Connect with us


Ogun Signs Over $300m Agreements For Three Projects



Gov Abiodun Calls For Moderate Christmas Celebrations

The Ogun State government has signed agreements for the execution of three Development Finance Institutions-funded projects in line with Governor Dapo Abiodun’s economic development agenda in the state.

The projects include the Ogun State Economic Transformation Project (OGSTEP), Rural Access and Agricultural Marketing Project (RAAMP) and Value Chain Development Programme (VCDP).

The state Commissioner for Finance and Governor’s Chief Economic Adviser, Mr Dapo Okubadejo, signed the agreements on behalf of the state while the Minister for Finance, Budget and National Planning, Dr (Mrs.) Zainab Ahmed, signed on behalf of the Federal Government.

On the projects’ significance, Okubadejo said OGSTEP deal worth $250m was a World Bank-funded project aimed at increasing the participation of the private sector in the state’s economy with focus on improving the business-enabling environment, strengthening agri-food value-chains and upgrading skills.

He noted that the project had commenced in 2017 with the payment of $5m as Project Preparation Advance (PPA) to support the state government in preparing for the formal application of the project.

“After a very rigorous evaluation and documentation requirements, which intensified from June 2019, OGSTEP was formally approved by the World Bank Board on February 18, 2020. Consequently, the main financing agreement and the subsidiary financing agreement were executed with the Federal Government of Nigeria,” he said.

The commissioner submitted that OGSTEP would make the state more attractive for private sector investments, thus increasing its internally generated revenue base.

He added that the World Bank would provide the much- needed financial and technical support towards implementating various economic reforms and initiatives.

READ ALSO: Makinde Reopens Sasa Market, Lifts Curfew
On the $45m Rural Access and Agricultural Marketing Project (RAAMP), Okubadejo disclosed that Ogun State, with three projects, was a prime beneficiary of six projects approved by the World Bank across the country on February 18, 2020.

He said: “RAAMP, which has the mandate of fixing select rural roads and markets across the three senatorial districts of the state, has been running at a preparatory stage with state counterpart fund before the signing of the $44.23m credit agreement.

Ogun State and the Federal Government, according to him, signed the Subsidiary Loan Agreement on February 11, 2021 to finance rural roads and develop select markets for enhanced prosperity to local farmers, mainly youths and market women.

“The signing of the agreement for the upgrade, rehabilitation, routine maintenance, spot improvement and performance based maintenance, will culminate in the improvement of no fewer than 1495km of rural roads,” he said.

On the VCDP worth $15m, the commissioner stated that the project was being implemented in only nine states of the federation with Ogun State as the only one from the South-West. He listed other states as Anambra, Benue, Ebonyi, Niger, Nasasrawa, Kogi, Taraba and Enugu.

“The objective of the programme is to enhance on a sustainable basis, incomes and food security of small holder farmers engaged in the production, processing and marketing of rice and cassava in the eight participating LGAs in the state,” he said.

Okubadejo revealed that the state government had supported 8,534 small farmers to access improved farm inputs as well as linkage to the market with recommended seeds, fertilizers and agrochemicals, adding that over 1000 youths were trained on modern rice and cassava farming techniques.

He disclosed that rice production recorded an increased yield of 47 percent for VCDP beneficiaries from 1.5mt/ha to 3mt while cassava recorded increase in yield of 61 percent for VCDP beneficiaries from 18mt/ha to 32.3mt/ha.

The commissioner also said with Additional Financing (AF1) of $89.1m, which was provided to the programme by IFAD at the request of the Federal Government VCDP, the programme implementation has been extended by three years period, bringing its completion to December 31, 2022 and the loan closing date to June 30, 2023.

“The total amount is $136.9m of which $89.1m from IFAD Loan and $19.3m from co-financiers. The Federal Government of Nigeria (FGN) counterpart fund of $5.8m; State Governments counterpart fund of $12.4m; Local Governments counterpart fund of $0.6m; Beneficiary Contribution $7.2m and beneficiary savings of $2.5m for all the nine participating states,” he added.

Read more authentic news on our social media platforms

Continue Reading
Click to comment


BREAKING: NNPC Sacks  All Top Management Staff With Less Than 15 Months To Retire



CAC Incorporates NNPC

As part of further reorganization for effective operations, the Nigerian National Petroleum Company Limited (NNPC)  has sacked  top management staff who have less than 15 months to retire from the national oil company.

The development is coming days after the oil company announced the removal and replacement of three of the its Executive Vice Presidents (EVPs).

Those impacted by the previous shakeup included Abdulkabir Ahmed, who was hitherto in charge of gas, power and new energies; Adokiye Tombomieye, who headed the upstream segment as well as Adeyemi Adetunji, who was in charge of the downstream.

They were replaced by Olalekan Ogunleye as EVP gas, power and new energies; Oritsemeyiwa Eyesan for the company’s upstream operations, while Adedapo Segun took charge of the downstream.

In a brief statement Tuesday morning, the NNPC stated that the new reshuffling was in line with its aspiration to rejuvenate its workforce.

“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

“Consequently, in addition to the recent exit of three executive vice presidents, other members of management staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023,” the statement said.

The NNPC noted that the move was in line with its commitment to scale up its capabilities through targeted talent management and equal opportunity for all Nigerians.

Continue Reading


BREAKING: Tinubu Nominates Cardoso As CBN Governor



Dr Olayemi Cardoso

President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

A press statement by presidential spokesman, Ajuri Ngelale, disclosed on Friday evening that Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.

The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.

Continue Reading


We Help Nigerians Transform Their Dreams Of Studying Abroad Into Realities – Braimah



Sheriff Braimah

There is no gainsaying the fact that studying abroad opens doors to limitless opportunities. From getting a comprehensive and in-depth understanding of your desired choice of course – which positions you better than your peers – to the networking opportunities it provides, studying abroad can be the door to a better future.

On this premise, thousands of Nigerians dream of studying abroad and pursue that dream. Like every other dream for greatness, studying abroad is accompanied by several challenges including complex visa processes, financial constraints, and many more that often make some give up the dream or fail at it.

To help Nigerians, especially the youths, nurture their dreams of studying abroad, Redefined Consults Limited, a reputable educational consulting company with a team of dedicated and experienced travel professionals has helped many Nigerians process their applications seamlessly.

Having been in the global education competitive landscape for a while, Redefined Consults Limited understands the unique needs of its clients as well as the challenges that come with those needs, hence the need for a personalised approach to all applications they handle.

From choosing the right destination and university to advising on the courses that make application easy, up till the moment of obtaining a visa and settling into their new academic home, Redefined Consults makes it a core need to guide every client they have worked with through every step of the process.

The Founder and Team Lead, Redefined Consult Limited, Sheriff Braimah told our correspondent: “At Redefined Consults Limited, we recognise that education is not just about academics; it is also about personal growth and cultural enrichment. That is why we go beyond the conventional role of a consultancy firm. We are driven by a passion for excellence and a genuine desire to make a positive impact on the lives of individuals seeking quality education,”

He explained that the United Kingdom, Malta, Ireland, Canada, Australia, Malaysia, and China are some of the most sought-after travel destinations for Nigerians who desire to study abroad, and the educational consulting firm makes it a priority to research schools in these destinations, have a clear understanding of their requirements and provides the knowledge while helping them navigate the opportunities offered by each destination.

“With a core understanding of students’ recruitment, some of the services offered by our company include visa counseling and assistance to ensure a smooth and seamless process. Over the last three years, we have successfully helped more than 200 students achieve their dreams of studying abroad with the help of eight experts who are professionals and know their onions.

” If studying abroad is a dream you have had for a while but do not know how to pursue it or you have failed, Redefined Consult Limited is your hope to achieve that dream. With a proven track record of transforming study abroad dreams into reality, yours could be the next success story to tell,” Braimah added.

Continue Reading

Top Stories