Speaking on the ‘Ounje Eko’ initiative, where food items are sold at discounted prices, the governor said, “We created 59 makeshift markets outside of the regular markets out of our 57 local government and local council development areas and made it Sunday-Sunday market.”
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Rivers: NSE holds two-day conference on Nigerian Content Act
…Says over $8bn business are up for grabs in Oil & Gas industry
Barth Ndubuwah, Port Harcourt
The Nigerian Society of Engineers (NSE) has opened a 2-day conference on Nigerian Content Act, in Port Harcourt, stressing that over $8billion business opportunities still exists in the Oil & Gas industry in Nigeria and are opened for grabs by the local companies in the Country.
This was stated Wednesday by the Chairman/CEO of Oilserv Nigerian Limited, Engr Emeka Okwuosa while delivering his keynote address at the event.
Represented by Engr Richie Nwobike, he stressed that over $8billion business opportunities exist in the Oil & Gas industry in Nigeria, courtesy of the Nigerian Content Act.
This, he said, are up for grabs, but dependent on the ability of the Nigerian companies to put their heads together and dig deep into the existing business opportunities.
The Keynote Speaker said his company, Oilserv is a testimony to the fact that the local companies in the Oil & Gas industry can make headway, taking advantage of the Nigerian Content Act.
He said prior to the passage of the Act, his company like every other firm in the Oil & Gas industry was struggling to survive, but noted that today the story is different.
According to Engr Okwuosa, Oilserv has successfully executed some mega projects in the Oil & Gas industry, hitherto preserved for the OICs, pointing out that the sky is the limit for other Nigerian companies that are ready to work hard.
He expressed happiness that over 95 per cent of the companies operating in the Oil & Gas industry today are indigenous companies and they are doing very well.
He said over 50,000 jobs have been generated by the local companies, thereby creating wealth for the economic growth of the country.
He however lamented that insecurity, funding, community relations and inflation rate in the Country have actually affected the performance of the local companies in the subsector.
Okwuosa said with good coordination and cooperation among industry players, such challenges can be surmounted.
Also speaking, the Chairman of the occasion and President of NSE, Engr Tasiu Saad Gidari-Wudil represented by his Vice, Engr (Mrs) Rose Madaki said that the Nigerian Content Act provides key elements for the Nigerian Oil & Gas industry to engender development in the subsector and Country at large.
He congratulated the Port Harcourt Branch of the NSE for putting the conference together, noting that the programme was meant to evaluate the Nigerian Content Act as regards the benefits of the indigenous companies.
X-raying the issues surrounding the Nigerian Content Act, were a 5-man panelists, comprising Dr Uche Maraizu, MD Palm Nectar Breweries Limited, Engr (Prof) Obi Onyekonwu, MD Laser Engineering and Engr Richie Nwobike.
Others were Engr Barry Esimone, FNSE and Engr Chibuzor Chibuoke who critically observed the ‘highs’ and ‘lows’ of the Nigerian Content Act, urging the Nigerian Content Monitoring Development Board (NCMDB) to up their game by protecting Nigerian companies in the Oil & Gas subsector to enable them have fair share of the existing opportunities in the industry.
In her goodwill message, Engr (Hon) Victoria Nyeche said people doubting the values of indigenous companies are afraid that their standards most times fail.
Engr Nyeche, former lawmaker at the Rivers State House of Assembly said she looks forward to a time when Nigerian values will be of uttermost standard.
She posited that the conference should not end as a talkshow, but should instead be used to harness the accruing benefits of the Nigerian Content Act to local companies in the country.
Earlier in his welcome address, the Port Harcourt Branch Chairman of the Nigerian Society of Engineers, Engr (Dr) Hachimenum Amadi had welcomed the participants to the two-day conference, expressing confidence that the resource persons will do justice to their assigned subject matters.
He charged the participants to make maximum use of the opportunity offered by the event.
Highlight of the event was the declaration of the exhibition mounted by Nigerian companies opened by the Special Guest of Honour and CEO GGI International Nig. Limited, Engr (Sir) Innocent Akuvue.
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Rep tasks military to use technology to tackle security challenge
The Chairman, House of Representatives Committee on Army, Rep. Abdullahi Mamudu, has urged the military to use modern technology to tackle security challenges facing the country.
Mamudu said this when he led members of the committee on an oversight visit at the Headquartres of the Joint Task Force (JTF) North East, Operation HADIN KAI (OPHK) in Maimalari Cantonment, Maiduguri on Thursday.
He lauded the military for the effort in securing the country, saying that it would have been difficult for Nigerians to go about their normal businesses without the military.
He said it was the National Assembly’s responsibility to provide budget that would enable the military carry out its constitutional duties.
He lauded the military personnel for their sacrifices, especially those who lost their lives in the course of duty.
Maj. Gen. Waidi Shaibu, the theatre commander, North East OPHK, lauded the committee said for the visit, describing it as timely.
Shuaibu said that the North East had been the nation’s focal point of battle against terrorism, saying that the OPHK was launched to address the challenge.
He added that OPHK had over the years discharged its duty of restoring law and order in the Northeast in line with the Chief of Army Staff’s philosophy.
“To transform the NA into a well-trained, equipped and highly motivated force toward achieving our constitutional responsibilities within a Joint environment.”
The commander added that OPHK had recorded successes lately, especially in the area of neutralising terrorists, capturing equipment and rescue of hostages.
He reiterated that the theatre was determined to end the insurgency, through reviewed strategies to address emerging security challenges.
News
Lagos workers now earn minimum of N70,000 since January – Sanwo-Olu
The Governor of Lagos State, Babajide Sanwo-Olu, has disclosed that workers have been enjoying an additional N35,000 wage allowance since January.
This is as he revealed the state government will soon roll out a new minimum wage scheme.
The governor stated that those who are currently earning a minimum wage of N35,000 or more now take home a salary of N70,000 or above since the beginning of the year.
“The civil servant and all public officers in Lagos know that since January, we have continued to pay the wage allowance of a minimum of N35,000 over and above what they were earning before.
“What this means is that people that are earning a minimum of N35,000 or more before are now earning over N70,00. That is what they have been enjoying since January.
“So it is important for people to know that we make these things very clear that this government has doubled up to ensure that at this difficult time, it has not left the citizens on their own,” Sanwo-Olu said at a state function on Thursday.
The governor while giving an update on the intervention the state embarked on to ameliorate the current economic hardship, said his administration will distribute food items to 500,000 households in the state through unions and local governments.
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AGF warns treasury managers against corruption, fraud
Mrs Oluwatoyin Madein, the Accountant General of the Federation (AGF) has advised treasury managers to guard against corruption, fraud and financial mismanagement by implementing strong internal control mechanisms.
Madein said this at the training programme organised by the Chartered Institute of Treasury Management (CITM) in Abuja on Thursday.
The AGF, who was represented by Alhaji Muhammed Aliyu, Director, Special Duty, said that there was a need to safeguard public funds and protect the interest of government and the public.
“We must remain watchful against the threats of corruption, fraud and financial mismanagement by implementing a strong internal control system and promoting a culture of compliance.”
This, according to her, is in a bid to achieve the virtues and behaviours necessary to curtail corruption in the polity.
She said: “training and professional development are essential in equipping the practitioners with the knowledge and skills necessary to conduct the activities of Treasury Management Ethically.”
“Let us seize this opportunity to expand our understanding of ethical principles and best practices, so as to strengthen our ability to serve the public well.”
She urged the participants to uphold the highest ethical standards in their work and actions as treasury professionals.
According to her, together, we shall strive to build a future where transparency, integrity and accountability will be the focus in management of public finances.
“As professionals, we must resist the temptation of personal interest or undue influence in our decision-making processes.
“We must always prioritise the public interest above all other interests, even in the face of unpleasant situations or pressure from the public.” she said.
She said ethical conduct in treasury management entailed an extremely large number of principles, which includes transparency, honesty, accountability, and fairness.
“We must adhere to these principles seriously, not only to maintain public trust but also to imbibe a culture of integrity and transparency within our organisations.”
She said that as custodian of public funds, treasury managers bear a tremendous responsibility to uphold the highest standards of ethics and integrity in our profession.
Also speaking, the Registrar, CITM, Mr Olumide Adedoyin, said to curtail financial crime, there must be deterrent, adding that enlightenment is also key.
“Once you create awareness, you must empower professional associations particularly associations like CITM, ANAN, ICAN, because where we are going is an evolving journey.
“And along the line, there are gaps that needed to be filled and that is why treasury management becomes important , if you don’t involve treasury management in your financial flow you are going to lose it”, he said.
He said that sound treasury management would help to safeguard the nation’s financial system by fortifying financial inflow and reducing corruption in the system.
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