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Wigwe: March brings the prepared crash report; fellow kinsmen announce an eight-day period of mourning

Tosin Ranks
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Wigwe: March brings the prepared crash report; fellow kinsmen announce an eight-day period of mourning

The National Transportation Safety Board (NTSB) plans to release a preliminary report on the recent helicopter crash in California, USA, within four weeks, shedding light on the circumstances of the tragic incident.

The crash claimed the lives of Herbert Wigwe, CEO of Access Holdings, his wife, son, and others.

 

NTSB Board Member Michael Graham mentioned that ongoing investigations would continue, with the preliminary report expected in 30 days, while the full investigation could last 12 to 24 months.

The wreckage, currently mapped by aerial drone and located at the California-Nevada border, will be moved for further analysis.

 

The Nigerian Safety Investigation Bureau is collaborating with NTSB, and condolences have been extended by prominent figures.

Access Holdings Plc has appointed Bolaji Agbede as the Acting Group CEO, pending approval from the Central Bank of Nigeria.

Meanwhile, Wale Tinubu, CEO of Oando Plc, remembers Herbert Wigwe’s contributions and emphasizes the continuity of his legacies.

Zenith Bank mourns the loss, highlighting Dr. Wigwe’s positive impact on the financial sector and the Nigerian economy.

Residents of Omueke community declare an eight-day mourning period, expressing grief over the loss of their esteemed member.

The community plans a procession, and dignitaries, including Aliko Dangote, visit to pay their respects.

The late Wigwe’s dream project, Wigwe University, continues its construction, reflecting his commitment to education and community development.

Soyinka is set to present the 50th-anniversary lecture for PUNCH on February 29th

Tosin Ranks
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Soyinka is set to present the 50th-anniversary lecture for PUNCH on February 29th

Nobel Laureate, Prof. Wole Soyinka, is set to deliver PUNCH Newspapers’ 50th-anniversary lecture on February 29.

The celebrated playwright, novelist, poet, and essayist will critically analyze a significant national issue during the event.

The lecture, a key component of PUNCH’s weeklong 50th-anniversary celebration, will take place at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos.

Expressing profound appreciation, Mr. Adeyeye Joseph, Managing Director/Editor-in-Chief of Punch Nigeria Limited, conveyed the company’s delight at Soyinka’s acceptance as the Guest Speaker.

Joseph highlighted the esteemed writer’s decision to undertake the responsibility without any cost to PUNCH, terming it a pleasant and gratifying surprise.

Joseph acknowledged Soyinka’s rescheduling of prior commitments to accommodate the invitation, emphasizing the global significance of his life and values that align with PUNCH’s enduring principles.

As Nigeria’s premier print and digital media group, PUNCH Nigeria Limited commemorates its 50th anniversary with various landmark events in Lagos.

The celebration, originally slated for March 2023, was moved to this year due to its coinciding with an election month and year.

The festivities kick off on February 24 with a novelty match between The PUNCHERS and MEDIA Amalgamated, followed by a three-day photo exhibition from February 28 at the Alliance Française de Lagos/Mike Adenuga Centre.

The pinnacle of the anniversary will be the distinguished public lecture on February 29, expected to attract leaders from both the public and private sectors.

 

Destalker Laughter Live Event Set to Sweep Across UK with Unmatched Fun and Excitement

Ranks-Staff
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Destalker Laughter Live Event Set to Sweep Across UK with Unmatched Fun and Excitement

London, UK – The much-anticipated Destalker Laughter Live Event, organized by Crystal Media, is gearing up to sweep across the United Kingdom, promising a whirlwind of entertainment and excitement in every city it visits.

Scheduled to kick off in Cardiff on March 1st, 2024, this talk-of-the-town show will traverse various cities, bringing laughter and joy to audiences across the country. The event’s itinerary includes stops in Newcastle on March 3rd, Coventry on March 8th, Nottingham on March 9th, Manchester on March 10th, Bournemouth on March 15th, Middlebroung on March 16th, London on March 23rd, Leeds on March 29th, and Birmingham on March 31st.

The UK tour, meticulously organized by Crystal Media Links Limited, promises to deliver an unparalleled entertainment experience, complete with side attractions and surprises at every turn. From stand-up comedy to live performances, the event guarantees to leave audiences in stitches and craving for more.

 

For those eager to join in on the laughter-filled extravaganza, detailed information and ticket inquiries can be made by contacting 07943533908 or 07424099983.

 

Get ready to laugh your hearts out as Destalker Laughter Live Event takes the UK by storm, promising an unforgettable experience for all attendees.

The Federal Government aims to create 10 million jobs through dry season farming initiatives

Tosin Ranks
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0
The Federal Government aims to create 10 million jobs through dry season farming initiatives

The Federal Government announced on Monday that the 2024 dry season farming is expected to generate 5-10 million jobs nationwide.

This revelation was made during the 30th regular meeting of the National Council on Water Resources and Sanitation in Abuja.

The recent cultivation of 323,000 hectares of farmlands, supported by the Federal Government, has raised optimism among farmers and agro-dealers about a potential drop in the cost of food items.

According to The PUNCH’s exclusive report last week, the National Agricultural Growth Scheme and Agro-Pocket Project, initiated by the Federal Ministry of Agriculture and Food Security in January 2024, highlighted significant cultivation of wheat, rice, maize, and cassava.

The targeted hectares for the 2023/2024 dry season farming include 123,000 for wheat, 150,000 for rice, 30,000 for maize, and 20,000 for cassava.

Addressing the National Council on Water Resources, Shehu Aliyu, the Permanent Secretary of the Ministry of Water Resources and Sanisation, outlined three flagship programs aimed at ensuring the success of the 2024 dry season farming and creating millions of jobs.

These programs include Water for Expanded Irrigated Agriculture, Partnership for Expanded Irrigation, and River Basin Strategy for Poverty Alleviation.

Aliyu emphasized the importance of aligning with the state of emergency on food security and the administration’s Renewed Hope Agenda.

He mentioned the launch of dry season farming covering 120,000 hectares of land in Jigawa State, highlighting the involvement of River Basin Development Authorities in leveraging current interventions for similar initiatives.

The Permanent Secretary expects these interventions to result in the creation of 5-10 million jobs within the agricultural value chain.

He stressed the need for collaboration between the Federal Ministry of Agriculture and Food Security and the Federal Ministry of Water Resources and Sanitation to ensure year-round food production through adequate irrigation.

Governors from Kwara, Taraba, Ondo, and Kogi also visited the Federal Ministry of Agriculture and Food Security, advocating for increased crop production to ensure food security in Nigeria.

Abdulrahman Abdulrazaq, Chairman of the Nigeria Governors Forum, emphasized the importance of concentrating efforts on dry season farming and improving yields to meet the government’s food targets.

The goal is not only to address the rising cost of food and living conditions but also to potentially export food, given Nigeria’s current status as the region’s cheapest food provider.

The Naira hits a historic low in the official market

Tosin Ranks
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0
The Naira hits a historic low in the official market

The Nigerian naira hit a historic low of N1,534 against the US dollar on the official Nigerian Autonomous Foreign Exchange Market on Monday, marking a 3.93% decrease or N58 from the previous week’s close of N1,476.13/$.

FMDQ Exchange, responsible for publishing official foreign exchange trading, reported this unsettling decline.

This new official rate stands as the weakest since the Central Bank of Nigeria adopted a floating exchange rate for the national currency in June 2023.

Simultaneously, at the parallel market, the naira traded between N1,480 and N1,490, suggesting a recent trend of higher values compared to the official rates, especially following FMDQ’s revised methodology for calculating the official exchange rate.

The shift in methodology contributed to the naira’s depreciation from over 900/dollar to over 1,400/dollar. In December, the official rate surpassed N1,000/$, reaching an all-time low of N1,099.05/$ on December 8, 2023.

Subsequent dates saw fluctuations, with the naira closing at N1,035.12/$ on January 3, 2024, and hitting a low of N1,348.63/$ on January 30, 2024, coinciding with FMDQ’s methodology review.

Dollar sales by banks decreased significantly, dropping by 56.58% to $253.77 million on Friday from the peak of $584.53 million on the first trading day after the CBN’s directive for banks to sell excess dollars in the official FX market.

Commercial banks collectively sold $1.97 billion in one week.

In Abuja, Bureau De Change operators quoted the buying rate of the dollar at N1,480 and the selling price at N1,503, yielding a profit margin of N23.

Despite this, some BDC operators, like Yahaya Abdul, noted limitations in purchasing beyond N1,460.

 

Government intends to impose penalties on underperforming Distribution Companies (Discos) to address outages

Tosin Ranks
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0
Government intends to impose penalties on underperforming Distribution Companies (Discos) to address outages

Power distribution companies in the Nigeria Electricity Supply Industry that fall below specified standards will face a 50% reduction in their operating expenditures, as announced by the Federal Government through the Nigerian Electricity Regulatory Commission during the 1st NESI Stakeholders Meeting of 2024 in Lagos.

The assessment of individual performances of Distribution Companies (Discos) will now be conducted on a case-by-case basis.

Nigeria has 11 power distribution companies supplying electricity to over 12 million registered users.

Despite the privatization of Discos in 2013, challenges persist, with poor liquidity and concerns about financial remittances impacting power production.

Vice Chairman of NERC, Musiliu Useni, emphasized the need for improved efficiency, stating that full operating expenditure (OPEX) would only be granted to those meeting expectations, while underperforming Discos would receive only 50% of administrative OPEX.

NERC, as the sector regulator, has the authority to approve operating expenditures and stressed the importance of sustainable payment obligations.

The meeting also addressed a centralized billing platform for Ministries, Departments, and Agencies, managed by the finance ministry.

Discussions included the need for a sustainable payment framework and highlighted plans for workshops to examine licensees’ responsibilities, with sanctions for non-compliance.

Concerns over supplying power to structures under transmission lines were raised, emphasizing the importance of adhering to safety guidelines to prevent accidents in the industry.

 

Wabara is officially confirmed as the Chairman of the BoT by the PDP

Tosin Ranks
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0
Wabara is officially confirmed as the Chairman of the BoT by the PDP

The appointment of Adolphus Wabara, a former President of the Senate, as the substantive chairman of the Peoples Democratic Party’s Board of Trustees has been officially confirmed.

Additionally, Ahmed Makarfi, a former Governor of Kaduna State, has been appointed as the new BoT Secretary, succeeding Kabir Turaki.

These appointments were announced following the conclusion of the 76th BoT meeting held at Wadata Plaza in Abuja on Tuesday.

Further details will be provided later.

 

Tinubu bestows the national honor of MON upon Super Eagles players

Tosin Ranks
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Tinubu bestows the national honor of MON upon Super Eagles players

President Bola Tinubu has bestowed the national honor of Member of the Order of the Niger (MON) upon every member of the Super Eagles who took part in the recently concluded African Cup of Nations.

Currently, President Bola Tinubu is hosting Nigeria’s national football team, the Super Eagles, in the Council Chambers of the State House.

This meeting, held on Tuesday, closely follows their recent match against the host nation, Côte d’Ivoire, in the 2024 Africa Cup of Nations finals, where they narrowly missed securing the trophy.

In further recognition of their accomplishments, the federal government, represented by the Minister of the Federal Capital Territory, Mr. Nyesome Wike, has granted each team member a plot of land and a flat in a location yet to be disclosed.

Stay tuned for more details.

 

 

The FG aims to generate one million housing-related jobs within the next two years

Tosin Ranks
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0
The FG aims to generate one million housing-related jobs within the next two years

The Federal Government is aiming to generate 1.2 million jobs through the construction of 3,112 housing units under the Renewed Hope Initiative.

The Minister of Housing and Urban Development, Ahmed Dangiwa, revealed this during the groundbreaking ceremony in Karsana, Abuja, emphasizing the government’s commitment to leveraging affordable housing for economic growth and job creation.

The Renewed Hope Cities and Estates Programme, with a budget of N118.9bn, addresses various aspects of development, from urban planning to social inclusion.

Dangiwa highlighted the program’s potential to stimulate local businesses, attract investments, and reduce Nigeria’s current 28 million housing gap.

The project, a Public Private Partnership with a consortium of developers, aligns with President Bola Tinubu’s vision for national development, creating modern cities to compete globally and attract domestic and foreign investments.

Dangiwa emphasized that the PPP arrangement alleviates the financial burden on the government while meeting citizens’ housing needs.

The Renewed Hope Cities and Estates project, part of a broader initiative, aims to improve residents’ quality of life, create job opportunities, and reduce poverty. Tinubu further directed groundwork on the construction of 2,400 housing units across the country’s six geopolitical zones before December, reinforcing the government’s commitment to widespread development.

 

FTN Cocoa did not generate any revenue in the year 2023

Tosin Ranks
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0
FTN Cocoa did not generate any revenue in the year 2023

FTN Cocoa Processors, one of Nigeria’s oldest cocoa companies, faced a financial setback in 2023, reporting zero earnings due to challenges in working capital adequacy, as revealed in its recently filed financial statements for the year ending December 2023 with the Nigerian Exchange Limited.

The company experienced a drastic 100% decline in revenue compared to the previous year, citing the inability to produce amid lingering working capital inadequacy.

This resulted in a significant impact on gross margin due to substantial fixed costs.

Despite zero production and revenue, the cost of sales amounted to N200.49m, operating expenses rose to N284.48m, and exchange loss soared to N7.76bn from N13.30m in 2022. Finance costs added to the challenges, contributing to a total loss of N8.13bn, a notable increase from N431.19m in 2022.

In contrast, FTN Cocoa’s total assets saw a substantial 82.86% increase to N13.31bn from N7.28bn, while total liabilities rose by 106.77% to N18.26bn.

To address working capital challenges, FTN Cocoa secured a short-term loan facility from Zedcrest Capital Limited and received investment from its core investor, OH Ecosystem.

The company is actively undergoing a factory facelift, importing spare parts, and preparing for the resumption of operating activities.

In June 2023, stakeholders approved a convertible loan of $6.35m from OH Ecosystems LLC.

The company is authorized to provide security for this loan and raise additional funds as deemed necessary for business operations, subject to regulatory approval.

Additionally, FTN Cocoa had issued an 18-year bond in 2008, due in 2026, to Daewoo Securities (Europe) with an option to convert the bond into ordinary shares at maturity.

The proceeds from the bond issue in 2009 were utilized for the initial expansion of the company.

 

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