Business

NAFDAC Burns ₦43 Billion Worth of Substandard Drugs in Oyo Crackdown

Published

15 seconds ago

September 22, 2024

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.

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Company News

NNPCL Plans to Revive Brass and Olokola LNG Projects for Economic Growth

Published

1 hour ago

September 22, 2024

Bassey Marshall

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.”

Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

Published

3 days ago

September 19, 2024

Bassey Marshall

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

Business

Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade

Published

3 days ago

September 19, 2024

Ugwoke Ogbodo

With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.

Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.

Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.

The governor stressed that the vision of his administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.

Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.

For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.

According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.

Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.

He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.

Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.