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Nigeria Loses N2.2Trn to Oil Theft – Gov. Aregbesola

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Ogbeni Rauf Aregbesola, governor of Osun state, on Friday said the Nigeria has lost N2.2 trillion (14.6 billion dollars) to oil theft within a year under the President Goodluck Jonathan-led Peoples Democratic Party (PDP).

In a release by Semiu Okanlawon, director Bureau of Communication and Strategy in the Office of the Governor, Aregbesola was quoted as speaking in Akure after the Walk for Change programme that saw a huge population of residents of the state joining the All Progressives Congress (APC) vice presidential candidate Prof Yemi Osinbajo to sensitise the people on the need for change of government in Nigeria.

Walk for Change in Nigeria is a civil society organisation, which is interested in sensitising Nigerians for the necessary change in the country.

The governor revealed that Nigeria loses 400, 000 barrels of crude oil to oil theft everyday according to Federal Government statistics.

According to him, 400, 000 barrels at the conservative figure of 100 dollars a barrel translates to 40 million dollars loss to the country on daily basis.

Aregbesola lamented that what the country lost to oil theft in a year is more than the total amount of what all 36 states gets as allocation in four years.

“If 400, 000 barrel of oil is stolen everyday and the President can say so, it is disheartening.

“From July 2013 to July 2014 if we calculate what the nation is losing by 100 dollars, Nigeria loses 40 million dollars daily to oil theft.

“What we lost in just one year to oil theft in a year is more than the total amount of what all the 36 states of the federation get as allocation in four years.

“This is not a way to develop a country. Nigeria is being bled to death by some unscrupulous individuals.

“We shall not remove them through the barrel of gun or by violence. We are going to chase them away with our votes.

“If this amount is spent on education alone, we will have the best of education; if spent on roads, we will have the best of road network system.

“Today, we are neck deep in poverty, underdevelopment and socio-political and economic stagnation.

“No power can surpass or suppress the will of the people whenever they resolve to change what they do not like,” Aregbesola said.

He added that the February general election is for the people to vote for development and growth and a signal to an end to poverty and misery.

He urged the people to quickly go and collect their permanent voter’s card so as to be able to vote for change.

The Vice-presidential candidate and the running mate of Gen. Muhammadu Buhari, Prof. Oluyemi Osinbajo stated that APC when voted into power come February 14, will be the first government in Africa to institute a social security welfare for its citizens.‎

He added that the APC government when sworn-in May 29 will change the Country from poverty status to that which citizens will have abundance and once more be proud of the nation.

Osinbajo also added that the coming of APC will usher in a government of the masses which will focus on youth employment and infrastructural development in all ramifications.

He said, “our government which will also be your government on assumption of office will employ twenty thousand youths in every state of the country and agriculture will be given a major priority.

“Every pupil of primary schools in Nigeria will be fed free every school days in every state, it will also be a government where health care and other sectors will be adequately catered for by government”. The vice presidential hopeful explained.

The walk for Change which took off from the Buhari Campaigns Officr took the huge population of residents who came out through Oba Adesida Road and terminated at the Fiwasaye Junction.

The shouts of Change and SaiBuhari rent the air for the period the walk lasted.

Others who spoke at the rally include the Speaker of the Osun House of Assembly Hon. Najeem Salam and the Convener of the Change Nigeria Initiative Mr. Bola Ilori.


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FG Offers Nine-month Amnesty for Illegal Dollar Holdings

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Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.

Wale Edun

Wale Edun

It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.

Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.

“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.

Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.

Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.

He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.

“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.

“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.

Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.

According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.

“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.

Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.


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Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs

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Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.

Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.

Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.

The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.

The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.

Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.

“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.

“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.

“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.

“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.

“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”


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MTN Foundation to Celebrate 20 Years of Impact with Anniversary Conference and Dinner

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MTN Foundation is set to celebrate a milestone—its 20th Anniversary—with a series of events designed to reflect on its contributions to communities across Nigeria.

The anniversary conference will take place on November 6, 2024, in Abuja, while the celebratory dinner is scheduled for November 14, 2024, in Lagos.

These events will bring together key stakeholders from both the public and private sectors, highlighting the Foundation’s commitment to sustainable development and community engagement.

Since its inception in 2004, the Foundation has been at the forefront of corporate social responsibility (CSR) initiatives in Nigeria. It was one of the first corporate entities in the country to establish a dedicated foundation for managing CSR activities.

The Foundation was officially commissioned in May 2005, with MTN Nigeria Communications PLC pledging to allocate up to 1% of its Profit After Tax (PAT) for funding various projects aimed at improving lives across the nation.

Over the past two decades, the Foundation has invested over NGN 24.73 billion into impactful projects that span all 36 states and the Federal Capital Territory (FCT). With more than 1,023 project sites across Nigeria, the Foundation has successfully executed 50 unique projects, reaching over 31 million people.

These initiatives have addressed critical areas such as education, health, youth empowerment, and arts and culture, making a significant difference in the lives of countless Nigerians.

As part of this celebration, the Foundation will unveil its new logo along with refreshed mission and vision statements.

This rebranding effort symbolizes a renewed commitment to its core values and goals as it looks toward the future.

Odunayo Sanya, Executive Director of MTN Foundation, expressed her enthusiasm for the upcoming celebrations and reflected on the journey thus far.

“This anniversary is both a celebration of our impact in Nigeria and a commitment to do more,” Sanya stated.

“We have always believed in the power of collaboration and community engagement to drive meaningful change.

“As we gather to reflect on our journey, we look forward to engaging with our partners and stakeholders to explore new avenues for sustainable development.”

The upcoming anniversary events aim to foster dialogue among leaders from various sectors, encouraging collaboration that can lead to innovative solutions for pressing societal challenges.

The conference will feature keynote speakers and panel discussions around national development and youth empowerment, as well as interactive sessions designed to inspire participants and share best practices in CSR and community development.

In addition to its focus areas, the Foundation has been instrumental in promoting digital literacy among Nigerian youth through various educational programs. By leveraging technology as a tool for empowerment, the Foundation has equipped thousands of young people with skills necessary for success in an increasingly digital world.

The anniversary conference and dinner are expected to be engaging experiences that will not only celebrate two decades of impact but also set the stage for future initiatives aimed at fostering community growth and resilience.

By bringing together diverse stakeholders, MTN Foundation hopes to ignite conversations that lead to actionable strategies for addressing Nigeria’s most pressing challenges.

The upcoming anniversary events promise to be an inspiring celebration of progress made while looking forward to new horizons in community development.

 


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