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Nigeria to Generate $7.5bn From Grid Solar Energy

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The Minister of Environment Hajiya Amina Mohammed has projected that the country can generate $7, 5 billion (about N15 trillion) from of grid solar energy.

This is even as the Coordinator of Nigerian-German Energy partnership, Dr. Jeremy Gaines, has lauded the Federal Government’s 13,000MW plans for electricity through solar energy over the next decades.

Speaking at the just held Conference of Parties on Climate Change, otherwise known as COP 21, in Paris, France, the minister said: “In particular, we plan to develop around 13,000 gigawatt of off-grid solar power, delivering energy access to the poorest communities in a cheaper and healthier manner with less emission.

We also plan to create a more efficient,lower carbon oil and gas sector. By ending gas flaring and using the gas for commercial purposes, including power generation, we could generate as much as $7.5bn worth of benefits.”

According to her, given the climate risks that Nigeria faces, this is the only way in which the government’s ambitious Agriculture Transformation Agenda can be delivered

“Nigeria’s ambitious INDCs aim at reducing emissions by 20 per cent by the year 2030 with support from the international community. This will support the restructuring of the economy in a way that will facilitate inclusive growth with vast opportunities to diversify the energy mix, with emphasis on renewable energy and efficient gas power,” she added. However, Dr. Gaines commended the government for the ambitious, Intended Nationally Determined Contributions, INDCs, which have been set for Nigeria.

He further added that promoting renewable energy as a primary sustainable development strategy for socio-economic inclusion that is good for the global environment, but is even better for ordinary Nigerians, while at the same time simply making business sense, the so called triple bottom line.

“A massive roll-out of on and off-grid solar power is one of the areas that the Nigerian German Energy Partnership and Germany’s GIZ (through its Nigerian Energy Support Plan) has consistently advocated.

“Through GIZ the German government has been busy supporting Nigeria with getting all the homework done to enable a strong rise in off-grid solar PV systems.
The Paris climate summit has put longer-term financing mechanisms in place to assist here. Such a roll-out is especially meaningful if integrated with the deployment of agricultural facilities (irrigation pumps, etc.) as this could be a key to unlocking socio-economic growth in particular in the North of the country.

“It is probably too early to set concrete targets for the volume of off-grid solar until the various technical and financing challenges have been overcome. But the Minister’s determination to push the development of such systems shows the administration’s welcome resolve to embark down this path,” he added.

The managing director, Zaphnaah Nigeria Limited, Mr. Debo Adefolaju, added that, “It can be done, but a lot of things are attached to it.

“Is not just about clearing land and installations or putting the panels on a roof, it has to be attached to industries for it to be worthwhile.

“Meaning, either we are going to be using it for irrigation or we are going to set-up a plant to be manufacturing solar panels or batteries nearby, so that for the purpose of illustration, everything we are doing should be gear into employing our youth.

“Everything will have a value chain, either the installation; we have to train our boy and girls to install, to do the wiring, to maintain the system after it has been installed. As far as am concern it all about employment,” he stated.

He further said “Nigeria is blessed with everything. We get between 12 and 14 hours of sunlight, our business should be first in the six geopolitical zone to start manufacturing solar panels.” NIMASA is doing it in Nigeria, we also need to be producing battery in Country, we cannot afford to be importing everything.”

“We need to get people who will be willing to set factory. In Ghana, such factories exist, if we can bring those guys here to come and work with our boys and girls here, and start manufacturing solar panels, wire, and battery and have a quality in place to recycle battery when they run down and be able to adopt a culture of maintenance.”

Vanguard

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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