News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
RCCG Turns Former Barclays Banks’s Branch Building into Church
A former Barclays branch building in Middleton is set to be transformed into a church, two years after the bank shut its doors.
The Redeemed Christian Church of God (RCCG)has received council approval to establish their newest place of worship at the site, adding to the growing number of the faith’s churches in the Greater Manchester area
Despite receiving 51 letters of objection from locals concerned about potential traffic impact and overdevelopment, Rochdale Council’s highways officers are confident there would be no increase in traffic as a result of the development.
Planning officers also noted that the application is only for a change of use, meaning the building’s appearance would remain the same.
No major internal or external changes are planned.
As the building would effectively look the same and the application was for a change of use, this work would not be deemed ‘inappropriate’ or ‘overdevelopment’.
The Redeemed Christian Church of God, a form of Christianity founded in Nigeria in 1952, has a presence in 197 countries and territories worldwide, with millions of members in Nigeria alone.
News
Shell Approves FID On $5Bn Bonga North Deepwater Project
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has officially announced a Final Investment Decision (FID) on the Bonga North deepwater project, marking a significant milestone in Nigeria’s energy sector.
The $5 billion Bonga North project, located offshore in Oil Mining Lease (OML) 118, is set to sustain and enhance production at the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% operational interest.
In a statement released on Monday, Shell confirmed that the project has an estimated recoverable resource of more than 300 million barrels of oil equivalent (boe) and is projected to achieve a peak production of 110,000 barrels of oil per day..
“This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.
The Bonga North project encompasses the drilling, completion, and commissioning of 16 wells—8 production wells and 8 water injection wells.
It also involves modifications to the existing Bonga Main FPSO and the installation of advanced subsea infrastructure, which will be tied back to the FPSO.
Bonga North represents a key component of Shell’s strategy to bolster its Integrated Gas and Upstream business, which continues to drive cash generation well into the next decade
This project follows a wave of international investment in Nigeria’s deepwater oil industry, underscoring the country’s significance in the global energy landscape.
Shell’s decision reaffirms its long-term commitment to maintaining its leadership in energy production while contributing to Nigeria’s economic growth.
The FID announcement aligns with Nigeria’s ongoing efforts to attract foreign direct investment in its oil and gas sector, fueled by strategic reforms and an improved regulatory environment under the current administration.
News
FEC Approves 161.3m Euros for Phase 1 Siemens Power Project
Federal Executive Council (FEC), meeting presided over by President Bola Tinubu on Monday approved the sum of 161,328,228 euros for the execution of contracts in the first batch of the Phase 1 of the Siemens Power projects across the country.
Tinubu after extensive deliberations at the FEC also approved N1.7 billion for the acquisition of an office complex for the National Electricity Liability Management Company (NEMCO), in Abuja.
Briefing newsmen after the meeting, Adebayo Adelabu, minister for Power, said: “At the Federal Executive Council meeting held this afternoon, there were basically two approvals for the Federal Ministry of Power, as I presented. The first was actually an approval for the award of contract for engineering, procurement, construction and financing for the implementation of the 331 32 KV And 132 33 KV substations upgrade under the Phase One of the Presidential Initiative, popularly known as the Siemens project, consequent upon completion of the pilot phase of this project.
“The Federal Executive Council at today’s meeting considered it necessary for us to move forward as promised by the President of the Federal Republic of Nigeria at a meeting he held with the President of the Republic of Germany last week.
“The cost of this first batch of the phase one of the Siemens project was 161,328,228 euros. And the Phase One of this Siemens projects, as it relates to the transmission, upgrade and expansion, actually includes 14 brownfield substations that need upgrade and revamping, and 21 greenfield substations, which are new substations to be built across the country to improve the transmission segment.
“The first batch of this Phase One of the projects include: Onitsha 331 3233 KV substation, under the Enugu Electricity Distribution Company; Offa 132 33 KV substation under the Ibadan Electric Distribution Company, there is the new Abeokuta 331 3233 KV substation. We have Ayede 331 3233 KV substation. And lastly, Sokoto 132 33 KV substations.”
Adelabu also explained that the five sub-stations are to be worked upon and under the first batch of this Phase One of the Siemens project.
According to him: “We expect that this will further improve and stabilise the transmission segment of the power sector value chain in no distant future on completion.
“Another approval that was given at the FEC this afternoon actually relates to the award of contract for the acquisition of an office complex for the Nigeria Electricity Liability Management Company, which you all know as a NEMCO, and the office complex approved for outright purchase is at Plot No. 2148, Cadastral Zone, Wuse 1 District, Abuja, for NEMCO, and the cost of this acquisition is 1.7 billion naira inclusive of 7.5% VAT.
“We all know that NEMCO is the product of the Electricity Power Sector Reform Act of 2005 with a very specialised role to play in ensuring the success of the electricity sector reform. And the company currently resides in this particular facility, but it is expedient that the property be acquired to avoid the escalating rent which is being increased regularly due to inflation.
“So this offer of outright purchase was opted for, and this will also enable the company to meet up with its expanded mandate and increase in staff strength.”
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