General
Ogun Governor Plans Reforms to Boost Business Operations
By Adedapo Adesanya
The Ogun State government, in its bid to improve the ease of doing business, has announced the establishment of an enterprise development agency,
The Governor of the state, Mr Dapo Abiodun, disclosed that this was one of the measures he intends to take in improving the ease of doing business in the state.
Speaking at a meeting with chief executive officers of companies in Abeokuta, the governor said his administration will introduce some reforms that will help to reduce bureaucratic bottleneck and improve ease of doing business in the state.
He said some of the reforms include the establishment of the State Enterprise Development Agency to strengthen small and medium enterprises (SMEs) and boost their capacities.
He said the Ogun State Investment Promotion Agency was also set up to provide a one stop shop and eliminate unnecessary delays in processing necessary documents, while the public private office has also been established to ensure that the state has a template that is transparent and accessible.
The governor, while calling on investors in the state to consider indigenes of the state for permanent employment or internship when establishing their businesses in the state, said a bill on local content has been sent to the house of assembly to that effect.
He said good governance, through focused leadership, provision of good road network, to ease movement, provision of adequate security, digitalisation to enable the state make use of information communication technology (ICT) in its educational institutions as well as employment generation, would be vigorously pursued.
The governor also said the contract for the construction of Ijebu-Ode – Epe road has been awarded, just as the Ogun and Lagos governments have approached the federal government for the takeover of construction of Sagamu- Ogijo-Ikorodu, Abeokuta-Ota-Lagos roads.
“We have identified other roads like the Agbara- Atan-Ota, Ewekoro-Ifo, Sagamu interchange and the Ilaro-Ibeshe roads which are in bad shape and working to put them in good condition,” Mr Abiodun said while decrying the poor condition of roads in the industrial hubs.
He said the state public works agency, charged with the responsibility of fixing township and rural roads, has been established, adding that deplorable roads in the state will receive attention.
The governor then said the meeting was called to enable his government explain his policies and seek their buy in for the development of the state.
In a contributory session, Mr Michael Onafowokan, CEO of Coleman Cable, asked the state government to develop human capital that are employable and easy to access through a portal dedicated to the investors.
On his part, Mr Jacob Makanjuola of WAPCO lauded the governor as the first organised sure an event, calling for a joint working committee made up of representatives of the state and the private sector for a seamless working relationship.
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
By Adedapo Adesanya
President Bola Tinubu on Thursday urged the Chinese government to increase the $2 billion currency swap between Nigeria and the Asian nation to enhance trade between the two countries.
He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.
Recall that China and Nigeria recently renewed their currency swap agreement, valued at 15 billion Yuan (approximately $2 billion), to enhance trade and investment.
According to a statement signed by his media aide, Mr Bayo Onanuga, the President made this appeal and more while receiving the Minister of Foreign Affairs of China, Mr Wang Yi, at the State House Abuja on Thursday.
The President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” the President was quoted to have said in a statement
President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth.
“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.
President Tinubu also called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.
The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.
He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.
On his part, Mr Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.
He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Mrs Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
The minister also lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.
By Adedapo Adesanya
Nigeria has received $52.88 million recovered Galactica assets linked to a former Minister of Petroleum, Mrs Diezani Alison-Madueke, from the United States Government.
The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN) disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the US in Abuja on Friday.
Delivering his remarks, Mr Fagbemi explained that $50 million of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2 million will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.
Mr Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the US in combating corruption and upholding the rule of law
He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.
Meanwhile, in his remarks, the United States Ambassador to Nigeria, Mr Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.
Mrs Diezani Alison-Madueke has been accused of abusing her power when she was petroleum minister under the administration of former President Goodluck Jonathan in Nigeria, including accepting financial rewards for awarding multi-million-pound contracts.
In 2023, the United Kingdom National Crime Agency (NCA) alleged that Mrs Alison-Madueke benefited from at least £100,000 ($127,000) in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.
Other charges against her also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods, the NCA said.
Since she left office, she has been dogged by corruption allegations but denies the charges.
The 63-year-old woman has been on bail since first being arrested in London in October 2015.
The US Department of Justice has recovered assets totalling $53.1 million linked to Mrs Alison-Madueke’s alleged corruption.
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