By Itohan Abara-Laserian

The Nigerian Stock Exchange (NSE) says Mr Oscar Onyema has completed his tenure as its Chief Executive Officer (CEO) after a 10-year period.

Mr Olumide Orojimi, NSE Head of Corporate Communications, said in a statement on Tuesday in Lagos, that a closing gong ceremony was held on April 1 to honour Onyema.

Also, Otunba Abimbola Ogunbanjo, Chairman, Nigerian Exchange Group (NGX Group) Plc, said that the closing gong was in commemoration of Onyemas exemplary leadership.

Following the successful demutualisation of the Exchange, Onyema would transition into the Group Chief Executive Officer (GCEO), NGX Group Plc.

Ogunbanjo stated: It is impossible to overstate Oscar Onyemas contributions to the growth of The Exchange and the development of the capital market in the past 10 years.

After his first year of leadership, it became evident that his strategic mindset and mastery of Exchange business is what NSE dearly needs to rise to its next level of growth.

As anticipated, The Exchange went on to experience significant growth as the years pass by, most notable of which is the recent completion of the demutualisation of The Exchange.

It has indeed been a pleasure working with him in our time at the NSE and I look forward to our continued journey to greatness in the NGX era.

The new GCEO, Onyema, said: I arrived at the NSE when the stock market was in the doldrums, investors confidence low, mono product and the bourse under regulatory administration.

With tunnel vision, collaboration with stakeholders in the financial system and perseverance, we have been able to surmount almost all of the challenges.

I am delighted to have worked with astute members of the national council, visionary leaders in the executive committee and expert crop of staff at The Exchange to have delivered excellent results.

We have come a long way from where we used to be and I am excited about the opportunities demutualisation has opened for us in the coming years.

I must reiterate my commitment to ensuring that the NGX Group Plc and its subsidiaries deliver on the mandate to become Africas leading capital market infrastructure provider.

I look forward to deepening partnerships with existing stakeholders and exploring new collaborations locally and globally to bring this to bear.

The demutualisation of the Exchange has led to the emergence of the Nigerian Exchange Group Plc and three subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (RegCo) Limited and NGX Real Estate Limited.

Mr Temi Popoola will assume the role of CEO, NGX Limited while Ms Tinuade Awe will become the CEO, NGX RegCo Limited. (NAN)

Source: NAN News

By Oladapo Udom

Four Nigerian Navy Ships are to collaborate with the Spanish Navy War Ship (SNS) Furor, to conduct a two-day sea exercise to develop capacity toward improving protection within the Gulf of Guinea.

The Flag Officer Commanding (FOC) Western Naval Command, Rear Admiral Jason Gbassa, said this to newsmen during the SNS Furors visit to the command on Tuesday.

The News Agency of Nigeria (NAN) reports that the exercise will hold on April 7 and April 8.

Gbassa said the visit by SNS would further consolidate the bilateral relations between the two countries, as well as improve capacity on the side of the Nigerian Navy.

As part of our naval responsibilities, navies all over the world as a universal service, always collaborate and cooperate in areas of maritime operations.

Your port visit to Lagos is in line with that function of the navy and it is our pleasure to have you around.

The exercise we plan to conduct together will go a long way toward improving our capacity in monitoring our maritime environment and further cementing our relations, he said.

The FOC said that the Nigerian Navy and the Spanish Navy have had relationship that dates back to a while.

Over the last two years, this is the fourth SNS that is visiting Nigeria and at each of their visits, we conducted exercises together as regards the protection of the Gulf of Guinea.

Their experience must have informed and encouraged your port call, so we intend to build on your visit to go further into other areas of training.

That will include areas where we will have joint training and exchange programmes at the higher level that will contribute to all our efforts to secure not just our waters but indeed the Gulf of Guinea, Gbassa said.

(NAN)

Source: NAN News

By Ikechukwu Iweajunwa

Barely 48 hours after unknown gunmen attacked the Police Command in Imo, bandits again razed the Police division in Ehime/Mbano in the state, setting some vehicles on fire on Tuesday.

The Police Spokesman in Imo, SP Orlando Ikeokwu confirmed the attack on the police division to the News Agency of Nigeria (NAN).

NAN recalls that the Police Headquarters and the Correctional Center in Imo, were attacked by unknown gunmen on Sunday, while some inmates escaped in the process.

The attack occurred few hours after the Vice President, Yemi Osinbajo, the former Inspector General of Police, Mohammed Adamu and other government functionaries visited the state to inspect the attacked facilities.

However, the PPRO said no life was lost in the latest attack.

Yes I can confirm to you that the police facility was attacked today by bandits.

No casualty on the part of police, no loss of arms but three vehicles were burnt in the process, he said.

NAN reports that the attack has brought the number of police facilities destroyed in the state between February and April to five.

They are Obowo, Aboh-Mbaise, Ihite Uboma, Isiala Mbano and Ehime Mbano as well as the police headquarters in the state. (NAN)

Source: NAN News

By Alex Enebeli

Enugu Correctional Centre says it has beefed up security around the facility to forestall any attack that could lead to jailbreak.

The Spokesman for the centre, Mr Emeka Monday, said this in an interview with the News Agency of Nigeria (NAN) in Enugu on Tuesday.

Monday said the measure became necessary, following Mondays attack on the police headquarters and correctional centre in Owerri, the Imo capital.

According to him, the centre is working with other sister security agencies to provide maximum security around the Enugu correctional centre.

We are aware of what happened in Imo and have put certain measures in place to ensure that such an ugly incident does not happen here.

We are on alert and will resist any jailbreak attempt. For now, the centre is secured and safe, Monday said. (NAN)

Source: NAN News

By Ismaila Chafe

Minister of Police Affairs Maigari Dingyadi, says the three-month tenure extension granted to outgoing Inspector-General of Police Muhammad Adamu was terminated following completion of selection process for a new I-G.

Dingyadi has earlier announced the appointment of Deputy Inspector- General of Police (DIG) Usman Baba as Acting Inspector-General of Police..

The appointment of Usman was with immediate effect.

The News Agency of Nigeria (NAN) reports that Buhari had on Feb. 4 extended the tenure of Adamu as the IGP for three months.

Adamu, however, spent two months and three days of the extended period.

Reacting to why the president did not allow the outgoing I-G to last the three months of his extension, the minister:

The president is aware of this and you cannot take away that responsibility from him; hes the one who is in charge of appointing or extending tenures.

He has now decided to appoint a new person. So, please, allow him that responsibility and we cannot do anything about it, he said.

Dingyadi explained that the appointment of the acting I-G followed a thorough check of a shortlist of suitably qualified police officers from the rank of DIGs and AIGs.

He said all the shortlisted candidates were police officers, eligible for appointment as I-G, in line with Section 7, Sub-section 2 of the Nigeria Police Act (2020).

The tenure of the I-G Mohammed Adamu, which ended on February 1, 2021, was extended by theP president to enable a detailed process of appointing a new I-G, in line with Section 15 (A) of the 1999 Constitution.

After a thorough check of a shortlist of suitably qualified police officers from the rank of DIGs and AIGs, who are eligible police officers, eligible for appointment as I-G, in line with Section 7, Sub-section 2 of the Nigeria Police Act (2020).

And having regards to seniority, professionalism, record of service and competence, the president has approved the appointment of an acting I-G, in the person of Usman Alkali Baba, with immediate effect.

These changes are in line with the determination of the president to rejig the security architecture and to ensure that the security challenges bedeviling the nation are brought to an end.

The president has, therefore, charged the new appointee to rise to the challenge to ensure policing reform policy of this administration are fully prioritised and implemented to enable the police to perform most effectively for the peace and security of lives and property of all Nigerians, he said.

The minister quoted the president as thanking the outgoing I-G, Mohammed Adamu, for his professionalism and dedication to duty during the period of his tenure.

He wished him all the best in his future endeavours. (NAN)

Source: NAN News

By Cecilia Ijuo

Prof. Job Nmadu, the Dean-elect, School of Agriculture and Agricultural Technology, Federal University of Technology, Minna, has expressed commitment to attracting funding for research and other needs of the faculty.

Nmadu made this known in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja, following his recent election as the Dean of the School.

He said that as the new dean of the faculty, he would not rest on his oars in ensuring positive change that would make learning more conducive in the school.

Nmadu, who would be assuming office on April9, said there are a number of developmental challenges in the faculty, which I am going to look into.

There is the problem of inadequate research funding, inadequate office space for conducive work, inadequate Information Communication Technology (ICT), infrastructure and a host of others, which I hope to improve on during my tenure.

On the recent increase in the security challenges in schools, the dean described such development as worrisome.

The don commended the efforts made by the relevant authorities in tackling insecurity, adding that more still needed to be done to secure the lives of students and teachers.

The increased trend of mass school kidnappings, especially in Niger is worrisome.

I embarked on one week#savenigereducollapse campaign on social media when all schools in Niger were shut due to threats of mass abduction.

A lot is being done and we hope that the youth will rise up to the challenges of knowledge-seeking.

Confirming Nmadus election in a separate interview, Mrs Aisha Usman, the Deputy Registrar Academic, said the professor emerged winner after polling 61 votes out of the 82 votes cast.

Usman, who was the Returning Officer in the election, described Nmadu as the sole contestant.

A total of 82 persons were accredited. Out of this number, he scored a total of 61 votes as against 21 that did not work for him.

There were no void votes and he was declared winner, having scored the highest number.

His tenure lasts for two years and if he so wishes, he can re-contest at the end of his tenure.

NAN reports that Prof. Job Nmadu emerged dean following an election conducted on March 30.

He joined the Department of Agricultural Engineering, Federal Polytechnic, Bida as an Assistant Lecturer in 1992.

Nmadu rose to a Chief Lecturer in 2006 and later a Senior Lecturer, Agricultural Economics and Farm Management, FUT, Minna.

He became an Associate Professor in 2010 and Professor in 2013.

Prior to his election as Dean, Nmadu held a number of positions in the university, including Head of Department,
Deputy Director, Quality Assurance and Productivity and Industrial Liaison Officer.

He also served on several committees and task forces within and outside the university as well as consultant to a number of organisations within and outside Nigeria.

Nmadu, a Fellow and current President, Nigerian Association of Agricultural Economists (NAEE) has published over 100 papers and journals, peer-reviewed conference proceedings and technical reports. (NAN)

Source: NAN News

By Chijioke Okoronkwo

Vice President Yemi Osinbajo has commended Gov. Hope Uzodinmas infrastructure development in Imo.

Osinbajo made the commendation in Owerri on Tuesday, while inaugurating two road projects completed by the governor.

The roads include the Dick Tiger Road and Dick Tiger Street in Ikenegbu area of Owerri, the state capital.
The vice president said the roads, among other projects in the state, attested to the governors purposeful leadership.

I bring you the very warm greetings and felicitations of President Muhammadu Buhari at the inauguration of the about three-kilometre-long Dick Tiger Road.

This road covers more than ten streets, including the Dick Tiger Street, and its inauguration in record time ends the misery of the hitherto flood-prone areas here.

Now, with the rehabilitation of this road, I am told that the real estate value of the area is now on the rise.

The before-and-after story of this restoration as told by grateful residents is heart-warming. This is the value of good, purposeful government.

Osinbajo recalled that Buhari recently inaugurated two major road projects in Owerri, including the World Bank, Federal Secretariat Road, Assumpta to General Hospital and Port Harcourt Road.

According to him, the huge infrastructure development taking place in the state must be commended and so must the governors hardwork and forward-looking approach.

This aligns with the presidents own belief that the building of roads, rail, power, digital technology and other infrastructural assets must be the priority for economic development.

And in this we have no choice.

Africas largest economy can only provide opportunities for its huge population, if it runs on modern infrastructure, he said.

The vice president condemned Mondays attack on the Correctional Centre and headquatres of the Police Command in Owerri.

He said, Nigerians must reject the agents of anarchy that are seeking to weaponise the frustration and discontent of young people for their own profit.

Earlier, Uzodinma said the two roads that were inaugurated were part of the road revolution by his administrations.

He described them as strategic because they provide the essential economic nerves for the state.

The governor regretted that the roads were previously abandoned and lost to erosion.

The News Agency of Nigeria (NAN) reports that Osinbajo, thereafter, visited the correctional facility and police headquatres to see the level of damage. (NAN)

Source: NAN News

By Akeem Abas

The Nigeria Union of Journalists (NUJ) Oyo State Council has described the death of Deacon Sunday Ogunyemi, a member of staff of Federal Radio Corporation of Nigeria (FRCN) Ibadan as sad and devastating.

The union said this in a statement jointly signed by its Chairman, Ademola Babalola and Secretary, Sola Oladapo on Tuesday in Ibadan.

The News Agency of Nigeria (NAN) reports that the late Ogunyemi, a versatile reporter with FRCN, died on Sunday, at age 41.

We cant find appropriate words to describe the passing of a colleague and friend.Ogunyemi was a great journalist. The news of his death came to us as a rude shock.

The late Ogunyemi was a disciplined and highly principled colleague who displayed high level of dedication to every cause he believed in.

He was a gentleman and professional to the core. He gave a good account of himself as a judiciary correspondent, breaking many stories on the job, it said.

The union condoled with the wife, children and family members on the irreplaceable demise of its member.

It also commiserated with the FRCN management, colleagues, friends and well wishers of the departed journalist.

The NUJ prayed that God would forgive his shortcomings and grant him eternal rest, while also granting the family fortitude to bear the irreplaceable loss.

The union implored members to mourn its departed member and remember his family in daily prayers, praying God to stop untimely deaths in the union.(NAN)

Source: NAN News

By VIctor Adeoti

The Osun government said it would continue to provide free train ride system for the people of the state as a way of restoring its lost glory.

Dr Bode Olanipekun, the State Commissioner For Commerce, Industry and Cooperatives, stated this while addressing beneficiaries of the free train, who were returning to Lagos at Osogbo terminus of the Nigerian Railway Corporation on Tuesday.

The News Agency of Nigeria (NAN) reports that the state government on Friday provided free train service for the citizens of Osun that wanted to travel from Lagos to Osogbo for the Easter celebrations.

Olanipekun said that the state government would also continue to sponsor the free train service to ease the financial burden on Osun citizens, who wished to travel home to celebrate with families and loved ones during festive periods.

He said, We will continue to invest in the free train service as part of our efforts to restore the lost glory of the rail transport service.

Its provision is also in line with our economic resolve to ensure seamless transportation of agricultural produce, semi-finished and finished goods to neighbouring states.

According to Olanipekun, the need to continue to invest in the rail sector is informed by the actualisation of the state governments resolve to turn Osun to a socioeconomic, commercial and industrial hub of the southwest region.

The essence of this initiative is also to demonstrate the administrations commitment to peoples welfare.

This initiative is another effort by the state government to lessen the financial burdens which some of the citizens of the used to experience during festive periods.

We all know the rate of the expenditure of individuals during festive periods, hence, the need for this initiative, the Commissioner said.

In their separate remarks, some of the beneficiaries commended the initiative and promised to continue to support the administration of Gov. Gboyega Oyetola.

Mr Wasiu Adedayo and Mrs Omoyele Nafisat, who were returning to Lagos through the free train ride, expressed satisfaction with the arrangements put in place by the government to ensure the success of the scheme since its inception. (NAN)

Source: NAN News

By Ismaila Chafe

President Muhammadu Buhari has extended heartfelt condolences to the family of Afaka on the passing of Saidu Afaka, his official driver, who died at the State House Clinic on Tuesday after a prolonged illness.

The presidents condolence message is contained in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Tuesday.

Buhari, who also commiserated with the government and people of Kaduna State, described the late Afaka as an honest, capable and reliable person who handled his job with utmost care and responsibility.

The president recalled that in 2016, Afaka, while on pilgrimage in Saudi Arabia, picked up a bag containing a large amount of foreign currencies and turned it over to the National Hajj Commission.

He noted that this action earned Afaka praises from the Saudi and Nigerian authorities.

Buhari prayed almighty Allah to bless the soul of the departed with an elevated place in heavens, committing the family and friends to divine comfort and patience. (NAN)

Source: NAN News

By Oluwafunke Ishola

A Tech Start-up, Naija Force, has evolved a mechanism to produce a surgical-grade face mask that would solve global challenges and sustain crucial public health preventive measures.

Ifedayo Ojo, Team Lead, Naija Force, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

NAN reports that the Naija Force team won the Massk Appeal Award and came runner-up in a global contest by XPRIZE Next-Gen Mask Challenge, winning a grant of ,000 for the mask production.

The competition is a M challenge, which aims to re-imagine protective face masks used to prevent the spread of COVID-19 by making masks more comfortable, functional, accessible and stylish.

The contest received about 1,000 entries from 76 countries.

It encouraged the teams to design a face mask that overcomes at least five of the top ten barriers to mask-wearing.

Common barriers to the use of mask include: fogging of glasses, getting too hot, discomfort, difficulty breathing, making conversations challenging and prohibiting exercise while wearing.

Other barriers are improper fit, pain, blocking facial expressions, preventing eating or drinking, not being eco-friendly, looking ugly or boring and difficulty acquiring the mask.

Naija Force team members are Ifedayo Ojo, an Industrial Product Designer; Samuel Akinola, a UX Researcher and Designer and Arotiba Ayobami, a Business Relation Manager.

Ojo said that the team would work with top pulmonologists, the John Hopkins University, the U.S. and other partners in the production of the mask which would be useful beyond COVID-19.

He said that utilising innovative technology to upgrade masks would redefine the norm of mask-wearing behaviour and assist maintain crucial non-pharmaceutical public health measures to mitigate the risk and impact of the pandemic.

Masks have been proven to lower the transmission of COVID-19, reduce the total number of infections, severe cases or deaths.

Naija Force mask features a soft malleable flange that can conform to the shape of the wearers nose.

This mask is not intended to be a one-fit-all kind but comes in different sizes to fit unique facial contours and forms.

Not being able to exercise with face masks is as a result of a combination of problems including breathability, fit and comfort which our mask addresses effectively, he said.

According to him, the mask has an openable drinking inlet, through which straws can be inserted for drinking, thus ensuring minimal contact to the bare face.

Ojo noted that adapting to life with COVID-19 was a challenge faced by all globally, saying that evolving solutions that would assist people to live normally and reduce their risk of contracting COVID-19 were crucial.

Specimen of Naija Force maskAccording to him, as the COVID-19 vaccine rollout continues globally, adhering to non-pharmaceutical interventions is critical to minimise the disruption that might arise from a third or fourth wave of COVID-19.

He added that the Naija Forces mission was to provide solutions to global challenges, acquaint the world with the potentials of Nigerian youths and increase the countrys competitiveness.

Ojo appealed to the federal and state governments to increase funding for research and development.

He stressed that local solutions and innovations needed to be applied to challenges in all sectors.

Doing that will enhance scientific advancement, innovation, product development, poverty reduction and socio-economic growth. (NAN)

Source: NAN News

By Chinyere Nwachukwu

The West African Examinations Council (WAEC) says its 2021 West African Senior School Certificate Examination (WASSCE) for school candidates, earlier scheduled for May/June, may not hold.

The Councils Head of National Office (HNO), Mr Patrick Areghan, gave the hint while announcing the release of results of the 2021 first series of theWASSCE for Private candidates on Tuesday in Lagos.

According to Areghan, the effect of the coronavirus (COVID-19) pandemic is still much felt in the education sector.

He noted that the entire education calendar has been distorted and, therefore, may not be possible to conduct the examination as scheduled.

Let me use this opportunity to dispel rumours, being peddled about by some people regarding the conduct of the WASSCE for school candidates, 2021.

The effect of the COVID-19 is still very much felt in the education sector and this has taken its toll on the academic calendar in the country.

It is, therefore, not going to be possible to have the examination in May/June this year.

A convenient international time table for the conduct of this examination will soon be released.

To this effect, all stakeholders are, therefore, requested to keep their fingers crossed until they hear directly from WAEC, the WAEC boss said.

He, then appealed to all the school principals and proprietors to keep to the stipulated timelines for the enrolment of candidates for the examination.

According to him, it is important to re-emphasise the role of ContinuousAssessment Scores (CASS) in the computation of candidates results.

All schools are advised to get this aspect of the registration process right, in order to make the entry processes seamless.

Giving a breakdown of the results,Areghan said that 7,690 candidates entered for the examination which conductedbetween Feb. 15 and March 11.

A total of 431 examiners participated in the coordination and marking exercise.

He noted that of the figure,7,289 candidates actually sat for the examinationat 252 centres across the country.

According to him, the drop in the figure is attributable to the negative impact of the COVID-19 pandemic.

He said that out of the 7,289 candidates that sat for the examination, the results of 599 were withheld in connection with various reported cases of examination malpractice.

The cases are being investigated and reports of the investigations will be presented to the appropriate committee of the council for determination in due course.

This low number is as a result of the rigorous monitoring/inspection of centres by the Councils staff throughout the duration of the examination, Areghan said.

According to him, 7,174 candidates had their results fully processed and released while 115 others had a few of their subjects still being processed due to some errors traceable to them.

He said that efforts were being made to complete the processing to enable all the affected candidates to get their results fully processed and released subsequently.

Analysis of statistics of performance of candidates showed that out of those that sat for the examination, a total of 3,938 obtained credit and above in a minimum of any five subjects with or without English Language and/or Mathematics.

A total of 2,195 others obtained credit and above in a minimum of five subjects including English Language and Mathematics.

Twenty-three candidates with varying degrees of special needs registered for the examination.

Out of this number, six are visually challenged, two with impaired hearing, five others are albinos, one spastic cum mentally challenged and nine physically challenged.

Areghan said that all the candidates with special needswereadequately provided for in the administration of the examination.

He added that their results had also been processed and released along with those of other candidates

He advised candidates who sat for the examination to check details of their performance on the councils website

The collection of certificates for the WASSCEfor private candidates, he said, would be based on requestonline via the Electronic Certificate Management System platform (e-certman).

Areghan said details of the simple procedures had already been made available to the public. (NAN)

Source: NAN News

German authorities are hoping to accelerate the countrys sluggish Coronavirus (COVID-19) vaccine rollout by allowing 35,000 general practitioners nationwide to start administering the jab this week.

Some GPs practices were already starting on Tuesday, while others are still waiting for vaccine doses to be delivered.

In the first week, practices are to receive a total of 940,000 vaccine doses, meaning that each practice would receive an average of 26 doses.

The practices can regulate how they assign vaccination appointments and how they prioritise patients.

The private health insurers association PKV has called on the government to speed up the launch of vaccinations in companies.

The start of the vaccination campaign by general practitioners is the right step, but it is not enough to grant protection to as many people as possible as quickly as possible.

Politicians must already prepare the next step and enable vaccination in companies and with all other doctors and dentists as soon as vaccine deliveries accelerate in the next few weeks, he said.

Source: NAN News

By EricJames Ochigbo

The Kogi Government has described as malicious social media reports alleging that the governors wife, Rashida Bello, has moved out of the government house.

Mr Onogwu Muhammed, the Chief Press Secretary to the governor, said in a statement on Monday that the allegation was baseless.

Mohammed, who described the publication as a mere piece of mischievous antics given life by idle, disgruntled and undesirable elements, said that the governor was in full control of his household.

Our attention has been drawn to an online publication titled Trouble in Kogi State as the First Lady, Rashida Bello, allegedly moves out of government house.

For lack of formidable tool of distractions, the online medium struggling hard for traffic has come out with a concocted falsehood alleging a crack in the household of Gov. Yahaya Bello.

The said publication laced with lies and crooked fallacy detailed how the First Lady, Hajia Rashida Bello, has moved out of the Government House in what the merchants of mischief painted as a revolt against the governor.

This reaction is coming out not in reverence of the amorphous medium but a call to the general public to disregard as tissue of lie the malicious fabrication, he said.

He said, Bello is in full control of his household, the same way he holds in firm grip the affairs of the state.

Mohammed said that rather than resorting to such satanic antics, the medium and the sponsors should have taken on the governors development agenda.

He maintained that there was no crack whatsoever in the home and government of Gov. Bello of Kogi, urgingthe general public particularly citizens of Kogi to discard the information.(NAN)

Source: NAN News

By Folasade Akpan
The Executive Board of the International Monetary Fund (IMF) has approved the third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT).

This is according to a statement issued by the fund in Washington D.C. on Monday.

It said that the approval followed two prior tranches approved on April 13 and Oct. 2, 2020.

The CCRT provides grants for debt service relief to countries hit by catastrophic events, including public health disasters such as COVID-19.

According to the fund, the approval enables the disbursement of grants from the CCRT for payment of all eligible debt service falling due to the IMF from its poorest and most vulnerable members from April 14 to Oct. 15.

It added that the estimated amount to be disbursed was 238 million dollars.

This tranche of grants for debt service relief will continue to help free up scarce financial resources for vital emergency health, social and economic support to mitigate the impact of the COVID-19 pandemic.

Subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for the remaining period through from Oct. 16, 2021 to April 13, 2022 amounting to a total of about 964 million dollars.

The beneficiaries of the third CCRT tranche are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Ethiopia, The Gambia, Guinea and Guinea-Bissau.

Others are Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, So Tom and Prncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

The IMF said that in March 2020, Managing Director, Kristalina Georgieva launched an urgent fund raising effort to raise 1.4 billion dollars in grants for the CCRT.

This, it said, would enable the CCRT to provide financial assistance for relief on debt service for up to a maximum of two years, while leaving the CCRT adequately funded for future needs.

It added that thus far, donors had pledged contributions totalling about 774 million dollars, including from the European Union, the United Kingdom, Japan, Germany, France, the Netherlands, Switzerland, Norway, Singapore, China, Mexico, Philippines, Sweden, Bulgaria, Luxembourg and Malta.

Meanwhile, the IMF, on Monday received the European Union (EU)s contribution of 199 million dollars to the CCRT.

This disbursement is part of the EUs overall contribution of 215 million dollars to the CCRT.

It finances grants for the third tranche of CCRT debt service relief that was approved by the IMFs executive board.

The EU stands ready to disburse its remaining grant contribution in support of additional debt service relief in the context of potential future CCRT tranches.

With this contribution, the EU, together with the EU institutions and its member states, has committed more than half of the current CCRT pledges.

The fund said that together with the third tranche, the IMF had provided about 736 million dollars in grants for debt relief to all 29 CCRT-eligible members since the pandemic began in early 2020.

It added that the purpose of the debt relief initiative under the CCRT was to free up resources to meet exceptional balance of payments needs created by the disaster rather than having to allocate those resources to debt service.

Georgieva said that the EUs generous contribution of 215 million dollars was critical to help the worlds most vulnerable countries cope with the impact of the COVID-19 crisis and continue providing health care, economic and social support for their people.

I am grateful to the EU and its member states for their support and strong partnership.

I urge other countries to contribute to the CCRT so we can in turn support our most vulnerable member countries.

Jutta Urpilainen, the European Commissioner for International Partnerships, said that through the contribution to the CCRT, Team Europe continues to stand in solidarity with its most vulnerable partners.

In this difficult period, the resources freed up can provide social services for the most vulnerable people, such as access to essential healthcare and education for young people, including girls.

Team Europes Global Recovery Initiative is working to provide debt relief and sustainable investment for the Sustainable Development Goals.

The CCRT provides grants to pay debt service owed to the IMF by eligible low-income member countries that are hit by the most catastrophic of natural disasters or battling public health disasterssuch as the COVID-19 pandemic.

CCRT-eligible countries are those eligible for concessional borrowing through the IMFs Poverty Reduction and Growth Trust (PRGT) and whose annual per capita gross national income level is below 1,175 dollars. (NAN)

Source: NAN News

By Temitope Ponle
A study has shown that a combination of Green Banks working alongside National Climate Change Funds (NCCF) has the potential to scale private investment in support of climate and sustainable development goals.

The Scoping Report is by the African Development Bank (AfDB) and the Climate Investment Funds (CIF) titled Potential for Green Banks and National Climate Change Funds in Africa.

The report, published in March, is expected to underpin the development of a multi-country climate finance initiative in Africa.

A green bank is a financial institution, typically public or quasi-public, that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate deployment of clean energy technologies.

The reports Executive Summary showed that Green Banks, structured as either new institutions or adaptations of existing institutions, were designed to address market gaps and strengthen national ownership of climate finance.

Green Banks, the summary noted, move problem-solving to the national level, empowering developing countries to better access international financial resources.

As catalytic facilities, they are designed to crowd in and increase private investment in low-carbon and climate-resilient projects.

Green Banks typically use a blended finance approach, with capitalisation coming from a variety of public and private sources, including bilateral donors, climate funds and national treasuries.

In developing economies, Green Banks can be most effective when paired with national Green Funds to provide integrated access to an effective combination of grants and finance, suited to local market conditions.

This approach is being developed in Rwanda through an integration of their existing Green Fund with a new Green Bank.

The report also showed the role of green banks and national climate change funds in mobilising finance to support low-carbon, climate-resilient development in Africa.

According to the report, a combination of green grant programmes and catalytic climate finance facilities focused on how the low-carbon and sustainable development sectors could help to boost private sector participation and mobilise support from global development partner institutions.

The report revealed that renewable energy and climate-smart agriculture were the two sectors that stood out as priorities across the study countries.

It also showed that green cities infrastructure was another potential priority sector in several of the countries engaged in the study.

Furthermore, the report stated that for countries to better access and mobilise private investment, the climate finance system must reorient toward national financial capacity that can channel capital to projects and markets where it is needed most.

It also noted that locally-based Green Banks were powerful tools to address market needs, understand local risk and drive private investment when paired with effective grant programs through NCCF, and strong enabling environments and policies.

By creating and capitalising such vehicles from a mix of domestic and international sources, countries can mobilise funds from diaspora, development finance institutions, national financial institutions, private investors, asset managers, sovereign wealth funds, and more.

According to the report, the methodology and approach used for this study are designed to raise awareness about NCCF and Green Banks and explore initial market conditions and high-level recommendations towards Green Bank and NCCF formation in six study countries, located in Africa.

The six countries selected to participate are Ghana, Zambia, Uganda, Tunisia, Mozambique and Benin.

Source: NAN News

By Kadiri Abdulrahman

The Debt Management Office (DMO), on Tuesday, opened two new Federal Government of Nigerias savings bonds for subscription at N1,000 per unit.

According to information obtained from the DMOs official website, one is a two-year savings bond due on April 14, 2023, at an interest rate of 5.522 per cent per annum.

The second offer is a three-year bond due on April 14, 2024, at an interest rate of 6.522 per annum.

The bonds are opened at N1,000 per unit, with a minimum subscription of N5,000 in multiples of N1,000 thereafter and subject to a maximum of N50 Million.

The bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

It is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, DMO explained.

It urged interested investors to contact the stock-broking firms appointed as distribution agents by the DMO. (NAN)

Source: NAN News

By Gabriel Yough

Students of Taraba State University Jalingo on Tuesday organised a peace summit aimed at addressing insecurity through social change.

Mr Dennis Shima, the Students House of Representative Speaker and Chairman organising committee, said that the event is to create a peace advocacy forum that would educate citizens in rural areas on the need to live harmoniously with one another.

The News Agency of Nigeria (NAN) reports that the summit is tagged Easter lunch.

Shima said the summit is to contribute their quota to end the security challenges in the state and the nation.

According to him, the summit became necessary following escalating insecurity in their different forms across the country.

Shima said that as students, they thought it wise to put in place the summit to complement the peace efforts of Gov. Darius Ishaku to collectively foster unity and ensure development in the state.

We are launching a network that would reach out to rural citizens where the crisis usually starts and we believe it would be easy to foster peace those communities.

We believe our academic certificate would not be useful if there is no peace among our various ethnic groups and that is why we think an advocacy forum is the key, he said.

Prof. Patrick Oromarike, Head, Department of Political Science and International Relations of the university commended the students over the move towards ending insecurity in communities.

Oromarike, who was represented by Dr Julius Ngomba, the departments Examination Officer,commended the students for their efforts in tackling insecurity in communities across the nation.

Rev. Fr Isaac Nyame, a Guest Speaker at the occasion urged the students and other citizens to ensure peace and unity in their various communities to enhancenation building for a better society.

Source: NAN News

By Abbas Bamalli

The 1 Division of the Nigerian Army based in Kaduna says that the ongoing inter-brigade sports competition for its corporal and below officers is to enhance their proficiency in fighting insecurity in the country.

The General Officer Commanding (GOC), 1Division, Maj.-Gen. Danjuma Ali-Keffi, said this on Tuesday when he declared the five-day competition opened in Kano.

He added that the competition was to boost the officers morale to counter security challenges.

According to him, the participating officers were drawn from 1Division Garrison, Kaduna; 31Artilary Brigade, Minna in Niger and the host, 3 Brigade, Kano.

He said, The event could not have come at a better time than now when there are growing concerns on the numerous security challenges confronting the nation.

He added that security challenges had made the Nigerian Army increasingly engaged to counter the threats.

The current security challenges in the country have brought to the fore the need to continuously reinvigorate our training and operations, especially, in the aspects of physical and leadership trainings.

Thus, your physical and emotional preparations are of paramount importance and can only be achieved through regular training.

It is, therefore, necessary for all of you to adequately train in order to ensure optimal performance at all times, he said.

The special guest, Maj-Gen Mukhtar Imam, the Commandant, Nigerian Army School of Infantry Kaduna, explained that the objective of the competition was to improve the officers physical fitness.

According to him, it is also to enhance their leadership capabilities, organisational abilities and use of initiative to promoteamongst them.

He said that the exercise was also intended to prepare them for battle in view of the present security challenges.

Therefore, the importance of this exercise to the overall vision of the Chief of Army Staff (COAS) which is to have a professionally responsive Nigerian Army in the discharge of its constitutional roles cannot be overemphasised.

I, therefore, implore you to conduct yourselves professionally throughout the competition.

The Commander, 3 Brigade, Kano, Brig.- Gen. Bamidele Alabi, said that a team of impartial and professional officials had been carefully selected to ensure no team was unnecessarily favoured or victimised.

I am glad to note that all necessary measures for a hitch-free competition have been put in place, he said.

He, therefore, urged all the participants and officials to take the competition seriously and abide by the rules.

The events to be competed for would include: half marathon, drill, combat swimming, and skill-at-arms and shooting, map reading and obstacle crossing. (NAN)

Source: NAN News

Source: NAN News