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Probe Of Cabals Hindering Local Refineries, Coalition Urges Tinubu

Published

4 weeks ago

November 6, 2024

Kitano Akinbode

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to urgently launch an investigation into cabals impeding the progress of local refineries and perpetuating the importation of Premium Motor Spirit (PMS).

The coalition held a press conference in Abuja on Wednesday, 6th November 2024, to address the important national issue.NICOCSO’s National Coordinator, Benjamin James, who addressed journalists expressed deep concerns over the actions of a powerful group prioritizing self-interest over the nation’s economic well-being.

As contained in the press release issued to journalists by NICOCSO’s National Spokesperson, Segun Adebayo, it highlighted the detrimental impact of fuel importation on Nigeria’s economy, emphasizing the billions lost in foreign exchange annually and the vulnerability to global market fluctuations.

The coalition condemned the sabotage of local refining investments, particularly efforts like the Dangote Refinery, which aim to achieve fuel independence but face obstruction from vested interests.

NICOCSO called on President Bola Ahmed Tinubu to intervene and caution the NNPC cabal against actions that could lead to economic crises.

The coalition urged for a transparent probe into the cabal’s activities and proposed a policy shift mandating the sale of Nigerian crude oil to local refineries in Naira. This, they argued, would empower local investors, preserve foreign reserves, and strengthen the economy while stabilizing fuel prices domestically.

In a final plea for public support and accountability, NICOCSO called on all Nigerians, civil society organizations, and the press to stand together in demanding transparency and fairness in the fuel sector.

The coalition emphasized the importance of breaking the monopolistic grip of those hindering progress and building a Nigeria that prioritizes economic sovereignty and local industry empowerment.

As Nigeria stands at a critical crossroads, NICOCSO remains hopeful that President Tinubu’s administration will take decisive action to hold accountable those obstructing the nation’s economic growth.

The coalition believes collective advocacy and leadership would help Nigeria pave the way for a prosperous and self-reliant future.

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FG Inaugurates Technical Committee On Establishment of National Youth Bank

Published

6 mins ago

December 3, 2024

The Gleamer

Joel Ajayi

In a determined effort to empower young people, cultivate their potential, and support their ambitions in ways that will create lasting change, the Federal Government has inaugurated a technical committee to establish the national youth bank.

While addressing the committee members at a brief inauguration ceremony held in his office, the Honourable Minister, Federal Ministry of Youth Development, Comrade Ayodele Olawande, said the committee members’ job is to guide the establishment of the Youth Bank in every critical aspect: its governance structure to operational model, from the types of financial services it will offer to how it engages with young people.

The Minister tasked the committee to establish a strong foundation in order to ensure that the Youth Bank becomes a vibrant and sustainable institution, adding that the committee is responsible for designing a comprehensive strategy for the bank, as well as developing operational and governance frameworks that will guarantee transparency, accountability, and long-term success.

He emphasized that the committee will focus on identifying and building partnerships with financial institutions and other stakeholders to ensure that the Youth Bank has the resources and support needed to expand and achieve its goals and also committed to creating an inclusive environment where youth from diverse backgrounds can access the opportunities, regardless of their socioeconomic status, gender, or geographic location.

“The vision for the Youth Bank is to deliver on the Presidential Mandate delegated to the Ministry of Youth Development to create a dynamic platform where young people can access the financial support, resources, and mentorship necessary to translate their ideas into action.

“The Youth Bank is an institution designed to provide young people with not just the financial capital but also the necessary capacity-building, guidance, and opportunities they need to thrive. The Bank will serve as a platform that empowers youth to become the leaders, innovators, and entrepreneurs of both today and tomorrow,” the Minister stated.

Olawande expressed appreciation to the Development Bank of Nigeria for agreeing to co-chair the event, as well as to the Central Bank of Nigeria, the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority. He also commended the management staff of the Ministry for their commitment and dedication to supporting the youth and affirming the nation’s belief in their capabilities.

In his welcome address, the Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya, spoke extensively on the committee’s importance. He observed that despite Nigerian youth’s remarkable potential, many young people lack the resources, networks, and financial support needed to fully realize their ambitions.

Mr. Boneventure Okhaimo, a representative from the Bank of Industry, expressed the readiness of the bank to work with the Ministry and other stakeholders to actualize the vision of President Bola Ahmed Tinubu’s administration, while outlining the significance of the committee and its relevance to the success of the Youth Bank.

In his own contribution, Mr. John S. Onoja, representative of the Central Bank of Nigeria (CBN), affirmed the commitment of the apex bank to ensure speedy registration and licensing of the Youth Bank as soon as all necessary criteria are met.

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