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Business News

FG risks another fine over alleged contract breaching 

There is a possibility that the Nigerian government may again be fined for the alleged breach of contract on Mambilla Hydroelectric project.

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African Development Bank, Process and Industrial Development, P&ID court case against Nigeria, President Muhammadu Buhari | Federal government, external debt serving

There is a possibility that the Nigerian government may again be fined for the alleged breach of contract on Mambilla Hydroelectric project. This development emerged following a $9 billion (N3.5 trillion) judgment against Nigeria, involving British Firm – Process and Industrial Developments Ltd (P&ID).  

The dispute: Messrs Sunrise Power and Transmission Company Limited (SPTCL) has instituted a legal action against the Nigerian government over the Mambilla project. 

The plaintiffs claimed that it was awarded a $5.8 billion contract for the construction of the Mambilla Hydroelectric Power Project on the basis of Build, Operate and Transfer. 

According to the firm, after they were awarded the contract in 2003, some ‘vested interests’ in government in 2017 signed another contract with three Chinese companies, Sinohhydro Corporation of China, China Ghezouba Group Corporation of China and China Geo-Engineering Group Corporation, to form a joint venture for the execution of the same project. 

[READ MORE: Despite FG’s reduction, US refuses to drop hiked visa fees for Nigerians]

The Chief of Staff to the President, Abba Kyari, was also mentioned in the controversy, as the company reportedly accused him of the unilateral decision to remove the company from the contract. Similarly, the former Minister of Power, Babatunde Fashola, was accused of not supporting the project, contrary to his promise.

Abba-Kyari, contract breaching

As a result of the breach of contract, the SPTCL dragged the government and its Chinese partners before the International Chamber of Commerce in Paris, France. 

What you should know: Mambilla hydropower project is a 3.05GW hydroelectric facility being developed on the Dongo River near Baruf, in Kakara Village of Taraba State, Nigeria. 

Expected to commence operation in 2030, Mambilla will be Nigeria’s biggest power plant, producing approximately 4.7 billion kWh of electricity a year. 

[READ MORE: FG bows to pressure, ready to negotiate with P&ID firm over $9 billion U.K judgement]

The project is estimated to cost $5.8 billion and will generate up to 50,000 local jobs during the construction phase. 

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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