Connect with us

News

Reps ask Umahi, AGF to submit Lagos-Calaber Coastal highway credit instruments

Published

on

The House of Representatives on Thursday, called on the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, the Minister of Finance, Wale Edun, and his works counterpart, David Umahi to transmit all guarantees and credit enhancement instruments for the Lagos-Calabar Coastal Highway for approval.

The resolution of the House followed the adoption of a motion of urgent public importance moved on the floor on Thursday during plenary by the member representing Gwer East/Gwer West Federal Constituency, Benue State, Mr. Austin Achado.

Recall that the 700km highway, awarded at a cost of N4bn per kilometre will cost the nation a total of N15 trn.

When completed, the highway is expected to connect Lagos to Cross River State, passing through Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom states.

Moving the motion, Achado, a chieftain of the All Progressives Congress said the house is “disturbed that the contingent liabilities accruing to the Federal Government of Nigeria on this project violate the Debt Management Office (Establishment) Act of 2023, as Section 22(3) states that the minister shall not guarantee an external loan unless the terms and conditions of the loan shall have been laid before the National Assembly and approved by its resolution. The guarantees issued to cover the debt financing component of this project do not have the approval of this National Assembly.”

The lawmaker added, “The Federal Ministry of Works has executed an engineering procurement construction finance contract, in favor of Hitech Construction Company Nigeria Limited, for the delivery of the 700km Lagos to Calabar coastal road and rail project estimated at a rate of N4.33bn per kilometre, using reinforced concrete technology for a carriage width of 59.7metres, to include 10 lanes, shoulders and rail with additional designs of service ducts, street lights, drainages and shore protection.”

He noted that the project  has the prospect of providing easy access for the movement of goods and services across the nation, and has a financing structure, as announced by the Minister of Works, “Which requires the Federal Government to provide 15 percent to 30 percent co-financing, while the private sector counterpart will provide the balance, and toll the road when completed for a minimum period of 15 years, to ensure full recovery of all debts and equity applied for the delivery of the project.”

Regrettably, Achado maintained that the procurement strategy of the project may have violated the Public Procurement Act 2007, Section 40(2) which requires that where a procuring authority adopts to use restrictive tendering approach.

“It should be on the basis that the said goods and services are available only from a limited number of suppliers and contractors and as such, tenders shall be invited from all such contractors who can provide such goods and services,”  he said

Similarly, the lawmaker argued that the procurement strategy adopted by the Federal Ministry of Works for the award of the contract violates the Infrastructure Concession and Regulatory Commission Act 2905, as Section 4 of the Act outlines that, “all approved infrastructure projects and contracts for financing, construction and maintenance must be advertised for open competitive public bid, in at least three national dailies,” adding that Section 5 of the Act further clarifies that “Any direct negotiations with only one contractor could be allowed, only after exhausting the provisions of Section 4.”

He further raised an alarm of a possible creation of contingent liabilities for Nigeria because while promoting the project, the Ministry of Works provided a rate per kilometre for the planned works but failed to provide the private partners’ financing sources, structure, and competitiveness.

Following the adoption of the motion, the House called on, “The Honourable Minister of Works, the Honourable Minister of Finance and the Attorney-General of the Federation and Minister of Justice to ensure that all guarantees and credit enhancement instruments for the Lagos-Calabar Coastal Road Project are sent to the National Assembly for approval.”

It further resolved to set up an ad-hoc committee to investigate the procurement process of the contract for the Lagos-Calabar Coastal Highway project and report to the House within four weeks.

News

Navy warns Nigerians against recruitment fraudsters

Published

on

The Nigerian Navy has warned the public to beware of scammers impersonating the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, on Facebook and other social media platforms.

The Director of Naval Information, Commodore Aiwuyor Adams-Aliu, stated this in a statement on Thursday in Abuja.

Adams-Aliu said that Vice Admiral Ogallah did not have a Facebook account, warning that any account found in his name should be treated as fake and be reported via Meta mechanism.

According to him, also worrisome are the activities of fraudulent individuals exploiting unsuspecting citizens seeking recruitment into the Nigerian Navy.

He said that investigations revealed certain individuals seized the opportunity provided by the Nigerian Navy recruitment to dupe unsuspecting citizens by collecting huge sums of money from them.

“A notable case is that of Mrs Grace Elijah, who was arrested at the Landmark Hotel at Trailer Park in Eleme Local Government Area of Rivers on May 9 for alleged involvement in enlistment fraud.

“Mrs Grace Elijah is a member of a syndicate that collected the sum of N1.4 million from 13 civilians with a promise to facilitate their participation in the recently concluded Direct Short Service Commission (DSSC) 29 Selection Board Exercise.

Disclosing that Elijah and other suspects have been handed over to the Nigeria Police for prosecution, he added: “The public is also to note that authentic recruitment/enlistment processes by the NN are conducted through official channels and are well-publicised through reputable media platforms, including the official website of the Nigerian Navy” (www.navy.mil.ng).

“For emphasis, please note that recruitment/enlistment into the NN is completely free and the Navy will never ask any candidate to make any form of monetary payment throughout the entire process.”

Continue Reading

News

Sanusi reinstated as Emir of Kano four years after deposition

Published

on

Muhammadu Sanusi II, deposed as the Emir of Kano four years ago, has been reinstated to the throne by Governor Abba Yusuf.

Yusuf announced the decision on Thursday after signing the Kano State Emirate Council (Repeal) Bill 2024 into law.

“With the full support of the kingmakers, I have approved the reappointment of Malam Sanusi Lamido,” Abba said.

The new law replaces the Kano State Emirates Council Law, 2019, and dissolves the emirate councils created by former Governor Abdullahi Ganduje.

By the law, Ganduje had created the emirates of  Karaye, Bichi, Rano, and Gaya, in addition to Kano in December 2019.

The former governor had also dethroned  Sanusi II after a long-running dispute in March 2020.

Earlier on Thursday, the state assembly had passed the repeal into law during plenary .

The Deputy Speaker, Muhammad Butu, explained that repealing the law would revive the lost glory of Kano as the division of Kano emirate to five reduced the capacity and dignity of the state at the national level.

“This bill in its entirety has abrogated the establishment of the five new Emirates in the state and reverted to the former status of a single Emir in Kano which we inherited since the Jihad of Shehu Usman Dan Fodio,” said Majority Leader Lawal Hussaini Chediyar Yan Gurasa after the repeal was passed on Thursday.

“The abolished Emirates did nothing but create division among the indigenes of Kano. The unity which was visible for thousands of years in Kano was divided. We are now reverting to our old historical background; one Kano, one people, one Emir,” Yan Gurasa stated.

Continue Reading

News

FX inflow in Nigeria surges by 136% in Q1 2024 – CBN

Published

on

The Central Bank of Nigeria has said FX inflows into the country surged by 136 per cent in the first quarter of 2024 compared to last year.

CBN governor Olayemi Cardoso, represented by Blaise Ijebor, director of Risk at the apex bank, disclosed this recently at the 8th edition of the Vanguard Economic Summit.

He stressed that the country witnessed a spike in foreign investment portfolio inflows in Q1 2024.

“In Q1, we saw a massive spike in inflows. The FX flows into the country in the first quarter of 2024 were 136 per cent of our total inflows in 2023.”

Data from the FMDQ website showed that the total foreign portfolio inflow for Q1 2024 (N93.37 billion) was more than quintuple for Q1 2023 (N18.12 billion).

The development comes as foreign exchange inflows into Nigeria surged to a five-year high in March, and investor confidence improved due to the central bank’s reforms.

Meanwhile, foreign investment portfolio outflow also surged during the period under review.

 

 

Continue Reading

Trending