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Tinubu Unveils $10bn Strategy For Naira Stability

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President Bola Ahmed Tinubu has unveiled a significant economic strategy, revealing the Federal Government’s plan to secure a minimum of $10 billion.

According to the president, the fund infusion aims to boost foreign exchange liquidity, providing stability to the Naira and fostering economic growth.

Tinubu made this announcement during the inauguration of the Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI) on Tuesday.

Under the theme “Championing Nigeria’s Economic Prosperity,” the conference featured Vice President Kashim Shettima representing President Bola Ahmed Tinubu.

Tinubu outlined the administration’s ambitious agenda to generate millions of jobs by unlocking the value of Nigeria’s extensive public assets.

The goal is to optimize and double the country’s Gross Domestic Product (GDP). Tinubu emphasized the crucial importance of identifying, consolidating, and maximizing returns on government-owned assets valued in trillions of Naira.

“The Federal Government set a goal to raise at least 10 billion dollars in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.

“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

Tinubu highlighted the longstanding challenges of mismanagement and underutilization that have afflicted Nigeria’s assets both domestically and internationally, resulting in substantial revenue losses and impeding economic growth.

The President provided assurance that the recently restructured Ministry of Finance Incorporated, tasked with acting as the custodian and active manager of these assets, will now assume a central role in addressing these issues.

Emphasizing transparency and accountability as foundational principles, Tinubu expressed his belief that enhanced corporate governance, innovative partnerships, and the attraction of alternative investment capital would substantially boost returns.

He envisions that these improved returns will be directed towards crucial funding for education, healthcare, housing, power, roads, and other vital areas, aiming to uplift millions out of poverty.

Tinubu further highlighted the goal of stimulating sustainable economic development and job creation for the youth.

He emphasized that through efficient management of public resources, the government aspired to construct a more equitable society and unleash the full potential of its citizens.

Tinubu urged all stakeholders, including ministries, development financial institutions, and both public and private sector entities, to collaborate with MOFI in optimizing strategic assets.

He expressed optimism that this collective effort would unlock Nigeria’s full potential, paving the way for a brighter future for all citizens.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged that President Bola Ahmed Tinubu is attuned to the challenges posed by the administration’s reform programs and is implementing suitable mechanisms to address them.

Edun disclosed the release of 42,000 metric tons of assorted grains, with an additional 60,000 metric tons to follow soon.

These measures aim to curb inflation and lower food prices in the upcoming months nationwide. He urged MOFI’s management and board to establish a dedicated revenue stream for the national budget.

As part of its renewed mandate to bolster the Federal Government’s fiscal stability, MOFI, according to Wale Edun, is releasing 42,000 metric tons of assorted grains with an additional 60,000 metric tons to follow.

In a proactive move to manage assets more actively, Dr. Shamsudeen Usman, the Chairman of the MOFI Board, encouraged asset operators to view MOFI as partners rather than competitors or regulators.

He emphasized the commitment of the new management to high-level corporate governance and revealed the integration of a non-conflict of interest policy to prevent practices that could undermine professionalism among staff members.

MOFI’s Chief Executive Officer, Dr. Armstrong Takang, revealed the initiation of a N100 billion Project Preparation Fund as a key component of its renewed mandate to uphold professionalism in public asset management.

Takang expressed the company’s commitment to revitalizing public assets, aiming to reinstate investor confidence in both their operations and management.

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NCDMB’s Exec Sec, Ogbe Bags NSE’s Fellowship

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe was on Wednesday inducted into the Fellowship of the Nigerian Society of Engineers (NSE).

Biztellers reports that the investiture was performed by the President/Chair-in-Council of the NSE, Engr. Margaret Aina Oguntala, FNSE at a ceremony in Abuja.

Oguntala congratulated the 63 new inductees and urged them to uphold the values of their new position in their field of engineering. She highlighted that engineers have been at the forefront of driving progress and development across various sectors of the economy, notably in the oil and gas industry.

She particularly lauded the ES of NCDMB for his excellent leadership and expertise through the strategic development of local content and in-country value retention, which is a testament to his brilliance in the field of engineering.

Oguntala also applauded the strategic partnership between the NSE, the NCDMB and other stakeholders in the oil and gas industry.

Similarly, the chairman Board of Fellows/College of Fellows, Engr. Kamila Maliki, FNSE, commended the new inductees for their resilience, dedication, and contribution to the field of engineering.

He added that it was not a small feat to be chosen for the investiture due to the rigorous and thorough nature of the selection process.

The ES later was joined by the Managing Director of Setraco Nigeria Limited, Engr. Ziad Mouannes and Senator Patrick Ndubueze for the unveiling of the very first edition of the 2024 NSE Quarterly Magazine.

Some senior officials of the Board who accompanied the ES to the event included the Director, Monitoring and Evaluation, Abdulmalik Halilu, Director, Project Certification and Authorization, Engr. Abayomi Bamidele, and the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile, Esq.

Before he was appointed the ES of NCDMB, Engr. Ogbe had nearly 30 years top-level career in the field of engineering in the employment of Chevron Nigeria Limited (CNL), before retiring voluntarily to set up his private firm.

His last position at Chevron Nigeria was Construction Services Group Superintendent, and he oversaw 200 personnel, including Nigerian nationals and expatriates.

Other notable positions he held at the company included Offshore Projects Manager, Construction Manager (Lagos, Escravos -Warri), Construction Engineer (San Ramon) in California, United States of America.

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Soldiers Shut Down Banex Plaza After Clash With Traders [Video]

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On Saturday evening, armed soldiers shut down the popular Banex Plaza in the Wuse 2 district of Abuja after a clash between traders and three soldiers over a phone sale dispute.

According to eyewitness Okechukwu Daniel, the incident began on Saturday afternoon when a young military man returned to a phone shop, claiming a phone he bought about a month ago was faulty.

Daniel, also a trader at Banex Plaza, stated that the seller refused to accept the phone back due to the lengthy period that had passed since the sale.

He said “When the phone seller refused to collect the phone back, the young guy threatened him that he will shut down his shop for refusing to collect the phone, and the seller told him to do his worse.

“That was when he got angry and went to one of the barracks close by and brought two soldiers to come and harass the phone seller for him to collect the phone back.

“When the two soldiers got to the phone shop to threaten the seller, he still refused to collect the phone. The soldiers got angry and wanted to use force on him, that was when other traders came to the rescue of the phone seller and beat up the two soldiers.”

Daniel added that after the soldiers were assaulted, they went back to the barracks to gather reinforcements.

When they returned to Banex Plaza to confront the phone seller and other traders, the traders had already fled from their shops.

He added “When over 50 soldiers who were visibly angry got to the plaza, they could not find the traders that beat up their colleagues, so they decided to shut down the plaza by asking everyone to leave. Anyone found around the plaza was asked to do frog jump and other punishment,”

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EFCC Returns $22k Recovered From Fraudster To FBI

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The Economic and Financial Crimes Commission (EFCC) has confirmed the transfer of $22,000, recovered from a convicted internet fraudster, Hakeem Olanrewaju, to the Federal Bureau of Investigations (FBI).

Dele Oyewale, the commission’s spokesperson disclosed on Saturday that the handover took place in Lagos State on Friday.

Acting Director of EFCC Lagos Zonal Command, Michael Wetkas, expressed appreciation for the collaboration and assured of EFCC’s continued efforts in combating financial crimes.

During the event, FBI’s Legal Attaché Charles Smith praised the EFCC for its action.

He said “The EFCC and FBI work collaboratively together, and it is thanks to the EFCC that we can recover funds of this nature, especially from Business email Compromise, BEC.

“This type of crime cripples businesses in the US, and for them to recover the money within one to two years gives hope to the affected companies and brings some level of justice, even if not all subjects have been identified.

“We hope our relationship continues and fosters a more cohesive partnership between the two agencies. If there’s anything the FBI can do to support this investigation, we will do so. We appreciate this on behalf of the FBI and thank the EFCC.”

On August 15, 2023, Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, mandated that the funds retrieved from Olanrewaju, serving a two-year prison term for identity theft and impersonation, be returned to his victim in the US.

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