NEWS
Investors Commit Over $80m To Osun Infrastructures, Multiple Domestic Gas Projects
Two conglomerates have committed to investing close to $80 million in infrastructures within the framework of the Osun State Public Private Partnership (PPP).
According to a statement in Osogbo on Wednesday by the Spokesperson to the Osun State Governor, Olawale Rasheed, his principal led other members of the cabinet to a marathon meeting with the investors.
The investors include Allegiance CNG Limited focusing on comprehensive sustainable energy solutions through Compressed natural gas and First Tricon Construction Services Limited with earmarked projects across infrastructures sub-sectors.
The Allegiance CNG led by its Managing Director, Deji Afolabi listed several gas projects for which Osun state is to benefit up to the tune of Twenty Million dollars.
Mr. Afolabi who said his firm is among those engaged by the federal government for the adoption of CCG in transportation in the wake of fuel subsidy removal, said it is willing to invest in power generation for Osun State to power the industrialisation objective of Governor Ademola Adeleke beginning with the powering of State Secretariat and Government House 24/7 at no cost.
He said, “We are here Your Excellency with a basket of projects and services. We propose mutually beneficial public private partnership. The Osun government will only provide land while Allegiance CNG will provide technical expertise, construction capabilities and private investment.
“Our principal financial partner is the African Development Bank. We have the funding already.”
Promising a major reduction in gas kg cost from current one thousand, four hundred naira to about four hundred naira, the managing director said the proposed investment covers several gas value chains to expand Osun economy and reduce energy poverty.
He said the plant by the firm will be stationed in three locations and reflects senatorial demography, promising to present sample of the household gas to the governor within two weeks.
In his own presentation, the Chairman of First Tricoon Construction Services Limited, Remi Olumuyiwa said his company was impressed with the infra initiatives of the governor, hence its decision to refocus a 60-million-dollar investible fund for roads, bridges, water and housing projects across Osun.
Applauding the governor for exciting investors’ confidence by his elaborate policy innovations, Otunba Olumuyiwa said the company had handled big infrastructure projects in Nigeria, Sierra Leone, Guinea and Liberia.
He made elaborate presentations to the governor and his team on several proposed infra projects, noting that the firm is a multifaceted company involved in building roads, bridges, houses with funding from several investors backed by top financial institutions.
Otunba Olumuyiwa posited that the firm is not going to burden the state with financial traps, assuring that it has a strong and good relationship with financial institutions for sponsorship of projects.
“We have a very good relationship with our banks and investors. When we see what we can deliver as in Osun, we have the capacity to do it. We are here because this is our country, this is our state. We are ready to work with you to meet the housing and infra needs of our people”, the company chairman stated.
Responding, Gov Adeleke assured the company chiefs that Osun was implementing a fast tracked ease of doing business plan with a target on attracting investment into the state.
“These submissions here today are really massive. Osun is changing for the better. On a daily basis, various firms across the sector are reaching out to us with actionable proposals. I am glad that these two firms are really here to hit the ground running.
“We have the land. We have the enabling environment. Osun is already a huge construction site. You are welcome to the site.
“To the good people of Osun, more are coming. As I’m talking to you, more investors are knocking at our doors. We will not relent in the ongoing drive to expand Osun economy and ensure better life for our people”, the Governor concluded.
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt Chairman By Police
The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.