Apart from the fact that Dutch giants Ajax have had a humbling season, the big news from the Eredivisie this season is the sad recurrence of acts of hooliganism, which have marred a number of top games. Most recently, a game pitting Groningen against Ajax had to be stopped early after crowd trouble ended in smoke bombs being thrown onto the pitch and a fan ran onto the pitch with a placard calling for Groningen’s board’s resignation.

Growing concern

That was just one scenario. This has happened a number of times in recent matches and it is a growing concern that the Dutch football management and police have to deal with. In the Dutch Cup semi final match in April, pitting Ajax against Feyenoord, there was another such occurrence, and that didn’t end well as a projectile from the crowd hit Ajax player Davy Klaassen, leaving him with a cut in the head. The rules set for dealing with such incidents have clearly proven ineffective and firmer action may now be necessary. Ajax have been unfortunate to experience such incidents more than once this season but they aren’t the only victims. One would argue that the Dutch giants have been a little unsettled by such but it hasn’t been a good season for them and they are at risk of even missing Champions League football next season. With two matches to go and being five points out, Ajax finishing out of the top two is a top bet that can be utilized to complement �� which are explained in detail on SportyTrader.

Recent interventions

In one of the recent interventions, the Dutch FA directed that football games would be stopped temporarily in the event that a player, or official is hit by something from the crowd. The rule further indicates that there would be a temporary stoppage if an object from the crowd lands on the field of play even if it does not hit anybody. A repeat incident of a projectile landing on the pitch will mean the game is stopped fully. Fights in the stands and outside the stadium, players hit by beer bottles and more of such acts are slowly becoming common in Dutch football but repeated incidents in the top league is a key concern. In the past years, the Dutch FA has handed stadium bans to fans found culpable but these measures, some quarters say, must be extended to include fans. Similar incidents after the covid lockdowns saw 34 Dutch clubs and supporter groups sign and issue a joint statement. This remains one of the best ways to deal with the menace, otherwise more days of unwanted reports from Dutch football await. Recent arrests after chanting songs and using anti-semitic signage has also proven positive but a lot of work needs to be done for the long term success considering young children are now going to the stadium more frequently and learning from the ultras.

…threatens mass protest against corrupt officials

A coalition of 150 civil society organizations, under the aegis of Advocates of Truth and Justice (ATJ), has berated the National Youth Service Corps (NYSC) over what it termed unnecessary and fraudulent involvement in politics.

The Coalition, in a statement signed by its Executive Director, Dr. Anthony Ujah, accused top officials of the Scheme of conniving with highly-placed politicians to destroy the reputation of others in the name of forged NYSC certificates.

Recall that the NYSC DG, Brig Gen Yusha’u Ahmed, alleged that it never issued a discharge certificate to Enugu State Governor-elect, Dr. Peter Mbah.

Mbah consequently obtained a court order barring the NYSC from further disclaiming his certificate.

The governor-elect sued the NYSC for N20 billion at the Federal High Court, Abuja, for alleged conspiracy, deceit, and misrepresentation of facts.

However, despite the court order, the NYSC DG engaged the media to again disclaim the certificate, denying knowledge of the lawsuit and consequent court order, acting in clear contempt of the court.

Ujah said the NYSC leadership has derailed from its mandate and is now a tool in the hands of desperate politicians to frustrate perceived rivals.

The Coalition wondered why Mbah will forge a certificate he didn’t have to pay for and did not need to write any exam to earn.

“After our investigation, we discovered that the Governor-Elect of Enugu, Barrister Peter Mbah was dully mobilized by the NYSC, issued a call-up letter, assigned to a place of primary assignment, and carried out all duties and responsibilities assigned to him, including participating in the passing out parade and was issued a discharge certificate by the NYSC,” Ujah said.

“One now wonders how at the end of all these exercises, the NYSC could make a bold face by telling the world that the Governor-elect didn’t participate in the exercise. This is not only scandalous but ridiculous, to say the least.

“The NYSC discharge certificates are printed by the Nigerian Security Printing and Minting Company PLC. They have security features such as watermarks and serial numbers denoting the batches. The NYSC should back its claim by producing any other certificate in the series of Mbah’s certificate that has the same serial number”.

The Coalition, therefore, vowed to embark on a massive protest at the NYSC secretariat to call for the total investigation of the Scheme and her staff by the National Assembly as soon as possible.

Ujah said after this mass action, the incoming administration would be left with no other option but to reform or outrightly abolish the compromised Scheme.

By Alex Adum & Prince Toryem

Inspired by the need to increase the earning power of the state; create more employment, enhance development, and lay a solid foundation for a self-sustaining economy; the first civilian Governor of Benue State, late Apollos Aper Aku conceived and incorporated Benue Investment Company Limited (now Benue Investment and Property Company Limited (BIPC) in October 1979, about three weeks after he assumed office. It is instructive, to note that the incorporation of the Company was one of the very first acts of the new government. This was to underscore Aku’s vocation as a businessman prior to his election into office as Governor. His vision was to run the new administration in Benue State on the enterprise model of administration, which emphasises resource generation before expenditure and the pursuit of a favourable balance sheet at the end of every budget circle. It is to his eternal credit, that pursuant to this vision, he established over 20 enterprises in the State cutting across various sectors with the BIPC as the investment holding company in the hope that these investments would kick-start the modernisation of the Benue economy, which was largely agrarian at the time he was elected into office in 1979.

As an investment holding company out of the pack, BIPC was designed to seat at the top in what was intended to be like a pyramid structure. The company was mandated to spur the growth of the state economy by deploying capital in viable commercial and strategic business ventures that would catalyse the development of state. Strengthen revenue generation and improve the quality of life of citizens. The company commenced operations by managing the investments of the State Government, especially, investments in equities, properties and other real assets shared to Benue State at various times of states creation in which the state was affected. The company continued to invest in the acquisition of more equities; fixed income instruments and earned more return on investments which enabled it to diversify into other viable businesses such as petroleum marketing, hotel management, agribusiness, and real estate development; among others. 

Over the years, however, the company witnessed poor business count in the equities market and several managerial challenges which impacted negatively on the original vision and mandate of the company. The drive for industrialization and economic advancement by the Governor Samuel Ortom led administration and its desire to secure the future of the people of Benue has seen to the current reengineering efforts at the BIPC and the renewed drive to overcome these challenges and reverse the downward trend through management reforms and significant reinvestment in the equities market, portfolio rebalancing and conversion of wasting assets into opportunities using OPM (Other People’s Money) model.

This and more is the focus of this Chapter, which discusses the retooling and growth strategy of the BIPC under the Governor Samuel Ortom led administration. To set the context, the chapter begins with a short overview of the historical background, the role and corporate structure of the company and considers the challenges. The final section discusses the strategic investments and diversification efforts aimed at securing the future of the company to generate positive returns for the people of Benue State.

Historical Background, Role and Corporate Structure

BIPC was incorporated as a Limited Liability Company on 18th October, 1979 and commenced operations in March, 1980. The company is wholly owned by Benue State Government. At inception, the company had a share capital of N5 Million. This was increased to N20 Million in 1992 and further to N50 Million in 2002. Of the N50 Million, the State government holds equity in the company’s share capital to the tune of N30 Million, leaving N20 Million for future allocation. Currently, the company has an asset base with a market value of over N17 Billion.

Late Mr. A. O. Ako was appointed the Coordinator and first Chief Executive Officer of the company from 3rd March 1980 – 30th December 1981. He was succeeded by Mr. R. Westerbeek, a Briton who was specifically headhunted for the job of CEO from 1st January 1982 – 28th February 1983. Mr. K. Lussier another Briton took over from him on 1st March 1983 – 11th June 1985. Mr. A. Ako returned to the saddle on 12th June 1985 – 18th September 1990. Mr. J. D. A. Feese was appointed on 19th August, 1990 – 20th August, 1992. He was succeeded by Mr. C. C. M.  Ajekwe on 21st August, 1992 – 28th February, 1994. He was succeeded by Mr. J. Yaji on 1st March, 1994 – 29th December, 1999. Late Mr. I. Ortese took over from 30th December, 1999 – 1st April, 2002. On the 2nd April, 2002 Mr. J. E. Odu took over from Ortese and left on the 21st August, 2003. Mr. J. T. Tine was appointed on the 22nd August, 2003 – 5th June, 2008. He was succeeded by Mr. P. T. Agu on 5th June 2008 – 22nd March, 2012. Mrs. B. A. Sheidu was appointed in acting capacity from 22nd March, 2012 – 1st July, 2012 and her appointment was confirmed on 2nd July, 2012 – 9th March, 2016. Mr. J. Mulya was appointed on 9th March, 2016 – 28th May, 2018. He was succeeded by Mr, A, Adem on 30th May, 2018 – 20th August, 2019.  He was succeeded by Dr, A. T. Adum on 30th August, 2019 to date. In all the Company its over 43 years of existence has had sixteen Managing Directors/Chief Executive Officers.

Mandate of BIPC

With a vision “to be the leading investment company in North Central Nigeria by the year 2030”, the company has defined its mission requiring it “to drive economic development by promoting, managing and investing in real sector and service projects that maximize stakeholders’ value”.

The Company’s investment mandate is an elaboration of its vision through investment decisions that are focused on capitalization in stocks and projects that have developmental impact, which are primed to provide tangible social and economic benefits to the state. This mandate includes to:

• mobilize funds for the investment and development programs of the state;

• act as a catalyst for the speedy economic development of the state;

• engage in portfolio investment and capital market activities;

• invest in real estate and infrastructural development;

• provide Tourism and Hospitality Services;

• provide business advisory and management consultancy services to the government and interested entrepreneurs in the state.

I addition, the company also has responsibilities to woo investors, prepare loans for small and medium scale entrepreneurs and investment promotion. To fully pursue its mandate, create specialisation and competitiveness, the company incorporated subsidiary companies as strategic business units to live up to its billing as an Investment Holding Company. 

Corporate Governance Structure

Until 2012, the company was run by a Ministerial Board made up of the Commissioner of Finance as Chairman, while the Commissioners of Works, Commerce and Justice and the Managing Director/Chief Executive served as members. This composition has since changed to a hybrid arrangement, where members of the public are nominated into the Board. The current structure is made up of the Board, Board Committees, and the Managing Director/Chief Executive, who heads the management team comprising one (1) General Manager, three (3) Assistant General Managers, Heads of Finance and Accounts, Administration and Human Resource Management, and Internal Audit and Control. There are six (6) main departments/units in the company, namely:

a. ������Ƶ Development and Strategy

b. Investment & Risk Assets Management

c. Finance and Accounts

d. Real Estate and Infrastructure

e. Corporate and Secretarial Services, and

f. Internal Audit & Control

The period 1980 – 2000

The company commenced operations at the time business conditions and indeed the Nigerian economy was in crisis. The oil crises of 1973-74 and 1979 slowed down business growth not only in Nigeria but globally. In such a depressed economy, the first managers of the company which were head hunted from other companies had the difficult task of navigating through the crises by promoting local development and investing in sectors that will enhance economic growth and set the stage for the future of the company in the state and Nigeria at large. The focus in the first two decades of the company’s operations was to grow its equity portfolio inherited since the creation of the state. The company continued with investment in companies like Julius Berger which earned it a seat on the Board of Berger. The company also has major investment in such other companies as Benue Cement Company Limited now Dangote Cement (where prior to the Federal government privatisation exercise it held over 27% and maintained two board seats), Nigerian Electricity Supply Corporation (NESCO), Jos and a host of others. After years of sustained and meticulously planned business operations, the company grew its stock portfolio to over N40 billion.

In 1995, the defunct Benue Housing Agency was scraped, and its housing portfolio transferred to BIC through the enabling Edict No. 10 of 1995. The name of the company was then changed to Benue Investment and Property Company Limited (BIPC). The Memorandum and Articles of Association of the Company were also amended to reflect the changes and additional objectives of the company, which was investment in real service sector of the economy. With the additional portfolio, the chosen strategies were that of expansion. The expansion drive became that of developing and managing properties to address the housing deficit in the state.

While some companies collapsed due to failure to adjust to the economic crises of the 80s, 90s and the Nigerian stock market bubble of the late 2000s, BIPC continued with strategic business investments that have resulted in the great business success stories of the company. These successes nonetheless, the company witnessed some peculiar challenges, which are highlighted in the next section. 

Challenges of BIPC, 2000 – 2018

The efforts to grow the company continued within this period however, with a new set of managers. Their chosen strategies were that of expansion and diversification; which led to the construction of new BIPC Estates in Nyiman and North Bank, reactivation of previously existing subsidiary companies and incorporation/establishment of new businesses such as the BIPC Oil and Gas Limited, BIC Securities Limited, Benue Properties Limited, Bentel Networks Limited, the BIPC Microfinance Bank Limited. 

While all these businesses have been pursued with considerable level of success gained within the period; several challenges stood in the way of the company. These include persistent management inadequacies, assets stripping, political interference in the affairs of the company and lack of clear understanding of the company’s mandate. These gradually tempered the level of successes gained in the first two decades of operations. This was because the state government used the company to pursue social and development objectives beyond pure profitability. For instance, the Estates that were constructed with borrowed funds from the Federal Mortgage Bank of Nigeria (FMBN) were allocated to cronies and politically connected individuals. These off-takers have largely remained recalcitrant in the repayment of the about three hundred houses delivered from the (FMBN) Estate Development Loan (EDL). The slow and poor mortgage repayment profile has burgeoned the EDL outstanding balances to over 780 million from a total facility of 280 million. The current management of BIPC has had to commit over 150 million in the EDL repayments to FMBN, while negotiating with the bank for a waiver of accrued interests. Needless to say these are funds, which could have been channelled into new investment opportunities to increase the profitability of the company. Moreover, the slow loan repayment has made it practically impossible for the company to access further concessionary funds from the apex mortgage finance bank to deliver affordable housing for the benefit of low income earners from the State. A reason most of the new real estate development projects of the company are designed for the middle class and upper class.      

In addition, managers were also poorly recruited by placing premium on factors that never produced the best hire for the job; and upon being hired, most of the managers lacked the necessary skill set to operate successfully in a politically exposed business environment, such that they couldn’t properly navigate the business content of the job and the politics of the job to produce optimum results. In most cases, investment and management decisions were not taken or pursued with the enterprise objective in mind but the political objective. One of such decision was the ill justified expansion in the workforce of the company to accommodate political pressures for employment, which increased the company staff strength from 65 as at 2016 to over 200 as at 2019. The undue expansion in the personnel carriage capacity of the company depressed its resources and aggravated asset stripping to fund operations.  Secondly, political gradations and the predominance of a civil service culture and style of operations denied the system the best corporate governance structures and high powered incentives to pursue efficiency and profitability like the pioneer managers of the company.

As a result of the above, the company witnessed a lot of challenges within the period because some of the actions taken were not based on well thought out or based on any strong business cases. The divestment in 2014, 2016 and 2018 adversely affected the company’s portfolio in quoted securities. The portfolio investments which were more than N25 billion declined drastically to about N10 billion with the divestment in 2014. Between 2016 and 1st quarter of 2019 the portfolio assets slipped to about N3.6 billion. Relatedly, the property portfolio of the company also depleted with the transfer of the Company’s properties to the Nigerian Navy, the Nigerian Security and Civil Defence Corp, the Federal High Court amongst others without compensation to enable the company to recreate new assets. Recently, the company was directed to also surrender one of its prime real estate asset, the former headquarters of the defunct Lobi bank, which the company had acquired from the Nigerian Deposit Insurance Corporation. The assessed open market value of the property is put at N 750 million.  

With the operational liabilities of the company on the increase it took a downturn inevitably. It had to grapple with huge wage bills and other concerns including tax liabilities to Federal Inland Revenue  Service and Benue State Board Internal Revenue Service and loan repayments to the Federal Mortgage Bank of Nigeria. These challenges and liabilities running into several hundreds of millions exposed the company to further vulnerabilities between 2000 and 2019.

To realign the Company with the vison of the founding fathers, the Governor Ortom led administration had to restructure the enterprise resulting in several changes in the Board and Management. These interventions by the Governor reversed the downward trend and repositioned the company on the path of profitability to be able to contribute to the growth of the state economy. 

The Forward-Looking Investments

Governor Samuel Ortom in pursuit of the collective vision for the state subjected the company to several surgical restructuring aimed at addressing challenges and liabilities to secure its investments for the future of the people of Benue especially in 2019. After sessions of situational analysis on the state of the Company, the immediate action was to stop the bleeding, then retool and reposition the company.

The focus was again to address the challenges of the uncertainty created by the outbreak of the Corona Virus pandemic which eclipsed business and other activities around the world. A plan to tackle the challenges and make strategic investments for future sustainability of the company became imperative. First, the staff strength had to be rightsized to reduce the humongous wage bill and associated costs. Second, the practice of stripping the company’s portfolio assets was halted. Third, the loan liability and tax liabilities were restructured; and reinvestments in new equities embarked upon, while wasting assets were farmed out for new investments using OPM and new real estate projects initiated. These measures and the strategic investments made to ensure the viability and future sustainability of the company and the achievements recorded thus far are discussed in detail below. 

Discontinuity of Asset Stripping

As noted above, the Company’s equity portfolio which was more than N25 billion prior to the divestment in 2014, 2016 and 2019 respectively was radically reduced to about N3.6 billion this affected the dividend returns on the portfolio because the Company’s annual dividend also dropped to about N300 Million. The decline in dividends adversely affected the operations of the company because they could barely fund the operations of the Company let alone allow for reinvestment. The immediate action was to halt the stripping of the Company’s portfolio which had been the practice for more than a decade.

Tackling unsustainable tax liability 

The tax liabilities of the company were put at over N600 million as at 2019, a situation that created a possible sink hole that was likely to collapse the Company completely. There was therefore an explicit need to address this challenge to free the company’s resources for investment. Through constructive engagement with the Federal Inland Revenue Service-FIRS, the tax liability of over N600 million was substantially reduced and regularly paid. Thus for the first time in the last 10 years, the company was issued with Tax Clearance Certificates for year 2020 and 2021.

Re-payment of Estate Development Loan

The EDL obtained from the FMBN for the construction of BIPC Ever-Green Estates in Nyiman and North Bank placed a heavy burden on the company as funds that would have been used for investment were channelled to the repayment of the loan.   In looking to invest for the future, the loan was renegotiated, and a repayment plan agreed on with FMBN, and proactive steps taken to clear the loan and free the company of the obligation. This has resulted in the repayment of 80% of the loan. 

Policy Review

Given the scale and multiple challenges facing the company including lack of good corporate governance culture, the company had to carry out a review of its policies particularly on investment. The new investment policy is to reinvest at least 30% of the company’s dividends in new equities and stocks. The internal control measures of the company have also been strengthened for effective and prudent management of the company’s resources. These policies promise to place the Company on the path of sustainability and more resilience to future shocks.

Strategic Investments for the Future

Despite the Company’s challenges and the negative impact of the pandemic, it has made concerted efforts in investing for the future. Some of the investments are hereby highlighted.

Portfolio Investment 

The Company has deepened its presence in the capital market by acquiring additional 5,890,851 units of shares in Zenith Bank Plc. This was done as part of the strategies to grow the Company’s portfolio and dividend income. To achieve the strategic goal of maximizing risk, ensuring that the portfolio remains proportionately balanced, enhancing the growth and dividend income on the portfolio, the Board of Directors of the company and the Benue State Executive Council approved the rebalancing and restructuring of the portfolio. The Board and EXCO also approved the divestment of the 80 million units of Julius Berger Plc shares in favour of Zenith Bank which has good history of high dividend returns. The decision to divest the holdings in Julius Berger was based on the dwindling fortunes of the construction giant as evidenced by the declining dividend income from BIPC’s over 80 million units of the shares and the strategic plan of achieving portfolio growth and high dividend income.

Considering the divestment in Berger and the purchase of Zenith Bank shares, BIPC now has a total of 87,359,686 units of Zenith Bank Plc. The rebalancing/restructuring of the portfolio and the effective management of the portfolio has impacted the company positively as the company received a total dividend amounting to N506,337,000.00 for the year ended 2021 up from N290,226,649.44, representing an increase of 74.46% for the same period in 2020. The company’s portfolio which was down to N3.6 billion has also grown to an all high value of about N6.6 billion. The target is to achieve a portfolio growth of N10 billion and a dividend return of over N1 billion at the end of year 2025.

Investment in Real Estates

The Company has also made some strategic investments in the real estate with a view to enhancing its streams of income, while addressing the housing deficit in the state as well as attracting mutually beneficial partnerships. Notable of these investments are:

i. BIPC-Cosgrove Smart Homes, Mabushi, Abuja

The company signed a Joint Venture Agreement with Cosgrove Investment Limited, one of the leading construction and property development companies in Nigeria for the construction of BIPC-Cosgrove Smart Homes, in Mabushi, Abuja. The project which comprised 7, 5 and 4 bedroom duplexes with BQ is worth over N6 billion and the company is expected to make a net profit income of over N1. 5billion.

ii. Nyorgyungu Housing Estate 

In pursuit of its housing mandate, the company has embarked on the construction 30 units of 3-bedroom flats at Nyorgyungu layout located along George Akume Road, Makurdi. The project which is worth over N500 million is at 80% completion level and it is expected to yield a return of almost N100 million. The Estate when completed will boast of facilities such as creche, shopping mall, security post, paved road network and drains, streetlights, intercom, sports arena among several others. It is important to point out that the last time the company embarked on construction of a housing project was in 2004.

iii. Retooling of Weak Assets

In line with the vision of investing for the future, the company had to retool some of its investments to earn maximum returns. For instance, the company leased the Benue Plaza, Abuja and Lagos to Taj Bank plc and Preskens Hotels and Resort Limited respectively. These organizations have remodelled these plazas to contemporary designs and the company is receiving reasonable returns on them.

iv. Reopening of sales at the BIPC Oil & Gas Ltd

The operations of oil and gas station which was a stand-alone business unit which had been hampered due to a weak financial base, non-utilization of its bulk purchase license and poor haulage system has been revitalized and the station is operating maximally with steady returns to the company.

v. Intervention in the agricultural sector

Bearing in mind the removal of subsidy and the difficulties encountered by farmers in getting fertilizers, the company also embarked on the retailing of fertilizer to farmers to facilitate their access to the product. Though fertilizers are sold to Benue farmers at the price of N5,500 against the N7000 and N8000 in open markets, the company still make marginal profit.

vi. The Kaduna Guest House/BIPC Guest House North Bank 

In order to enhance the operations of the Guest Houses which had remained in a deplorable state for years, the company undertook the remodelling of the Kaduna from the revenue generated from its operations. So far, a total sum of N19,964,250.00 has been expended on the renovation and furnishing of Seventeen (17) rooms with modern facilities. The Management of the company also redeveloped the poolside section of Makurdi Guest House by converting it into business and leisure arena. An exclusive executive lounge has also been incorporated into set up to provide a place for relaxation for high net worth individuals. The pastry section was also reactivated with yummy pastry products that are commanding a high demand in the market. Management plans to commence a comprehensive renovation of guest rooms at the Makurdi Guest House using the Kaduna model upon availability of funds.

vii. Retail of Cement

The Company also embarked on the purchase and retailing of cement. It has so far earned a 10.31% return on investment. 

Investment Promotion

The company in an attempt to promote and attract new investments in the state has initiated discussions with BUA Group and Flour Mills of Nigeria PLC to explore the investment in new cement plants in Mbatiav and Igumale. The company has also intensified its partnership with the Nigeria Investment Promotion Commission (NIPC), Bank of Industry, Bank of Agriculture, NEXIM Bank, Infrastructure Bank, and Development Bank. These engagements are to leverage the capacities of these entities in investment financing and exploitation of business opportunities that abound in Benue state. For instance, investment by either BUA or Dangote or both in cement plants in Igumale or Mbatiav holds the potential to boosts employment, revenue generation for the state government, wealth creation for citizens and to re-invigorate the entire state economy.

Staff Welfare

The management of the company recognises that a well-motivated workforce is key to achieving its vision and mission. To this end, the current management of the company places great premium on staff welfare. Staff salaries are promptly paid as at when due. All allowances and staff benefits that were in arrears have all been cleared and management is in the process of implementing new welfare packages approved by the board as enshrined in the new staff conditions of service recently approved by the board. Training and retraining of the board, management and staff has continued to receive priority attention from the management to ensure the company workforce is continuously kept abreast with modern trends in business and investment. 

Conclusion

The Net Assets Value of the company grew by 99% from N9.5 billion in year 2020 to N18.1billion in the year 2021. This result was achieved due to prudent management of resources and the revaluation of the existing assets to obtain the actual values. The long-term goal is to increase a store of generational wealth for the shareholders, the people of Benue state. There is no doubt that the most glorious period of BIPC is 2015-2022 which saw the strategic restructuring of the Company that positioned it on the path of sustainable profitability. It is this condition that has given vent to its capacity to meet its vision. In this way, its mission has enlivened the collective vision of Governor Samuel Ortom through investments that hope to secure the future of the people of Benue state. 

Alex and Toryem wrote from Makurdi

Just like with any other equipment, regular cleaning and proper care can make all the difference in the performance and longevity of vaping equipment.

Vape equipment is made up of different components, which include coil, tank, and battery. And when taking proper care of the vaping equipment or the wax pen, you should carefully know how to handle each part appropriately.

, just like taking adequate care of the vaping equipment, lets you get the most out of every puff and enjoy less time and money spent on replacing damaged parts or buying whole new equipment.

Here are some ways on how to properly take care of your vaping equipment:

1. Cleaning The Vaping Equipment Regularly

Make sure you clean the tanks, coils, and other removable parts after every use. This will help prevent the build-up of residue from e-juice or other substances that can affect the flavor or performance of your vape.

You can use damp cloths to clean the components. Besides, paying attention to any debris accumulating in the tank or air passages is vital. Regular cleaning will also prevent problems with your device’s battery and other parts.

2. Store Your Vaping Equipment Appropriately

When the vaping equipment is not in use, storing it in a safe place is appropriate. It’s best to keep it away from dust, extreme temperatures like direct sunlight, and humid areas, as this could cause damage to the components of the vaping equipment. Also, it’s vital to ensure that no spills of liquids or other substances come into contact with the device while not in use, as this can impact its performance and lifespan.

3. Always Use The Correct Charger

Using the wrong charger can damage the vaping equipment. Make sure you read the instruction manual of your vaping equipment carefully before charging it, as there may be specific instructions that need to be followed to ensure safe charging. Additionally, don’t overcharge your device, as this can also have a negative effect on the charger, making it explode. Hence the need to remove the charger immediately after it’s fully charged.

4. Change Your Coils As Required

The coils can be clogged with e-juice residue and may need to be . Consider the coil being replaced about once every two weeks, depending on your usage and type of coil. This will ensure that your vaping experience is fresh and flavorful and your device is not damaged by a build-up of residue on the coils. It’s also essential to ensure you replace the coil following the instructions in the user manual.

5. Use The Correct E-liquid

Using the right e-liquid can also affect your device’s performance and life span. Using different types of liquids incompatible with your equipment can cause damage to specific components like the coil, battery, and other parts of the vape. And for that case, you need to be aware of the different types of e-liquid before you consider using it on your vape equipment.

6. Use Suitable Batteries

Using the wrong battery type can cause damage to your vaping equipment and even result in explosions or other safety risks. Read and understand what kind of battery is suitable before purchasing. Also, if the vaping equipment needs an external charger, be careful to use the one recommended in the manual.

7. Check For Any Signs Of Wear And Tear On The Equipment

There’s a need to have regular checks on the exterior of the equipment. This includes checking for dents, chips, cracks, or corrosion on the device’s exterior. Consider looking at any loose connections within the device.

If you notice any issues with your vaping equipment or some parts of the equipment, it is crucial to take appropriate steps to repair or replace them before they become worse. With well-performing vape equipment, you can enjoy your vaping experience without any interruptions.

8. Use High-quality E-liquid In Your Vaping Equipment

Low-quality juices may contain harsh chemicals that could damage your device over time and lead to poor performance. Always check the ingredients label before purchasing to ensure you get the best quality that is not harmful to the equipment and you.

9. Changing The Battery Appropriately

Changing the battery as needed is vital to ensure your device works correctly. Batteries should be changed about every three months for optimum performance and safety. When changing out the battery, consider using high-quality batteries compatible with your device. Batteries that are not compatible could cause damage to your device.

10. Handle The Vaping Equipment With A Lot Of Care

Always take care when handling the vaping equipment. Make sure not to drop it. Rough treatment of the vaping equipment will lead to damage. That’s why it should be kept away from children. Thus, proper care of the equipment is essential for its longevity and performance.

11. Following Manufacturer’s Instructions

Following the manufacturer’s instructions ensures optimal performance and maintains the vaping equipment’s longevity. Using the device as instructed can prevent premature device failure that could lead to costly repairs or replacements.

Moreover, manufacturers mostly include essential safety information in their manuals that you should read carefully before using the device. The information could include warnings about potential risks, such as electrical shock or fire, and instructions on safely operating and maintaining the device.

It’s also important to know that not following the manufacturer’s instructions could lead to losing the device’s warranty. Most warranties will not cover the fire functioning of the device if it’s damaged due to misuse or improper handling. This is why it’s vital to carefully read and follow the instructions to avoid damage that could lead to unnecessary expenses.

Conclusion

Taking care of your vaping equipment is key to getting the most out of every puff and making your device last longer. With regular cleaning, regularly changing batteries, storing the equipment appropriately, replacing coils regularly, using the suitable liquid, and properly handling the vaping equipment, you can be sure that your vaping equipment is functioning correctly and lasting for a long time. Proper maintenance will also help keep the flavor of your e-juice at its best, making every puff as enjoyable as possible.

• Pfizer’s position is that governments and the public health community must work together with industry to take further action and support measures that will enable continued innovation in the development of new antibiotics and vaccines to help curb the spread of AMR.

• By 2050, the UN estimates that up to 10 million deaths could be caused by superbugs and associated forms of antimicrobial resistance, matching the annual global death toll of cancer.1

• AMR is a silent threat, but it is already here and needs urgent attention. If AMR continues to rise unchecked, formerly minor infections could become life-threatening, serious infections could become superbugs that are impossible to treat, and many routine medical procedures could become too risky to perform.

Lagos, Nigeria. 9th May 2023: To create awareness about Antimicrobial Stewardship, Pfizer hosted a virtual
media roundtable to raise awareness in ensuring ongoing patient safety so as to maintain the future effectiveness of antibiotics. Attended by medical professionals Professor Oyinlola Omoniyi Oduyebo of LUTH
and Dr. Kennedy Tamunoimiegbam Wariso of UPTH, the roundtable saw participants discuss the need for antimicrobial stewardship AMS as treatment of infections is becoming more difficult due to widespread emergence of antimicrobial resistance.

Dr. Kodjo Soroh, Medical Director West Africa Pfizer, commented: “Antimicrobial Resistance (AMR) occurs when bacteria, viruses, fungi and parasites change over time and no longer respond to medicines making infections harder to treat and increasing the risk of disease spread, severe illness and death.3 AMR is one of the biggest threats to global health today and can affect anyone, of any age, in any country. If it continues to rise unchecked, minor infections could become life- threatening, serious infections could become impossible to treat, and many routine medical procedures could become too risky to perform. Without action by governments, industry, and society, AMR is expected to cause 10 million deaths each year by 2050.”4 Overuse of antibiotics is creating stronger germs. Some bacteria are already “resistant” to common antibiotics. When bacteria become resistant to antibiotics, it is often harder and more expensive to treat the infection. Losing the ability to treat serious bacterial infections is a major threat to public health.5

Currently, at least 700,000 people die each year due to drug-resistant diseases. More and more common diseases, including respiratory tract infections, sexually transmitted infections and urinary tract infections, are untreatable; lifesaving medical procedures are becoming much riskier, and our food systems are increasingly precarious.6

Professor Oyinlola Omoniyi Oduyebo, commented: “Antimicrobial resistance (AMR) is a serious threat to global public health. It increases morbidity and mortality, and is associated with high economic costs due to its health care burden. Infections with multidrug-resistant (MDR) bacteria also have substantial implications on clinical and economic outcomes. Moreover, increased indiscriminate use of antibiotics during the COVID-19 pandemic will heighten bacterial resistance and ultimately lead to more deaths. This review highlights AMR’s scale and consequences, the importance, and implications of an antimicrobial stewardship program (ASP) to fight resistance and protect global health. Antimicrobial stewardship (AMS), an organizational or system-wide health-care strategy, is designed to promote, improve, monitor, and evaluate the rational use of antimicrobials to preserve their future effectiveness, along with the promotion and protection of public health. ASP has been very successful in promoting antimicrobials’ appropriate use by implementing evidence-based interventions. The “One Health” approach, a holistic and multisectoral approach, is also needed to address AMR’s rising threat. AMS practices, principles, and interventions are critical steps towards containing and mitigating AMR. Evidence-based policies must guide the “One Health” approach, vaccination protocols, health professionals’ education, and the public’s awareness about AMR.”7

Prof. Kennedy Tamunoimiegbam Wariso, commented: “Antimicrobial stewardship programmes optimize the use of antimicrobials, improve patient outcomes, reduce AMR and health-care-associated infections, and save health-care costs amongst others.”8 “With rates of AMR increasing worldwide, and very few new antibiotics being developed, existing antibiotics are becoming a limited resource. It is therefore essential that antibiotics only be prescribed – and that last-resort antibiotics (AWaRe RESERVE group) be reserved – for patients who truly need them. Hence, AMS and its defined set of actions for optimizing antibiotic use are of paramount importance.”9

A robust pipeline of new antimicrobials is essential to restoring the balance against increasing rates of AMR. However, significant economic hurdles have made research and development in this area a challenge. No novel class of antibiotics has been launched for almost 40 years, and even when newly approved treatments come to market, they may be used sparingly to support good antimicrobial stewardship practices – making it difficult to recover the high cost associated with development. New reimbursement models that more fully reflect the complete value of antimicrobials are critical.10
-End-

An Upper Area Court sitting in Abuja on Tuesday granted Interior Designer, Ayanda Carter bail after hearing of a bail application filed by the Counsels to the defendant.

Carter was arraigned on April 18, 2023 in a Criminal Charge No.: CR/102/2023, between the Inspector General of Police vs Ayanda Carter.

First Information Report of the case as obtained by our correspondent reads,
“Nature of information: CRIMINAL BREACH OF TRUST, CHEATING AND CRIMINAL INTIMIDATION contrary to session 312, 322, and 397 of the Panel Code Act. Inspector General of Police is informed by Stanel Group that you, Ayanda Carter sometimes in the month of December 2019, presented yourself as an Interior Designer to the Group and that you are capable of making the design they need. Based on your presentation they engage your services to produce the design and supervise the production of the products which you agreed at the sum of N24,000,000 for your services. In breach of the trust reposed in you, notwithstanding, you were paid flight ticket on business class and all bill taken care of accommodation and logistics to the tune of N6,995,762 and you insisted on bringing some people to Nigeria to take measurement of where the goods to be produced are to be fixed which cost N7,278,400 making all the money expended to enable you carrying out your obligation to N38,274,162 (Thirty Eight Million, Two Hundred and Seventy Four Thousand, One Hundred and Sixty Two Naira only to enable you supervise the production of the goods and the quality agreed upon, the above you negotiated for inferior quality without recourse to Stanel Group all in a bid for self-gain When the goods, 12 forty foot containers arrived, it was discovered that they were all inferior quality not what was agreed upon and when you were confronted by the CEO Stanel Group you threatened that you will abandon and sabotage the work and that there was nothing anyone could do to make you oblige and not even the Inspector General of Police. You collected the money and converted it into your own personal use Thereby Committed Offence Punishable Under The Above Mentioned Law.”

It was also gathered that the said project, a 5 Star Hotel, located in a highbrow area of Lagos, Nigera was bid for commissioning in June 2022 but owing to the delay caused by the defendant”s act, till now the project is not yet ready for commissioning as Ayanda allegedly stopped taking the company’s calls, stopped supervision of the project which was one of the terms of the agreement and other behaviours that have caused the organisation to loss additional millions of naira.

However, upon “Not Guilty” plea by the Defendant, the presiding Judge, Honourable Gambo Garba ordered that Carter be remanded in Suleja Correctional Center pending the hearing and determination of her bail application which came up on Tuesday (today).

Ayanda Carter’s leading Counsel, Jamiu Agoro, prayed the court to grant the defendant bail.

Delivering his ruling on the application for bail Garba said the offences were bailable and granted her bail with bail bond of N100,000,000 and one surety who must be a public servant from Grade Level 13 and above.

The judge also ordered that the defendant must submit her passport to the registry.

The prosecuting lawyer, Abdulrashid Isyaku earlier opposed the bail application moved by the defendants’ lawyers but said except it’s on the condition that her passport be seized since the defendant is not a Nigerian to prevent her from running to her mother country if granted bail.

The case was adjourned till May 8 for the commencement of trial.

Over 100 civil society groups have asked the Progressives Governors Forum and other lobby groups to allow popular candidates who are accepted by the members-elect to emerge as Speaker of the House of Representatives.

The groups, under the aegis of the National Democratic Coalition, said that Nigeria’s democracy is evolving and any contrary move will truncate it.

In a statement signed by Dr. Ben Amodu, the CSOs said Asiwaju Bola Ahmed Tinubu emerged as President-elect because he was the popular choice of the masses across ethnic and religious lines, hence other prominent candidates should also be allowed to emerge at other levels.

Quoting from Chapter 5, Part 2 Section 92 of the Constitution, Amodu said the Speaker and Deputy Speaker are elected by members of the House among themselves.

According to him, the requisite condition to become Speaker is acceptability among members of the House of Representatives.

Amodu said for any candidate to be wholly accepted across party lines, it means he/ she is exceptional with good moral standards devoid of bias and sentiments.

He further said that Hon Aliyu Muktar Betara is among the few candidates who are well-accepted for the position of Speaker.

Amodu noted that his popularity is based on his competence, track record, and knack for excellence.

“We have it on good authority that some governors are interested in the position of Speaker. They are bent on foisting their cronies on the House of Representatives,” he said.

“While we acknowledge that this is typical of Nigerian politics, it is time to put an end to it. The Constitution already stipulates how the Speaker should emerge and we strongly advise that this should be followed to the latter.

“Let’s give all interested persons a level playing field. Let them test their popularity on the floor of the House. Anybody who wins will be seen as the best choice for the nation.

“Indeed, some candidates are already making waves. One of them is Hon Aliyu Betara representing Biu/Bayo/Shani and Kwaya Kusar Federal Constituency. Aside from being a five-term legislator, Betara is considered a powerful politician with strong persuasive ability.

“While his rivals are busy hauling from one governor to the other, he is seriously consulting with his colleagues. Over the years, he has built wide networks that are already evident in his mini-campaign.

“How you will know a good leader is his ability to build a friendship at the slightest instance. Betara is loved across the country. He is at peace with old members while the new ones look up to him.

“But what sets him apart is his track record, integrity and capacity. It is not enough to be a unifier, can you do the job? Betara indeed ticks all the boxes and it will be a huge mistake if the governors interfere in the selection process of the next Speaker”.

The lawmaker representing Pankshin/Kanam/Kanke federal constituency of Plateau State, Hon Yusuf Gagdi, has been put forward as the preferred candidate from the North Central for the position of Speaker in the 10th Assembly.

The North Central Coalition for Good Governance (NCCGG), which made this known at a press conference in Abuja, said it came to this conclusion after due and extensive consultations with stakeholders across the zone.

In his address, convener Hon. Abraham Dauda said of all the returning members from the region, Hon. Yusuf Gagdi stands out and is best suited for the job.

According to him, Gagdi is an experienced, vibrant, progressive, and well-rounded legislator with towering credentials and a track record of excellence in all his endeavours.

Dauda, therefore, urged the ruling party and other major players from other regions to zone the position of Speaker to the North Central and adopt Gagdi as a consensus candidate.

“As a group, we are cognizant of the expectations of Nigerians with the incoming administration, hence the need to get it right with the choice of leaders in the legislative arm of government to ensure a system that works towards achieving sustainable growth and development,” he said.

“We are sending a passionate appeal to the leadership of the APC to ensure that the speakership of the 10th Assembly is zoned to the North Central region. Our appeal also goes to other political parties to see why the North Central region should be endorsed for the speakership position.

“In light of the prevailing circumstances, we wish to put forward the candidature of Hon. Yusuf Gadi as the preferred candidate for the speakership of the 10th Assembly due to his towering credentials and experience as a well-rounded legislator.

“Hon Yusuf Gagdi is a young and progressive-minded legislator representing Pankshin/Kanam/Kanke federal constituency of Plateau State. A former deputy speaker of the Plateau State House of Assembly comes on board as a dynamic individual whose contributions to the sustenance of democracy in Nigeria are indeed noteworthy.

“He has a national disposition to issues, which he has exhibited throughout his career over the years. He has demonstrated exceptional attributes required of leaders in the country in our quest for sustainable growth and development.

“As Chairman of the House Committee on Navy and Airforce, it is on record that Hon Yusuf Gagdi worked assiduously towards improving the operational effectiveness of the Navy and Airforce. His contributions on the floor of the House of Representatives have continued to be relevant to the national discourse in addressing the national challenge.

“Hon Yusuf Gagdi has, in his kitty experience, dedication and loyalty to the Nigerian course. He is also at home with the teeming youthful population in the country through his numerous engagement and advocacies with youths from diverse ethnicity and religion across the country.

“We must also admit that the Nigeria of our dream is possible when leaders with a national outlook are elected to represent the people at strategic levels. This much Hon Yusuf Gagdi epitomizes.”

The North Central Coalition for Good Governance assured that Gagdi will bring his leadership traits, exposure, and competence to build a robust national assembly to complement the executive arm of government towards bringing about the Nigeria of our dreams.

Dauda, however, called on “other well-meaning Nigerians and stakeholders to endorse the zoning of the speakership of the Federal House of Representatives to the North Central Region and equally throw their support for the candidacy of Hon Yusuf Gagdi. “

ESV Ipadeola Dorcas Omolale

Multilateral financial institutions play a pivotal role in the housing development of the various regions of the World.  They are major economic agents that focus on economic developments of the developed countries as well as the Less Developed Countries (LDCs). In addressing the perennial challenge of affordable housing in Africa, these institutions have been partners in progress in this regard.

By a simple definition, multilateral financial institutions are international financial institutions chartered by two or more countries for the purpose of fostering economic growth and development. Especially in Less Developed Countries (LDCs) of the World. The African Development Bank (AfDB), the International Finance Corporation – the private sector arm of the World Bank (IFC) are good examples of multilateral financial institutions.

In recent times, the IFC has been on the forefront of housing development in Sub-Saharan Africa, playing a catalytic role in ensuring that the African housing deficit is addressed in the most economic and affordable ways.  IFC recently launched a $300,000 investment platform that will allow private sector participation in the development of affordable and modern multiple housing in so many African countries.  This platform is expected to partner with domestic housing developers in select African countries to develop 30,000 homes over the next five years. This strategic move is equally expected to create over 150,000 new jobs on the continent.

According to the report as published by IFC, Nigeria and Kenya are the key beneficiaries of this move. As at today, the Nigerian housing deficit is put at a whopping 17 million units, leaving so many poor Nigerians houseless without roofs on their heads. Kenya’s housing shortage is estimated at 2 million units.

Unarguably, rapid urbanization is pushing up demands for housing in Sub-Saharan Africa. African cities are becoming the new homes to over 50,000 people every day and for the region to attain a sustainable developmental pattern, its housing demands must be met to enhance human capital development that will drive the overall growth and development of the region.

The African Development Bank (AfDB) on its part is not resting on its oars in the provision of affordable housing in Africa. AfDB is the premier multilateral development institution of the African continent, and as such, plays a multifaceted developmental role. Infrastructure and housing development is one of such key roles, helping to bridge the gap of housing deficit in Africa. One of its major goals is the improvement in the quality of lives in Africa, and this cannot be achieved without adequate and quality housing development.

In February, 2016, seven years ago, the AfDB invested $8.2 million in the African housing development through Shelter Afrique, the leading Pan-African organization that is devoted to financing the development of housing and human settlement in Africa. This effort has greatly impacted the African housing landscape in a most positive manner, responding to the growing housing demands in Africa; and thereby addressing so many social economic issues in Africa.

In the coming years, multilateral financial institutions will continue to invest in African housing development. The Sustainable Development Goals (SDGs) are all aimed at addressing human development, including housing needs as captured in SDGs number eleven, which speaks to sustainable Cities and Communities.  Of course, the only way this particular SDG goal can be achieved is through Public Private Partnership (PPP), and a strong support and coordination from the multilateral institutions like the International Finance Corporation (IFC), and the African Development Bank (AfDB).

ESV Ipadeola Dorcas Omolale is a Registered Estate Surveyor and Valuer. She sent in this piece from Sheffield, England.

The Vice President of the United Nations Association of Nigeria, and immediate past National General Secretary of the Young Women’s Christian Association of Nigeria, Mrs Ijeoma Nweke loses mother-in-law, (Ezinne) Monica Nweke at 83.

Nweke died on the 31st of January 2023, after an illness.

She will be buried in her hometown, Umu-olum Ide in Alor, Idemili South LGA of Anambra State on May 25 this year after a funeral service at St. Paul’s Anglican Church Alor.

Left to mourn her are her children, grandchildren, great-grandchildren, and siblings.

“She will be forever missed,” says ijeoma, who was also a former branch Secretary of the Nigerian Red Cross Society Lagos State.

A chieftain of All Progressives Congress APC, Tein Jack-Rich has described Nigeria’s President-elect, Asiwaju Bola Tinubu, as a selfless, genuine and positive-minded statesman with passion for growth, progress and development of Nigeria.

Extolling the virtues of Tinubu at his 71st birthday anniversary, Jack-Rich who was the APC Presidential Campaign Council vice chairman fundraising committee stressed that the President-elect is a firm advocate of democracy, whose antecedents in the struggle for democratic process in Nigeria and beyond are highly commendable and worthy of emulation by leaders across the globe.

In the goodwill message to the president-elect which he personally signed, Jack-Rich an oil tycoon applauded Tinubu’s giant strides in the enthronement and sustenance of democracy and good governance at all levels.

He said, “I felicitate with the President-elect, Asiwaju Bola Tinubu as he clocks 71.

“As a well respected public servant, Tinubu has consistently earned the goodwill of the people, regardless of party affiliation in view of his accomplishments in various leadership positions.

“Tinubu’s victory is the just concluded Presidential election is indeed another testament to his popularity among Nigerians”, he said.

He also wished the incoming president a successful administration that will usher in prosperity for all Nigerians.

Rising star, Darlington Edosa Braimoh professionally known as Rich Darlington is set to release his first official single of 2023.
The multi-talented artist who has decided to surprise his fans with the new single however shared some details with the press about the record in a recent interview.

He revealed that he featured two super-gifted singers Marlian records signee, Lyta and Kdiv coco on the about-to-be-released song.
Meanwhile sharing the reason for his choice of singers, he said “I decided to feature Lyta and Kdiv Coco because they are both exceptional artists who bring unique qualities to the project. Lyta is known for his soulful vocals and deep emotional range, while Kdiv coco has a distinct style and rhythm that adds a different flavor to the song”.

He continued “I believe that music has the power to bring people together and evoke emotions that transcend language and cultural barriers. I’m working with a talented producer named Melodysongz, who has a wealth of experience in the music industry and a great ear for creating exceptional sounds. Together, we’ve been able to create a unique and memorable project that we’re both proud of” said Rich Darlington.

Rich Darlington who is multifaceted also spoke about the rise of the genre ‘Afrobeats’ and how he hopes to contribute his quota to the growth.
“I see the genre continuing to grow and evolve in the coming years, with more and more artists from different parts of the world incorporating Afrobeat elements into their music. As an artist, I hope to play a role in this development by continuing to create new and innovative music that pushes the boundaries of what is possible in the genre” he said.

Nigerian Cinematographer Olumuyiwa Olugbenga Oyedele is one of the hottest and most-sought-after cinematographers in the Nigerian picture and film space right now judging by the number of collaborations he has had with top-of-the-range directors in and out of the country.

Oluwamuyiwa Olugbenga Oyedele who is known in the industry as “Mr. Movies’’ is a highly respected cinematographer renowned for his collaborations with esteemed directors such as Jade Osiberu (Gangs of Lagos), Dammy Twitch, UAX, Perliksdefination, The Alien Visual, Director K, Pink Film, and many others.

Oluwamuyiwa’s passion for filmmaking began during his tenure as a camera operator in one of Nigeria’s leading production companies, NextThought Productions. Over time, he honed his craft and eventually became one of the most sought-after directors of photography in Lagos. It’s no wonder he’s earned the moniker “Mr. Movies”.

While teaching Creative Art and Culture at a secondary school, Oluwamuyiwa’s love for filmmaking shone through. Since then, he’s worked on numerous projects, including major feature films, TV series, music videos, documentaries, and more. Notably, he was part of the team that created the first Original Hollywood Feature film by Amazon Prime Video, Gangs of Lagos.

For Oluwamuyiwa, filmmaking is a powerful tool for expressing human thought. His cinematography style revolves around his unique perspective, which captures the essence of his subjects in vivid detail. Whether he’s working on a feature film or a music video, Oluwamuyiwa’s goal is to bring his clients’ visions to life with stunning visuals and compelling storytelling.

The Labour Party Deputy Gubernatorial Candidate in Lagos State, Princess Abiodun Oyefusi has demanded for the breakdown of N807bn debt profile of Lagos State recently released by the Debt Management Office (DMO)

This is coming against the news by the Agency that the country’s debt rises to N46.25 trillion, with Lagos taking the chunk of N807,208,634,237.88

The Politician explained that every Lagosian deserves to know how much was spent on each line of expenditure in full details right down to who executed the project.

She further explained that the transparency and accountability is not attainable where such information cannot be accessible.

“Good to know Lagos debt has risen to N807bn but i want to demand for the release of the breakdown of this debt recently released by the Debt Management Office (DMO)

“It is very important to note that every Lagosian deserves to know how much was spent on each line of expenditure.

“If APC government truly loves Lagosians as they claim, they should respect the principle of transparency and accountability.

“These principles are compromised where no such information is accessible.”She said

The launch of Xiaomi’s Redmi Note 12 Series in Nigeria was a highly anticipated event, and it certainly did not disappoint. Hosted by Popular Voice coach and Host, Benneth Ogbeiwi, the launch event was attended by a range of guests, including Xiaomi retail and channel partners, tech influencers like MissTechy, Eric Okafor and Valor reviews, as well as other notable celebrity influencers Alex Unusual, Groovy mono, David Jones, amongst others.

The atmosphere was electric, with an impeccable dance crew setting the tone for the night’s activities, while the host was on ground to engage the guests in witty conversations and update them on proceedings of the event. The brand used the opportunity to reiterate to the audience, the company’s commitment to delivering innovative, high-quality products that meet the needs of their customers.

Just after the insightful presentations from the brand representatives, it was time for the main event – the unveiling of Redmi Note 12 Series, and on-stage came Xiaomi’s Country Manager accompanied by the distinguished heads of the brand’s key partners in Nigeria. As Redmi Note 12 Series were revealed, there was a palpable sense of excitement in the air. The phones were beautifully designed, with sleek, modern lines and stunning displays that were sure to turn heads. 

Some other highlights of the night included Alex Unusual’s presentation about her experience using Redmi Note 12 Pro+ 5G and how the device just easily fit into her everyday life due to its very relatable but stunning features. She spoke about the incredible camera, which allowed her to take stunning photos and videos, as well as the fast charge feature that allowed her to charge the phone from zero to hundred in just 19 minutes. Alex also praised the phone’s stunning display and long-lasting battery life, making it an ideal choice for anyone who needs a reliable smartphone that can keep up with their busy lifestyle

.

The event ended with another highlight as Superstar musical artiste and self-acclaimed “Young Fela”, Bad Boy Timz stormed the stage and thrilled the audience with his music, making sure everyone was in high spirits just as the thrilling event came to an end.

Overall, the launch of Xiaomi’s Redmi Note 12 Series was a huge success. With plenty of entertainment, the well-organized event ushered into the Nigerian market, a set of new devices that has been met with widespread excitement and anticipation.

Redmi Note 12 series was designed to meet the needs of consumers who demand high performance, advanced features, and excellent value for money. Comprising of two models: Redmi Note 12 and Redmi Note 12 Pro+ 5G, both devices are immediately available at authorized retail outlets nationwide. Prices for Redmi Note 12 starts at ₦116,900, while Redmi Note 12 Pro+ 5G currently sells at a recommended retail price of ₦279,000.

Both Redmi Note 12 Pro+ 5G and Redmi Note 12 are available at Xiaomi Exclusive store in computer village Ikeja and all retail stores of Slot, 3C Hub, Finet, Pointek, and Raya nationwide. It’s time to grab yours and get ready to live vivid. 

Click here to learn more information:

A highrise building fell in 2021, killing 42 people on the scene. Prior to that, residents of a well-known estate created and managed by a top leading walked around with placards on social media complaining about the estate’s lack of competent management and uncontrolled flooding by the estate management despite the excessive service charge required.

This post is not intended to talk down on any Real Estate company but to guide prospective buyers on a more informed approach when buying a property in Lagos to avoid falling prey to any of these scandals.

These fatal mistakes will not only save you the stress and trauma that comes as a result but save you hundreds of millions in buying mistakes.

Below are the 3 Fatal mistakes you must Avoid when Buying a Property in Lagos Nigeria.

Buying a Property without a Building Plan Approval:

What is a Building Plan Approval? 

A building plan is a formal consent by an official authority to show approval for the implementation of the information contained in a building plan.

A building plan is an infamous but very critical factor in the buying process.

Penalty for not Having a Building Plan Approval:

1. Random demolishing of the property without compensation and permission by the owner.
2. Payment of undue and unsolicited fees to crook officials posing to represent the government.

   2. Incomplete / Failure to Conduct a thorough Due Diligence:

Residents of a well-known estate were recently evacuated from their homes after fully paying and moving into the houses with their families.

It was discovered that the developer had given out the entire houses in the estate to serve as collateral to service a bank loan.

You could imagine how that must have been, after heavily spending hundreds of millions to buy a home.

According to a famous title verification expert, 70% of the C of Os in Lagos are fake!

Just like the process of buying any precious material, buying a property involves a systematic process of comparing facts with evidence by an expert.

No form of urgency should ever compel you to buy a property without a thorough due title and ownership verification.

Several people have lost hundreds of millions buying a property only to realise every piece of information the property claimed to have was merely a facade.

Penalties for Buying a Property without a formal or incomplete verification

1. Total loss of ownership of the property
2. Paying twice for the property.
3. Stress and Trauma from unwarranted court cases

3. Poor Structural Assessment without an Expert.

Beyond aesthetics, every buyer should never lose sight of the structural condition of the property.

Events like sudden collapse, cracks, and molds could pose a serious health threat and future disaster if not looked keenly into.

Get our free guide for practical steps on how to buy legitimate properties in Lagos without getting scammed.

My name is Salome Bassey, lead consultant at  

Our Subsidiary agencies include:

Website:

Folalumi Alaran

The Presidential Enabling ������Ƶ Environment Council (PEBEC) Secretariat has on Tuesday mandated the National Identity Management Commission (NIMC) to review the recently implemented fee of N1,000 for National Identification Number (NIN) integration and verification for each Nigerian passport applicant in an effort to expedite the process and reduce the cost of accessing government services.

In a statement made available to newsmen in Abuja, Dr. Jumoke Oduwole, Special Adviser to the President, Ease of Doing ������Ƶ/PEBEC Secretary, made the call and stated that the additional payment for each applicant has not been well accepted by stakeholders.

“PEBEC has taken note of the recent announcement by the National Identity Management Commission (NIMC) on the introduction of a new charge of N1,000 for National Identification Number (NIN) integration and verification for each Nigerian passport applicant, with effect from April 1, 2023 and urges NIMC to review the new regulation through the lens of making it faster and cheaper to access government services.

“While the devised and agreed framework with the Nigerian Immigration Service (NIS) to significantly improve the quality of service, accuracy, and speed of passport services through the verification of NIN as stated by NIMC’s Head of Corporate Communications, Mr Kayode Adegoke, is a welcome development in response to the incessant difficulties Nigerians have experienced in recent times in their efforts to verify their NIN during passport registration process, the additional cost for each applicant has not been well received by stakeholders.

“Further to the provisions of the ������Ƶ Facilitation (Miscellaneous Provisions) Act 2022 (BFA), which was signed into law by President Muhammadu Buhari on February 8, 2023, codifying Executive Order 001 on transparency and efficiency of public service delivery, for the purposes of the “One Government” directive, where an applicant requires service from a ministry, department or agency (MDA), the MDA is mandated to conduct the necessary verification or certification from relevant MDAs, in respect of the applicant.

“On May 18, 2017, Executive Order 001 (EO1) on Transparency and Efficiency in the ������Ƶ Environment was issued as the Administration’s first Executive Order to strengthen the implementation of business climate reforms and to deepen collaboration among ministries, departments, and agencies (MDAs) by instituting a systemic change management process for reforms. EO1 mandates MDAs to submit monthly reports to the PEBEC Secretariat, the offices of the Head of Service (HOS) of the Federation, the Secretary to the Government of the Federation (SGF), and SERVICOM. You will recall that on March 9, the PEBEC released its 2022 Executive Order 001 (EO1) Compliance Report, in line with its promise to continuously track and keep the business community updated on the compliance with the Executive Order

“In the last six years, the PEBEC has consistently published an EO1 Compliance Report, which captures a periodic empirical analysis of the monthly reports received from MDAs. According to the latest EO1 Compliance Report which covers January to December 2022, the top five performing MDAs are the Nigerian Content Development and Monitoring Board (NCDMB) which emerged first at 81.11%; Standards Organisation of Nigeria (SON) (2nd, 78.68%); Federal Competition and Consumer Protection Council (FCCPC) (3rd, 68.37%); Nigerian Export-Import Bank (NEXIM) (4th, 64.59%); and Corporate Affairs Commission (CAC) (5th, 63.68%).

“In releasing the report, Dr Jumoke Oduwole, Special Adviser to the President on Ease of Doing ������Ƶ and Secretary to the PEBEC stated that “the codification of EO1 directives in the ������Ƶ Facilitation Act 2022 is a major development in the efforts to entrench EO1 in the psyche of the Civil Service. It is expected that the legal provisions will serve as a stimulus for a more transparent and efficient public service delivery in Nigeria.”

“The PEBEC, chaired by Vice President Yemi Osinbajo SAN, GCON, was established in July 2016 by President Muhammadu Buhari to remove critical bottlenecks and bureaucratic constraints to doing business in Nigeria” reads the statement in parts

Why Credit Guarantee Companies?

There is a notion that small and medium enterprises (SMEs) are the workhorse from which future economic growth and innovation flow in every country.

However, in many developing countries, access to capital is a major obstacle to the successful take-off and growth of SMEs. According to a study by the World Bank Group, there exists a credit gap of c.$1.10trn in lending to SMEs in these economies.

This issue arises due to market failure largely on the back of information asymmetry.
This means that due to the predominantly informal nature of SMEs, lenders operating under strict regulatory provisions (prudential ratios, etc.) are averse to bearing the risk of extending credit to them. These banks prefer to avoid the unpredictable cash flows, limited hard assets, and thin governance structures that define this category of companies.

Several studies show that SMEs in Nigeria suffer the same fate. The Central Bank of Nigeria

Available studies show that SMEs in the Nigerian market are not exempt from these financing challenges.

The Central Bank of Nigeria (CBN) estimates the annual financing gap for Micro, Small and Medium Enterprises at c.N617.00bn.

Institutionalised problem-solving approach

Fixing these market problems, however, requires fresh thinking at the policy level.
In brief, this would involve market interventions that generate positive
externalities by encouraging banks and non-bank lenders to extend credit to SMEs, albeit the real challenges with a lack of credit history and collateral.

A solution that has proven successful in other emerging economies is Credit Guarantee Schemes (CGS).

These have gained prominence as a common form of intervention in SME credit markets.
CGS provides third-party credit risk mitigation to lenders to stimulate access to credit for SMEs in the marketplace.

This happens through CGS’ absorption of a portion of a lender’s losses on loans made to SMEs in the event of default in return for a fee.

CGS’ provides a high level of efficiency in the financial sector by reducing the overall risks in specific sectors of an economy, thus offsetting the adverse mismatch between entrepreneurs and assets used for collateral.

In Nigeria, there are two widely recognised CGS – Infrastructure Credit Guarantee
Company Limited (InfraCredit) and Impact Credit Guarantee Limited (Impact).

InfraCredit is focused on providing guarantees to lenders/investors in large-scale infrastructure projects. At the same time, Impact, a subsidiary of the Development Bank of Nigeria (DBN), has the mandate to stimulate lending to SMEs.

It is imperative to look at the idea behind CGS, its modalities, and a case study of success to understand the opportunities which can be exploited with the implementation of CGS in the Nigerian SME market.

A Brief History of CGSs

Founded in the 1840s, the first known CGSs were the Brussels Credit Union and the Banque Populaire in France.

Structured as cooperatives, both used trade and mutual arrangements to guarantee loans to their union members using members’ collective contributions as the underlying security.

Similar mutual guarantee arrangements were also prevalent in Germany, Spain, Portugal, and Greece before and following World War II.

These mutual guarantees, which were privately owned, relied on financial and social repayments mechanisms; members stood to lose their contributions (financial) and could be expelled from the union (social) in the event of a default on their financial obligations.

Indeed, across Europe and parts of Southern America, mutual guarantee arrangements remain dominant.

Types of CGSs

In practice, there are four major types of CGS arrangements – mutual CGS’ as earlier discussed, privately-owned CGS’, public CGS’ and international CGS’.

Privately-owned CGSs are managed by entities established mostly by individuals with financial institutions, trade groups and private businesses to provide access to finance for smaller corporations within target sectors. Public CGSs reflect interventions by governments in the form of budgeted subventions with the sole aim of expanding access to underserved sectors. International CGCs are interventions by bilateral/multilateral international agencies to improve access to finance for neglected sectors.

Internationally, however, very different lending objectives have been pursued by CGS’ with most focusing on supporting lending for working or fixed capital while others have remained focused on export support.

On the face of it, the key distinguishing feature of CGS’ is the operating model and the source of the underlying financing for the guarantees.

As the main weakness of public CGS arrangements is moral hazard and adverse selection issues, a middle ground has evolved in recent years.

This seeks to combine institutional arrangements that work for private/mutual CGS’ with public/international financing to deliver a well-aligned CGS model. This concept is increasingly referred to as blended finance. This type of evolving CGS design has two merits. Firstly, it delivers access to finance for underserved segments, and secondly, it ensures access to finance at a relatively lower cost without creating.

According to the World Bank and the Financial Sector Reform and Strengthening Initiative (FIRST) Initiative, developing CGS for SMEs requires sixteen (16) principles as the foundation layer.

These sixteen principles cover four key areas, namely the legal and regulatory framework, corporate governance, risk and operational framework, and monitoring and evaluation.

These requirements give additional credence to the establishment of a CGS through a blended finance approach; this approach, CGS arrangement for the promotion of sound corporate governance, operational efficiency,  and transparency as well as the injection of adequate capital by public, philanthropic and private capital the promoters of the arrangement and revenue generation through the payment of guarantee fees on loans guaranteed via the scheme.

Case study of South Korea Credit Guarantee Funds South Korea, just like other economies, is characterised by a booming SMEs sector, which comprises c.90 per cent of the enterprises.

For decades, SMEs in South Korea have had similar challenges in accessing finance like insufficient collateral, high default risks, high transaction costs and asymmetric credit information.

This led to limited access to finance, low bank credit allocation, high-interest rates, and a lack of long-term financing.

The underdevelopment of the SME financing market showed a need for government intervention in the SME sector.

Two major national guarantee funds operate in Korea: Korea Credit Guarantee Fund (KODIT) provides a general guarantee facility for all business loans, and the Korea Technology Credit Guarantee Fund (KOTEC) focuses on guarantee facilities for projects involving an element of new technology.

They are both independent not-for-profit institutions and operate loan approval systems for guarantees.

KODIT’s corporate objective is to enable SMEs without adequate collateral to obtain funds and make headway in financial or business transactions.

To meet SMEs’ demand for financing services, KODIT provides enterprises with credit guarantee services to repay liabilities assumed by business enterprises in transactions with other companies or institutions.

At KODIT, credit guarantee services involve a series of interactions among three (3) parties: the guarantor (KODIT), the debtor (SMEs), and the creditor (Banks, Enterprises, etc.).

As of 2021, KODIT maintains a capital fund of US$7.5bn and has provided credit guarantees to over 205,361 companies in South Korea.

KODIT and KOTEC operate, in part, a revenue model that involves payment of a guarantee fee that is determined based on the size of the credit facility to be guaranteed.

Evidence from the South Korean CGS’ is generally positive, with a stronger impact recorded by the technology-oriented KOTEC.

KOTEC’s success owes a lot to its two-part evaluation process that covers creditworthiness and the quality of the borrower.

A possible operational model
The central function of a CGS is that the risk of loss is shared in an agreed proportion between the CGS and a lender.

Ideally, the borrower is typically a company with a viable project but unable to satisfy usual lending criteria either due to a lack of collateral or established credit ratings.

In this situation, and subject to some investigation of the company’s creditworthiness, a third-party guarantee is made available to reduce lenders’ exposure to risk.

A practical application is an establishment of a ‘CGS Entity’ – which may comprise public sector agencies, financial institutions, and other investors as promoters, to develop, provide capital and operationalise the CGS entity.

This is to ensure a system with a professional unbiased assessment of obligors’ loans and management of the guaranteed loan portfolio within pre-set targets for underserved sectors.

To scale the rate of successful offtake, the CGS Entity could operate a model where lenders participate in a way that allows them to enroll and subsequently renew their membership with the CGS entity annually.

Available research shows that this form of ‘CGS–Lender’ relationship has four advantages.

It allows the CGS to conduct a first-level appraisal, institute uniform underwriting standards on loans to be guaranteed, generate revenue, and most importantly, avail itself with the relevant information on participating members’ financial records, governance, risk management practices and overall capacity to support the objectives of the CGS.

As the CGS entity generates revenue from its core business and builds on its operations, the CGS Entity can commence a capacity-building solution to create the appropriate governance and control structures for SMEs.

This is expected to allow SMEs to deepen their ability to access various finance sources.

Subsequently, the CGS entity can diversify its revenue profile as more loans are guaranteed.

CGS Entity can then look to raise first loss capital from public or bilateral development agencies after a few years to scale and deliver additional guarantee solutions.

In summary, CGSs can play an important role in developing countries by (i) improving the information on SMEs, (ii) building the credit origination and risk management capacity of lenders, (iii) fostering innovation and building the internal capacity of SMEs through technical assistance/capacity building programs) and (iv) helping to drive countercyclical financing to SMEs in economic downturns.

It is high time that the Central Bank of Nigeria and other financial system regulators give a careful look at CGS’ as a pathway to unlocking credit for SMEs.

Ayokunle wrote from Lagos.
He is the Chief Executive Officer of Berkshire Finance Company Limited.
You can reach him via email at info@berkshirefinancecompany.com

Siam 9 District is not just an avenue, it is an experience. Previously known as Kaset Village, this avenue has been rebranded and poses as the hub of entertainment for visitors in Thailand. Well-known by the locals as a late-night entertainment venue, the avenue is also popular during the day amongst foodies and shopaholics.

Siam 9 District is a shopping avenue that was recently rebranded by the South East Asian Trio Entrepreneurs , Jonah Ng, and Panitan Samee. The trio, having a flair for spotting lucrative deals, have recently taken over the shopping street previously known as Kaset Village and rebranded it as Siam 9 District. The shopping avenue which spans over 2480 square metres is located on the Ngamwongwan street on the opposite side of Kasetsart University. The avenue currently comprises of 25 shops which are already operational. The shops, mostly restaurants, offer a panorama of cuisines to visitors ranging from sushis to desserts and milk teas. Situated next to Kasetsart station, the entertainment avenue is easily accessible to all, even in the peak hours of bangkok.

Among the various places of entertainment that comprises Siam 9 District, will be famous thai bar 20 Something. 20 Something bar is a long-standing, laid-back, open-air live music pub, which frequently hosts concerts with well-known live bands. The bar which already has established outlets in Thailand is one of the top entertainment centers on the street. The menu features beers, spirits, as well as popular Thai snacks. The opening times of the shop are from 7pm to 2am and is often packed with customers. Having an established reputation for the quality of its beverages, food and late night entertainment, 20 Something bar is expected to be one of the hot spots to be at in Siam 9 District.

Another hot spot that will surely be trending amongst the crowd at Siam 9 District would be Green 9. Green 9 is a cannabis dispensary that provide premium grade cannabis buds to its customers. The dispensary offers a variety of strains and multiple products in order to create the cannabis experience. Frequent cannabis consumers have shared that Green 9 thrives because of the quality of its cannabis buds and competitive prices. The dispensary only sells thai greenhouse grown cannabis buds that have undergone a strict vetting and quality assurance process. Located next to 20 Something Bar, the dispensary sports a psychedelic and trippy vibe. Green 9 is not just your regular dispensary. This group of weed connoisseur are here to create the cannabis experience.

Siam 9 District also comprises a beauty clinic – Makesover clinic. Keeping yourself beautiful and fresh is essential to have a healthy and happy life. Makesover Clinic is here to pamper you and make you feel good. The clinic is managed by a team of certified and experienced experts who provide their customers with the right skincare routine. From hair to toe – the clinic offers a complete treatment to take care of your body and feel rejuvenated.

Siam 9 District is positioning itself as the entertainment hub of Bangkok. According to the founders of Siam 9 District, this shopping avenue will not only be a landmark in Bangkok but the place to be in Asia. Siam 9 District guarantees an experience.

The Road Music Challenge was an interesting experience for both the CFAO Yamaha brand and the contestants. The call for entries lasted from the 17th of October, 2022 till the 24th of November. It was a very competitive one with all the contestants bringing their best foot forward with their songs, rap and dance moves to win the grand prize of N1,000,000 (One Million Naira) and a 3.5kva Yamaha generator, second place with N500,000 (Five hundred thousand Naira) and a Crux Rev Motorcycle and the third place with N250,000 (Two hundred and fifty thousand).

The Road Music Challenge spanned for 6 weeks and recorded over 450 entries. During the course of the Road Music Challenge, some entries were disqualified for flouting the rules of the competition. The Road Music Challenge had different stages till the final. The first stage was the entry stage with the contestants uploading on Instagram or Facebook their music or dance video using keywords: ‘vibes with Yamaha’ and ‘gbedu wey dey enter’ posting with the hashtag #roadmusicchallengeNG and #cfaoyamaha.

The first selection process for the winners was the selection of 50 entries based on the number of likes on their entry post and 20 more were selected based on their lyrical or content creativity. These 70 entries advanced to the next stage where the top 15 were selected by lyrical goddess Waje and veteran producer ID Cabasa based on creativity, lyrical content, flows and excellence. The videos of the top 15 were uploaded on CFAO Yamaha’s page where the final winners of the Road Music Challenge were selected based on likes on their post.

As a way to wrap up the Road Music Challenge, on the 16th of December, 2022, the top 9 contestants were invited to CFAO Yamaha’s office for the final showcase of the winners and prize presentation for everyone present. The grand prize of N1,000,000 (One Million Naira) and a 3.5kva Yamaha generator went to Fashoro Taiye Temitope with the Instagram handle (@onlymykesty) who had the most likes therefore emerging as the winner of the Road Music Challenge with her sonorous voice, coming in next are the Incredible Kids (@incredible__kids) who moved the internet with their dance moves and bubbly personalities, the third place was Kusagba Oluwadamilola (@dammykush101) with her catchy lyrics and creativity.

The managing director of CFAO Yamaha Motor Nigeria Limited, Mrs. Sylvia Omlenyi, mentioned ‘We are absolutely delighted that through the CFAO Yamaha team and the Road Music Challenge, the world is able to experience the creativity of the Nigerian youth, we are really glad to be celebrating alongside these vibrant youths and helping them climb a step higher to fulfilling their dreams’ CFAO Yamaha will also like to thank all the contestants for their hard work and encourage them to keep letting their creativity shine.

It’s the greatest holiday season of the year, a time of sharing, giving, and celebration. For itel, customer-centric brand and Africa’s number one smartphone brand under 100 dollars, it is the time to grant the wishes of customers for Christmas.

In early December, itel gave its online customers a blank cheque to ask for whatever they wanted for Christmas in the An itel Christmas online challenge. And today, itel has granted those wishes at an event in Lagos, Nigeria. These fans wished for gifts like itel TVs, itel laptops, itel blenders, accessories, Christmas hampers, and even the itel S18 series- itel’s latest S series flagship smartphone. Hundreds of online followers made their wishes with almost 40 persons being selected as the finalists.

The surprise and joy from the finalists when they saw the range of itel Family products- itel S18 smartphones, itel televisions, the itel ABLE 1 laptop, itel blenders, and other products worth hundreds of thousands of naira that they had been given was an amazing thing to see.

Chioma Obinwa, a fan who had her wish for an itel S18 smartphone granted said; ‘I told itel my wish with the hope that it would be granted but it really happened, and my joy knows no bounds. Thank you so much, itel.’

Omo Olade, a fan who wished for an itel laptop and got it was full of gratitude. She said ‘I was saving up to buy an itel laptop for my coding training next month, but this was so unexpected. itel just helped me save and manage my expenses. Thank you itel.’

‘This is a big deal for me and my family. We really needed an itel blender. I truly appreciate itel for giving it to me (us).’, was what Adesirenioluwa had to say.

With ‘Enjoy Better Life’ as the brand’s slogan, itel has proven that taking care of their customers is what they do best. We look forward to seeing more feats of care from the customer-centric brand in 2023.

Breet is Nigeria’s most popular crypto exchange, allowing users to conveniently convert BTC to cash and directly deposit it into their bank account. With a secure transaction process, Breet stands out as the leading trading app and supports conversions to a host of coins on top of Bitcoin, including Bitcoin Cash, Ethereum, Dogecoins, Litecoin, and more. This flexibility, convenience, and sense of security make Breet a favored choice for traders seeking access to diverse coins and reliable transaction protection in Nigeria.

Breet’s dual-factor authentication

The Breet app is dedicated to providing maximum security protection for its users. As part of that commitment, they have implemented two-factor authentication in their crypto-alternative network, adding an extra security layer. They understand that customer funds are at stake and take this responsibility seriously, confident that their two-step authentication process is a reliable solution for protecting those funds.

The two-factor authentication method provides an added layer of security for its users. Through the two-step verification process, the app requires two distinct types of information; a user’s registered email or mobile number and a code sent to said email or phone number. This prevents access to accounts where potential threat actors could bypass simple passwords and gain access to a user’s account with limited login information.

Furthermore, this authentication stands as an efficient data protection mechanism that significantly reduces the chances of malicious activity on accounts while providing trustworthiness back to the customers.

Additional features

Cryptocurrency exchanges have become increasingly popular, with many offering attractive features such as low fees and unrestricted access to their services. However, some cryptocurrency exchange apps have different prices and restrictions that make it difficult to deposit or withdraw funds.

Breet is setting a new standard in the industry by having no cap on deposit or withdrawal amounts, allowing users to deposit or withdraw as much as they desire, regardless of the quantity of crypto stored in their accounts. This is a significant advantage for users who may not be comfortable investing large sums of money at once, as Breet’s flexible policies empower them to sell at their own pace.

The developers are aware that clients may need assistance 24/7 when it comes to their crypto trading app. That’s why they offer the best in client service available around the clock with a specialist always available. Breet wants its clients to know they can reach out anytime and feel confident they will get a quick response to any inquiries and concerns they may have.

There are several ways you can connect to the customer support team, such as email, Live Chat, phone calls, social media like Facebook and Instagram, and WhatsApp so that you can find the most convenient way for you. With Breet, you’ll have the support and expertise you need for a stress-free experience in cryptocurrency trading.

Breet is the best way to go when you want to buy and sell Bitcoin in Nigeria. With its exclusive settlements, Breet offers a unique and convenient experience that can’t be found anywhere else.

The former Executive Secretary of the Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, has said that the challenges experienced before the concession of the Nigerian Ports to private terminal operators still persist.

He made the assertion while presenting the lead paper at the 34th anniversary of the Maritime Reporters’ Association of Nigeria (MARAN) which held in Lagos recently.

The event which was tagged; “16 Years of Port Concession: The Pains and Gains” brought together doyens of the maritime industry to examine how the industry has fared in the last sixteen years of the port concession.

Bello opined that most of the challenges that bedeviled the system prior to the concession still persist thus hindering the nation from reaping the benefits of the reform.

Among the bottlenecks of the system, Bello outlined primitive cargo clearance procedures, lack of transparency, manual ports operations, high cost of doing business and delays in cargo dwell time asstill challenges hindering the country from reaping the benefits of the 2006 port concession reforms.

Bello said the government went into concession reform because the port sub sector was not contributing significantly to the economy, not well run, characterized by inefficiencies in operations, unbridled corruption and lacked synergy between the various sectors of that the various agencies report to.

He noted that although things cannot be said to be the same at the ports at the moment, some of the old challenges are yet to be overcome.

One of the highlights of the MARAN 34th anniversary ceremony was the conferment of meritorious awards to deserving industry operators, regulators and policy makers. Among the award recipients were the Minister of Transportation, Mua’zu Jaji Sambo, the Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, Princess Vicky Haastrup who was honoured as the ‘Face of Port Concession in Nigeria’ and Dr. Taiwo Afolabi, as the Maritime Person of the Decade. Many other operators and stakeholders were also honoured at the event.