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UNGA: US commits $320m in mortgage, SMEs in Nigeria

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The United States Chamber of Commerce has expressed its willingness to invest about 320 million dollars in mortgage refinancing and Small and Medium Enterprises (SMEs) in Nigeria.

This is contained in a statement issued by spokesperson of Vice-President Kashim Shettima, Mr Stanley Nkwocha.

Ms Nisha Biswal, the Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, made this known on Monday.

The News Agency of Nigeria (NAN) reports Biswal spoke at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce as part of activities at the ongoing 79th Session of the United Nations.

She explained that with a portfolio of one billion dollars, the chamber would invest 200 million dollars in mortgage refinancing in Nigeria.

” Also the sum of 100 million dollars has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment.

” The US Chamber of Commerce also announced that 20 million dollars has been approved for a firm, Robust International, for processing of cashew nuts in Nigeria.”

Biswal emphasised that the American Chamber remained committed to working with Nigerians in the development and pursuit of sustainable economic policies.

Responding, Vice-President Shettima, who is leading the Nigerian delegation at the ongoing United Nations General Assembly (UNGA), reiterated President Bola Tinubu’s commitment to investor-friendly policies.

” I urge you to give Nigeria the benefit of the doubt. The current administration led by President Bola Tinubu is the most investor-friendly administration in the history of Nigeria.

” When fuel subsidy was an albatross around Nigeria’s neck, President Tinubu, from day one, hit the ground running by withdrawing the fuel subsidy and unifying the multiple opaque foreign exchange markets.”

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Earlier, the Minister of Foreign Affairs, Amb. Yusuf Tuggar, led other members of the delegation to brief the Vice-President on the activities and itinerary lined up for him in New York.

Tuggar, while outlining the programmes and activities, said that the Vice-President was expected to deliver President Tinubu’s national statement at the General Debate of the UNGA.

He added that apart from President Tinubu’s national statement delivery, Shettima is also expected to meet with the Secretary General of the United Nations.

Similarly, aside other heads of states lined up to meet with the Vice-President, there are also scheduled meetings with the head of the African, Caribbean and Pacific States.

Shettima will also meet with the President of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala; Director-General of the International Atomic Agency, and multinational companies, among others.

Also on the itinerary of the Vice-President is a meeting with the Bill and Melinda Gates Foundation and a host of other international partners. (NAN)

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Dr. Suberu Applauds Nigeria For Kofi Annan Road Safety Award Win

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By Abubakar Yunusa

Dr Yusuf John Suberu, founder of the Dr Yusuf John Suberu Foundation, has congratulated Nigeria on being honoured with the prestigious Kofi Annan Road Safety Award at a ceremony in Eswatini.

The award recognises the country’s significant progress in reducing road crashes and improving safety..

The accolade, celebrated by stakeholders across the continent, highlights Nigeria’s dedication to improving road safety standards.

Dr. Yusuf John Suberu, founder of the Dr. Yusuf John Suberu Foundation, attended the event and engaged with prominent figures, including the Ministers of Transportation from Cameroon and Eswatini, as well as Mr. John Todd, the United Nations Envoy on Road Safety.

The foundation, which focuses on poverty alleviation, education, and health, praised the Federal Government’s achievement as a milestone in fostering safer communities.

“This award reflects Nigeria’s unwavering commitment to road safety, a cause that resonates deeply with our mission to empower and uplift communities,” Dr. Suberu said in a statement.

“We commend the government and reaffirm our support for initiatives promoting sustainable development and safety.”

The Dr. Yusuf John Suberu Foundation has impacted over 5,000 individuals in the past year through its programmes and aims to train 500 youths in the Federal Capital Territory with skills for financial independence and self-employment.

The organisation views the award as a testament to the power of collective action in driving meaningful change.

The foundation expressed its eagerness to deepen collaboration with government bodies, international organisations, and local stakeholders to advance road safety and community development across Nigeria.

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CSOs Call For Special Investigation Into Kyari’s Tenure As NNPCL Group CEO

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Want Full Probe of Port Harcourt Refinery Repairs

The National Transparency Network, a coalition of Civil Society Organizations and patriotic citizens, has demanded a thorough investigation into the financial activities of the Nigerian National Petroleum Company Limited (NNPCL) under the leadership of former Group CEO, Mele Kyari.

Speaking at a press conference in Abuja, the group called for a Special Commission of Inquiry to probe the $1.5 billion spent on the Port Harcourt refinery, which has yet to deliver refined products.

The CSOs expressed outrage over the reckless expenditure of $1.5 billion on the Port Harcourt Refineries (PHRC) 1 and 2, an amount equivalent to the annual budgets of several African countries.

They questioned the initial plan to rehabilitate two refineries, which was abandoned without justification, and demanded answers on where the funds disappeared to.

The group led by its National Coordinator. Dr Fabian Opialu criticized the Kyari-led administration for lack of transparency and accountability, citing false reports of “mechanical completion” despite the refinery’s non-functionality.

The group also raised concerns about suspicious arrangements between NNPCL and Matrix Oil, which invested $400 million in the refinery rehabilitation without clear terms or benefits to Nigeria.

They demanded a comprehensive audit and prosecution, including a forensic audit of all NNPCL financial transactions over the past five years, publication of those involved in the alleged misallocation of 89 million barrels of crude oil to non-state actors, a detailed report on how $1.5 billion was spent on the Port Harcourt refinery, interrogation and possible prosecution of Mele Kyari, dismissed board members, and other NNPCL executives found culpable, and a legislative oversight hearing to ensure transparency requirements for the newly appointed NNPCL board.

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The National Transparency Network expressed support for President Bola Ahmed Tinubu’s administration, commending his commitment to reforming Nigeria.

However, they emphasized that reform without accountability is merely cosmetic and urged the President to act swiftly to address the situation.

They called on the Economic and Financial Crimes Commission (EFCC), the National Assembly, and the Presidency to act swiftly and without delay to investigate and prosecute those involved in the alleged financial malfeasance.

The CSOs believe that a proper investigation, followed by judicial action, will send a strong message that Nigeria is ready to conduct business within the parameters of accountability.

The statement added: “Firstly, we must draw attention to the previously mentioned staggering sum of $1.5 billion earmarked for the rehabilitation of Nigeria’s refineries. Nigerians were led to believe that these funds, allocated by the Buhari-led administration in 2021, were intended for a comprehensive overhaul.

“However, to the shock and dismay of the public, not only were these funds entirely expended on just one refinery, but the said refinery turned out to be non-functional, failing to meet even the most basic industrial standards expected of such an investment.

“Such fiscal mismanagement should have been the subject of a rigorous criminal investigation involving all national and international parties implicated in this debacle.

“Yet, under President Tinubu’s administration, the silenced voices of Nigerians are being amplified, demanding answers to critical questions: Where did these huge funds disappear to? Why was the initial plan of rehabilitating two refineries abandoned without justification?

“Who are those responsible for this national capture of our resources? Moreover, this treacherous act defies logic and prudence. The dissipation of such a colossal sum with no concrete outcome or accountability speaks volumes about the Kyari-led administration.

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“Despite false reports of a ‘mechanical completion’ the Port Harcourt refinery has yet to deliver refined products to Nigeria and Nigerians. On behalf of Nigerians, we ask: What was the essence of this prodigious spending? Where are the contractors? Can we see the audit trails? Finally, what role did Kyari’s NNPCL leadership play in enabling or facilitating this dereliction of duty against the nation?

“Perhaps even more alarming is the unresolved scandal surrounding the disappearance, or rather the misallocation, of over 89 million barrels of crude oil to non-state actors. While many view this as a case of mismanagement, we see it as an enormous economic sabotage of the highest order.

“It is an undeniable fact that Nigerians deserve to know who authorized such transfers, who the beneficiaries are, and why no arrests have been made to date. The absence of accountability concerning this monumental loss is a disgrace to the stature of leadership and a great threat to Nigeria’s economic sovereignty.

“Nigerians will not tolerate another phase of misappropriation and concealment. We appeal to the media to amplify this call and maintain pressure on the authorities. Likewise, we urge all stakeholders and groups to lend their voices to this cause for a better Nigeria. It is only through our collective vigilance that the heart of our nation can be preserved from kleptomaniac interests.

“Otherwise, our collective silence will embolden corrupt actors to continue their plundering of our national resources. The situation at the NNPCL is symptomatic of a deeper malaise that must be uprooted if Nigeria is to fulfill its economic potential. The NNPCL $1.5 billion refinery debacle is not just a case of wasted funds; it is a national emergency that demands immediate and thorough redress. “

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As The Endorsements Stream In, Peter Mbah Remains Focused And Unfazed

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The most remarkable and halcyon spectacle of good governance in the present Republic is unarguably the government of Enugu State under the watch of Dr Peter Mbah. Ndi’Enugu are clearly unanimous in the praise and appreciation of the commitment of their Governor to make real the promises of democracy.

The Peter Mbah led government has redefined governance in so many ways that every so often the trophy cabinet of the State government calls for regular review and rework as monstrous accolades stream in almost on a daily basis. Enugu State has become the lead example of exemplary and servant oriented leadership. And Governor Peter Ndubuisi Mbah is without an ounce of doubt a homo sequentum.

Have you googled Enugu State to see the remarkable strides in Agriculture? Have you searched the internet to see the monstrous strides in Infrastructural Development? Have you heard of the unassailable commitment of the Enugu State Government to the protection of lives and property? Have you heard of the Digitalised Control Centre that works for seamless synergy between Security Agencies in the State? Have you seen the beautiful Smart Schools that define the commitment of the Enugu State Government to Education? Have you read about the monumental investment of Enugu State in Healthcare, and the Healthcare Centres springing up across the Wards in Enugu State?

Have you seen the Cargo Wing of the Akanu Ibiam International Airport targeted at opening new frontiers for business? Have you seen the ongoing International Conference Centre and the Five Star Hotel project, with the profound intention of making Enugu State the go-to destination for Business, and for leisure? Have you seen the commitment of the State to Arts, Culture and Tourism? Have you seen the resurgence of Pipe Borne Water in Enugu State, and are you aware that no State in Nigeria comes near Enugu State in the restoration of Pipe Borne Water? Have you seen the level of work on both urban and rural roads that has turned Enugu State into a huge construction site? And have you seen the olympic strides of the State government in Skill Acquisition, Human Capital Development, and Empowerment? Do you think that the popular refrain THE FUTURE IS HERE is masturbatory? Folks, without a shade of equivocation Enugu State is the lucid manifestation of the greatness that responsible and responsive leadership engenders.

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Within the past 6 months the Enugu State Government have been first in almost every parameter and sector of governance. Peter Mbah has been Governor of the Year. Enugu State has led the pack in Infrastructural development. Enugu State tops the chart in Healthcare, in Education, and in the commitment to the Security of lives and property. Yes, laudable laurels and trophies litter the Enugu tapestry, thanks to the unalterable commitment of the Governor to make Enugu State profoundly better than he met it.

The awesome strides of the Peter Mbah led government of Enugu State are so manifest that even the fiercest opponent of Governor Peter Ndubuisi Mbah in the 2023 contestation for the high office of Governor, Barrister Chijioke Edeoga of the Labour Party has returned to the Governor’s Party, the Peoples Democratic Party PDP. And in doing so, Edeoga was emphatic about the great strides of the Peter Mbah led government. Edeoga was forthright in his call for Ndi’Enugu to support ‘the man who knows the way’, and ‘to stand with the man whose commitment to an Enugu State that works for all is without blemish.’

Edeoga’s return to the PDP and his profound testimony about the man that is consistently Making A Difference MAD in Enugu State enamours; and very striking however is the recent endorsement of Governor Peter Ndubuisi Mbah by the leaders of Nsukka Community, and take note that Nsukka is arguably the largest voter demography in Enugu State.

In endorsing and applauding the Governor Peter Ndubuisi Mbah led administration, the Nsukka Leaders noted that they are overwhelmed by the strides of the government in Infrastructural Development, in Healthcare, in Education, in Urban and Rural Development, in Skill Acquisition and Human Capital Development, and in improving the general well-being of Ndi’Enugu.

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Need I tell you that as the endorsements stream in, the humble People’s Governor of Enugu State has remained focused, Unfazed and committed to the promises that he made to Ndi’Enugu during the 2023 campaign season. To Governor Peter Mbah there is no time to engage in the luxury of cooling off. And he is unwilling to allow the blinding lights of sycophants and Court-jesters derail his vision and dream of an Enugu State that meets the standards of a highly progressive world. To Peter Mbah The FUTURE IS HERE.

And to all advocates of good governance and servant oriented leadership I commend the watchman in the saddle at the Government House in Enugu, knowing that when in unison we applaud all vistas of good governance on our political kaleidoscope, we shall be redefining thereto the moral and ideological minimums of leadership in Nigeria.

To Governor Peter Ndubuisi Mbah a heart of love and admiration. And to Ndi’Enugu I say, The Future Is Here.

Prof Chris Mustapha Nwaokobia Jnr
Convener COUNTRYFIRST MOVT.
A Good Governance Advocacy Group.

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