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Domestic Carriers Lose N20billion Yearly To Aircraft Landing

The Airline Operators of Nigeria, AON, has revealed that Nigerian airlines lose at least N20 billion annually to flight cancellations caused by lack of landing aids required for night landing and landing in bad weather.

The executive chairman of the AON, Captain Nogie Meggison, said airlines might be losing over N20 billion yearly to forced cancellations due to poor visibility occasioned by bad weather that could be overcome by the availability of landing aids.

The AON chairman maintained that domestic airlines do not delay or cancel flights because of the weather condition in the country but due to the fact that the navigational aids installed at some airports are not working.

He hinted that in other aviation climes aircraft and people fly at zero visibility, wondering why Nigeria’s case is different. He lamented that in the past two weeks flights have been delayed because of this.

Meggison stated that in some airports night flights are not operated because there are no runway lights while visuals flight had to be either delayed or cancelled because navigational aids are not working.

“There have been skeletal flights for the past two weeks. About 50 per cent of the daily flights have been cancelled because the landing aids are not working and flights cannot operate in low visibility. But in other parts of the world people are flying at zero visibility because they have landing aids at their airports. For three days, Enugu flights were cancelled even at 2,000 meters visibility. There are no landing aids, no navigational equipment in some airports.

“An airline that has not flown for three days has incurred so much loss because you pay the pilots, you refund money to the passengers, you pay your suppliers. Some of the airports do not have runway lights. This is also what is happening to other industries, causing a huge loss of manpower,” he said.

 

Oil Price Dips Over Saudi, Venezuela’s Dismal Meeting Outcome

Crude oil prices slid in thin trade on Monday, February 7 as a meeting between Organization of Petroleum Exporting Countries producers, Saudi Arabia and Venezuela showed little indication that steps would be taken to boost prices.

Global benchmark Brent futures LCOc1 were down 8 cents at $34.98 while U.S. crude futures CLc1 fell by 23 cents to $30.66.

Both contracts firmed slightly earlier in the session on Monday in see-saw trade on low volumes as many Asian markets were on holiday for the Lunar New Year.

Saudi Arabia’s Oil Minister, Ali al-Naimi, discussed cooperation between members of OPEC and other oil producers to stabilise the global oil market on Sunday, but there was no sign any agreement had been reached.

“It was a successful meeting and (conducted) in a positive atmosphere,” Naimi was quoted as saying.

Venezuela’s Oil Minister, Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was “productive”.

“The picture is neither clear nor harmonious,” PVM Oil Associates analyst David Hufton, said in a note on Monday.

“The market is likely to remain highly volatile and dangerous.

“ Unless there is some pretty bullish news in the next few days, the contracts are likely to erode value and head south,” Hufton warned.

The market is also targeting U.S. Federal Reserve Chair, Janet Yellen’s testimony to lawmakers on Wednesday along with U.S. crude inventory data from the Energy Information Administration on the same day.

 

“Non-OPEC Oil Production Projected to Slide To 56.4mbpd In 2017” – Report

A new report has revealed that the total oil supply from non members of the Organization of Petroleum Exporting Countries, OPEC, is expect to plummet to 56.4 million barrels per day (mbpd) in 2017, before rebounding to 57.5mbpd in 2020.

To this end, oil supply from OPEC members will have to increase considerably by 2020 by about 4.1mbpd to keep up with the sliding production from non-OPEC sources, the report from the Bank of America Merrill Lynch has said.

With oil prices recently reaching below $30 per barrel, current production from mature fields is set to decline at higher rates, the report said.

It added, “We estimate that OPEC needs to increase production by 4.1mbpd in the next five years to balance the market. Can Saudi’s self-reported 2.1mbpd of spare capacity fill half of this gap? Could OPEC countries, like Iran, Nigeria, or Venezuela, expand their capacity? And what will happen to the embattled Libyan and Iraqi production in this period?

“Our medium-term supply forecast has to uncomfortably assume that OPEC has the 2020 vision,” the report noted.

It stated further that “the structural shift toward a lower price environment will have profound and long-lasting consequences for non-cartelised production.”

Several fields in the United States Gulf of Mexico, Canada, and Brazil were initiated before the price crash will come online in the next three years.

 

“U.S Companies Inject $10.9billion In Nigerian Economy” – Envoy

The United States, US, secretary of commerce, Penny Pritzker, has revealed that out of over 70 large American companies operating in Nigeria, a survey showed that the cumulative amount of direct investment injected into Nigeria by 11 of the companies since 2011 totaled $10.9 billion.

According to Pritzker, taxes paid to the federal government in 2014 by the 11 companies amounted to $5.1 billion while the number of Nigerians employed stood at 24,104.

The secretary of commerce stated this recently during a high level delegation of President Obama’s Advisory Council on Doing Business in Africa held in Lagos.

The delegation, which was on a fact-finding, policy-oriented visit to Nigeria to review the opportunities and challenges of investment in the country, also disclosed that the projected new direct investment by the 11 companies in the next 12 months in a perfect policy and regulatory environment will be about $3.9 billion.

During the visit Pritzker and her delegation held a roundtable and lunch with the president and chief executive officer of General Electric (GE) Nigeria, Dr Lazarus Angbazo, and members of a business association consisting of US companies operating in Nigeria’s oil and gas, power, agriculture, financial and banking services.

FG Plans $1billion Intervention Fund For Solid Minerals Investors

The Federal Government dropped hints on Monday, February 7, of a possible resolve to provide $1 billion ( about N200 billion) as solid minerals development fund for potential investors in the mining sector.

It, however, noted that only credible investors who aim at bringing success to the country would be allowed to access the fund which had been given legislative backing.

The minister of Mines and Solid Minerals, Kayode Fayemi said Federal Government’s plan is to fully activate the solid minerals development fund, which is already provided for in existing legislation, as a way to kick start investment.

Speaking on the sidelines of an African Mining Conference in Cape Town, South Africa, Fayemi said the legislation pegs the development fund somewhere in the region of about 200 billion naira ($1 billion) fund that could be accessed by serious investors with bankable plans.

The Minister said: “Frankly by the first quarter of next year I would really like to see this fund in place.”

 

CBN Intervention In Real Sector Now Over N1.3trillion

The Central Bank of Nigeria, CBN, has said that it has injected over N1.3 trillion into the real sector to revive it and make it attractive for bank loans.

The governor of the apex bank, Godwin Emefiele, while speaking at a seminar for finance correspondents and business editors in Ibadan, on Monday, February 7, explained that the apex bank’s desire to stimulate credit injection into the real sector does not attempt to crowd out the financial institutions in the space of credit delivery but to provide incentives that will stimulate lending at reasonable rates by banks to the real sector.

Emefiele once again urged to Nigerians to patronize locally made products to encourage the manufacturers to remain in business.

The CBN Boss, who was represented by the deputy governor, Corporate Services, Adebayo Adelabu, recalled that in his maiden speech as the CBN governor he had said, “We must, by now, have been tired of hearing people talk about the potential of Nigeria,” adding that now is the time to live that dream..

According to him, interventions by the bank are centered around agriculture, micro, small and medium enterprises (MSMEs) and infrastructure intervention. Specifically, the CBN said that the interventions include the Agricultural Credit Guarantee Scheme Fund (ACGSF), the Commercial Agricultural Credit Scheme (CACS), the Agricultural Credit Support Scheme (ACSS), the N300 billion Real Sector Support Facility (RSSF), the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Small and Medium Enterprises Refinancing and Restructuring Facility (SMERRF), the N75 billion Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), the N213 billion Nigeria Electricity Market Stabilisation Fund and only recently, the Anchor Borrowers’ Programme launched by President Muhammadu Buhari.

In addition to these, the apex bank said that it is supporting the Nigeria Export Import Bank with N50 billion export refinancing and restructuring facility as well as N500 billion as non-oil export stimulation facility.

Court Orders Security Agencies to Produce Tompolo

A Federal High Court sitting in Lagos on Monday ordered security agencies to produce former militant leader, Government Ekpemupolo also known as Tompolo during its next sitting.

Justice Ibrahim Buba in his ruling also denied the objection filed before it by the former militant leader, asking that bench warrant earlier issued for his arrest be set aside.

Buba said the application by Tompolo’s counsel, Tayo Oyetibo, urging the court to set aside an earlier order of substituted service was “misconceived, misplaced, and inapplicable.”

Buba said, “Up till today, the first defendant has refused to honour the invitation of the court to appear before it.”

“The whole essence of service is to make the person aware of charges facing him.‎ By bringing an application before the court, the first defendant had become aware of the charge before the court.”

He adjourned the matter till February 19th while ordering security agencies to produce Tompolo during the court’s next sitting.

The Economic and Financial Crimes Commission, EFCC, recently arraigned Tompolo and former Director of the Nigerian Maritime Administration and Safety Agency, NIMASA, Patrick Akpobolokemi, over a multibillion naira fraud at the agency, alongside a few others.

Earlier, counsel to EFCC told the court that all the accused persons reported to the Commission’s office by 7 a.m. on Monday ahead of their court appearance, except Tompolo.

Keyamo told the Judge that Tompolo’s continued refusal to appear before the court as well as EFCC’s invitations were an affront on the judiciary.

Dangote to Construct 9 Million Ton-Capacity Cement Plants in Edo

Dangote Cement Plc has announced the commencement of construction of new cement plants in two communities in the country.

The new plants are expected to add 9million metric tonnes per annum to the company’s current local cement output of 29.25 million metric tonnes, bringing it to a total of 38.25 million metric tonnes per annum.

The company stated that the communities in which it is setting up the new plants are Okpella in the northern part of Edo State, South-south of Nigeria with a three million per annum plant and another six million per annum capacity plants in Itori in Ogun State, South-west of the country.

The Group Managing Director and Chief Executive Officer (CEO), Dangote Cement Plc, Mr. Devakumar Edwin, who made the announcement in Lagos, explained that the Okpella plant will be made up of one line and will produce a total of 3 million metric tonnes per annum, and the Itori plant which will deliver approximately 6 million tonnes per annum from two procution lines. Both plants are expected to come on stream within the next three years.

Devakumar said the move by the company was to help expand the spread of the company’s manufacturing outfits, thereby reducing the transportation cost component of their operations.

He added that the new investments will further lower cost of production; bring about future reduction of the price of cement and also to generate employment opportunities for the youths of host communities.

Also speaking at the event, the Group Managing Director, Cement, Dangote Industries Limited, Mr. Onne Vander Weijde, said the demand for cement was still high considering the level of population growth in Nigeria, saying that Nigeria’s per capita consumption of the building material which is just above 100kg per capita is relatively low, indicating a massive growth potential.

 

He said with the capacity of the plants in Nigeria, the company can supply the entire western and central Africa region, maintaining that currently, Dangote cement is exporting cement to Niger, Ghana, Togo with plans to move up to the Ivory Coast.

According to him, the investments would create in excess of 5000 jobs at the beginning stage, noting that logistics and construction of the plants would also provide more employment opportunities indirectly to surpass that amount.

Senate Dismisses Calls for Saraki’s Resignation

Senate President, Bukola Saraki at the Code of Conduct Tribunal

The Senate has dismissed the calls by some lawmakers, especially the Ahmed Lawan Senate Unity Forum’s, that Senate President, Bukola Saraki should resign his position as the Senate President following an alleged criminal case that is currently hanging on his ‘neck.’

In the course of last week,  Supreme Court  ruled that the Senate President, Bukola Saraki must face trial at the Code of Conduct Tribunal,CCT, some anti-Saraki senators, under the umbrella of the Senate Unity Forum, SUF, have called for his resignation as the leader of the Upper Legislative Chamber.

The group while affirming that a person answering criminal charges could not lead the Senate, called for his resignation from the Office of the Senate President so that he could concentrate on his trial at the CCT.

But reacting to the call in a statement issued on Monday by the Chairman Senate Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi, the Senate said that after a meeting in Abuja yesterday (Sunday) by some Senators as well as the wide consultations with their colleagues in which last Friday’s decision of the Supreme Court in the appeal on the preliminary matters filed by the Senate President, Dr. Abubakar Bukola Saraki, on the charges filed against him at the Code of Conduct Tribunal (CCT), was reviewed, they have resolved that all calls for Saraki’s resignation were done in bad faith and must be disregarded.

The Senators also cautioned against all forms of distraction, noting that the Senate under Saraki had achieved some level of stability. They advised the general public to ignore some few Senators agitating for Saraki’s removal, saying they were only doing the wish of their paymasters.

FG to Implement Recommendations on National Carrier – Minister

National Carrier
Top Tier Airlines Jostle for Technical Partnership with FG on National Carrier

The Minister of State for Aviation, Sen. Hadi Sirika, has assured that government would soon start implementation of recommendations on the establishment of a new national carrier.

Sirika gave the assurance on Friday evening in Abuja at the inauguration of the Ministerial Committee on Assessment of Security Situation in Nigeria’s Airports.

The minister said that President Muhammadu Buhari demonstrated his commitment to establishing a national carrier by setting up a committee for it, even before appointing his ministers.

According to him the committee had since submitted its report which had also been forwarded to the ministry for further action.

“The committee has done its work and its reports and recommendations have been forwarded to us; it is in the ministry and we are working on it.

“I want to tell you that we are on it and I want to add that within my purview of the management of this ministry, the committee report will not be swept under the carpet.

“It will be implemented and anywhere we do not agree, we will indicate so.

“We will be modest and courteous enough to inform the members of the committee and the public about it,’’ he said.

The Minister also assured that payment for the use of trolleys at the nation’s airports would stop as soon as the current contractual agreement on the handling of trolley was over.

He explained that the arrangement could not be stopped immediately as it could lead to litigations, adding that the contract would not be reviewed as soon as it ended.

According to him, there were petitions by some users who claimed that trolleys were covered by certain taxes and charges paid by passengers.

“We have had discussions with FAAN on this and we have decided that as soon as this contract ends, we will return back to the old system,’’ he said.

Sirika said that Nigeria was not doing badly in the area of aviation security, adding that the country scored 92.6 per cent in the last International Civil Aviation Organisation (ICAO) Audit.
He said that the inauguration of the committee was necessitated by the quest for perfection and the determination to close the 7.4 per cent gap that could harm the industry.

Revamped NITEL, MTEL to Employ 10,000 Nigerians

The House of Representative Standing Committee on Communications has been informed that the Nigerian Telecommunications Limited (NITEL) and its mobile subsidiary (MTEL) are to employ 10,000 Nigerians. This was disclosed by the new owners of the once state-owned telecommunications giant, NATCOM, which is a consortium of seven local and foreign companies.

NATCOM chairman, Mr. Olatunde Ayeni, informed the House committee that having met all requirements and due diligence in the process leading to the acquisitions of NITEL and MTEL, the company has put in place a programme of resuscitating the two ailing telecoms companies.

 Ayeni stated that various efforts are been put in place towards overhauling the entire cable system while 10,000 Nigerians would be employed to set the companies on the part of competition with other players in the market.

The Hon. Saheed Fijabi-led committee directed both the Bureau of Public Enterprise (BPE) and the Nigerian Communications Commission (NCC) to meet and discuss the sales of the two national telecoms firms. It is necessary in other to review the commercial and technical areas of the sale as they affect the telecommunications regulatory body and the BPE.

The committee however noted that though NATCOM did all that were required of it despite not been given any form of waiver by BPE and NCC in the process leading to the sales, but pointed out that it was however necessary that the grey areas of NITEL’s indebtedness be sorted out by the BPE and NCC.

The committee also mandated the BPE and NCC to report back to it after the said meeting.

Customs Gives MMA Command N126 Billion Revenue Target

Col. Hameed Ibrahim Ali (Rtd), the Controller General of Nigerian Customs,  has given the Murtala Mohammed Airport Command, Lagos over N126 billion target to generate in 2016.

Ali, who was represented by the Assistant Comptroller General/Zonal Coordinator to Zone A of Nigerian Customs, Edike Charles charged men and officers of the command to triple the N42.75billion generated in 2015.

Addressing officers at airport command, Edike said, “For every challenge there is a solution. I believe by now you would have got the solution of last year’s problem. This year we want you to triple what you got last year, that means every airway bill must be accounted for, whether half kg, one kg or one million kg, they must be well accounted for. Every kobo is important and it must be remitted to the government. There was a time in the sixties that people were sent to prison because of three penny.

“We must sacrifice our time and resources for Nigeria now. Oil revenue is dwindling day by day. How do we expect government to raise its revenue to run the country. For Customs, there is no excuse which means we must stand to the challenge of not letting our country down. We must put aside self interest. Government expect us to stand for Nigeria now. We must not disappoint.

On his part, The Customs Area Controller, Murtala Muhammed Area Command, Allanah Francis said: “I observed during the tour that un-utilized Airways bills pose a huge challenge to the command, efforts are being made to bring the number down to its barest minimum, but despite these, the command had done very well, in the area of revenue collection.

UK Partners Cross River on Garment Factory Project

The British government has promised to partner with the Cross River State Government on the realisation of the Garment Factory initiative which is one of the signature projects of the State Governor, Ben Ayade.

British High Commissioner to Nigeria, Paul Arkwright, made the partnership known on Monday at Governor Ayade’s office in Calabar, Cross River State’s capital.

The High Commissioner said that the project would develop skills and create entrepreneurs from the state, thereby creating thousands Of Jobs.

Mr Arkwright and Governor Ayade proceeded to the garment factory site alongside his entourage to access the level of work done.

Encouraged by the level of work done by the contractors, the High Commissioner promised to bring in British expertise that would help realise the goals of the project to develop skills and vocations which would in turn, improve business opportunities in Cross River State.

Governor Ayade, in his response, expressed gratitude towards the partnership which for him, would be a dream come true.

The Governor added that the partnership between the two countries would translate into creating thousands of jobs for the unemployed youths in the state.

He said that the State would commission the project on April 1.

African Petroleum Congress & Exhibition

African Petroleum Congress & Exhibition is a three day event that will be held at Abuja in Nigeria. It is the fifth African petroleum Congress and Exhibition that provides great opportunities to establish contacts and build good relationships. It is organized by the African Petroleum Producers Association (APPA), ministry of Petroleum, Energy and Hydraulic Resources, Republic of Gabon and AME Trade Ltd, UK. African Petroleum Congress & Exhibition is an established event with a guaranteed attendance of the highest audience. The event will see the presence of over 700 participants from more than 43 countries and will have above 59 exhibiting companies from around the world. Gabon is one of the oldest oil producing countries and so makes the perfect location for both new and established producers to benefit from its considerable experience.

The African Petroleum Congress & Exhibition will exhibit products and services that will include ministry of petroleum, airlines, shipyard and industrial engineering industries, oil corporations, petroleum corporations and oil field service groups.

Date: 15-17 March 2016

Venue:Abuja International Conference Center

Central Area, Area 11, 900 Herbert Macaulay Way
Abuja, Nigeria.

Oil Spillage: Group Faults ExxonMobil on Non-Payment of Compensation

The Niger Delta General Claimants/Agents Forum has dragged oil giant, ExxonMobil, and two others to President Muhammadu Buhari over non payment of compensation to omitted victims of the 1998 Idoho oil spill at the company’s facilities in Qua- Iboe Terminal in Akwa Ibom State.

The management of ExxonMobil and two other persons, Chief James Jepther and  Barrister DW Wuku, are been accused of diverting the sum of $16.6 billion meant for payment to omitted victims of the spillage that affected the maritime environment in six states in the Niger Delta region.

The group group appealed to the President to intervene before youths who are aggrieved about the development descend on facilities of the oil firm that are scattered across the Niger Delta region.

The letter, which was signed by Comrade Pius Jombai and Mr. Nimitel Yabo, the forum’s chairman and secretary, respectively, urged the president to invite the trio to appear before him and give their own account on the issue raised.

Labour Unions Protest 45% Increase in Electricity Tariff

Labour unions in the country have commenced a nationwide protest against the recent increase in electricity tariffs in the country.

The NLC had called for the protest after repeatedly calling on the Nigeria Electricity Regulatory Commission to suspend the recent increase in tariffs.

 The NLC President, Ayuba Wabba, who described the tariff hike as outrageous, said it was the fifth in a row since 2012 and unacceptable.

“It is a nationwide protest, meaning that the 36 states of the Federation including Abuja will be involved in this action.

“Our members have been sufficiently mobilised and are ready to go. If you are an electricity consumer and you are not happy with the bills electricity companies serve you every month, you are invited to join this protest rally.” he said.

In Abuja, protesters are seen carrying placards expressing their disdain for the tariff increase with some bearing such inscriptions as “We won’t pay more for darkness”.

The workers are expected to protest at NERC offices and in the case of Abuja, the protest will extend to the National Assembly.

AfricaBuild Lagos: Premier International Building & Interiors Event in West Africa

AfricaBuild Lagos is the premier international building & interiors event in West Africa, attracting manufacturers and suppliers from around the world.

AfricaBuild Lagos will bring together Nigeria’s key construction professionals with international manufacturers and suppliers from around the world. The event is the premier international construction event in West Africa and is an ideal entry point to the largest economy in Africa and the 7th most populous country in the world.

The exhibition will represent the following industry sectors:

Construction Machinery & Technology
Building Equipment & Tools
Building Materials
Interior Finishing Materials

Date:February 16, 2016

Venue:Landmark Centre, Water Corporation Road, Eti-Osa, Lagos, Nigeria

Contact:+234 1 2701548-9

Website: www.africabuild-lagos.com

Female Genital Mutilation Still Rampant in Osun, Ebonyi – UNICEF

The United Nations Children’s Fund has bemoaned the high prevalence of Female Genital Mutilation -also referred to as- Cutting in Osun, Ebonyi and Ekiti States despite the existing legislation against the harmful practice in the country.

According to the Child Protection Specialist of UNICEF, Maryam Enyiazu, the practice was more prevalent in the southern part of Nigeria than in the northern states.

She said, “Female Genital Mutilation is a very harmful traditional practice. It is more common in the southern part of the country than in the North. Osun has 77 per cent prevalence rate; Ebonyi 74 per cent and Ekiti State has 72 per cent. The victims- girls are usually circumcised between age three and seven years.”

The National President of Inter-African Committee on Female Genital Mutilation, Prof. Modupe Onadeko,said it was worrisome that some persons were still mutilating female children despite the legislation.

Onadeko, who is a Consultant , Reproductive and Family Health, University College Hospital, Ibadan, stated that some of the victims live with permanent scare on their vaginas, adding that the practice was high in Osun, Oyo and Ekiti States in the South West, saying the practice had shown to be ineffective to curb promiscuity which those promoting it gave as one of the reason for engaging in it.

She called on all governors wives, religious leaders and traditional rulers to support the campaign against FGM/C in Nigeria. She also revealed that over 90 per cent of the prosperity’s interviewed were circumcised, saying this had defeated the claim that female circumcise prevents promiscuity among ladies.

No Plan to Reverse CBN’s Forex Policy – Saraki

The Senate President, Senator Bukola Saraki, has ruled out the possibility of reversing the policy of the Central Bank of Nigeria, which excludes some imported goods and services from the list of items that can benefit from the Nigerian Foreign Exchange Market.

Saraki, while responding to a request by the Tomato Sub-Sectoral Group of the Manufacturers Association of Nigeria (MAN), seeking his intervention to lift the exemption by the CBN on certain imported goods said based on the present economic realities, difficult decisions are necessary be taken to overcome the challenges.

The tomato paste producers had sought Saraki’s intervention to lift the exemption by the CBN on certain imported goods, but he cited that based on the present economic realities, difficult decisions should be taken to overcome the challenges.

Saraki said, “It is high time we started telling ourselves the home truth as a nation. We are where we are because of our refusal to take hard decisions.

“As a country, we have to chart a new way different from the past, and that path is going into manufacturing as we cannot continue to remain an import dependent country.”

He challenged the producers to focus more on how to be full-fledged manufacturers of  the product using local raw materials.

Saraki also expressed surprise that in spite of the high level of local cultivation of tomatoes, the producers were still importing the Triple Concentrate used in the production of the product, which, he said, could be produced locally by raising the production level of tomatoes in the country.

Shift Focus From Oil to Exploration of Solid Minerals – Ooni Tells Government

The Ooni of Ife, Oba Adeyeye Ogunwusi, says Ile Ife will be the take-off point of the new Nigerian economy in a post oil and gas era.

Oba Ogunwusi expressed optimism that an exploration of the huge solid minerals in the state, especially gold, would give an unprecedented boost to the nation’s economy and shift it away from volatility of the crude oil market.

He stressed the need for focus to shift from oil and gas to other solid minerals in Nigerian states.

“All over the country solid minerals are everywhere. But we haven’t even exploited it.

“Indeed, we can survive without oil and gas. If we don’t have oil and gas, we can survive because the mysteries in this land are more than anywhere in the world.

“There is a huge potential in Ife. There is no solid mineral we don’t have. We have gold, Timberlight Gemstone… We have very large scale deposit of all those materials and I like to practice what I preach”, he said in an interview with channels television.

The Oba said that he was already working with the State and Federal Governments to promote solid minerals, tourism and agriculture to keep the youths engaged and promote the local economy.

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