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Tag: Osinbajo

  • Osinbajo commends SON on ease of doing business

    The Acting President, Yemi Osinbajo has commended the efforts of Standards Organisation of Nigeria (SON) for promoting the Federal Government’s initiative on the “Ease of doing Business”.

    Osinbajo gave the commendation in a statement issued by Mr Bola Fashina, the Head of Public Relations of SON in Abuja on Saturday.

    The acting president spoke at the recent Micro, Small and Medium Enterprises Clinic held in Calabar on Friday.

    Osinbajo said: “I know this is a new SON ready to go, a business facilitator and not one that hinders business”.

    The News Agency of Nigeria (NAN) reports that President Muhammadu Buhari recently established the Presidential Enabling Business Environment Council, PBEC.

    The aim is to review and address all encumbrances in the “Ease of Doing Business’’ which includes movement of people and goods in and out of the country, transparency in government, regulations, and registering business among others.

    Fashina said the Director-General of SON, Mr Osita Aboloma, who also spoke at the event, said the organisation was saddled with the responsibility of providing relevant Nigerian Industrial standards as benchmark for quality of products and services offered in Nigeria.

    Aboloma, represented by Mr Don Pedro, the Coordinator of SON in Cross River, said that other mandates include the promotion of quality assurance, accurate testing and measurement regimes for trade and commerce to thrive in Nigeria.

    “Great emphasis is placed on the grooming of budding Micro, Small and Medium Enterprises, using the instrument of standardisation.

    “This is to support the industrialisation efforts of the government as well as promote consumer safety,’’ Aboloma said. (NAN)

  • Nigeria greater together than apart – Osinbajo

    Nigeria greater together than apart – Osinbajo

    The Acting President, Prof. Yemi Osinbajo has said the nation’s diverse ethnicity should be a blessing other than an issue for secession.

    He said the diversity of the country was the reason why other countries have respect for Nigeria.

    Osinbajo, who was on a two-day official visit to Cross River State, said this on Thursday during a courtesy call on the Obong of Calabar, Edidem Ekpo Okon Abasi Otu V.

    He reiterated the fact that the country was better together than apart.

    “Cross River State is so much an intriguing part of Nigeria and every part needs the other. We are greater together than apart. When people speak of Nigeria, it is because of its diversity. Unity is absolutely important because God wants us to be united,” Osinbajo said.

    He said the country has been able to manage its diversity so far, pointing out that crisis of any kind was not a solution to the problems of the country.

    According to him, the Federal Government was doing everything possible to accommodate every Nigerian, noting that President Buhari’s government will continue to work assiduously for the interest and development of all sections of the country.

    Osinbajo pledged the support of the federal government to the construction of the super highway by the state government, stressing that the initiative would enhance economic and social development of the state.

    Responding the Obong of Calabar, while appreciating the visit of the Acting President, pleaded that the traditional institution be given constitutional powers.

    According to him, the traditional institution had been the foundation of government.

    Meanwhile, the Acting President has performed the ground breaking ceremony of Ayade Industrial Park as well as unveiling the Calabar Rice Factory and the Garment Factory, which he described as a bold attempt by the Governor, Prof. Ben Ayade to develop the state.

  • Photos: Calabar agog as Acting President Yemi Osinbajo visits

    Photos: Calabar agog as Acting President Yemi Osinbajo visits

    Calabar, the capital of Cross River state was agog on Thursday as the Acting President Prof. Yemi Osinbanjo arrived the city on official visit.

    Among the huge excitement that was on display were school children and residents who trooped out en mass to welcome their Acting President, others succeeding to get an embrace or a hand shake with Professor Osinbajo.

  • Osinbajo storms Calabar on official visit, to commission projects

    Acting President, Prof. Yemi Osinbanjo has arrived Calabar, the Cross River State Capital, on an official visit. Osinbajo was received at the Margaret Ekpo International Airport by Governor Ben Ayade.

    The governor immediately led the Acting President from the airport to the palace of the Obong of Calabar. Osinbajo, while in the state is expected to commission some projects embarked upon by Ayade.

    Details shortly…

  • Osinbajo overrules Fashola, gives Ambode go-ahead to reconstruct Lagos Airport Road

    The Acting President, Professor Yemi Osinbajo has granted permission to the Lagos State Government to embark upon a total reconstruction of the International Airport Road from Oshodi.

    This was disclosed on Wednesday in a Press Statement signed by the Secretary to the State Government, Mr Tunji Bello. According to the statement, the State Governor, Mr Akinwunmi Ambode commended the Acting President for his statesman like approach and for fast tracking the process.

    “We are very appreciative of the good gesture of His Excellency, the Acting President for acceding to our request which is not only very timely but a very heartwarming one. Posterity will never forget this genuine developmental action,” Ambode said.

    He also described the approval as a 50th birthday gift to the people of Lagos State, describing it as a further demonstration of the determination of the present administration to ensure the effectiveness of the Executive Order on improving the Ease of Doing Business recently signed by the Acting President.

    Ambode also gave kudos to President Muhammadu Buhari for providing the enabling environment to attract Foreign Direct Investment into the nation, adding that with the upgrading of the International Airport Road which is the gateway to the nation’s commercial nerve centre, the country will attract new investments.

    The re-construction of the road had led to a friction between Governor Akinwunmi Ambode and his predecessor, Mr. Babatunde Raji Fashola, SAN, who is the current Minister For Power, Works & Housing.

    The governor had in early March this year, raised concern about the present state of the Muritala Muhammed International Airport Road, describing it as a national disgrace that required immediate attention to salvage the nation’s image.

    He stated then that the State presently has a design for the reconstruction of the road as well as the funds to embark on the project but was yet to get the go ahead from the Federal Government.

    His words: “The road linking Oshodi to the International Airport, you would all agree with me is a national embarrassment. In the spirit of the regeneration and urbanisation that this administration has set out to achieve, we believe strongly that the image that is exhumed by the decadence of that road must be repaired and we took it upon ourselves to appropriate the 2017 budget that the House of Assembly should approve the total reconstruction of the Airport Road from Oshodi to the International Airport.

    “The State currently has a design of 10 lanes to come from Oshodi to the International Airport with interchange and flyover that would drop you towards the Local Airport. The contractor is already set to go and everything as I said has been completed and we already have the cash, but alas we are having challenges with the Federal Ministry of Works and Housing.

    This is a Federal and not a State road. The Federal Ministry of Works believes that they should do the road, but they have not been able to do it all these years past.” “I just want to appeal to the Federal Ministry of Works, to let go or reimburse us with whatever it is that they are owing us and even if they are not willing to pay us now, we have the money to do it. It is a national disgrace and we would not be part of it.

    We would like to do it as part of the celebration of Lagos at 50,” Governor Ambode had said then. Responding thereafter, the Minister Fashola said the delay in granting the request of Lagos State was because the Memorandum conveying the request of Lagos State which was already before the Federal Executive Council has not reached completion stage.

    “The Federal Ministry of Power, Works and Housing Ministry has presented the Memorandum conveying the request of the Lagos State Government to the Federal Executive Council as was done with a similar request by the Kaduna State Government in 2016”. “Due to the fact that two of the roads also connect Ogun State, the Federal Executive Council could not reach an immediate decision on them because it requested the input of the other State Government affected”, the Federal Ministry explained.

  • Osinbajo appoints Dangote, Peterside, 34 others into Advisory Council

    Acting President Prof. Yemi Osinbajo on Tuesday inaugurated the board of the Nigerian Industrial Policy and Competitiveness Advisory Council.

    The 36-member Council, to be chaired by the Acting President, comprises representatives of the public and private sectors as well as a seven-member Technical Committee.

    The Council, which is to advice and supervise policies that will speed up Nigeria’s industrialisation bid, was inaugurated at the presidential villa in Abuja by the Acting President.

    See full list below:

    Membership of the Nigerian Industrial Policy and Competitiveness Advisory Council inaugurated by Acting President, Prof. Yemi Osinbajo in Abuja on Tuesday

    Leadership

    1. His Excellency, the Acting President and Chairman of the EMT, Prof. Yemi Osinbajo (Chairman)
    2. Hon. Minister, Industry Trade and Investment, Dr. Okechukwu Enelamah (Vice-Chairman, Public Sector)
    3. Hon. Minister of State, Industry, Trade and Investment, Mrs. Aisha Abubakar (Alternate Vice-Chairman, Public Sector)
    4. President, Dangote Group, Alhaji Aliko Dangote (Vice-Chairman, Private Sector)
    5. Chairman, ANAP Business Jets Ltd, Mr. Atedo Peterside (Alternate Vice Chairman, Private Sector)

     

    Other Private Sector Members:

    1. Chairman, Nigerian Breweries and PZ Cussons Chief Kola Jamodu
    2. Chairman, BUA Group Alhaji Abdulsamad Rabiu
    3. Chairman, IVM Innoson Group of Companies Limited Dr. Innocent Ifediaso Chukwuma
    4. GMD, Chi Foods Nigeria Mr. Rahul Savara
    5. Chairman, Flour Mills of Nigeria Plc Mr. John Coumantarous
    6. CEO, Emzor Pharmaceuticals Mrs. Stella Okoli
    7. Country Head, Olam Mr. Mukul Mathur
    8. President/CEO Beloxxi Industries Limited Mr. Obi Ezeude
    9. MD/CEO Fidson Healthcare Plc Dr. Fidelis Ayebea
    10. Founder, Flutterwave Mr. Iyinoluwa Aboyeji
    11. President and CEO, GE Business Operations Nigeria Mr. Lazarus Angbazo
    12. CEO, Jumia Mrs. Juliet Anamah
    13. CEO, SecureID Nigeria Ltd Mrs. Kofo Akinkugbe
    14. Chairman/C.E.O, AMMASCO International Limited Alhaji Ado Mustapha
    15. Chairman, KAM Industries Alhaji Kamaldeen Yusuf
    16. Chairman, United Textiles Plc Alhaji Adamu Atta
    17. Chairman Candel Corporation; CEO Swift Networks Mr. Charles Anudu
    18. Chairman, Rumbu Sacks Nigeria Limited Alhaji Ibrahim Salisu Buhari
    19. Chairman, Tofa Group Mr. Isiaku Tofa
    20. MD/CEO Proforce Limited Mr. Ade Ogundeyin
    21. President, Manufacturers Association of Nigeria Dr. Frank Udemba Jacobs

     

    Other Public Sector Members:

    1. Hon. Minister for Budget & National Planning, Senator Udoma Udo Udoma
    2. Hon. Minister of Finance, Mrs. Kemi Adeosun
    3. Hon. Minister for Agriculture and Rural Development, Chief Audu Ogbeh
    4. Hon. Minister for Power, Works & Housing, Mr. Babatunde Raji Fashola
    5. Hon. Minister for Transportation, Chief Rotimi Amaechi
    6. Hon. Minister of State, Petroleum Resources Dr. Ibe Kachikwu
    7. Hon. Minister for Mines and Steel Development, Dr. Kayode Fayemi
    8. Hon. Minister for Science & Technology, Dr. Ogbonnaya Onu
    9. Governor, Central Bank of Nigeria, Mr. Godwin Emefiele

     

    Technical Committee Members:

    1. Economic Adviser to the President Dr. Yemi Dipeolu
    2. Trade Adviser/Chief Negotiator Amb. Chiedu Osakwe
    3. Mr. Waheed Olagunju MD, Bank of Industry
    4. Exec. Director/CEO, Nigerian Export Promotion Council, Mr. Olusegun Awolowo
    5. Executive Secretary, Nigeria Investment Promotion Commission Ms. Yewande Sadiku
    6. Statistician-General, National Bureau of Statistics Dr. Yemi Kale
    7. CEO, Economic Associates Dr. Ayo Teriba

     

  • MSMEs loan accessibility: Osinbajo signs 2 bills into law

    Acting President, Prof. Yemi Osinbajo has signed into law two bills that would facilitate access to more affordable credit for Nigerians.

    The laws are: the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

    The Collateral Registry Act ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets and accounts receivable in the National Collateral Registry and use same as collaterals for accessing loans.

    This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.

    The Credit Reporting Act provides for credit information sharing between Credit Bureaux and deposit lenders as well as other institutions that provide services on credit such as telecommunication companies and retailers.

    A Credit Bureau is a company that collects information relating to the credit ratings of individuals and makes it available to financial institutions that need such information.

    Such information is used to determine an individual’s credit-worthiness and whether or not to grant loan applications to such individuals.

    Access to credit is critical to economic growth and is considered to be the motor for driving private sector development.

    However, in Nigeria more than 70 per cent of private enterprises, typically MSMEs, have limited or no access to credit.

    Credit applications get rejected due to insufficient credit history and information for the lender to use to make a reasonable judgment, as well as unacceptable collateral but the two new Acts remove those obstacles for MSMEs.

    Traditionally, banks only give loans to businesses that can provide fixed land and property as collateral.

    This shuts out MSMEs which usually own only movable assets like motor vehicles and equipment.

    The Collateral Registry Act, 2017, will give confidence to lenders to utilise the Registry and thereby make credit available to MSMEs and individuals through the use of their movable assets as collateral.

    The Credit Reporting Act enables lenders to make reasonable judgment on whether or not to extend credit to an individual, and reduces the cases of bad loans.

    On Feb. 21, the National Assembly (NASS) publicly committed to passing the two bills as part of the 60-Day National Action Plan for Ease of Doing Business initiated by the Presidential Enabling Business Environment Council (PEBEC).

    NASS last week forwarded the bills to the Acting President for assent.

    The Acts, thus replace the existing Central Bank of Nigeria (CBN) Guidelines regulating the operations of the National Collateral Registry and Credit Bureaux by formal legal frameworks.

     

  • I will soon sign 2017 budget into law – Osinbajo

    Acting President Yemi Osinbajo has hinted that the 2017 budget will soon be signed.

    He gave the hint in his nationwide broadcast commemorating the country’s Democracy Day and the second anniversary of the present administration on Monday.

    He said the implementation of the 2017 budget would help the ongoing economic recovery.
    Osinbajo had stated, “And the implementation of our 2017 budget, which will soon be signed into law, will bring added impetus to our ongoing economic recovery.”

    The National Assembly had penultimate Friday transmitted the details of the budget to Osinbajo.

  • Stolen, diverted public funds must be accounted for – Osinbajo

    Acting President Yemi Osinbajo said public resources that were looted in the past few years in the country would be accounted for by those involved.

    Osinbajo stated this on Monday in a nationwide broadcast to mark the second anniversary of President Muhammadu Buhari’s administration.

    He said that accounting for the funds had become imperative in view of the determination of the administration to bring persons accused of corruption to justice.

    According to him, funds appropriated to build roads, railway lines, power plants, and to equip the military, that have been stolen or diverted into private pockets, must be retrieved and the culprits brought to justice.

    “We believe that the looting of public resources that took place in the past few years has to be accounted for.

    “Many have said that the process is slow, and that is true. Corruption has fought back with tremendous resources and our system of administration of justice has been quite slow.

    “But the good news for justice is that our law does not recognize a time bar for the prosecution of corruption and other crimes, and we will not relent in our efforts to apprehend and bring corruption suspects to justice,” Osinbajo said.

    He stated that the government had also started re-equipping the prosecution teams, and that part of the expected judicial reforms was to dedicate some specific courts to the trial of corruption cases.

    The acting president disclosed that the All Progressives Congress-led Federal Government was also institutionalizing safeguards and deterrents in the process.

    He said, “We have expanded the coverage of the Treasury Single Account (TSA).

    “We have introduced more efficient accounting and budgeting systems across the Federal Government. We have also launched an extremely successful Whistleblower Policy.

    “The Efficiency Unit of the Federal Ministry of Finance has succeeded in plugging leakages amounting to billions of naira, over the last two years.

    “We have ended expensive and much-abused fertilizer and petrol subsidy regimes.

    “We have taken very seriously our promise to save and invest for the future, even against the backdrop of our revenue challenges.

    “We have in the last two years added 500 million dollars to our Sovereign Wealth Fund and 87 million dollars to the Excess Crude Account.

    “This is the very opposite of the situation before now, when rising oil prices failed to translate to rising levels of savings and investment.”

    Mr. Osinbajo, however, acknowledged that the economy had proven to be the biggest challenge of all.

    “Let me first express just how concerned we have been since this administration took office, about the impact of the economic difficulties on our citizens.

    “Through no fault of theirs, some companies shut down their operations; others downsized. People lost jobs and had to endure rising food prices.

    “In some states, civil servants worked months on end without the guarantee of a salary, even as rents and school fees and other expenses continued to show up like clockwork.

    “We have been extremely mindful of the many sacrifices that you have had to make over the last few years.

    “And for this reason this administration’s work on the economic front has been targeted at a combination of short-term interventions to cushion the pain, as well as medium to long term efforts aimed at rebuilding an economy.

    “The economy is no longer helplessly dependent on the price of crude oil.’’

    According to him, the short-term interventions include putting together a series of bailout packages for state governments to enable them bridge their salary shortfalls, an issue President Buhari has consistently expressed his concerns about.

    Osinbajo said the government had also begun the laying a framework for its Social Intervention Programme, which he described as “the most ambitious in the history of the country’’.

     

     

    NAN

  • Boko Haram: Restored relationship with neighbouring countries helped our success – Osinbajo

    Acting President Yemi Osinbajo has attributed successes being recorded by the military against Boko Haram insurgency to the restoration of cordial relations with Nigeria’s neighbours, including Chad, Cameroon and Niger.

    Osinbajo, in a nationwide broadcast on Monday to commemorate the second anniversary of President Muhammadu Buhari’s administration, said the government had re-organized and equipped the armed forces, and inspired them to heroic feats.

    He said that in addition to mending broken relations with the country’s allies, the Buhari administration had also revitalized the regional Multi-national Joint Task Force, by providing the required funding and leadership.

    He said that the terrorist group which openly challenged the sovereignty and continued existence of Nigeria through killing, maiming, and abduction, causing the displacement of the largest number of citizens had now been routed.

    “With new leadership and renewed confidence, our gallant military immediately began to put Boko Haram on the back foot.

    “We have restored broken-down relations with our neighbours – Chad, Cameroon and Niger – allies without whom the war against terror would have been extremely difficult to win.

    “The positive results are clear for all to see. In the last two years, no fewer than one million displaced persons have returned home.

    “One hundred and six of our daughters from Chibok have regained their freedom after more than two years in captivity, in addition to the thousands of other captives who have since tasted freedom.

    “Schools, hospitals and businesses are springing back to life across the North-East, especially in Borno, the epicentre of the crisis. Farmers are returning to the farms from which they fled in the wake of Boko Haram.

    “Finally, our people are getting a chance to begin the urgent task of rebuilding their lives.’’

    On agitations in some parts of the country, Osinbajo revealed that the Buhari administration had engaged with local communities with a view to understanding their grievances, and to create solutions to their challenges.

    He said, “across the country, in the Niger Delta, and in parts of the North-Central region, we are engaging with local communities to understand their grievances, and to create solutions that respond to these grievances adequately and enduringly.’’

    According to him, President Buhari’s new vision for the Niger Delta is a comprehensive peace, security and development plan that will ensure that the people benefit fully from the wealth of the region.

    “We have seen to it that it is the product of deep and extensive consultations, and that it has now moved from idea to execution.

    “Included in that New Vision is the long-overdue environmental clean-up of the Niger Delta beginning with Ogoniland, which we launched last year,’’ he added.

    On persistent farmers/herdsmen unrest across the country, the acting president announced that the Federal Government had started working with state governments and relevant security agencies in designing effective strategies and interventions to end the menace.

    According to him, the Buhari administration is determined to ensure that anyone who uses violence or carries arms without legal authority is apprehended and sanctioned.

     

     

    NAN