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Economy

How we diversify our sources of revenue —Ogah

The Minister of State for Mines and Steel Development, Dr. Uchechukwu Ogah, has corrected the long-held notion about the mono- resource base of the ministry.

Dr Ogah, while receiving the delegates of Management and Senior Executive Course 43 at the National Institute for Policy and Strategic Studies (NIPSS) in Kuru, Plateau on Tuesday in Abuja, declared that the ministry generates its revenue from other sources apart from royalties.
“People do associate the source of the ministry’s revenue to royalties but this did not only contribute to our revenue.
“We generate funds from Value Added Tax (VAT) collected from quarries and cement companies, their VAT constitutes part of our revenue because they are part of mining.
“The VAT from limestone is little but all these tax also made up of the revenue, so there is a lot of improvement in revenue generation by the ministry,” he said.
Ogah said that the ministry had been charged with the overall mandate to unlock the economic potential of the minerals and metal sector and ensure the sustainability for peace and prosperity of all Nigerians.
“The ministry is currently wielding a presidential directive to take a leading role in the diversification of our national economy in the light of the challenges of the vulnerability of the oil economy and it is uncertain prospects for the future.
“In our commitment to deliver on presidential task, we have not only rejigged our vision and mandate but developed and adopted new reform initiatives and innovative strategies for ensuring optimal performance of the sector.’’
He said that the visit of NIPSS to interact with the officials of the ministry was timely as this would go a long way in promoting the attainment of the objective of the ministry.
“We are expecting feedback from the delegate on areas that the ministry can improve on, this will add to some of the policy formulation and the future growth of the ministry,’’ Ogah said.
He said that the ministry had made a great improvement in revenue generation from other mining sources.
Earlier, the Acting Director-General, Brig-Gen. of NIPSS, Adaya Chukwuemeka said that the visit was to understudy the ministry’s mission, vision, and challenges.
Chukwuemeka, represented by Prof. Audu Gambo, head of the delegate said that the ministry was a very strategic institute and their wealth of knowledge could be of great opportunity to proffer growth and solutions to the challenges of the ministry.
He appreciated the ministry for the warm reception accorded the team and urged the ministry to send a director to the institute to undergo the course.
The delegates of NIPSS that visited the ministry constitute officers from different Ministries, Parastatal and Agencies (MDAs) at the state and the federal level, Navy, Army among others.

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Economy

Court reverses self over contempt charge against Fidelity Bank chief

Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe
The Eyewitness reporter

A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe and Company Secretary of Fidelity Bank, Mrs. Unuigboje Ezinwa to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.

The Chief Magistrate, Mr. Lateef Owolabi vacated the order in a Suit No: MIK/4726/22 between Justin Ahmed, (judgement creditor),  Prince Enabulele Osazee, (judgement debtor) and Fidelity Bank Plc, (1st Garnishee/Applicant).
The court, in an earlier ruling delivered on February 6, 2023,  held that the Managing Director of Fidelity Bank, Nneka Chinwe Onyeali-Ikpe and the Company Secretary, Mrs. Unuigboje Ezinwa should be committed to six weeks’ imprisonment over alleged disobedience of a garnishee order of the court restraining the bank from allowing a judgement debtor access to his account.
However, at the resumed proceedings on the matter on Feb 15, 2023, the court vacated the committal order on the premise of facts presented before the court that the alleged acts of contempt were not deliberate but arose out of a communication gap between the said parties and the erstwhile counsel.
The court in its ruling also stated that the error or sin of the counsel should not be visited on a party or litigants. The court also noted that the monies that were the subject matter and fulcrum of the contempt proceedings have since been paid to the judgment creditor.
“From the materials presented before this court by the applicant, this application falls within the classic rule where the error or sin of the counsel should not be visited on a party or litigants. Moreover, the applicant has averred that the monies subject matter, the fulcrum of the contempt proceedings had since been paid to the judgment creditor.
”Having fully discharged this payment to the satisfaction of the judgment creditor, this court should not be seen to cry more than the bereaved”, Mr Lateef Owolabi held.
”The solicitor to the bank explained that Fidelity Bank, being a law-abiding institution that will never or under any circumstance, directly or indirectly denigrate the integrity of the nation’s judiciary, had upon receipt of the garnishee order nisi on December 22, 2022, conducted a search immediately, and the result showed several accounts bearing similar names to the Judgment Debtor’s (Prince Enabulele Osazee).”
”To prevent the bank from erroneously restricting the wrong account, the bank filed an affidavit requesting additional account details to enable it to ascertain the correct account(s) to restrict.”
He further stated that, on January 16, 2023, the bank received the Judgment Creditor’s affidavit showing the account number of the Judgment Debtor. Armed with the correct account number, the bank immediately identified and placed a lien on the Judgment Debtor’s account. Unfortunately, during the intervening period, the judgement debtor had carried on depositing and withdrawing from his account.
In vacating the order on February 15, 2023, the Chief Magistrate held that based on the materials before the court, the applicant has been able to tether the law to the facts to warrant the grant of the relief sought on their own strength and not based on lack of opposition.

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Economy

Supreme court restrains FG from enforcing naira swap deadline

The Eyewitness reporter
There was a temporary relief for Nigerians over the scarcity of naira notes as the Supreme Court has issued an order of interim injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the  February 10 deadline for the phasing out of the old naira notes.
A five-member panel of the court, led by Justice John Okoro said that it was a matter of urgent national importance that the court intervenes and grant the order.
The ruling was on an ex-parte motion filed by the governments of Kaduna, Kogi and Zamfara states
The order, according to Justice Okoro, who read the lead ruling, is to subsist pending the hearing and determination of the motion on notice filed by the state for interlocutory injunctions.
The court adjourned till February 15 for the hearing of the motion on notice and the preliminary objection filed by the defendant – the Attorney General of the Federation (AGF), challenging the court’s jurisdiction over the case.
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Economy

CBN succumbs  to pressure, extends use of old naira notes to February 10

The Eyewitness reporter
The Central Bank of Nigeria (CBN) has finally caved in to Public outcry over the February 1st deadline for the use of old naira notes when on Sunday, the apex bank announced February 10 as the new date.
Announcing the new deadline in a statement, Governor Central Bank Of Nigeria(CBN), Godwin Emefiele, said the decision to add extra 10 days was “to allow for the collection of more old notes”

Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.

Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.

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