News
South West Governors Formally Admit Lagos Into O’dua Investment Group
The six Governors of south west region under the auspices of the Western Nigerian Governors Forum on Wednesday formally admitted Lagos State into the O’dua Investment Group with a total of 115million shares thus growing the share equity of the company to 690million.
The Governors – Akinwunmi Ambode (Lagos), Rauf Aregbesola (Osun), Abiola Ajimobi (Oyo), Rotimi Akeredolu (Ondo) and Ibikunle Amosun (Ogun), in a communiqué issued at the end of a two-day quarterly meeting held at Lagos House in Alausa, Ikeja, also ratified a document allowing Lagos to acquire land in their respective states for massive rice cultivation and production.
Specifically, all the Governors resolved to embark on a Rice Accelerated Program for Integrated Development (Western RAPID) to further consolidate actions on food security and job creation in the region, while a Regional Agriculture Summit to be sponsored by Lagos State, was agreed to be held in Ibadan in May 2018.
The forum, which is being coordinated through the Development Agenda for Western Nigeria (DAWN) Commission, also signified interest in the concession of the Murtala Muhammed International Airport.
Reading the communiqué to journalists, Director General of DAWN Commission, Mr Oluseye Oyeleye said: “The States of the Region as a bloc will be monitoring the process for the Murtala Muhammed International Airport Concession into a world class infrastructure.”
He said the Governors also resolved that DAWN Commission, Focal Representatives and Agriculture Commissioners of the region would hold a technical session with Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) and develop a state by state roadmap in four weeks before the Regional Agriculture Summit scheduled for May 2018.
It was also agreed that DAWN Commission should work on reviving Regional Inter-School Football Competition, and as well conduct a study on the successes in Education in Ekiti State for peer learning/adoption among the Western Nigeria states.
Also, the Governors directed the DAWN Commission and the Focal representatives to structure a programme on the Omoluabi Ethos of the Yoruba people.
However, Ogun State Deputy Governor, Mrs Yetunde Onanuga, who represented Governor Amosu, raised some reservations about the land deal, saying that the State Government on account of previous issues with Lagos on the similar subject matter would be refraining from releasing land to the State until the said issues were resolved.
Nonetheless, Onanuga said: “We will be prepared to sign this memorandum later when some of these issues are straightened out.”
When asked by journalists on way out of the issues raised by Ogun State, Governor Ambode said he was optimistic that all the States would join in the effort to ensure food security and create jobs for the people.
He said: “What has happened is that we wanted to expand the agric output of our rice mill and in doing so, we decided that all the south west States should be able to cultivate rice and supply paddy to the proposed rice mill that is coming up in Imota in Lagos.
“So, what we have done is that four other States have agreed to sign the Memorandum of Understanding which they have actually done today and so what is happening between Lagos and Ogun is that there were some minor issues that were outstanding before and based on that they could not sign today but you could also hear that they are committed to signing when those issues are resolved.
“We are having a 32-ton per hour rice mill in Imota and we are going to require 32,000 hectares of paddy cultivation which even the whole of the south west cannot even provide but because we are interested in integration and also independence, it is important that beyond going to Kebbi or Kano, all the south western states should also benefit from it and the idea is that we are trying to procure land there but we will also use the people and the farmers in the respective states to cultivate the land and by so doing we have created employment in those States and we will be off-takers to the paddies that they are producing and so I am able to buy it and also use it for my own rice mill and then sell it in Lagos and so I create employment across the region and at the same time put money into the pocket of our people,” Governor Ambode said.
Earlier, Governor Aregbesola described the incorporation of Lagos State into the economic framework of the south west region as historic and long coming since 1948, adding that the development would strengthen the O’dua Investment Group and drive the development of the region.
SIGNED
HABIB ARUNA
CHIEF PRESS SECRETARY
MARCH 28, 2018
https://iso.keq.mybluehost.me/oyo-offers-free-tb-treatment-for-residents/
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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