Archive for nigeriang

Deepwater oil production gulps N2.34tr in 10 years

Deepwater oil production gulps N2.34tr in 10 years

Investments
in projects to boost deepwater oil production in West Africa have grown
by more than 10 fold in the last decade, from about $1.5 billion in
2000 to the current level of about $15.6 billion (N2.34 trillion).

Oil
industry operators noted yesterday at the opening of the 3rd Regional
Deepwater Offshore Conference and exhibition organised by the Nigerian
Association of Petroleum Explorationists (NAPE) in Abuja that the
significant growth exceeds the combined investments for onshore and
continental shelf areas.

Mark
Ward, chairman/managing director, Mobil Producing Nigeria, said the
level is expected to climb even further, with ongoing new deepwater
projects being developed in Nigeria, Angola, and Ghana.

Mr.
Ward, however, bemoan the high cost of executing deepwater projects,
pointing out that the declining oil prices significantly contrasts with
the limited local construction capability, which, he said, has been
identified as a major feature of the high cost profile of deepwater
projects in West Africa.

With
over 25 billion of oil equivalent barrels discovered in deepwater West
Africa since the early 1990s, Nigeria and Angola, the ExxonMobil boss
said, have achieved the biggest exploration success, with discoveries
in fields like Erha, Bonga, Bosi, and Agbami in Nigeria, and Girassol,
Dalia, Kissange, and Kizomba in Angola.

In
spite of increasing discoveries and basin maturity, he said discovery
size and reserve per well has decreased, with average discovery for all
of West Africa reducing significantly between 2000 and 2004 when
compared with the level before 2000.

“Since
2005, the average discovery size trend for West Africa has increased,
while average Nigeria discovery size has continued to decrease,” he
said, adding that the trend goes with increase in operational cost,
with unit capital cost for projects put at about 50 percent higher than
unit capital cost of existing fields.

Operating cost is essential

He
underlined the need for fiscal terms to take into consideration the
unique attributes of fields and the high cost of operating them. Mr.
Ward said this was the only way to avoid deepwater oil discoveries from
being stranded.

He
listed other facilitators to include technology, stable fiscal terms,
as well as balancing Nigerian Content Development initiative with
efficient project development processes, arguing that “while Nigerian
Content Development is important, it needs to be paced, realistic, and
collaborative,” as imposition could stifle both the total in-country
projects and pace of project development.

Diezani
Alison-Madueke, petroleum resources minister, acknowledged deepwater as
a critical frontier for the West African region and Nigeria in
particular, when the country’s aspiration is to increase its oil
production capacity and national reserves, saying this has informed
government’s focus on the development of the country’s deepwater assets.

“Despite
the recent exploration decline, Nigeria has done an aggressive work to
ensure that going torwards the fiscal terms for Nigeria’s deepwater
assets are attractive enough to enable progressive growth in the next
couple of years.

“The
Petroleum Industry Bill (PIB), which encompasses the fiscal regimes for
deep offshore production sharing contracts (PSCs), is currently being
debated in the National Assembly, to ensure that by the time it is
promulgated into law, the interest of all would have been
accommodated,” Mrs. Alison-Madueke said.

The theme of the conference, co-hosted by the American Association
of Petroleum Geologists (AAPG), was: ‘West Africa Deepwater: Successes,
Challenges and Future Prospects.’

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TECH KNOW: Staying connected

TECH KNOW: Staying connected

Everyone knows that
traffic in Lagos is becoming more and more of a serious problem. I
learnt that it is also a problem in Abuja as well. This brings to
question the point of having to go to the office each day, especially
on days when you do not have any meetings scheduled.

In Western
societies, a whole lot of people opt to work from home. Working from
home on days when your presence at the office is not essential is very
easy using a variety of remote access software, one of which is LogMeIn.

LogMeIn uses their
website as a bridge between two computers, which may be on opposite
sides of the planet. Simply go to their website (www.logmein.com) and
create an account, then download the client software onto the computer
that you want to connect to. It is very easy to install on either
Windows or Mac platforms, and it is light on system resources. (In my
Windows XP virtual machine, it uses just 8MB of memory).

Once you have the
client software installed, using the computer from another location is
a breeze. Simply go to the website, log into your account, and you will
see the names of all the computers on which you have installed the
client software. Simply click on the name of the computer you want to
connect to, and you will be taken to that computer’s desktop. Change to
full screen mode, and it would be like you are right in front of that
computer.

Because LogMeIn
connects to your remote computer over the Internet, there’s no need to
change the firewall settings on any of your computers.

LogMeIn works with
Internet Explorer, Firefox, Chrome, or Safari. It has Windows and Mac
OS clients available for download, and there is a free version which
allows you do everything you need to do while working away from the
office, except to print. It is also very secure.

If your boss is one
of those who insists on productivity over eye-service, and you have a
reliable Internet connection at home (or in a cafe near you), then
forget about killing four to six hours a day in Lagos traffic. Just
LogMeIn.

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Bond market impact of Nigeria "bad bank" seen muted

Bond market impact of Nigeria "bad bank" seen muted

Plans by Nigeria’s
“bad bank” to issue bonds in tranches to absorb bad loans from the
banking system will help limit the impact on the fledgling debt market
but yields and interest rates could still rise.

The newly formed
state Asset Management Company (AMCON) plans to issue zero-coupon bonds
in five tranches to absorb bad loans from nine banks rescued last year
in a $4 billion bailout. The aim is to help recapitalise the rescued
lenders and restore lending in sub-Saharan Africa’s second-biggest
economy. AMCON will issue bonds through the Debt Management Office
(DMO) to buy non-performing loans with a face value of 2.2 trillion
naira ($15 billion), although it has told bankers it expects to pay
around 800 billion naira for the assets.

It will also bring
the lenders’ negative shareholders funds to zero by injecting 1.7
trillion naira, before new investors come in to restore them to minimum
capital adequacy levels.

AMCON plans to
issue a 3-year zero-coupon bond, the first tranche of the series, by
the end of the year and replace it at maturity with a 7-year bond.
AMCON bonds will have the characteristics of sovereign bonds and can be
discounted by the central bank for cash. “The first 25 percent of the
bonds issued to the banks can be discounted with central bank, and the
balance traded for liquidity at the over-the-counter market (OTC),”
Vetiva Capital said in a note to investors following a meeting with
AMCON. Brokers said AMCON had consulted on the impact of issuing such a
large amount of bonds. The decision to issue them in tranches will
stagger the impact on the debt market, which is still largely dominated
by government bonds. “Actual asset purchases will only be in the region
of 0.8 trillion naira, so liquidity impact once the AMCON gets going
(is) more muted,” said Razia Khan, head of Africa research at Standard
Chartered Bank. Nigeria has raised just over 1 trillion naira in
government bond issues over the past 10 months.

Pressure on yields

Some analysts see
the impact on the debt market as limited because AMCON will raise bonds
to buy non-performing loans from banks which could then sell the bonds
for cash, meaning that the liquidity remains within the banking system.
“Even though money is being raised from the system, the bulk of that
money would go back to the system,” said Sonnie Ayere, head of
Lagos-based investment bank, Dunn Loren Merrifield.

But other analysts say AMCON’s activities could raise bond yields
and interest rates, with pension funds and banks lacking the levels of
liquidity needed to absorb such a large issuance. “If all the banks
decide to sell AMCON instruments to the market at once, it remains to
be seen whether the absorption capacity would actually exist,” said
Samir Gadio, emerging markets strategist at Standard Bank. If the
supply of bonds increases sharply without a corresponding increase in
liquidity to absorb, yields and interest rates could rise. “In the
absence of the central bank increasing liquidity in the system, an
increase in bonds through AMCON in the market place will increase
interest rates,” said Malcolm Gilroy of investment firm Afrinvest West
Africa.

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Suspended legislators know fate on November 25

Suspended legislators know fate on November 25

Five of the six
suspended members of House of Representatives may have to wait till
November 25 to know if they can return to work or not, as the judgment
to decide their fate was yesterday stalled by the absence of the judge
handling the matter at a Federal High Court in Abuja.

The lawmakers –
Dino Melaye, Independence Ogunewe, Solomon Ahiwinahwi, Bitrus Kazeh,
Abba Anas Adamu, and Austin Nwachukwu – were accused of starting a
crisis in the House of Representatives.

After listening to
the arguments by both parties on the substantive motion of the six
lawmakers asking the court to return them to the House, the presiding
judge, Adamu Bello adjourned the matter to yesterday to give judgment.

But at yesterday’s
sitting, lawyers were seen taking new dates for their case from the
court Registrar, due to the absence of the judge, and the Melaye matter
was adjourned to November 25 for judgment.

In their joint
motion, argued by Femi Falana, the embattled lawmakers insisted that
they were elected for a tenure of four years and that the Speaker had
no right to cut the tenure short for any reason. They claimed that
their suspension has denied their respective constituencies
representation in the lower chamber of the National Assembly and the
court to set aside the suspension slammed on them on June 22 of this
year, pending the final determination of their main suit.

Mr. Nwachukwu has
withdrawn his matter against the Speaker of the House, on the premise
that his family and constituents have directed him to terminate the
case against the Speaker, Dimeji Bankole, and the House in the interest
of peace.

Two of the
suspended members of the House of Representative, Ehiogie Idahosa (Edo
State) and Olugbenga Onigbogi (Osun State), were recently recalled
after more than three months of suspension. The duo and nine other
members were suspended for asking the Speaker, Mr. Bankole, to quit on
allegation of fraud.

The House announced
that it will review the orders of suspension on individual basis on
conditions that the affected members quit litigations, and tender
apology. Messrs Idahosa and Onigbogi, who were both absent during the
violent session, turned themselves in for internal probe by the House.

Ethics and Privileges Committee

The Speaker of the
House, however, urged the court to dismiss the motion of the suspended
lawmakers for being frivolous and lacking in merit. Mr. Bankole argued
that what the suspended lawmakers were seeking was a shortcut to
justice, adding that there would be nothing left for court to
adjudicate upon once the embattled lawmakers are returned to their
seats.

Wole Olanipekun,
counsel to Mr. Bankole, told the court that Mr. Melaye and his group
were suspended from the House because of their unruly behaviour on the
day they were suspended, adding that the suspended lawmakers goofed in
their claims that the House has no power under the constitution to
suspend them.

But the national
leadership of the ruling People’s Democratic Party (PDP) has directed
the 11 suspended members of the House of Representatives to withdraw
their case against the House.

At a meeting
between the group and the national working committee of the PDP, led by
its chairman, Okwesilieze Nwodo, on August 4, the suspended lawmakers
were told that the only way the party could intervene was for them to
ask their lawyers to stop the case.

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Court stops firms from taking over Abuja Land extension

Court stops firms from taking over Abuja Land extension

An Abuja High Court
yesterday rejected an application filed by a South African company and
the Federal Capital Development Authority (FCDA) to set aside its order
restraining them from tampering with land around Lugbe, Abuja, pending
the determination of the suit over the ownership of the land.

On August 12, the court had ordered the FCDA,

Jonah Capital
Nigeria Limited and Houses For Africa Nigeria Limited to stay off the
disputed land area pending a lawsuit brought by hundreds of people
accusing the firms of wanting to take over their land. However, the two
firms asked the court to set aside the order on the grounds that they
were not properly served with the court processes.

Although the firms
admitted that a secretary with the organisation, Queen Elizabeth
Inogba, was served with the court processes leading to the said
restraining order, they contended that service on her was flawed since
she was not a management level employee.

But counsel to the
three sets of plaintiffs – Blessed and Precious Children Academy,
General Building Material Dealers Association, Lugbe Chapter and Lugbe
1 Land Owners Association – Valentine Offiah, opposed the firms’
application.

In his ruling,
Justice Peter Afem agreed with Mr. Offiah and said that the act of
serving the secretary of the firm was proper and accordingly valid.

“The application of the 2nd and 3rd respondents accordingly fails and is hereby rejected”, the judge ruled.

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President appoints Afolabi as new head of service

President appoints Afolabi as new head of service

President Goodluck Jonathan has
appointed Oladapo A. Afolabi as the new head of the civil service of
the federation. Mr. Afolabi takes over from Mr. Steve Oronsaye, whose
tenure expires tomorrow. T

The new head of service is a professor
of Applied Chemistry, and was until his appointment, the permanent
secretary of the ministry of education. He will be sworn in on
Thursday.

A release signed by the special adviser
to the president, Ima Niboro, said “The President thanked Oronsaye, the
out going head of service, for his stewardship, and wished him good
luck in his future endeavours.”

Mr. Jonathan also approved the posting
of three newly appointed permanent secretaries and the redeployment of
five others in the Federal Civil Service. The approval came through a
circular issued by the Head of the Civil Service of the Federation,
Stephen Oronsaye, on Monday. According to the circular, Nkechi Ejele,
M. was posted to the Manpower Development Office in the Office of the
Head of the Civil Service of the Federation (OHCSF). Abdulkadir A.
Musa, to Federal Civil Service Commission, and Taiye Haruna was posted
to the special duties office of the Office of the Secretary to the
Government of the Federation (OSGF).

Five other permanent secretaries were
redeployed by the circular. They include Aliyu Salihu Gusau, who was
moved from the Federal Civil Service Commission to OSGF. Umar Farouk
Baba, from OSGF – special duties to youth development ministry. Pius J.
Major was moved from OHCSF to the transport ministry, while S. O.
Willoughby OHCSF-MDO to information & communications ministry.

Lastly, Mohammed S. Bashar was moved
from information & communications ministry to environment.
According to a circular issued by the Head of the Civil Service of the
Federation, Stephen Oronsaye, permanent secretaries affected by the
redeployment and the three new permanent secretaries to be sworn in by
the president on Wednesday, November 24, 2010, are to assume duty at
their new posts not later than Friday, November 26, 2010. “All other
Permanent Secretaries retained their current postings,” Mr. Oronsaye
said in the circular.

The redeployments are coming shortly before the current Head of Service retires from active service.

Before the announcement of Mr.
Orosanye’s replacement, six candidates, each from the different
geopolitical zones in the country were jostling for the job. From the
South, there is Mr. Afolabi, permanent secretary in education ministry,
from Oyo State, who has finally been announced as Mr. Orosanye’s
replacment; Elizabeth Emuren, permanent secretary, mines and steel from
Akwa Ibom State; and D.B Ibe, permanent secretary, economic affairs
from Imo State. Meanwhile, the three other contenders from the North
include Tukur Bello Ngawa, permanent secretary, ministry of works from
Katsina State; Isa Sali, permanent secretary, ministry of power from
Adamawa State, and S.B Ozigis, permanent secretary, ministry of
interior from Kogi State. According to the source, the principle of
federal character otherwise called zoning in the political parlance as
zoning will be the basics for the selection of the new Head of Service.

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Party chieftains fault INEC

Party chieftains fault INEC

The acting national
chairman of the Alliance for Democracy (AD), Okechukwu Obioha, has
accused the Independent National Electoral Commission (INEC) of
maintaining a strong link with the party’s former national chairman,
Michael Koleoso, and three other officials, despite their defection to
the Action Congress of Nigeria (ACN).

The other officials are the national secretary, treasurer, and Magaji Kwarianga, Tunji Adebiyi, and Musa Umar.

Mr. Obioha wrote
the chairman of the electoral body, Attahiru Jega, and the police
informing them that the officials had since left the party, but were
still holding on to its sensitive documents.

The letter had
said, “We request and appreciate with utmost importance and
expectations that the INEC you now head, will do the legal and right
thing by approving what we have done in the given circumstance.

“Please direct
Chief Michael Koleoso, the former chairman, and the other trio named
above, to hand over every document and property of Alliance for
Democracy in their possession in the interest of true democratic
practice you have come to bequeath us and for the peace and unity of
this country,” the letter said.

However, Mr. Obioha
told our correspondent in a telephone interview yesterday that several
months after he personally submitted the letter to INEC, it is yet to
act on it. He alleged that the commission still deals with the former
officials in violation of the rules guiding party monitoring.

“INEC has not
replied us. The reply is long overdue. INEC is no longer what they used
to be. I thought they should be able to honour what we have done, but I
am surprise they still have something to do with our former officials,”
Mr. Obioha said.

He explained that
the tenure of Mr. Koleoso and the other officials had expired, but that
they have been coercing members of AD to accept a proposal to merge it
with the ACN.

He added that
following the proposal, a convention was held which turned out to be a
charade, adding that this resulted to his appointment by the national
executive committee (NEC) as acting national chairman of the party,
since Mr. Koleoso and the others had indicated their intention to move
to the ACN.

The acting national
chairman also alleged that the affected officials have refused to
return the documents of the party since then, and that the commission
has refused to prevail on them to do so.

Neither Mr. Koleoso nor the other former officials could be reached for comments.

But INEC said it will attend to the letter and other similar petitions in due course after thorough investigations.

“All petitions to INEC will be responded to in due course after
thorough investigations of the issues involved,” Kayode Idowu, media
aide to Mr. Jega, told NEXT yesterday.

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Lawmakers rally against contentious Electoral Act clause

Lawmakers rally against contentious Electoral Act clause

Federal lawmakers
are said to be mobilising their ranks for a crucial blow against the
latest controversial clause in the Electoral Act, which proposes an
automatic membership of parties’ National Executive Committees for
National Assembly members.

The proposal,
launched simultaneously with minor differences at the Senate and the
House of Representatives two weeks ago, awaits only the public hearing,
which is likely to take place this week. The amended bill was hastily
pushed through its second reading last Thursday.

If it eventually
sails a third reading, and receives the assent of the president, the
360 members of the House and the 109 Senators will automatically become
members of their parties’ NEC- the highest decision making organ – in
an unprecedented membership expansion that has sparked criticism.

At a fiery media
briefing yesterday, Patrick Obahiagbon, an Edo State member of the
House, tackled his colleagues for attempting to “poison” the new
amendment process with a “parliamentary ego-trip”. He said several
members, who could not block the bill’s second reading, are working
together to stop it at the final reading stage.

“Can the National
Assembly escape the harsh judgment of history that we desecrated our
privileged status as parliamentarians by embarking on a vacuous
trajectory of power mongering?” he asked rhetorically.

Mr. Obahiagbon’s
condemnation occurs days after his party, the Action Congress of
Nigeria, threatened to initiate legal action against the Assembly,
should the amendments go through. The party – through its publicity
secretary, Lai Mohammed, as well as others who have criticised the
legislators’ move, views the proposal as a self-perpetuating design for
the members to remain in office.

As the highest
decision making body of any party, the NEC leverages on the choice of
delegates to primary elections and has tremendous powers in choosing
who earns the party tickets to general elections.

If the amendment
succeeds, the ACN warned that the lawmakers stand to be the chief
beneficiaries of the contentious clause, which is regarded as a
backdoor reintroduction of the ill ‘Right of First Refusal’ provision.
That bill had sought to give lawmakers an advantage by proposing they
should have the first right to their seats, and those seats should only
be declared vacant if they are not interested in running again.

The House has
denied such intents. After the second reading last week, spokesperson,
Eseme Eyiboh, said the aim of the member-sponsored clause, is strictly
to disrupt the monopoly of the NEC of parties, and contribute to the
growth of democracy.

“The aim is to
expand the composition of NEC so that nobody will have monopoly over
any issue, not only in the election, but other programmes of the party
including its manifestoes,” he said.

He said membership
of the NEC does not exempt lawmakers from elections, citing the example
of All Nigeria Peoples Party, whereby all its members in the House
belong to the party’s NEC.

“This amendment is not for the next election, it is for the next generation,” he added.

The lead sponsors
at both chambers too, Cyril Maduabum and Ike Ekweremadu, for the House
and the Senate respectively, have also denied the plan.

However, Mr. Obahiagbon dismissed the arguments yesterday as being merely beautiful, but counter-productive.

“Is this not an
atavistic throwback to the past when military dictators wrote the
manifestoes for the political parties in the garrison days?” he
questioned.

He also warned
that Nigerians remain watchful to ensure that the questionable ‘Right
of First Refusal’, which both arms have consistently denied advancing,
is not introduced at the last minute, since in the Assembly, “it is not
over until it is over.”

At the Senate, the
bill was sponsored by deputy Senate President, Mr. Ekweremadu, and
co-sponsored by all the other 43 members of the adhoc constitution
amendment committee. Key amongst them were Ndoma Egba, Ayogu Eze, Lee
Maeba, Grace Bent, Nkechi Nworgu, Ikechukwu Obiora, Abubakar Sodangi.

At the House, it is sponsored by Mr. Maduabum (Enugu State) and Igo Aguma(Rivers State).

A source, who
choose to remain anonymous, told NEXT that two meetings aimed at
fighting the new amendment have taken place. At the first meeting, 35
members were reportedly in attendance; 72 hours later, at a second
meeting, there were supposedly 40 members present.

The numbers are important because if the amendment does not make it through in one legislative chamber, it is technically out.

According to our
source , the membership of those oppossed to the new amendment is drawn
across parties, but contains all ACN members. The PDP membership of
this group is reportedly led by Andrew Uchendu-Ikwerre/Emohua(Rivers
State) and another member, Asita Honourable, from Rivers State too.

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Free and fair polls will guarantee more roles for women

Free and fair polls will guarantee more roles for women

The quest to give
the Nigerian women more roles in governance and party administration is
only possible when the country achieves free and fair elections next
year, the national chairman of the All Nigeria Peoples Party (ANPP)
Ogbonnaya Onu, said yesterday in Abuja.

Mr Onu, who spoke
at the ANPP national secretariat, while receiving the 100-member
consultative forum of the ministry of women affairs,

He however, told the women that the party would give females more administrative and elective opportunities.

According to the
ANPP boss, it would be fruitless to canvass the increase in the
participation of women in governance in line with the 35 percent
affirmative action aimed at remedying the gender gaps in politics if
the forthcoming elections are not transparent.

“All that you said
to us we are ready to do even more. We are prepared to give ANPP women
new personalities. Giving 35 per cent or one-thirds of positions is not
even enough because women make up half of the population of Nigeria.
All that we need is to provide the enabling environment.

So, we are ready to do more. ANPP is prepared and willing to ensure that we close the gender gaps” he said.

“But what you are
asking for can only be achieved if we can get free and fair elections.
A seat cannot be safe for us if somebody goes elsewhere and write the
result of the election different from the real result. So, it is good
for our nation if we have free and fair elections.”

Mr Onu told the
group led by the women affairs minister, Josephine Anenih that the ANPP
had since resolved to give the nomination form free to women and
physically-challenged Nigerians who are aspiring to elective positions
on the platform of the party at all levels in the forthcoming polls.

He said the decision was taken because of the they have in accessing funds for campaign.

He argued that it
is impossible for Nigeria to attain greatness without carrying along
the women who, according to him, constitutes half of the population of
the country.

The ANPP recalled
the roles played by some prominent Nigerian women during the struggle
for the country’s independence and expressed joy that the tradition is
being maintained by the contemporary women in politics and other
disciplines.

Earlier, Ms Anenih
asked ANPP chair to provide more positions for women in the party
administration and also give more opportunities to them to contest the
2011 elections.

She said that the forum was inaugurated last week following a resolution at a conference in June this year.

The minister said
that the group was floated to embark on advocacy visits to political
parties and other organizations because women failed in their quest to
secure reserves seats when the National Assembly was in the process of
amending the Electoral Act.

Ms Anenih also cited instances of other countries where similar
measures were taken to strengthen the participation of women in
politics and urged the parties and government to adopt the same
measures.

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Improved funding for projects ahead of ADB visit

Improved funding for projects ahead of ADB visit

The Vice President, Namadi Sambo, has
said there is a need to accelerate the prioritization of projects to be
executed to meet up with the funding guidelines laid by international
financial institutions.

He stated this yesterday during a meeting on the funding of infrastructure in the country, at State House Abuja.

Mr. Sambo said “time is not on our
side, we are expecting to have our first visit by the President of the
African Development Bank (ADB), Donald Keberuka, on the 23rd of this
month and in line with our plan to fund some of our infrastructure
projects through this financing agencies, it has become expedient to
expedite action for their presentation to the Institution.” The VP
disclosed that the ADB has a three year cycle of concessional funding
and this year falls within the period.

“We are within the cycle for the Bank to consider our programmes for concessional funding,” he noted.

He therefore, directed that the
documentation of the identified projects be made available, for
presentation to the ADB President during his visit and should also be
forwarded to other international financial institutions like the
Islamic Development Bank (IDB), the World Bank, the European Investment
Bank (EIB), Japan International Cooperation Agency (JICA) and also the
Nordic countries.

The Projects identified were the
East-West and the South-West Gas truck lines; the East-West Standard
Gauge Line; the Niger Delta Costal Road, the Second Niger Bridge; the
Benin- Obajana road; Zungeru Hydro Power Project; and Itsi Small
Hydropower Dam, among others.

The Vice President tasked the
Infrastructure Concession Regulator Commission (ICRC) to include the
Yen Credit Facility and the EIB, who have shown readiness to fund
projects in the power sector like the Jabba and the Kanji Hydropower
Plants among the financial institutions to be approached.

He also said the World Bank is also ready to fund projects under Public Private Partnership.

He explained that Brazil plans to fund
the construction of the Mambilla Hydropower Project, while the Islamic
Development Bank, the Zungeru Hydropower Plant.

Mr. Sambo further tasked all relevant
Ministries to immediately conduct studies on all other identified
projects for presentation to the international financial institutions
for consideration.

Speaking, the Director General of the
ICRC, Mansur Ahmed, disclosed that the agency had categorized
identified projects into completed, ongoing, pre-contract and planned.
He said the projects will be funded through regular budget, enhanced
budget; bonds; concessionary funds and Public Private Partnerships
(PPP).

He said the completed projects are Waya
Small Hydropower Plant (0.15 megawatts); the Mbowo Small Hydropower
Plant ().125 megawatts) and the Gurara Small Hydropower Plant (30
megawatts).

The ongoing projects are Abuja-Lokoja,
Murtala Mohammed International Airport, Lagos, Nnamdi Azikiwe
International Airport, Abuja, and those in Enugu, Kano and Port
Harcourt.

Other ongoing projects include the
Lagos-Ibadan and Abuja Kaduna Standard Gauge line. Projects that are
under the Pre-contract category are the Zungeru Hydropower Dam (700
megawatts), the Second Niger Bridge and the Loko-Oweto Bridge.

Those that are planned are the Mambilla
Hydropower Plant (2600 megawatts), the Gurara Phase II Hydropower Plant
(350 megawatts), Coal Power Plants at Enugu and Benue, Tiga, Dadin
Kowa, Chalawa, Itsi, Oyan, Ikere Gorge, Bakori small hydropower plants.

The East-West Standard Gauge Line;
Jakuru and Osara access roads, Oza-Nagogo-Agbor-Benin Road,
Borom-Nasarawa-Abaji Road and the rehabilitation of Okene-Ajaokuta Road.

Present at the meeting were the Minister of National Planning, Dr.
Shamsudeen Usman, Minister of Finance, Dr. Olusegun Aganga, Minister of
State Power, Nuhu Somo Wya, Minister of Works, Sanusi Dagash, Minister
of Transport, Yusuf Suleiman and other government functionaries.</

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