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Ariyomo inaugurates Cooperative Society for APC members in Akure South LG



●Donates N2.5m take-off grant

An infrastructure engineer, Engr. Olatunji Ariyomo, FNSE, has inaugurated a cooperative society for members of the All Progressive Congress (APC) in Akure South local government area of Ondo State to offer interest-free loans for artisans, traders, and market women.

While addressing a packed house of party faithful at the party’s secretariat in the local government on Thursday, Ariyomo who is popularly known as Tunji Light by the locals, announced the initial deposit of a two million naira take-off grant for the Cooperative Society.

The Chairman of the party in the local government, Hon. (Chief) Fesobi Akinmolayan applauded Ariyomo for rising to the occasion at a time of global economic crisis and lack of access to credit and promised the commitment of the Local Government Executive to utilize the provisions judiciously.

Akinmolayan described the Akure South APC Cooperative Society’s initiative as one of a kind in the history of political empowerment in Nigeria disclosing that it is a gesture targeted at teaching members how to fish and become productive rather than looking forward to sharing free money.

Chief Akinmolayan confirmed to the gathering that not only has Engr. Ariyomo properly structured the Cooperative Society for the benefit of micro and small-scale entrepreneurs in the local government, the engineer has indeed deposited the take-off grant of N2 million to the account of the Cooperative Society with Zenith Bank Plc.

Akinmoyan further explained that the programme is designed to assist members in accessing interest-free loans for their businesses and trade. He invited participants to support the project and to appreciate the gesture of the Abuja-based engineer while appealing to other leaders in the local government to support the project.

In his words, “If my Executive can get 50 more leaders to pitch in N1 million or N500,000 each, we would grow the capital base of the Cooperative Society above N50 million in no time”.

According to Akinmolayan, “The interest-free Akure South APC Cooperative Society is in place to show the practicality of the sense of responsibility we preach as a political party to all and sundry. All you need to access this loan is to be a member of the APC Akure South Local Government Area, come with your business plan, obtain a form from us, fill and submit it – that is all.”

Hon. Akinmolayan described the donor as “a visionary and a leader ‘per excellence’”.

The Chairman further disclosed that he has received an additional alert of the sum of N500,000 from the donor as traditional empowerment for some of the dedicated women in the local government.

The APC Woman Leader in Akure South, Hon. (Mrs.) Funke Daramola, described Engr Ariyomo as a leader with whom she has been involved in the political scene for ages. She stated that the Cooperative Society would impact a lot of members of the party and enjoined would-be beneficiaries to ensure they pay back the loan on schedule so that it would continue to revolve for the benefits of other members stating that the Executive had secured the participation of an experienced lawyer to ensure that beneficiaries keep to the terms of the loans

Zenith Bank Plc, the official banker to the Cooperative Society was represented by Mr. Babafemi Adefisoye who informed the gathering that the Bank is apolitical but will continue to offer top-notch banking services to all and sundry. He shared insights on how the Executive Committee of the party at the local government can ensure that each beneficiary pays back the loan as of when due.

A legal practitioner, Bar. Sandra Ogunmola, appealed to beneficiaries to be sincere with the society for the benefit of other members. She stated that each beneficiary will be known, properly vetted, and properly documented. She commended the donor, Engr Ariyomo for his gesture, and informed participants that the engineer in the past 24 years has offered scholarship support to many and that he has equally sponsored hundreds in procuring JAMB forms.

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Naira Continues To Depreciate Against Dollar Despite Intervention Of CBN



The Naira has continued to depreciat9 against the United States dollar for the fifth time despite the Central Bank of Nigeria’s sale of foreign currencies to legitimate Bureau De Change operators.
FMDQ data revealed that the naira dropped to N1,300.15 per dollar on Tuesday from N1,234.49 traded on Monday.
The figure represents N65.66 (5 per cent) loss compared to the N1,234.49 it exchanged for on Monday.
On Tuesday, the apex bank sold 10,000 dollars each to BDC at N1,021 per dollar.
This is the third recent intervention for BDCs amid the bank’s effort to defend the naira.
On Tuesday, the Economic and Financial Crime Commission, EFCC, said it had frozen about 300 accounts on a cryptocurrency platform to ensure the safety of the foreign exchange market recalled that the anti-graft agency earlier had continued its clampdown on Binance and other cryptocurrency platforms blamed for manipulating the country’s foreign exchange market.
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Power Sector: FG To Establish 3 Gigawatts Of Solar Energy in 25 States – Minister



Power Sector: FG To Establish 3 Gigawatts Of Solar Energy in 25 States – Minister
…say poor funding, insufficient gas supply responsible for power deficit
By Gloria Ikibah
Nigeria’s Minister of Power, Adebayo Adelabu, had said that the federal government is working towards the establishment of three gigawatts of solar energy sources across the 25 states in Northern and South Western parts of the country.
According to him, this is a novel approach that will go a long way to solve the power problems, even as he called on state governments to invest in power generation in their states.
The minister stated this at a two-day Power Sector Stakeholders Interactive Dialogue/Workshop organized by the House of Representatives Committee on Power with the theme “Confronting Nigeria’s Power Challenge as the Nation Migrates to a Multi-tier Electricity Market: A Legislative Intervention” on Tuesday in Abuja.
Adelabu who said that hydro energy would be deployed for the coastal cities, also lamented that the country has witnessed incessant collapse of transmission which is caused by lack of adequate infrastructure.
He admitted that most of the infrastructure in the power dates back to the 1960s, with no single backup for the national grid, and called for alternative sources in the situation where there is a collapse of the grid.
The Minister also disclosed that the major factors responsible for the power deficit currently faced by the country is as a result of inadequate financing and insufficient gas supply.
Adelabu who lamented the current state of power supply across the country, however, assured Nigerians of the determination of the President Bola Tinubu-led administration to address the challenges and make Nigeria a suitable place for business.
He said “No sector can function optimally without the power sector. Over the years, poor financing, and inadequate gas supply have been responsible for the energy deficit we have in the country. But a lot of work is going on to address these challenges.”
Earlier in his welcome address, the
Chairman, House Committee on Power, Rep. Victor Nwokolo explained that the purpose of the interactive dialogue/workshop was to provide a dynamic platform for stakeholders to evaluate the progress so far in the Nigerian Electricity Supply Industry (NESI) development.
He revealed that discussions will centre around the seamless transition to a Multi-Tier Electricity Market, as outlined in the Electricity Act of 2023.
According to him, “his transition, holds immense potential to enhance competition, efficiency, and reliability within the electricity market, ultimately benefitting consumers and driving economic growth”.
He said: “Through collaborative brainstorming and analysis, we aim to chart a clear roadmap for this transition, ensuring that it is smooth, inclusive, and conducive to sustainable development.
“Furthermore, this workshop will serve as a platform for stakeholders to explore innovative solutions to the persistent challenges plaguing the power sector. From infrastructure development and financing to regulatory frameworks and consumer engagement, we will examine a wide array of issues and propose actionable strategies for improvement.
“In addition to these objectives, we aspire for this workshop to foster enhanced collaboration and partnership among stakeholders. By bringing together legislators, representatives from government agencies, regulatory bodies, industry players, academia, and civil society, we aim to cultivate a culture of cooperation and collective action towards our shared goal of a vibrant and resilient power sector”.
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How Yahaya Bello withdrew $720,000 from Kogi account to pay child’s school fees -EFCC Chairman



By Francesca Hangeior

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that a former governor of Kogi State, Yahaya Bello, transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.

Olukoyede revealed this during an interview with journalists on Tuesday in Abuja.

He said, “A sitting governor, because he knows he is going, moved money directly from government to bureau de change, used it to pay the child’s school fee in advance, $720,000 in advance, in anticipation that he was going to leave the Government House.

“In a poor state like Kogi, and you want me to close my eyes to that under the guise of ‘I’m being used.’ Being used by who at this stage of my life?”

Olukoyede further stated that he personally reached out to Bello, offering him a chance to clarify the situation in a respectful setting within the EFCC office but the ex-governor reportedly declined to cooperate, citing fears of harassment from an unnamed woman.

The EFCC boss added, “I didn’t initiate the case; I inherited the case file. I called for the file, and I said there are issues here.

“On my own, I called him, which I am not supposed to do, just to honour him as an immediate past governor. ‘Sir, there are issues. I’ve seen this case file. Can you just come let us clarify these issues?’

“He said, ‘Ha! Thank you, my brother. I know, but I can’t come. There’s one lady that has surrounded EFCC with over 100 people to come and embarrass me and intimitade me.’

Bello was said to have suggested that the EFCC come to his village rather than conduct an investigation at the agency’s quarters.

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