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Cobweb that beclouds Saudi Arabia’s proposed $25b investment in Nigeria

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Stakeholders are cautiously optimistic about Saudi Arabia’s reported plans to invest in Nigeria’s oil and gas industry, particularly in refurbishing refineries. They urge the Nigerian government to disclose details of agreements with Saudi Arabia and address challenges in the local sector. Saudi Arabia is reportedly planning a $25 billion investment in Nigeria and other African countries over seven years. Stakeholders emphasize that addressing security challenges, foreign exchange management, corruption, and other issues is crucial to attracting investors.

Following agreements between Nigeria and Saudi Arabia, including financing for refinery overhaul, stakeholders call for transparency in the deals. The move comes amid Nigeria’s economic challenges, with refineries shut down for three years and efforts to raise funds facing obstacles. The stakeholders stress the importance of addressing industry and environmental challenges, implementing the Petroleum Industry Act (PIA), and fostering a favorable investment climate.

Some stakeholders express concerns about the potential benefits of the Saudi investment, emphasizing the need for clarity on conditions, loan terms, and implications for subsidy policies. They stress the importance of knowing the details to ensure the promises materialize into tangible outcomes.

The investment is seen as an opportunity for Saudi Arabia to expand its presence in Africa, with a focus on the oil and gas sector. Stakeholders hope the Saudi investors, particularly Aramco, will bring valuable expertise to Nigeria’s oil and gas industry, enhancing local capacity and technology.

However, the stakeholders emphasize the importance of careful consideration of the terms of the agreement and a thorough understanding of the conditions attached to the support. They underscore the need for clarity on whether the refineries would be handed over for management and the implications for subsidy policies.

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As Nigeria explores partnerships to revive its refineries and improve its oil and gas sector, stakeholders stress the significance of transparency, proper communication, and adherence to agreements for the success of the venture.

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JUST IN: Former President Goodluck Jonathan Visits Rivers State, Meets Gov Fubara

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Former President Goodluck Jonathan has arrived in Rivers State to ceremonially flag off the Original Trans-Kalabari Road project.

Rivers State Governor, Sir Siminalayi Fubara, welcomed the former president on Monday.

The Trans-Kalabari Road is a major infrastructure initiative designed to improve connectivity and stimulate economic growth in the Kalabari region.

Governor Fubara recently stated that the Trans-Kalabari Road will be a transformative project, enhancing accessibility and boosting economic activities in the area.

The project is anticipated to improve transportation, facilitate trade, and promote socio-economic development for the communities along its route.

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Jonathan has previously commended the vision and commitment of the Rivers State government under Governor Fubara’s leadership.

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Ondo guber: 261,703 PVCs remain uncollected — INEC

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The Independent National Electoral Commission (INEC) announced that over 261,703 Permanent Voters’ Cards (PVCs) remain uncollected in Ondo State ahead of the November 16 governorship election.

Mrs. Oluwatoyin Babalola, the Resident Electoral Commissioner, revealed during a stakeholders’ meeting in Akure that out of 1,991,344 registered voters in the state, 1,729,641 have collected their PVCs.

She mentioned that all 210 centers for the Continuous Voter Registration (CVR) exercise have been identified, listed, and published on the INEC website.

Babalola also noted that 18 political parties would participate in the November 16 gubernatorial election.

Prof. Kunle Ajayi, the INEC National Commissioner overseeing Ondo, Ogun, and Osun States, urged stakeholders to mobilize prospective registrants for the upcoming CVR ahead of the governorship election. He appealed to representatives of media houses, civil society organizations, political parties, security agencies, and People Living with Disabilities to help sensitize prospective registrants to register early, avoid double registration, and discourage underage registration.

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Ajayi recalled that the last CVR exercise ended in July 2022, before the 2023 general elections. The new CVR exercise will run from Monday, May 27, to Wednesday, June 5, 2024, from 9:00 am to 3:00 pm daily, including weekends.

He emphasized that this period would allow young people who have reached the voting age of 18 and other eligible voters who missed previous CVR exercises to register.

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Peter Obi visits victims of Kano mosque explosion

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Former Labour Party presidential candidate, Peter Obi, visited victims of the Kano mosque attack who are receiving treatment at Murtala Mohammed Hospital on Sunday.

Obi explained that his visit aimed to show solidarity with the injured, offer support, and wish them a speedy recovery. He also took the opportunity to thank and encourage the hospital management.

Additionally, Obi extended his condolences to the Government of Kano State, the Emir of Kano, Alhaji Aminu Ado Bayero, and the people of Kano over the tragic incident.

A 38-year-old man, Shafi’u Abubakar, ignited a petrol bomb, setting a mosque in Laraba Abasawa, Gezawa Local Government Area, on fire during early morning prayers. The Kano State Police Command confirmed on Friday that the death toll from the mosque explosion had risen to fifteen.

In a post on his X handle on Monday, Obi emphasized the importance of promoting peace, tolerance, and understanding in society, noting that the incident was a stark reminder of these values.

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“Yesterday, Sunday the 19th, as a follow-up to my earlier condolence message regarding those who lost their lives in the horrific and devastating terror attack on May 16, 2024, in the Gezawa local government area of Kano State during the morning prayer session, I visited Murtala Mohammed Hospital in Kano to sympathize with those injured and receiving treatment at the hospital.

The visit was to physically show solidarity with the wounded, offer support, and wish them a speedy recovery, as well as to thank and encourage the management of the hospital.

Most importantly, it was to send a message to the victims that we stand together in condemnation of any senseless act of violence and killing in our country.

Once again, I sincerely send my condolences to the Government of Kano State, the Emir of Kano, Alhaji Aminu Ado Bayero, and the people of Kano over this very sad incident. I extend my thoughts and prayers, especially to the families of the victims.

This incident serves as a stark reminder of the importance of promoting peace, tolerance, and understanding in our society to create a safer and more harmonious community for all.

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For the deceased, may Almighty Allah forgive their sins and grant them eternal rest,” Obi stated.

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