The United Nations (UN) has granted Nigeria sovereignty over additional square kilometres of maritime territory.

Nigeria made the submission in 2009 through the high powered presidential committee (HPPC) on the country’s extended continental shelf project.

Larry Awosika, a marine scientist and member of the committee, told President Bola Tinubu that the approval came after years of meticulous research on geophysics, geology and geography.

He added that diplomacy also helped to solidify Nigeria’s legal rights over a vast expanse of seabed and subsoil beyond its traditional territorial waters.

Awosika spoke on Tuesday in Abuja while presenting the approval report alongside other members of the HPPC, according to a statement issued by Ajuri Ngelale, presidential spokesperson.

The professor said the economic potentials of the newly acquired territory are vast, including increased investments in hydrocarbons, gas, solid minerals, and a wide variety of sedentary species.

Aliyu Omar, committee secretary, said the new approved area “is about 16,300 square kilometres, which is about five times the size of Lagos State”.

Omar added that the official notification of the decision was conveyed to Nigeria by the UN Commission on the Limits of the Continental Shelf (CLCS) in August 2023, shortly after Tinubu assumed office.

”The first option is to take the area gained and finalize the registration with the UN Secretary-General and close everything, meaning that we are satisfied with what we got. This will take at least one year,” the surveyor said.

”The second option is to take what we have right now, acquire more data, do a support write-up, and make a revised submission as recommended by CLCS for further consideration. This will take another four years.

”Either way, Nigeria will keep what has been approved.’’

Tinubu lauded the achievements, saying it reflects Nigeria’s economic and strategic interests.

‘‘This is big congratulations for Nigeria,’’ he said.

”I commend the team, and we must take advantage of this and invite you again to have a repeat of this knowledge exploration on geography, hydrography, and the marine life.

”Nigeria is grateful for the efforts that you put into gaining additional territory for the country without going to war. Some nations went to war, lost people and economic opportunities.”

Tinubu said his administration will continue to pursue the best options for the country.

Femi Gbajabiamila, chief of staff to the president; Adegboyega Oyetola, minister of marine and blue economy; and Hassan Tukur, HPPC chairman; also attended the meeting.

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has been arraigned on a fresh four-count charge by the Economic and Financial Crimes Commission (EFCC).

The former CBN governor was arraigned before Maryann Anenih, judge of a federal capital territory (FCT) high court, and pleaded not guilty to all the counts.

The anti-graft agency is accusing Emefiele of “illegal” printing of naira notes in its fresh charge.

In the charge sheet, EFCC alleges that Emefiele “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from former President Muhammadu Buhari and the CBN board.

The anti-graft agency also accused Emefiele of approving the withdrawal of N124.8 billion from the consolidated revenue fund “in a manner not prescribed by the national assembly”.

THE CHARGE

“That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence,” the charge sheet reads.

“That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

NAIRA REDESIGN CONTROVERSY

On October 26, 2022, Emefiele announced the plan to redesign the highest denominations of the country’s currency to control money supply and aid security agencies in tackling illicit financial flows.

Emefiele had said the new notes (N200, N500, and N1000) would be effective from mid-December 2022, advising customers to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

The scarcity of old naira notes sparked violent protests in many parts of the country as banks and automated teller machines (ATMs) were torched.

Many analysts had argued that the naira redesign policy was politically motivated.

The supreme court, however, quashed the deadline given by the CBN for the old notes. The apex court also ordered that both old and new notes can be used as legal tender indefinitely.

Bayo Onanuga, special adviser on information & strategy to the president, on Tuesday, shared a summary of 20 key projects and policies approved by the Federal Executive Council (FEC) at its two-day meeting which ended on Tuesday.

The projects include road construction and purchase of buses while the policies were in different areas including housing, visa and digital infrastructure.

Onanuga shared the information on his X handle.

See details below.

HIGHLIGHTS OF THE FEDERAL EXECUTIVE COUNCIL MEETINGS HELD ON 13TH AND 14TH MAY, 2024

The Federal Executive Council concluded its meeting that started yesterday today, Tuesday May 14, 2024.

After exhaustive deliberations, the council approved a number of policies and projects that will further boost the economy, facilitate investments and promote the ease of doing business in the country. The under-listed are the major highlights:

1. Council supported a series of initiatives set to be launched that will revolutionize Nigeria’s Infrastructure and Housing sector through Public-Private Partnerships

The initiatives which can unlock about N2 trillion are aimed at transforming the nation’s infrastructure and housing mortgage sector, meet the urgent demand for critical infrastructure and affordable homeownership, fostering job creation, inclusive growth, and long-term productivity enhancement.

Inspired by the 1970s era, the government envisions a future where ordinary Nigerians can access 25-year mortgages at low-interest rates to realise their dream of owning a home. By collaborating with private institutional investors, the government seeks to replicate past successes and address current challenges effectively.

This strategic partnership aims to leverage the expertise and capital of private investors to accelerate the delivery of vital projects, driving sustainable development and economic progress for all Nigerians.

2. FEC approved that all users of Federal airports all over the country must now pay tolls at the gates. No one is excluded. The President and Vice President of Nigeria will also pay the toll.

3. The council announced a ban on sand dredging 10 kms from all Federal bridges throughout the country.

4. Council annouced a 4-week deadline for review of visa policy to enable tourists, business people, and creative professionals visit Nigeria. The ease of doing business, the council agreed cannot materialise if prospective visitors face a herculean problem getting our country’s visa. Part of the review envisaged is that visa applicants can apply for the visa online and get one within 48 hours. Also visas may be waived for holders of visas of some countries.

5. The council granted approval for the supply, installation and training of operators of disabled aircraft recovery system at Murtala Muhammed Airport in Lagos. The contract will cost N4.2 billion. Similar contract was awarded in 2021 for Nnamdi Azikiwe International Airport in 2021.

6. Council approved Special Purpose Vehicle to be created on a PPP basis to develop 90,000 kilometres of fibre optic cable to increase Nigeria’s internet connectivity by 60-70 percent. The SPV intends to copy the NLNG model.

7. Council approved a consultancy service for the reconciliation and expansion of the remittances to NITDA.

8. Council approved the request of the Ministry of Communications to convert the property at 324 Jackson Street, San Francisco, USA into a Nigerian Digital Technology Exchange Programme Hub. Property owned by the Nigerian government is valued at close to $7million.

9. The Federal Executive Council also approved the award of contract for the building of bus terminals and other transport facilities in the Federal Capital, Abuja. Terminals will be built within 15 months at Kugbo, Abuja Central Business District and Mabushi. The whole project will cost N51 billion and will be executed by Planet Projects Nigeria Limited, which did similar contracts in Lagos and Oyo states.

10. Council approved the award of contract to Messrs El & Matt Nigeria Limited to upgrade Kwaita-Yebu Road in Kuala Area Council of Abuja at a cost of N7.6 billion. Completion time is 18 months.

11. Council approved contract for the building of the Court of Appeal Abuja Division at a cost of N37.2 billion. Project will be executed by Messrs Visible Construction Limited.

12. The Council awarded contract at a cost of N412million for street lights on Bill Clinton Drive, Airport Expressway. The job includes the procurement of 8 back-up generators, which will be powered by Compressed Natural Gas( CNG) or Solar, in line with government’s decision about migrating from fossil fuel to renewable energy. The council discussed extensively the need for this energy transition, as it is climate friendly, because of low emissions and also because it will reduce cost of transportation and inflation.

13. Council approved the request by Nigeria Customs Service to buy 200 Toyota Land Cruiser Buffalo V6 at a cost of N12.5 billion. All the vehicles will be CNG powered. Government also approved insurance cover for the vehicles at a cost of N522 million. The cover will be provided by NEM.

14. Messrs Yuan Resources Limited was awarded the concession to deploy a revenue assurance platform under PPP arrangement in the lottery and gaming sector. The concession which will be for 15 years, will be done via DFBOT option, which means Design, Finance, Build, Operate and Transfer.

15. Before the Monday meeting was adjourned till Tuesday, council approved several road projects. Among them was the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State.

16. Council approved Section 2 of the Lagos-Calabar Coastal Superhighway for construction, at a cost of N1.6 trillion.

17. Approval was granted for the award of contract for reconstruction of Koton-Karfe -Abaji Road (Abuja bound), along Abuja-Lokoja Route in Kogi state at a cost of N89 billion.

READ ALSO: Again, Atiku faults Lagos-Calabar Coastal highway contract, insists it lacks transparency
18. On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section. It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker. The reconstruction will be financed by BUA Cement at a cost of N120 Billion under the tax credit scheme.

19. Council approved contracts to various contractors to build roads and bridges in Kaima-Tesse, Kwara State, Benin-Agbor, BeninByepass and Ngaski-Wara in Kebbi State. All the four contracts will cost N546 billion.

20. Messrs CCECC was awarded contract at N230 billion to build Kano Bypass. The road which is 37kms long will include bridges and several flyovers. The company has 36 months to complete the work.

21. The Council approved for procurement the Sokoto-Illela-Badagry superhighway, which is meant to join the Lagos-Calabar Coastal superhighway. The road was first awarded in 1976 and then abandoned.