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Business

I won’t approve 2021 budget without provisions for #EndSARS victims, ASUU – Gbajabiamila

Gbajabiamila said that he will not sign off on the budget unless it guarantees compensation of the families of victims of police brutality.

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bill, House of Reps to make Youths globally competitive, Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

The Speaker of the Federal House of Representatives, Femi Gbajabiamila, has vowed that he will not sign off the 2021 Appropriation Bill presently before the National Assembly if adequate provisions are not made for the compensation of the families of the victims of police brutality and meeting the demands of the Academic Staff Union of Universities (ASUU).

Gbajabiamila insisted that the implementation of the agreement between ASUU and the Federal Government must also be captured in the budget. Both the Speaker of the House and President of the Senate are expected to sign bills passed by the National Assembly before they are transmitted to the President for assent.

In his opening remarks at the plenary on Tuesday, Gbajabiamila said,

“I will not sign off on a 2021 budget that does not have adequate provisions to compensate those who have suffered violence from police in the last decade. I will not sign off on a budget that does not meet the reasonable demands of ASUU to which government has already acceded.”

The speaker said that he hopes to visit the families of those who have been victims of police brutality, alongside some of his colleagues in the house of representatives. He described the youths protesting across the country as midwives of national rebirth, saying their agitation has brought about a historical moment in the country.

You (protesting youths) have moved a nation to action, and now you must join in doing the hard work of making real the vision of a more just, more prosperous, and more resilient nation.

“We see your true cause. Please do not allow your righteous cause to be hijacked by those with base motives, who see in this moment an opportunity to pursue vendettas, to spread division, exploit the many existing fissures that exist in our society, and bring our nation to its knees.

“You have raised your voices and marched to demand a better Nigeria. From Abuja to Washington, to Calgary and London, your voices have been heard. Do not allow anybody to convince you that to withdraw from the streets now is to concede defeat. This is the time to move your agitation from the chaos of the streets to the painstaking deliberations and strategic partnerships that birth policy and produce legislation.

“It is time to mobilize your voices in support of specific policy interventions that will deliver on our shared objectives of national renewal and a country that reflects the best of us. I thank you, your country thanks you, and history will be kind to you,” he said.

(READ MORE: Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021 budget)

He said the #EndSARS protests have gotten more serious with pockets of violence in parts of the country as it seems to have been hijacked by those who have a different agenda.

Gbajabiamila noted that the Federal Government, through the National Human Rights Commission, had set up a panel of inquiry to take complaints from victims of police brutality.

He promised some measures to address the problem of police brutality in the country which includes drafting new legislation that enables a system to hold erring police officers to account for their conduct in the performance of their duties.

According to Gbajabiamila, the draft legislation which will be enacted in collaboration with the Nigeria Bar Association (NBA) and the National Human Rights Commission (NHRC), will be ready for consideration within 30 days.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Conoil’s 30,000 bpd facility forced to shut down by host community

Conoil Producing Limited has had its crude oil production flow station at Ango field Bayelsa that it is operating shut down.

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Conoil Plc releases FY financial result for 2019, profit up by 11% 

Indigenous oil exploration and production company, Conoil Producing Limited, has had a crude oil production flow station at Ango field in Koluama, Southern Ijaw Local Government Area of Bayelsa State shut down by the host community.

This follows the protest by aggrieved members of the community over the oil firm’s insensitivity to its social obligations towards the people.

According to a report from the News Agency of Nigeria (NAN), the protesting members of the community had besieged the facility and told the oil workers to shut the facility and leave the site of the 30,000 barrels per day capacity flow station.

The oil workers at the onshore facility connecting oil wells within the swamps and creeks at Koluama were escorted out of the area by speedboats by armed security men.

What a community leader in Koluama is saying

A community leader in Koluama 1, Chief Young Fabby, on Tuesday, said that the facility was shut to protest the oil firm’s insensitivity to its social obligations to the people.

He said the aggrieved community shut operations at the flow station on Monday and sacked oil workers deployed to run the oil facility following Conoil’s failure to renew the Memorandum of Understanding (MOU) which expired in 2020.

Chief Fabby said, “The Koluama clan was compelled to take the action following the refusal of the oil company to dialogue on several outstanding issues amongst which is the MoU which expired for more than one year.

“All entreaties through established channels have been rebuffed. Secretary of Koluama kingdom Oil/Gas Committee, Jonathan Amabebe, had drawn attention to the refusal of Conoil and this is regrettable,” he said.

Although officials of Conoil have yet to react to the incident, the Commandant of Nigeria Security and Civil Defence Corps (NSCDC) in the state, Mrs Christiana Abiakam-Omanu, confirmed the development.

She said that members of Conoil’s host communities were at the oilfield to protest, but that only the operator of the field (Conoil) could confirm if it was shut or not.

What you should know

  • Conflicts between the oil-producing communities in the Niger Delta region of the country and the oil-producing firms have become quite regular and is a huge challenge to uninterrupted oil production in that area.
  • The complaints by the host communities against these oil firms include environmental degradation, incessant oil spillages, neglect of their corporate social responsibilities and so on.
  • This has often led to disruption/ stoppage of operations, closure of flow stations and rigs, vandalism/destruction of facilities, molestation/abduction of oil company staffs, temporary seizure of oil company assets like vehicles and boats and so on.

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Business

AFEX Commodities Exchange announces the listing of cashew on its trading platform

AFEX’s addition of cashew is to diversify investment options available on its exchange.

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AFEX to partner with FMDQ and Dubai Commodities Exchange, 50,000 farmers to benefit from AFEX Commodities agric funding initiative

AFEX Commodities Exchange Limited has announced the listing of Cashew on its platform, in a bid to diversify available investment options and create more wealth.

This is according to a disclosure issued by AFEX today and seen by Nairametrics.

According to the notice, the addition will help to expand the list of existing commodities available at the exchange which include;

  • Maize
  • Sorghum
  • Soybean
  • Paddy Rice
  • Cocoa
  • Ginger
  •  Sesame

In addition, the Exchange notified the investing public that the new commodity will be made available on the exchange’s trading platform, ComX.

Why it matters

AFEX Commodities Exchange in the recent disclosure rationalized the need to list cashew on its platform. It hinged this on the lucrative nature of the commodity, noting that it has a lot of untapped potentials.

According to the disclosure, cashew exports in Nigeria are highly profitable, with a yearly export volume of over $167 million, and untapped yearly potential of over $115.8 million. Therefore, listing the commodity on the AFEX Exchange provides opportunities for investors to gain exposure to the commodity and maximize their returns on investment.

What you should know

  • AFEX Commodities Exchange had earlier announced the issuance of its debut Warehouse Receipt Backed Commercial Paper- The first of its kind in Africa.
  • AFEX Commodities Exchange is Nigeria’s first licensed private commodities exchange established in 2014. It provides a final resting place for commodities using a three pronged approach of production region, logistics differential and final commodity price.
  • ComX is the proprietary trading platform of AFEX. It serves as a market for investors, financiers as well as other market participants.
  • AFEX Commodities Exchange posted a turnover of N11.46 billion for Q4 2020, indicating an increase of 5,228.4% QoQ.

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