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FG Rakes In N669Bn From Privatization In 15 Years
Benjamin Dikki, director-general, Bureau of Public Enterprise (BPE), at the weekend disclosed that the Federal Government earned N669 billion from privatisation of its enterprises, including concession of the nation’s seaports, in the last fifteen years.
Dikki said that the amount was proceeds from 122 enterprises privatised from 1999 to 2012 and revenue generated from the privatisation of the power sector in 2013.
He disclosed this while delivering a lecture on “Federal Government’s Privatisation and Economic Reform Programme” at a forum organised by Just Friends Club of Nigeria in Abuja.
The BPE boss said that 2.5 billion dollars (about 417.5 billion) was realised from payments made by “preferred bidders of 15 out of the 18 successor companies of Power Holding Company of Nigeria (PHCN)”.
Out of the amount, he said N251.5 billion was realised as gross proceeds from the privatisation of the 122 enterprises, adding that N147 billion was remitted to the Privatisation Proceeds Account at the Central Bank of Nigeria as net profit.
Dikki added that N384 billion was spent on settling labour liabilities in the power sector before the companies were handed over to the new investors on Nov. 1, 2013.
He stated that 66 per cent of the privatised enterprises were performing well while 34 per cent was not doing well.
He said that the process of unbundling the Kaduna Electricity Distribution Company and Afam Generation Company, which was unsuccessful during the first sale, was currently nearing completion.
The director-general said that although BPE was known mainly for its privatisation activities, it had begun the handling of reforms in different sectors of the economy.
He cited the reform in the telecommunication sector, which he said had created lots of jobs and generated huge revenue for the government, as one of the reforms it handled.
“The establishment of the Debt Management Office (DMO) was one of the outcomes of the reform works of the bureau.
” Before its creation, there was nobody to monitor government borrowing,” he explained.
Dikki said that BPE was currently pushing for the passage of seven bills which would open up the Nigerian economy “for healthy businesses to strive”.
On its initiatives, he expressed the hope that refineries would be privatised pending the passage of the Petroleum Industry Bill.
“The government is intent on privatising the refineries because of the impact it will have in growing the Nigerian economy.
“Right now, Element Petroleum, an oil firm, requires the by-product of refineries to produce its own product.
“But it doesn’t have enough supply because the refineries are not operating at levels of expectations.
“So, if we can privatise the sector, many private individuals will be able to open more refineries in the country and this will translate to added jobs,” he said.
He hinted that Pipelines and Product Marketing Company and the Nigerian Gas Company would be privatised.
In his remarks, Mr Green Amakwe, president, Just Friends of Nigeria Club, said that the club chose Dikki for the lecture due to his success in dealing with investors.
“BPE is now seen as a government agency that plays by the rules of due process, accountability and a high degree of transparency and international best practices in its dealings.
“This enviable achievement has made it incumbent on us to honour the BPE by nominating its director-general to deliver our inaugural lecture on their success story,” he said.
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NIMC Introduces Paid National ID Card Amid Low Revenue
Nigerians will start paying for the new national identity card due to low revenue, according to National Identity Management Commission (NIMC).
Dr Peter Iwegbu, head of card management services at NIMC, said the payment was to ensure that it was produced for only those who needed it.
Iwegbu stated this at the two-day conference organized for journalists in Lagos.
He also added that the decision was made to avoid repeating the mistake of the past efforts to issue physical cards to Nigerians for free, which many did not collect.
“The government’s limited revenue is also a major factor in the decision to make Nigerians pay for the new ID card,” he said.
Iwegbu explained that due to the low revenue generated, the government could not fund the production of ID cards.
Mr Lanre Yusuf, director of Information Technology at NIMC, explained that the idea of a free national ID card in the past was not productive.
“To get the new national ID card, Nigerians will need to make a payment, select a pickup location, and then collect their card from the chosen location. The government has implemented programmes to make the card accessible to the less privileged Nigerians who cannot afford it but require it to access government support.”
“This initiative demonstrates the government’s commitment to inclusivity and equality,” Yusuf said.
He said that the versatile cards were scheduled to launch soon, and sample test cards had already been received.
“NIMC is working with banks across the country, which will make it possible for people to walk into any bank closest to them and request the card.”
“The new national ID card is a multipurpose card that can serve the purpose of identity verification, payments, and even government services,” he said.
The card will be enabled for all government interventions and services across various ministries, departments, and agencies. The card, powered by AfriGO, was launched in partnership with the Central Bank of Nigeria and the Nigeria Interbank Settlement System.
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Cycling Enthusiasts Gear Up for FXTM-Sponsored Lagos Monthly Crit
Cycling enthusiasts, gear up for an exhilarating experience this Saturday, November 23rd, as FXTM proudly sponsors the Lagos State Monthly Crit at Dolphin Estate, Ikoyi, Lagos.
Interested participants should register at 6:30 AM and prepare for the main race, kicking off at 7:30 AM. Participants will compete for four thrilling hours in three categories: Professional, Junior, and Veteran.
The top prize starts at $500, adding an exciting competitive edge to the event. There will also be refreshments, music and an opportunity to socialize with like-minded individuals.
FXTM, known for its global commitment to promoting fitness through charitable cycling events, is thrilled to bring this spirited race to Lagos. Riding has always been synonymous to freedom, matching the company’s value of freedom to succeed.
The event not only aims to foster a love for cycling but also to enhance community fitness and well-being.
The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “We are thrilled and delighted to sponsor this event as part of our charitable project.
“We look forward to an exciting time with all participants from all works of life. It’s going to be action packed event.”
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Google Rolls Out AI-Powered Theft Detection for Android 15
Thembi Alfreds was driving home from a soccer match in Johannesburg when she stopped at a traffic light. A thief suddenly appeared and smashed the window of her car, grabbing her phone. She struggled with the thief but they managed to get away with the phone.
The incident left her feeling violated and unsafe. Not only did she lose personal memories, like photos of her children, but her personal and financial information stored on the phone was now compromised.
Phone theft is a serious concern in many countries across Africa, including South Africa, where Thembi’s situation highlights the need for better phone theft solutions.
Smartphone usage is on the rise in Sub-Saharan Africa, with adoption rates reaching 61% in Kenya, 31% in Uganda, and 24-25% in Rwanda and Burundi. This increased uptake has been accompanied by a rise in cellphone theft, as these devices become attractive targets for criminals due to their resale value and sensitive data within. This poses a significant challenge that can have serious consequences for both individuals and businesses in the region.
According to the GSMA Consumer Survey 2023, 19% of mobile phone users in South Africa experienced theft or loss of their device in the past year.The GSMA reports millions of devices stolen every year, and the numbers continue to grow. With our phones becoming increasingly more valuable & central to storing sensitive data, like payment information and personal details, losing one can be an unsettling experience.
Phone theft can be a traumatic experience, but there are steps that can be taken to reduce the risk and protect personal information. That’s why we have developed and thoroughly beta tested, a full suite of features designed to protect you and your data at every stage – before, during, and after device theft.
These advanced theft protection features are now available to users around the world through Android 15 and a Google Play Services update (Android 10+ devices).
Theft Detection Lock uses powerful AI to proactively protect you at the moment of a theft attempt. By using on-device machine learning, Theft Detection Lock is able to analyze various device signals to detect potential theft attempts. If the algorithm detects a potential theft attempt on your unlocked device, it locks your screen to keep thieves out.To protect your sensitive data if your phone is stolen, Theft Detection Lock uses device sensors to identify theft attempts.
This feature is rolling out gradually to ensure compatibility with various devices, starting today with Android devices that cover 90% of active users worldwide. Check your theft protection settings page periodically to see if your device is currently supported.
In addition to Theft Detection Lock, Offline Device Lock protects you if a thief tries to take your device offline to extract data or avoid a remote wipe via Android’s Find My Device. If an unlocked device goes offline for prolonged periods, this feature locks the screen to ensure your phone can’t be used in the hands of a thief.
If your Android device is lost or stolen, Remote Lock can quickly help you secure it. Even if you can’t remember your Google account credentials in the moment of theft, you can use any device to visit Android.com/lock and lock your phone with just a verified phone number. Remote Lock secures your device while you regain access through Android’s Find My Device – which lets you secure, locate or remotely wipe your device. As a security best practice, we always recommend backing up your device on a continuous basis, so remotely wiping your device is not an issue.
These features are now available on most Android 10+ devices via a Google Play Services update and must be enabled in settings.
Advanced security to deter theft before it happens
Android 15 introduces new security features to deter theft before it happens by making it harder for thieves to access sensitive settings, apps, or reset your device for resale:
- Changes to sensitive settings like Find My Device now require your PIN, password, or biometric authentication.
- Multiple failed login attempts, which could be a sign that a thief is trying to guess your password, will lock down your device, preventing unauthorized access.
- And enhanced factory reset protection makes it even harder for thieves to reset your device without your Google account credentials, significantly reducing its resale value and protecting your data.
Later this year, we’ll launch Identity Check, an opt-in feature that will add an extra layer of protection by requiring biometric authentication when accessing critical Google account and device settings, like changing your PIN, disabling theft protection, or accessing Passkeys from an untrusted location. This helps prevent unauthorized access even if your device PIN is compromised.
Real-world protection for billions of Android users
By integrating advanced technology like AI and biometric authentication, we’re making Android devices less appealing targets for thieves to give you greater peace of mind. These theft protection features are just one example of how Android is working to provide real-world protection for everyone. We’re dedicated to working with our partners around the world to continuously improve Android security and help you and your data stay safe.
You can turn on the new Android theft features by clicking here on a supported Android device. Learn more about our theft protection features by visiting our help center.
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