NEWS
Tinubu Lures Indian Investors With Returns
President Bola Ahmed Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, and assured them of high returns on investments.
This was contained in a statement released on Wednesday, by Special Adviser to the President, Media and Publicity, Ajuri Ngelale.
President Tinubu said, “we are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”
Among the many new investments, Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
On its part, Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.
Founding President, SkipperSeil Limited, Jitender Sachdeva announced that, following President Tinubu’s personal intervention, he would be investing $1.6 billion U.S. dollars in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.
Additionally, the President has approved finalisation on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.
Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed commitment to investing an additional $700 million in Nigeria, with work set to begin immediately.
Emphasising that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests.
“The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.
He informed prospective investors that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.
“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added.
He made it clear that Nigeria was open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.
The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.
Commending the Tata Group and so many others who responded promptly to President Tinubu’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, “I also wish to thank Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria,” Edun said.
Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasising that his agenda was geared towards the promotion of growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.
On behalf of investors, Chairman of Bharti Enterprises, Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure.
“Now, you have just dropped your prepared remarks and have spoken from your heart.
“Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies.
“Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”
Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.
The Minister also signed an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology, to be implemented at population scale for digital economic transformation.
Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.
Closing the interactive session, Director-General, Confederation of Indian Industries (CII), Chandrajit Banerjee, noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.
“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs;
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.
Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.
In a bold move, Governor Siminalayi Fubara of Rivers State has announced plans to launch a comprehensive inquiry into the governance conducted by his predecessor, Nyesom Wike.
The announcement came on Monday, following the swearing-in ceremony of Dagogo Israel Iboroma, SAN, as the new Attorney-General and Commissioner for Justice of the state.
Governor Fubara stressed the critical timing of Iboroma’s appointment amidst political tensions and revealed intentions to establish a judicial panel of inquiry to scrutinize governance practices predating his administration.
Fubara said, “So, my brother, Dagogo Iboroma, you are going to be the brand new Attorney-General of our dear State. SSG, give him his letter, he is the Attorney-General.
“Why are we bringing you at this very critical time? We have a lot of issues around us. We believe that you are not going to be the one that when they send service to you, you go and file “nolle prosequi” or you go and file one thing that would kill us here.
“Let me also say this, you have a big task. As it is today in the local parlance, they say the jungle has matured. We will be setting a panel of inquiry to investigate the affair of governance. So, brace up, I am not going back on it.
He added “Please, defend us. We know that you are going to defend us because your record is clean. You are a gentleman and peaceful. You are not a noise maker. People like you are endowed, and they have the fear of God.”
In the midst of political tensions, the faction of the Rivers State House of Assembly aligned with Governor Siminalayi Fubara has conducted the screening and confirmation of legal expert Dagogo Israel Iboroma, a Senior Advocate of Nigeria (SAN), as the Commissioner-designate.
Led by Speaker Victor Oko Jumbo, the faction endorsed Commissioner-nominee Dagogo Iboroma on Monday, within the Chambers of the Rivers State Government House in Port Harcourt.
Iboroma is poised to assume the role of Attorney-General and Commissioner for Justice, succeeding Professor Zaccheus Adangor SAN, who resigned upon his redeployment to the Ministry of Special Duties (Governor’s office) two weeks ago.
According to report, Iboroma received an invitation on Sunday, signed by Dr. G.M. Gills-West, the Clerk of the House, summoning him for screening as the Commissioner nominee and potential member of the Rivers State Executive Council.
Recall that last week, Hon. Victor Oko Jumbo, a factional Speaker aligned with Governor Fubara, was elected after Governor Fubara asserted that the Martin Amaewhule-led lawmakers, loyal to Nyesom Wike, Minister of Federal Capital, ceased to be Rivers State lawmakers in the eyes of the law following their defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Observers speculate that Governor Fubara is pushing forward to instigate governance activities, with more Commissioner nominees expected to undergo screening by the Victor Oko Jumbo-led three-man Lawmakers.
However, our correspondent highlights that the invitation for screening is already stirring controversies.
In a Facebook post by lawyer Oraye St Franklyn, he raised various legal issues.
Former Rivers State House of Assembly Speaker, Edison Ehie has revealed that he was offered money to impeach Governor Siminalayi Fubara.
Ehie, now serving as Chief of Staff to the governor, was previously the majority leader when the first attempt to impeach Fubara took place.
Along with a few others, he opposed the move, leading to a split from the lawmakers loyal to Nyesom Wike, Minister of Federal Capital Territory (FCT).
Ehie later became the speaker of the faction, which disbanded after President Bola Tinubu intervened and a peace accord was signed between the Wike and Fubara camps.
The peace efforts faltered shortly thereafter, and the two factions resumed their conflict.
Speaking at an event in Ahoada East area of Rivers State over the weekend, Ehie reiterated that he was offered money to oust the governor.
While he didn’t reveal the identities of those behind the offer, he affirmed that he declined it.
He said “They invited me, your son, to impeach the governor and I told them clearly, I was not interested. They gave me all the money that was hidden before, which I rejected. And because I refused, they conspired and declared me wanted.”
Recall that in 2023, the police declared the Chief of Staff wanted in connection with the invasion of the State House of Assembly.
Also, in October 2023, an explosion rocked the state assembly building amidst reports of lawmakers attempting to impeach Fubara.
The lawmakers led by Martin Amaewhule reportedly lodged criminal complaints against Ehie with the Rivers State Police Command over the invasion and arson of the Rivers State House of Assembly chambers by unidentified hoodlums.
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