June 17, 2021
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, has disclosed that the United Arab Emirates ( UAE) had provided Nigeria a pavillion worth$2 million dollars, to showcase its products at the upcoming Dubai Expo 2020.
Katagum, who disclosed this in a chat with the media on the Dubai Expo 2020, on Thursday, in Abuja, said the collaboration and participation of Nigeria at the expo would be beneficial to the country, as well as avail it the opportunity to showcase its products.
She said Nigeria would showcase the abundant natural and human resources available in the 36 States of the Federation and the FCT, explaining that critical sectors of the economy such as agriculture, manufacturing and the creative industry would be the nation’s central focus at the expo.
According to her, culture and the youthful generation will also be showcased to the world, to tap into the abundant opportunities available and also to benefit from the Expo.
She stated that the expo was aimed at connecting and inspiring millions of people globally to create a better future, as the world showcases innovation, achievements and aspirations along the Expo’s three sub-themes: Opportunity, Mobility and Sustainability.
Katagum further said that Nigeria’s participation in the Expo would be anchored on the theme: “Harnessing opportunity, Creating the future”.
“It should be noted that, Nigeria’s pavilion is located at the “Opportunity Zone” of the Dubai Expo 2020, in line with Nigeria’s theme statement.
“The Nigerian Pavilion tagged the “Opportunity City” is a rich showcase of life in Nigeria, the culture and people, through unique narratives and the media spotlighting five avenues: Resilience, Enterprising, Respectful, Hardworking, Tech and Sports.
“Each of the avenues depicts the uniqueness of Nigeria. For instance, the Resilience of the Giant of Africa is illustrated through its enduring industry and passion for work to make a better life.
“The Hardworking nature of Nigerians is illustrated through the manufacturing sector, where people create and take advantage of opportunities in the sector.
“Nigerians are Enterprising people and this could be seen in the creative industry, such as Nollywood films, Fashion and Afro-beat music, which continue to enjoy global box-office success and prestigious awards.
“We are known for rich cultural heritage and value systems which command global respect. The Tech and Sport avenue highlights the truly Nigerian cutting edge technology, transforming lives and providing solutions to many industry challenges.
“It is also a known fact, that Nigerians are sports lovers with abundant talents in various sports,” she said.
Katagum disclosed that Nigeria had completed its content curation process, procurement of exhibits and commercial retail items, and shipping of artefacts to Dubai with internal installations still ongoing.
She also said that Nigeria had scheduled 23 customized events to include, a Trade and Investment Forum, Musical Concert, Women in Laughter, Football Friendly, Adire fashion show, Women-in-film, Art of recycling, Cultural performances, Dance shows and Find Your Place in the Food Chain.
The minister also disclosed that the nation had also confirmed her participation in the nine thematic business forums initiated by the Expo organisers and the important date, 6th November, 2021 earmarked as Nigeria’s National Day.
She commended Mohammed Rimi, Nigeria’s Ambassador to the UAE, and the Commissioner-General of the Dubai Expo 2020, for their support.
Earlier, Dr Fahad Al Taffaq, UAE’s ambassador to Nigeria, said the expo was an opportunity to bring the world together to promote unity, pointing out that each participating country would have its own pavillion to showcase their cultural heritage , technology and innovation, among others.
The event had registered more than 46, 000 participants and organisations from 180 countries to do business, while 1.5 billion dollars worth of contract had been awarded to small and medium enterprises ( SMEs), he said.
He added that the contract accounted for 54 per cent of businesses registered with the expo and 55 per cent of the expo contracts awarded to SMEs.
The News Agency of Nigeria (NAN) reports that the journey to Dubai Expo 2020 began in 2013, when the Bureau of International Exhibitions (BIE) awarded the hosting right to the city of Dubai, UAE, initially billed for 2020, but was rescheduled to October 1, 2021 to March 31, 2022 due to the COVID-19 pandemic.
The six-month long Expo has as its theme: “Connecting minds, Creating the world ”
CBN Sells Polaris Bank To SCIL
The Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.
In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion, being the value of the bonds, which as part of its intervention, in 2018, to revoke the licence of the former Skye Bank Plc. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.
The statement reads: “The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.
“These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability. SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.
“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”
The CBN Governor, Mr. Godwin Emefiele, was quoted in the statement as saying that: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
Media Intelligence agency Marks Six years of Operation in Nigeria
Media Intelligence agency Marks Six years of Operation in Nigeria.
P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it rebrands with a new business logo, website, and office to deepen penetration.
The leading company has in the past six years engendered the needed growth for its clients, and the rebranding is part of efforts aimed at sustaining its leading position in the sector, having worked with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.
The logo with new colors depicts the innovation and creativity of the brand, as also shown on its new website with the agency service rate, to enable brands and agencies to make faster decisions in budgeting.
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As the only AMEC Member in Nigeria, P+ has strong partnerships with the Nigerian Institute of Public Relations (NIPR) and Reelforge Media Monitoring, the biggest media monitoring agency in the East African region, covering more than five countries.
Speaking on the company’s new development, the Chief Insights Officer, Philip Odiakose, said P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.
“Our Measurement and Evaluation report is in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customized reports, and also based on the AMEC Standard in accordance with the Barcelona Principle 3.0. We deploy the P+MCA (media content analysis) methodology for media evaluation and analysis based on qualitative and quantitative metrics in analyzing media exposure,” Odiakose affirmed.
He said the new office would serve as a hub in the country and the West Africa sub-region, where the company will provide media monitoring, measurement, evaluation, and performance audit services for brands, media agencies, government agencies and NGOs.
Also as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors.
The “Get-Reports” product spans across different industries which includes the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.
It’s not too late for NASS to revisit e-transmission of election results – SAN
By Gistflash News
Sept 26, 2021
The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.
The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.
Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.
After the passage of the bill, the Speaker, Mr Femi Gbajabiamila, criticised the proposed electronic transmission of election results, saying it was not feasible in the country for now.
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