The Federal Government (FG) has again denied the fraud allegations raised against N-Power, the job creation and empowerment initiative of the Social Investment Programme (SIP). The scheme has been dragged into application scandal several times.
While distancing the empowerment programme from fraud and corruption claims, the FG said such narratives were being driven by individuals who were pessimistic towards the social intervention programme of the President Muhammadu Buhari’s administration.
In a statement made public by the Communications Manager, National Social Investment Office (NSIO), Justice Bibiye, the government said the allegations arose due to a strict system that stands against selfish tendencies and corrupt practices at the NSIO, and it owed Nigerians a duty to set the record straight as regards happenings of N-Power.
“We are aware that some persons have assumed the role of perpetual pessimists of the Social Intervention Programme following the institution of processes and procedures that frown on selfish tendencies and corrupt practices at the NSIO.
“We, however, owe it a duty to Nigerians to continue to set the records straight whenever naysayers come up with falsehoods to mislead the public.
“We wish to state categorically that there are no N-Power ghost beneficiaries neither is the programme embroiled in corruption as alleged by those who have decided to see nothing good in the scheme.”
The government was forced to deny a similar accusation in 2016 following claims that some unscrupulous people might have infiltrated the scheme to defraud it. The Office of the Vice President, which oversees N-Power debunked the claim, stating that the beneficiaries were verified with Bank Verification Number (BVN).
FG sacked 2,525 N-Power beneficiaries: The empowerment programme which targets unemployed Nigerians disengaged 2525 beneficiaries in late July for absconding from their Places of Primary Assignment (PPA) for a long time. The government said beneficiaries were undermining the scheme which is not a charity programme.
N-Power’s employment scorecard: According to President Buhari, his administration has employed about two million Nigerians within the past three years through the empowerment programme, and as a result of the initiative, five million Nigerians have been lifted from extreme poverty.
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
- MEYER up by19.51% to close at N0.49.
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.