Day: May 23, 2024

The Minister of State, Federal Capital (FCT), Dr Mariya Mahmoud, on Thursday, inaugurated a 7-man committee for 2024 FCT Hajj operations.

Mahmoud said during the inauguration in Abuja, that the committee would be chaired by her Senior Special Assistant on Administration and Strategy, Dr Abdullahi Kauranmata.

The News Agency of Nigeria (NAN) reports that the committee is expected to, among other things, ensure effective implementation of the FCT Hajj policies, programmes, and welfare, throughout the Hajj exercise.

The committee will specifically supervise and coordinate all FCT Hajj activities, from Nigeria to Saudi Arabia, until the return of the last flight back to Nigeria.

It will equally provide advice and guidance throughout the Hajj exercise, ensure all the officials perform their duties optimally, and maintain safety and security of the pilgrims.

It is also saddled with the responsibility of ensuring adherence to all the rules, new policies and programmes introduced by the Saudi Arabian authorities
for the 2024 Hajj operations.

The committee is expected to submit a report and recommendations that will contribute to the success of the 2024 Hajj exercise.

The minister said that the FCT contingents were among the first three states that were transported to Saudi Arabia for the 2024 Hajj exercise.

She commended the FCT Minister, Mr Nyesom Wike, for the support given to the FCT Muslim Pilgrims’ Welfare Board particularly, in ensuring decent accommodation and other welfare issues.

She also commended the Board for the job done so far, assuring the pilgrims of a smooth exercise.

She expressed confidence in the ability of the committee to succeed in its assignment, saying ‘I have a feeling that FCT will be the best’.

Responding, Kauranmata, thanked the FCT Administration for the confidence reposed in the committee.

‘I want to, on behalf of all of you, inform and assure her Excellency that the 2024 Hajj operation will be a successful, Inshallah.

‘We will do all that is necessary to ensure that we deliver
on the mandate given to us. I am particularly happy, looking at the calibre of people in the team.

‘These are people who have participated in different assignments, including Hajj operations,’ he said.

Source: News Agency of Nigeria

Mr Daniel Akeju, an advisor and treasury manager, has faulted the Central Bank of Nigeria’s (CBN) recent increase in the Monetary Policy Rate (MPR) in an attempt to curb inflation and stabilise the economy.

Akeju, a member of the Chartered Institute of Treasury Management (CITM), made his position known while speaking with newsmen in Abuja on Thursday.

The MPR is the interest rate at which the CBN lends to commercial banks.

The News Agency of Nigeria (NAN) recalls that CBN had increased MPR by 400 basis points to 22.75 per cent from 18.75 per cent in February 2024.

It was increased by 200 basis points to 24.75 per cent in March and currently by 150 basis points to 26.75 per cent in May.

Akeju said that the challenges facing Nigeria’s economy required more than a simplistic approach of raising the MPR.

He noted that while controlling inflation was crucial, it must be done in tandem with measures that would address the root causes of economic instability.

He said that a balanced, holistic strategy that w
ould combine supply-side interventions, enhanced security, economic diversification, and social safety nets would be more effective.

This, according to him, is in terms of stabilising prices, improving food availability, reducing terrorism, and alleviating poverty.

‘By adopting these comprehensive measures, Nigeria can build a resilient economy that provides prosperity and security for all its citizens. The time for such a transformative approach is now’, he said.

He said that the strategy of having to consistently increase the MPR was counterproductive, as evident in the continuous rise in prices, food scarcity, escalating terrorism, and growing poverty rates.

‘The disconnect between the intended outcomes of these monetary policies and the harsh realities faced by Nigerians necessitates a critical reassessment of the CBN’s approach’, he said.

He stated that raising the MPR is typically aimed at controlling inflation by making borrowing more expensive, thereby reducing spending and slowing down price in
creases.

He however stated that, in Nigeria’s context, the policy had not yielded the desired results.

The reasons, he said include cost-push Inflation, largely driven by supply-side factors, including high costs of production and distribution fuelled by insecurity and infrastructural deficits, limited access to credit

Others include: Imported Inflation, government borrowing among others.

He urged the CBN to focus more on agriculture intervention; enhanced security; industrialisation; monetary and fiscal coordination and targeted social programmes

He added that the persistent hike in MPR has had severe socioeconomic repercussions, such as rising food prices, increased poverty, escalating terrorism, social safety nets among others.

Source: News Agency of Nigeria

Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says 120km roads across the six Area Councils of the capital will be completed and inaugurated before December.

Wike stated this in Abuja on Thursday, during the Ministerial Sectoral Update on the performance of Tinubu’s administration in the last one year.

He said, ‘As I speak to you today, before December this year, we are going to commission not less than 120 kilometres of road in the six Area Councils of the FCT.

Wike described the feat as simply taking governance to the doorsteps of the people, particularly those in rural areas.

He added that taking governance to the people was also a demonstration of good governance in line with the ‘Renewed Hope’ agenda of President Bola Tinubu.

‘People say government, what is government when people don’t have impact?

‘People only hear about the government on radio, people only hear about the government on television.

‘Now they are seeing the government and saying oh! You mean this is what governme
nt is all about?

‘The government can come to our areas, speak to us, ask us of our problems and the government tells us that we are going to this, and they are doing it?

‘That is what is called government,’ he said.

The minister said that the government goes beyond merely announcing the minister of FCT on radio when the people do not know him.

He said that to address such, he had visited all the area councils, sat with the community people, and asked them about their challenges for the government to address.

‘This is the first time a minister can go to the Area Councils and sit down with the people, talk to them, and let them know what the government is doing,’ he said.

Source: News Agency of Nigeria

The Emir of Kano, Alhaji Aminu Ado-Bayero, has described the Awujale of Ijebuland, Oba Sikiru Adetona, as a ruler with a difference and a leader to be emulated.

Bayero, who stated this during a courtesy visit to the Awujale in his palace in Ijebu Ode on Wednesday, said the visit was to felicitate the first class traditional ruler on his 90th birthday and 64th year on the throne.

He noted that the experience he had tapped from Awujale’s words of wisdom would leave with him for the rest of his life.

The emir said it was important to continue to strengthen the cordial relationship that had existed for several years between the Awujale and his father and late Emir of Kano, Alhaji Ado Bayero.

‘Awujale is someone who has been at par with my forefathers for 64 years and I’m privileged to still have people like him around at 90.

‘He is a real gem who is a close associate of my late father and that is why I call him my father as well.

‘So coming here to greet him and get his blessings is something I will appreci
ate till the end of my life. It is a good experience for me,’ he said.

Ado-Bayero noted that the traditional institution before and after the colonial era had remained constant.

‘It is an institution that has remained constant; the changes may be there but the values and traditions are kept that whoever comes in will just tune in to and it is perfect for us.

‘When I became the emir of Kano about four years ago, I went round virtually all the states of the federation. This visit is a continuation of what I’ve been doing but it is very special.

‘I am happy in my lifetime and during my reign that I’m here, and the experience I’ve tapped from him (Awujale) today is one that will live forever with me.

‘Kano and Ijebu, I look at them like twins as far as I am concerned, especially in terms of commercial activities.

‘We all know Ijebu very well; Kano is a carbon copy of Ijebu or I will say Ijebu is a carbon copy of Kano.

‘The truth is we both have a lot of things in common in terms of culture, tradition and
commercial activities,’ he said.

Responding, the Awujale recalled the cordial relationship between him and the late father of the emir, Alhaji Ado Bayero.

He appreciated the visit by the emir and called on Nigerians to continue to live in unity and harmony.

Speaking at the occasion, Gov. Dapo Abiodun said the royal visit would, no doubt, further strengthen the existing bond of unity and mutual respect across the diverse ethnic groups in the country.

Abiodun, represented by Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ganiyu Hamzat, described Awujale as ‘a loving royal father of high repute’.

Source: News Agency of Nigeria

Mr Nyesom Wike, Minister of the Federal Capital Territory (FCT), has pledged the commitment of the FCT Administration to end harassment of motorists by touts in the name of revenue collection.

Wike gave the assurance in Abuja on Thursday, during the Ministerial Sectoral briefing on the performance of President Bola Tinubu’s administration in the last one year.

He said that the FCT Administration had reached an agreement with all the Area Council Chairmen to empower FCT Internal Revenue Service to collect all revenues.

He explained that after the collection, the area councils would be given their share, stressing ‘that is the only way we can have decency in revenue collection in the territory.

‘That way, we will reduce touting, harassment and double taxation. After all, the law allows the area councils to take 10 per cent of FCT IGR.

‘One of the things in a city is that, everybody wants to survive. So, you find some of these elements from time to time.

‘But bear it in mind that, it is part of our respons
ibility. We are going to rid them off, but it cannot be done immediately,’ the minister said.

The News Agency of Nigeria (NAN) reports that motorists in the FCT were being harassed by touts who claimed to be working for a ministerial taskforce against illegal parking.

Others claimed to be revenue collectors from AMAC.

The touts usually force themselves into private vehicles and forcefully remove the car keys from ignition in the name of illegal parking or other purported infractions.

Source: News Agency of Nigeria

The Chairman, Board of Directors, Nestle Nigeria Plc, Mr Gbenga Oyebode, on Wednesday, expressed optimism for a turnaround in the company’s business operation in the ongoing year.

Oyebode gave the assurance at the 55th Annual General Meeting (AGM) held in Lagos.

He said the company would strategically focus on fostering innovation to deliver affordable nutrition to its loyal customers as it progresses through the year 2024.

The chairman stated that Nestle would also commit to achieving operational excellence and nurturing strong relationships with its valued customers and stakeholders.

‘We will therefore sustain investments in our operations, enhance the capacity of our teams and implement initiatives that address social and environmental problems, promote nutrition, and support local communities to create shared value,’ he said.

According to him, in the year 2023, Nestle’s revenue increased by N100 billion to N5471.1 billion, from N446.8 billion posted in the year 2022, indicating 22.4 per cent growth.

O
yebode said the company’s gross profit also increased by 39.4 per cent in the year 2023 to N217.1 billion, from N155.8 billion recorded in the previous year.

He revealed that the firm’s operating profit in the year under review increased by 41.5 per cent to N122.7 billion, from N86.87 billion posted previously.

The chairman further said that the company, however, recorded a loss for the year under review.

According to him, Nestle’s post-tax profit for the year 2023 stood at a loss of N79.4 billion, indicating 62.4 per cent decline, compared to a profit of N48.9 billion posted in the year 2022.

Oyebode noted that the macro-economic headwinds in the year 2023 were unprecedented with the impact of cash scarcity in the first quarter of the year and the removal of the fuel subsidy in the second quarter.

‘In 2023, we found opportunities for expansion and innovation to create impact at scale.

‘We ensured the availability and accessibility of the nutritious food and beverages families across Nigeria choose, thr
ough responsible local sourcing and production.

‘We witnessed changes in consumer preferences, market dynamics, fiscal and monetary policies, as well as the regulatory landscape.

‘The year thus presented us an opportunity to demonstrate our resilience as market leader by remaining true to our core values and

adapting our strategies to ensure sustained growth as the environment became increasingly challenging,’ he said.

Oyebode appreciated the shareholders and employees of the company for their unwavering support for the firm.

He also lauded the company’s management team for showing leadership and taking timely and effective measures in response to the unstable market realities.

Reacting on the plan, Chief Timothy Adeshiyan, Patron, Nigeria Shareholders Solidarity Association, said that the firm’s overall performance was outstanding despite the loss recorded in its financials.

Adeshiyan noted that the company’s bottom line was affected by the country’s economic downturn in the year 2023, while expressin
g hope for improvement in the ongoing year.

Mr Okezie Boniface, National Coordinator, Progressive Shareholders Association of Nigeria, lauded Nestle for being able to grow its balance sheet, despite the loss recorded.

Boniface said that the perfomance of Nestle for the outgone year was not unusual, as most manufacturing companies were affected by the high cost of doing business and the foreign exchange rate of the country.

Meanwhile, the company declared no dividend for its shareholders as a result of the loss it recorded in the year under review.

The shareholders also elected Ms Maryam Mohammed and re-elected Mr Mauricio Alarcon as directors of the company.

They also approved N62 million each as annual fees for the Chairman of its Board of Directors and three other Non-Executive Directors for the financial year ending Dec. 31, 2024.

Source: News Agency of Nigeria