Reps Grill Peterside Over NIMASA’s $5bn Debt Recovery Contract

The House of Representatives Committee on Marine Safety on Tuesday grilled the Director-General of the Nigerian Maritime Administration and Safety Agency, Mr. Dakuku Peterside, over a controversial contract to recover NIMASA’s alleged $5bn debt.
A firm, SNECO Financial Services, which was incorporated on April 4, 2016, was awarded the contract.
The House committee, which is chaired by Mr. Umar Bago, is in possession of petitions, alleging the breach of due process and fraud in the award of the contract.
One of the petitions clearly stated that under the terms of the contract, SNECO would take 13 per cent of the recovered debts, a figure the committee queried for being “huge.”
Lawmakers observed that this would be about $65million profit for the firm.
Bago said, “We have the petitions here. The petitioners consider this a waste of public funds.
“Why will NIMASA engage another firm to perform its functions? Why do we have staff in NIMASA? What is their work?”
Another member of the committee, who is the Chairman, House Committee on Power, Mr. Dan Asuquo, directed Peterside to produce the audited account of the firm.
“What is the pedigree of SNECO?
“Where is their audited account? We want to know their owners,” he added.
But, Peterside, a former member of the House, told the session that NIMASA complied with all due process requirements in awarding the contract.
He explained how the Bureau of Public Procurement awarded a certificate of no objection on the contract.
However, Peterside, denied that he ever mentioned that NIMASA’s debt was $5bn or $10bn as had been quoted by some persons.
According to him, the agency’s debts from 2004 to 2016 was $420.55m.
He wondered how the petitioners arrived at the $5bn that was quoted.
He spoke more, “I never said that NIMASA was owed $5bn. The entire volume of shipping trade in Nigeria in the last four years is nothing close to $10bn.
“We complied with every provision of the Public Procurement Act.”
But, lawmakers were not satisfied with his explanations and insisted on holding a full investigative hearing on the controversial contract.
“DG, there will be an investigative hearing. So, you can speak on those questions that you have answers to give now.
“On those questions that you are not ready to answer, please prepare fully and come during the investigative hearing,” he said.

Buhari Welcomes $5bn Investment From India

President Muhammadu Buhari on Tuesday welcomed the proposed five billion dollars investment in Nigeria by visiting Indian business delegation, led by Indian Vice-President Hamid Ansari.

According to a statement issued by Buhari’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, the President made the remark when he received Ansari at the State House, Abuja.

Shehu quoted Buhari as saying “India has already invested 10 billion dollars in the Nigerian economy.

“Nigeria will continue to deepen its relationship with India in the areas of health, education, agriculture, technology and trade.”

The President also said Nigeria had over the years benefited from the cooperation of the Asian country in trade and investment, agriculture, technology and the fight against terrorism.

According to him, Nigeria will emulate India’s agricultural model and capacity to feed its one billion population, and also export to other countries, describing the country as “sustainable and prosperous’’.

President Buhari noted that Nigeria would continue to support the reform of the UN Security Council, pointing out that it was unfair on the rest of the world for five countries to exercise power of ‘‘yes or no’’ in the UN.

In his remarks, the Indian Vice-President said that his country, which was the leading buyer of Nigeria’s crude oil, would increase its purchase of the commodity in addition to natural gas.

He said the relationship between Nigeria and India was near perfect as both countries ‘‘have nothing to quarrel about.”

Credit:

http://www.vanguardngr.com/2016/09/president-buhari-welcomes-5bn-investment-india/

Nigeria Eyes $5bn Annual Cassava Export

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, yesterday said Nigeria would reap over $5 billion annually from cassava export in the next few years.
Speaking while declaring open the National Cassava Summit in Abuja, Chief Ogbeh said the country had made mistakes in the past 30 years by ignoring agriculture, adding that every industry in the agriculture sector which had the potential for foreign exchange would be developed.

He said the capacity of farmers in accessing finance would also be enhanced by strengthening and  repositioning the Bank of Agriculture to give credit at 5-6% interest rate so that the farmers could engage in profitable business.
Professor Lateef Sanni of the Federal University of Agriculture, Abeokuta in Ogun State who spoke on “Achieving a $5 billion Cassava Industry in Nigeria”, said the industry had the potential to create millions of jobs across the cassava value chain.
“By 2021, the Nigerian cassava industry will represent over $5billion, spur rural industrial development, generate millions of new jobs and create wealth for over 45 million people,” Professor Sanni said.
He said the cassava industrial demand for starch was 269,000 but that the current supply stands at 20,000. For ethanol, 200 million litres is demanded while only 9 million litres is produced, he added.
Professor Sanni said the capacity of cassava farmers needed to be improved upon and more processing companies had to  be established to achieve the target.
The president of the cassava farmers association, Pastor Adewumi Segun, said Nigeria, the world’s largest producer of cassava, could not export high quality cassava, adding that the potential was there but processing was the major problem.
He said the association had acquired 15,000 hectares of land in Ekiti State for the cassava programme.
Credit: dailytrust