the success to the collaborative efforts between the police and the state government.

Egbetokun made this statement on Thursday during the 18th Annual Town Hall Meeting on Security organized by the Lagos State Security Trust Fund (LSSTF). He noted that since 2007, only one bank robbery had been successfully executed in the state, which occurred in 2014.

“There was a time when armed robbery and bank robbery were common in Lagos. However, I can confidently say that since 2007, only one bank robbery succeeded, and that was as far back as 2014. The days of armed robbery and bank robbery are gone,” he said.

The IGP commended the Lagos State Government for its consistent support, emphasizing the critical role it has played in maintaining security in the bustling economic hub of the nation. He highlighted the challenges posed by the state’s continuous internal migration, with thousands of people moving into Lagos daily, creating additional security demands.

“What we are doing here today is the usual assistance the state government has been giving to the police. Without this, we would have been overwhelmed with insecurity in Lagos State,” Egbetokun added.

At the event, Governor Babajide Sanwo-Olu further demonstrated his administration’s commitment to security by donating over 250 brand-new patrol vehicles, along with hardware, communication gadgets, and protective gear to the police.

In his address, Sanwo-Olu outlined the government’s efforts to scale up the use of technology and data for improved security and traffic monitoring. He revealed plans to deploy drone technology for surveillance of waterways and densely populated areas.

“The EGIS component of our mapping and digitalization has almost been completed. Lagos is now properly mapped, and drone technology will be deployed to enhance monitoring, crowd management, and traffic assessment. This will ensure real-time responses to incidents,” the governor explained.

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