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Qatar To Invest $5 Billion In Nigeria’s Economy

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Qatar To Invest $5 Billion In Nigeria's Economy
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Nigerian economy to be boosted by $5 billion investment by Qatar

The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion.

The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy.

According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House.

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Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the Nigerian economy.

He said, “Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas.”

The Foreign Affairs Minister had recalled that President Buhari visited the State of Qatar in 2016 and the Emir of Qatar, His Highness Tamim Bin Hammad Al-Thani reciprocated with a State visit in 2019.

What this means

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This is going to be a huge boost to Nigeria’s drive for foreign investment and help significantly in the country’s push for economic development.

Qatar which has a very high Human Development Index (HDI) is regarded as the world’s third-largest natural gas and oil reserves with a population of about 2.8 million people as of 2019.

Investment Champion: Geoffrey Onyema, Minister of Foreign Affairs, Federal Republic of Nigeria

The investment by the wealthy Middle East country will add to Nigeria’s diversification efforts as such investments are expected in the area of oil and gas, manufacturing, power/utilities and so on.

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Bandits: We Receive Weapons From SSS Agents, Also We Share Income

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Bandits: We Receive Weapons From SSS Agents, Also We Share Income
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The bandits also said some police officers have been a part of the conspiracy that has fueled insecurity across Nigeria.

Armed bandits terrorising different parts of Nigeria have disclosed that they have been receiving arms and ammunition from operatives of the State Security Service and often split ransom payments received at gunpoint.

The criminals told Deutsche Welle in a recent report that they “borrow weapons” from the state agents and then go to work to share ill-gotten gains together.

The bandits also said some police officers have been a part of the conspiracy that has fueled insecurity across Nigeria which President Muhammadu Buhari has been accused of being too lazy to address.

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A spokesman for the SSS did not return a request seeking comments from Peoples Gazette about whether or not the secret police was aware of a possible alliance between its officers and armed bandits wreaking havoc across the country.

The report surfaced amidst widespread claims that Nigerian security forces are fueling insecurity for financial benefits. In 2018, Theophilus Danjuma, a former chief of army staff, said the Nigerian military and other state agents were actively supplying weapons to violent criminals waging a war against minority rural settlers in Nigeria’s north-central.

The Buhari administration denied the allegation, but several indications have emerged repeatedly since then that appeared to show that the government was not as concerned about the raging crisis.

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Last week, Mr Buhari warned Governor Samuel Ortom of Benue, where armed militia elements have killed thousands and razed hundreds of villages since Mr Buhari assumed power in 2015, to either accept the controversial ruga policy or continue to endure violence with his people.

Last month, Mr Buhari also stood Isa Pantami, one of his cabinet ministers who was recently exposed as a hardline jihadist and lover of Osama Bin Laden, Al-Qaeda and other groups and persons long associated with terrorism.

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Nigeria’s daily petrol consumption hits record high of 93m litres

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Nigeria’s daily petrol consumption hits record high of 93m litres
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Nigeria’s daily petrol consumption hits record high of 93m litres

Nigeria’s daily consumption of Premium Motor Spirit (PMS) popularly called petrol was at an unsustainable level at 93 million litres a day in April 2021 from an average of 61 million litres consumed in the previous months. This translates to a daily spend of N7.10 billion on subsidy.

Petrol consumption in West Africa is estimated at 120.80 million litres daily and at 93 million litres daily consumption, this means that Nigeria alone accounts for 77 percent of petrol consumption, even though it has 52 percent of West Africa’s population and accounts for 65 percent of the sub-region’s gross domestic product (GDP).

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Major depots including Nigerian Pipelines and Storage Company Ltd (NPSC) in Ejigbo, Mosimi, Emadeb Energy’s depot, Matrix Energy’s depot, AYM Shafa’s depot, Aiteo’s depot among others lifted a total of 43.90 million litres, accounting for 47 percent of Nigeria’s daily evacuation. Smaller depots around the country make up for the difference.

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How Suspended NPA MD, Hadiza Bala Ceded Intels Terminals To Dangote

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How Suspended NPA MD, Hadiza Bala Ceded Intels Terminals To Dangote
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Suspended Nigeria Ports Authority Manager, Hadiza Bala, was involved in a clandestine ploy to shortchange a company in favour of Africa’s richest, Aliko Dangote, documents obtained have revealed.

Last year, some coastline terminals formerly operated by Integrated Logistics Services’ (INTELs) in Onne ports complex, Rivers state, were confiscated and subsequently awarded to Dangote through a proxy company, International Container Terminal Services (ICTS) Nigeria limited.

Onne Port Complex is the one of the largest Oil and Gas Free Zone in Africa, where major industry players from the exploration up to the completion phases operate.

The complex has two major terminals namely the Federal Ocean Terminal (FOT) and Federal Lighter Terminal (FLT).

For over a decade, INTELs Nigeria, partly owned by former Vice president, Atiku Abubakar, operated some berths at the Federal Ocean Terminal (FOT) of the complex, providing logistics services until 2020.

The three berths of FOT numbered 9, 10 and were taken over by the NPA in a controversial manner, which many thought was a move by President Muhammadu Buhari-led administration move to witch-hunt Abubakar, his opponent in the 2019 election and break the company’s monopoly

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The NPA, in September 2020, issued a notice, announcing that the service operation handled by the Integrated Logistics Services (Intels) Nigeria had been terminated.

It went on to further state that all Service Boats Owners and Operators are to do transactions directly in each of the Port Complex of the Nigerian Ports Authority.

Meanwhile, a memo released to the press, seen by Business Kobo showed that Usman had transferred the berths confiscated from INTELs to ICTSI, a proxy company traced to Dangote, five months earlier.

The leaked memo, dated May 13, was signed by Yusuf Ahmed, NPA’s Director of Lands & Asset Admin on behalf Usman

“Please refer to the lease of land and berths 9, 10 and 11 granted to you at FOT Onne and find attached herewith the draft Lease Agreement for a review of its possible contents before the final copy is produced for execution,” the letter addressed to the managing director of ICTSI read.

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Ahmed urged the company to send their comments for consideration

“A registered surveyor will be appointed to produce the survey plan of the property to incorporation in the Lease Agreement and you will be required to see the surveyors fees,” it further read.

This was not Usman’s first time dealing with Dangote as money transfers between the duo dates back to 2015.

A Nigerian newspaper, Peoples Gazette, had previously reported how Dangote transferred N200 million to a bank account run by Usman during the build up of the 2015 general election.

The transactions were sent in two tranches from two different bank accounts of the Africa’s richest man to Ms. Bala Usman’s account with Access Bank, the newspaper reported.

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“Ms. Bala Usman received the first N100 million transfer on February 6, 2015; while the second N100 million came through three days later on February 9. The transfers carried ambiguous descriptions that made it difficult to conclude their purpose.”

Ms Bala was recently instructed to step aside for an independent investigation into a series of allegations of impropriety.

Nigeria’s transport minister, Rotimi Amaechi, also alleged that the yearly remittance of operating surpluses by the regulatory body from 2016 to 2020 was short of the amount due for actual remittance — a claim, which according to him, should be investigated.

While details of some of other allegations against Usman remain unclear, sources said acts of favouritism were part.

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