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Theft, Sack Gale Threaten N10b GGW Project

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  • Theft, Sack Gale Threaten N10b GGW Project

Lack of community ownership and theft of submersible machines (popularly known as borehole pumping facility) is threatening the success of the Great Green Wall (GGW) programme.

The project being implemented by the National Agency for the Great Green Wall (NAGGW), an agency under the Federal Ministry of Environment got N10 billion approval from the former President Goodluck Jonathan administration for its implementation.

It is saddled to plant wall of trees across the 11 northern states severely threatened by desertification, provide potable water and empower the host communities among other targets. The benefiting states include Borno, Sokoto, Kano, Jigawa, Katsina, Kebbi, Adamawa and Bauchi. Others are Gombe, Zamfara and Yobe States. It was gathered that 157 boreholes have been constructed in the states since 2013.

But the project according to a top source in the agency is suffering various setbacks including allege sack of over 700 forest guards by the ministry. The guards were reportedly engaged and were being paid stipends as part of job creation window of the project.

The source, who did not want his name in print, explained that aside from theft, iron wires used to cordon the borehole facilities were destroyed in order to access the facilities especially at night. He explained that the contractors had to improvise by hiding the submersible machines away from the main spot of the borehole.

“They went to the borehole digging and looking for the submersible pumping machines. They usually go in the night to dig the pumping machine that is normally underground, remove and sell. They had stolen so many on the sites and we have replaced several.

“So what the engineers do now is that they don’t fix it close to the place, they hide it away. Some people have been arrested and the cases are in court while some are with the police.”

The source blamed community leaders and youth representatives, who ought to have taken active ownership of the intervention projects such as repairing faulty parts of the machines but depended on the government to fix the minor problems.

However, he noted that few communities from the project site who recognised importance of the project volunteered to provide local security, thus safeguarding the equipment.

“In some areas where the people have realised importance of the programme, they come out on their own like vigilante in the night and because most of the sites have security post with lights. Some of them set up camps under the lights safeguarding the projects,” he added.

The NAGGW Katsina State Field Officer, Umar Yusuf during a phone interview affirmed the situation saying Katsina has the highest number of projects among the 11 States. He acknowledged the re-occuring cases of pumping machine thefts and damaged borehole systems but could not provide details of replaced borehole machines in the state.

“There is a lot of reluctance on the community to really take care of the investment in their custody. That is what leads to the stealing of the submersible pumps. The community left it in the night without anyone watching.

“There are some boreholes having technical fault while some have been stolen,” Yusuf added.

The agency’s Director-General, Goni Ahmed warned over gradual spread of desert encroachment to other parts of the country. He said about 43 per cent of the nation’s landmass is currently threatened by desert encroachment.

In his reaction, the Environment Minister, Ibrahim Jibril denied claims of machine thefts. He said his recent visit to few of the states showed contrary, adding that that the communities appreciated the interventions.

However, Jibril explained that the forest guards were not sacked but government terminated their involvement in the project to improve it and ensure steady payment.

Describing the forest guard recruitment as ‘job for the boys’, Jibril noted that the process of recruitment was faulty, not credible and enmeshed with irregularities, adding that there was no budgetary provision.

“This issue of engaging people, in the first place, you must know that there must be a budgetary provision for them. You don’t recruit people and don’t pay them. We must plan for this; remember we inherited this programme and at the time we came, those so called engagement you are talking about, i don’t even know the figure and i won’t tell you a lie, is like creating jobs for the boys, and then anything you link to politics in those days, you are not going to get the results.

“It doesn’t make sense for me to recruit someone who will not go to the field to take care of the trees. I went to Sokoto and Kebbi states last year and I asked the leaders of the communities not the commissioner or the permanent secretary, I went to see the village heads and ward heads and when they came, the first question I asked is that are you using this water for you domestic use? He said yes in fact they are most grateful and they would have starved without this water,” Jibril stated.

However, the minister said plans are ongoing to structure the recruitment process in the Head of Service (HoS), include it in the budget and ensure there is steady payment of salaries and other benefits.

“At that time, the idea was not to get them permanently engaged, it was to give them just a period of months to sustain the trees and even at that a lot of them were not reporting, so when the time expired and there was no budgetary provision for them they had to stop.

“We will address that issue. We have written to the Head of Service and also the Office of Budget and National Planning; we must have to get people properly structured in the payroll and have budgetary provisions to pay them.

“If you employ and you don’t pay it is a recipe for disaster. If the man is hungry and takes away the pump what are you going to do about it? We will be getting unintended results. So what we are planning now is to make sure that what has happened before will not be repeated now. Once we engage you, we will make sure that you stay and you are employed properly, the community will be involved; we will get people from the community,” Jibril added.

NAGGW Director of Information, Mrs. Larai Daze in her reaction said the agency already intensified sensitisation campaign on need for host communities to own the projects.

She said aside from 600 kilometers of Shelterbelt which serves as wind breakers, over 200 kilometers of woodlots have been planted as alternative to felling of trees.

“We have almost 600 km of Shelterbelts already established all over the states. We have over 200km of Woodlots and almost 300 hectares of fruit trees such as Guava, Orange, Mangoetc planted across the 11 states,” she stated.

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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NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

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The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

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Tech Giants Microsoft and Alphabet Beat Expectations, Driven by AI and Cloud Revenue

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Industry titans Microsoft Corp. and Google parent company Alphabet Inc. have surpassed Wall Street’s expectations, buoyed by robust growth in artificial intelligence (AI) and cloud computing revenue streams.

The stellar quarterly results underscore the pivotal role of advanced technologies in shaping the future of these tech behemoths.

Both Microsoft and Alphabet showcased impressive performances in their latest earnings reports, sending their shares soaring in after-hours trading.

Microsoft’s stock surged by 6.3%, while Alphabet witnessed an astonishing 17% increase, reflecting investor confidence in the companies’ strategic investments and innovative initiatives.

The driving force behind this remarkable success story is the accelerating demand for AI-powered solutions and cloud services. As businesses increasingly embrace digital transformation, the adoption of AI technologies and cloud infrastructure has become paramount, fueling substantial revenue growth for both Microsoft and Alphabet.

At the forefront of this AI revolution, Microsoft and Alphabet have been fervently expanding their AI capabilities and integrating them into a wide array of products and services.

From advanced AI models to cloud-based AI solutions, both companies have been relentless in their pursuit of technological innovation, positioning themselves as leaders in the rapidly evolving AI landscape.

Silicon Valley has heralded 2024 as the year of generative AI, a groundbreaking technology capable of creating text, images, and videos from simple prompts.

Microsoft and Alphabet have capitalized on this trend, leveraging generative AI to drive business growth and enhance their cloud computing offerings.

The surge in cloud computing demand has been a particularly welcome development for Google, which has long trailed behind rivals such as Amazon and Microsoft in this competitive market.

After achieving profitability in its cloud operation last year, Google’s first-quarter profit of $900 million far exceeded analysts’ projections, signaling a significant turnaround for the tech giant.

Microsoft’s Azure cloud computing platform also experienced robust growth, with sales climbing by 31% in the quarter, surpassing analysts’ expectations.

The integration of AI technology into Azure subscriptions has proven to be a key driver of growth, as businesses increasingly recognize the value of AI-driven insights and automation.

Furthermore, both Microsoft and Alphabet have seen promising uptake of AI-powered tools across various industries. From AI assistants for office productivity to AI-driven coding platforms, these companies are empowering businesses with cutting-edge AI solutions that enhance productivity, efficiency, and innovation.

Despite the stellar performance of Microsoft and Alphabet, the broader tech landscape remains dynamic and competitive.

While both companies have demonstrated resilience and adaptability in navigating market challenges, they must continue to innovate and evolve to maintain their competitive edge in an increasingly digital world.

As the AI and cloud computing revolution continues to unfold, Microsoft and Alphabet are well-positioned to lead the charge, driving innovation, shaping industries, and delivering value to customers around the globe. With their unwavering commitment to technological excellence, these tech giants are poised for continued success in the dynamic landscape of the digital age.

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Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

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Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

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