Business
FG, devt partners commit $495m to irrigation projects — Osinbajo
Vice President Yemi Osinbajo says the Federal Government, in collaboration with International Development Association (IDA) and the World Bank, has committed $495 million to irrigation projects in Nigeria.
Osinbajo disclosed this on Friday while inaugurating the Kano River Irrigation Scheme (KRIS) in Zangon Buhari Local Government of Kano State.
The project, under the aegis of the Transforming Irrigation Management in Nigeria (TRIMING) Project and the Federal Ministry of Water Resources, is part of efforts aimed at addressing food insecurity in the country.
According to the Vice President, the counterpart funding from the Federal Government for irrigation project in the country is in the sum of 44 million dollars.
“I am delighted to be here at the official commissioning of the Kano River Irrigation Scheme which is a part of the Transforming Irrigation Management in Nigeria Project; an acclaimed success story of the Federal Government’s intervention in agriculture.
“Today’s occasion is a milestone in the implementation of the Transforming Irrigation Management in Nigeria Project.
“This project was conceived in 2012 as a product of collaboration with development partners and eventually advanced into an implementable programme in June 2014 when it was approved by the World Bank Board.
“As part of our determination to address poverty and food insecurity, the Federal Government is implementing this project in collaboration with the IDA, the support of the World Bank in the sum of $495 million and counterpart funding from the Federal Government in the sum of $44 million.”
Osinbajo said that the objective of TRIMING Project was to enhance the productivity of no fewer than 140,000 farmers within the four rehabilitated irrigation schemes in Northern Nigeria.
He listed the four schemes as Bakolori Irrigation Scheme in Zamfara state, Middle Rima Irrigation Scheme in Sokoto state, KRIS, and Hadejia Valley Irrigation Scheme in Jigawa State.
The vice president said that the project provided technical assistance for farmers at each irrigation scheme and facilitates strong forward and backward linkages along the value chains.
“The project is an innovative approach adopted by the Federal Government, which has opened access to life changing opportunities for the farming communities that are involved with the Project.
“The project also serves as a vehicle to effectively harness the potential of vast water resources infrastructure, some of which were built well over 40 years ago but largely remained either unutilised, or grossly underutilised.
“The main beneficiaries of the project include basin stakeholders, irrigation and drainage entities, water users’ associations, farmers, and rural dwellers in the Project areas.
“Through the direct infrastructure investments covering about 37,500 hectares across six states, concurrent activities in agriculture and on-farm water management in these areas, approximately 140,000 farm families with about one million people are directly benefiting.”
He said that the event was a clear demonstration of Federal Government’s commitment to transforming the conditions of Nigerians in the nation’s food basket.
Osinbajo said it entailed optimising Nigeria’s water resources in ways that would revolutionise the local agricultural economy and ultimately enhance the food security of the Nigerian people.
“The practical advantages of unshackling our farmers from the constraints of rain-fed farming and boosting their capacity for year-round farming cannot be understated.
“This is precisely what we are doing through this project.
“On the part of the beneficiary communities, we have seen that substantial infrastructure and other water distribution facilities have already been rehabilitated, modernised or even replaced.
“Through the years, these communities have suffered the frustration of poorly maintained water distribution facilities with the attendant losses that have ensued.
“It is my hope that we will now see these facilities as ours and embrace our collective responsibility of preserving them and ensuring their sustainability,” he said.
Earlier, in his welcome address, Minister of Water Resources, Suleiman Adamu, said the project was part of Federal Government’s interventions in collaboration with development partners, to enhance the food production drive of the country.
“In realisation of the government’s efforts to address the nation’s food security drive, transformative changes are required which brought about the need for the transformation of irrigation management,” he said.
In his goodwill message, Ganduje said that he event was historic because the Federal Government has added another development project to the people of Kano State.
“Kano State, being one the most populous states in the federation, there is no doubt that our immediate need cannot be more than food security.
“So, the inauguration of this irrigation scheme has no doubt help in increasing the socio-economic development of the state,” he said.
The highlight of the event was the unveiling of the plaque for the project by the vice president.
By Matthew Denis
The Securities and Exchange Commission (“the Commission”) has launched the revamped e-Dividend Mandate Management System (e-DMMS) Portal!
Investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website (www.sec.gov.ng/non-mandated) are advised to use the new self-service portal by clicking on “NIBSS Self Service” link on the page and follow the prompts
Alternatively, investors may use the link, https://docuhub3.nibss-plc.com.ng/edmms/self-service, or approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.
Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.
The News Agency of Nigeria (NAN) reports that the EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.
The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.
Besides, the company was under suspicion of alleged terrorism financing.
Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.
“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.
“We observed in doing that that Binance provides a trading platform where users trade virtual assets.
“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.
“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.
The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”
He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.
“Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.
“The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.
Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).
“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”
Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.
“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.
“This is done by quoting rates with offers to sell or buy at the quoted rate.
“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.
“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.
“Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.
“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.
“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”
Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.
Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.
Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.
“They have on the page, the address of the website in full which is Https://www.binance.com.
“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.
“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.
The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).
“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.
Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”
The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.
He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”
“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”
He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.
“So as I explained earlier, Binance maintains accounts and it needs revenue for its services
“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”
After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.
In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.
Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.
“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.”
“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.
The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.
Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects. We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”
It would be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.
To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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