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Nationwide Meeting will promote payments to reinforce manufacturing sector – Sen. Egwu



Sen. Sam Egwu, the Chairman, Senate Committee on Industries, has reaffirmed the Nationwide Meeting’s dedication to advertise payments that might place manufacturing sector towards driving the nation’s financial development and restoration.

Egwu made the pledge throughout an oversight go to to industries that had benefited from the Federal Authorities’s monetary intervention by means of BoI’s credit score line in Lagos.

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In response to a press release by Hadiza Olaosebikan, the Head of Communication, Financial institution of Trade (BoI) on Tuesday in Lagos, the senator stated that his committee had sponsored a invoice to that impact.

Egwu stated the invoice would be sure that all authorities’s procurement should first be sourced domestically earlier than importation may very well be thought-about.

“It’s a part of our drive to make sure financial buoyancy and development of the manufacturing sector, as a result of if we spend money on our industries, importation will scale back,” he stated.

Egwu stated that the go to was to entry the affect of BOI’s intervention funds on industries that they had supported and interacted with producers on how authorities’s help would help them to beat the challenges dealing with the sector.

“We’re right here to see in case you are glad with the extent of presidency’s intervention and see how far it has been capable of help you to upscale your operations to satisfy the worldwide finest practices.

“The feedbacks will assist us to reposition BoI for larger effectivity.

“It is because we want extra industries to maneuver the economic system ahead and scale back how we spend our international trade on issues we will ordinarily produce right here,” Egwu stated.

Additionally, the Managing Director of BOI, Olukayode Pitan, stated that greater than 96 per cent of the financial institution’s threat belongings had been performing.

Pitan famous that the financial institution ended the 2016 monetary yr with the bottom Non-Performing Mortgage (NPL) ratio of three.7 per cent.

He stated that the federal government’s help enabled the financial institution to ensure a line of credit score price over 500 million {dollars} from the Africa Growth Financial institution (AfDB) that required a sovereign assure.

“It is a line of credit score authorised by the AfDB which we’ve to repay and this is the reason every time we grant loans, they are going to be loans of very excessive chance of compensation,” Pitan stated.

In her remarks, Mrs Nike Ogunlesi, the Chief Govt Officer, Ruff n Tumble, a garment producer, urged the Senate to evolve payments that might restructure the nation’s banking system to help development of companies.


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APC Calls For Omo-Agege’s Prosecution Over Mace snatching




The All Progressives Congress (APC) has condemned in totality, Wednesday’s attack on the Senate and the snatching on the Mace of the senate.

This is even as it has called on all security agencies to take all necessary actions to recover the stolen mace and ensure that the perpetrators and their sponsors are brought to justice.

In a statemnet issued by Mallam Bolaji Abdullahi, National Publicity Secretary of the APC, the party said that the attack ammounted to an attack on the nation’s democracy.

“The attention of the All Progressives Congress (APC) has been drawn to the invasion of the Nigerian Senate by suspected thugs who disrupted Wednesday’s plenary and made away with the mace.

“The APC hereby condemns this action and views it as an attack on our democracy and a desecration of the hallowed institution of the National Assembly.

“We therefore call on security agencies to take all necessary actions to recover the stolen mace and ensure that the perpetrators and their sponsors are brought to justice.

Meanwhile, the Nigerian Police has arrested Senator Ovie Omo Agege for leading the hoodlums into the Senate chamber during plenary to snatch the Mace which is the symbol of authority of the upper legislative chamber.

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Mace Theft: Police Arrest Senator Omo-Agege




The lawmaker was suspended by the Senate for 90 days last week. He, however, attended the plenary today.

The Senate had accused him of leading the armed men who stormed the chamber and snatched the mace while plenary was on.

After the plenary, policemen ushered Omo-Agege from the door of the chamber into a waiting pickup van.

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Thugs Disrupt Senate Plenary, Steals Mace




The Senate plenary was today disrupted after suspected thugs invaded the chamber and made away with the mace.

The incident happened few seconds after a suspended Senator, Ovie Omo-Agege entered the chamber.

About 10 suspected thugs who came to the venue with the senator forced their entrance into the chamber.

Seconds later, the thugs ran out of the chamber with the mace causing pandemonium in the Senate.

They left the National Assembly with the mace in a black SUV.

The mace is the symbol of authority of the parliament.

One of the security personnel at the entrance of the National Assembly said the thugs told him and other officers they were with the senator.

“We tried to stop them but they told us they were with him (Omo-Agege),” he said.

The Senate has accused a lawmaker, Ovie Omo-Agege, of leading hoodlums to seize the mace, which serves as the chamber’s symbol of authority.

In a statement after the incident on Wednesday, Senate spokesperson, Sabi Abdullahi, said the incident is an act of treason.

Credit: Premium Time


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