The Adamawa State government has announced plans to reconstruct Yola Town Market, which was razed five months ago.

During a visit to the market, Professor Kaletapwa Farauta, the Deputy Governor, said the government was yet to ascertain the cause of the inferno and pledged to support the affected traders.

Farauta stated that the exact number of affected traders is yet to be determined, but the government would do everything possible to provide them with the necessary assistance.

“We are here to commiserate with our brothers and sisters who have been affected by this fire incident.

“The government will look into what has happened, as the source of the fire and the number of burnt shops is yet to be ascertained,” the deputy governor said.

However, in a recent development, the Adamawa State Commissioner for Commerce and Industry, John Dabari, revealed that the state government has approved the sum of N2.9 billion for the reconstruction of the market.

Dabari, who spoke after a meeting of the State Executive Council (SEC) presided over by the deputy governor, Kaletapwa Farauta, at the Government House in Yola, disclosed that the reconstruction of the market is set to be completed in nine months.

Investor King understands that the fire outbreak halted business activities in some parts of the town market.

However, with the government’s decision to rebuild the market, the resumption of full commercial activities is guaranteed.

The new market, which is expanded to house 69 modern shops, features a modern architectural plan and design.

According to Dabari, traders and business owners can rest assured that the modern design will reduce the risk of future fire outbreaks in the new market.

In an attempt to tackle the production, sales, and distribution of contraband pharmaceutical products in the country, the National Agency for Food and Drug Administration and Control (NAFDAC) in Oyo has destroyed substandard products worth ₦43 billion.

The agency set the items ablaze on Thursday at the Moniya dump site located in the Akinyele Local Government Area in Ibadan, the Oyo State capital.

Present at the venue to monitor the exercise were NAFDAC’s Director-General, Professor Christiana Adeyeye, representatives from various security agencies, and the Oyo State Government.

At the exercise, Adeyeye, who was represented by Pharm Shabba Mohammed, the Director of Investigation and Enforcement, stated that the products were voluntarily surrendered to the agency by compliant companies, non-governmental organizations (NGOs), and trade unions.

According to Professor Adeyeye, the confiscation of these registered and unregistered pharmaceutical products was achieved through a series of raids conducted in various locations.

Among the confiscated products were aphrodisiacs, sex enhancement medications, over-the-counter drugs, and prescription-only pharmaceuticals.

Other items included banned substances such as codeine and narcotics, with a total value exceeding ₦48 million.

According to the NAFDAC DG, “Over thirty different products were seized in total. The agency has been actively gathering intelligence on the illegal warehousing, sale, and distribution of narcotics by pharmaceutical vendors in Lagos and other states.

“Recent raids conducted by the Investigation and Enforcement Directorate resulted in the confiscation of products worth over ₦700 million.

“In addition to counterfeit pharmaceuticals, the operation also targeted contraband items such as unregistered soaps, tomato paste, and counterfeit beverages,” Adeyeye added.

She called on members of the public to actively participate in the fight against counterfeit medications and substandard food items by reporting illegal activities to the nearest NAFDAC office for prompt investigation.

“Through these measures, NAFDAC seeks to safeguard public health and safety while fostering adherence to regulations within the pharmaceutical sector,” Adeyeye concluded.

The Nigeria National Petroleum Company Limited (NNPCL) has revealed plans to revive two Liquefied Natural Gas (LNG) projects: the Brass and Olokola LNG projects.

With these projects, the NNPCL seeks to maximize Nigeria’s abundant gas resources for economic development and prosperity.

According to Mr. Umar Ajiya, NNPCL’s Chief Financial Officer (CFO), the company has initiated discussions with investors to bring back the Brass and Olokola LNG projects.

Ajiya spoke at the ongoing 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, United States, on Thursday.

He attributed the suspension of the multi-billion-dollar projects to unfavorable market dynamics and slow decision-making by the government.

Ajiya revealed that the LNG projects offer many economic benefits for the country.

His words: “Brass LNG and OK LNG are two projects with the potential for manifold economic benefits, including job creation, power generation, revenue generation, and economic diversification.

“However, the multi-billion-dollar projects were stalled due to unfavorable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices fell, and the economics of the projects required high capital expenditure (CAPEX), which was a disincentive for investors and partners. Additionally, there was slow decision-making by the political class,” Ajiya added.

He further described NNPC as a commercially driven company that recognizes the importance of timely project development and execution.

Ajiya explained, “Abundant gas resources exist in many parts of the world, and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.”

“We are also pleased to have the Petroleum Industry Act, 2021 (PIA), which has provided fiscal incentives for investors and created an enabling environment that has rekindled hope in the energy sector,” he stated.

Speaking about Gastech, Ajiya noted that it is an avenue for NNPC to learn new technologies that will help the company tap into the global market with its abundant LNG resources.

According to NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement on Friday, “Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways toward global energy security for lasting climate impact.”