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Lara Banjoko Advocates Phased deregulation of the petroleum products sector  to ameliorate the suffering Nigerians

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Lara Banjoko Advocates Phased deregulation of the petroleum products sector  to ameliorate the suffering Nigerians

Lara Banjoko Advocates Phased deregulation of the petroleum products sector  to ameliorate the suffering Nigerians

Lara Banjoko, CEO, of Zone 4 Energy Limited and arguably the leading female force who holds the magic wand to turn the fortunes of any moribund petroleum sector company around has lent her voice to the total deregulation of petroleum products in Nigeria as a massive step for petroleum products availability and massive investment/increased employment in the Country.
Lara Banjoko Advocates Phased deregulation of the petroleum products sector  to ameliorate the suffering Nigerians

Lara Banjoko

Banjoko who is a force to be reckoned with in the oil and gas sector opined that deregulation of the petroleum products in phases is the way forward to ameliorate the suffering of Nigerians masses and enable the country implement cushions that will ameliorate the expected changes such a policy will bring to citizens…. She believes such deregulation must be carried out not in a knee jerk approach but with careful and thoughtful planning over a defined period to enable our citizens be able to accept and live with such policy direction.
Banjoko, who also agreed with Asiwaju Ahmed Tinubu on deregulation made the recommendation today in Lagos while reacting to the recurrent scarcity of PMS, also known as petrol in the country.
According to Banjoko,  currently, petrol (which is the primary mover of people across the different strata of Nigeria) is being subsidized under the recovery process in two different and distinct phases…
1. On the costs of purchase
2. On the foreign exchange component of the importation and supply. The product herein is being delivered using the CBN exchange and not the parallel market for such importation….
As such, the advocacy and advice will be a consideration and push towards a phased-out deregulation of the sector…
“The first step is suggested to be on the purchase pricing option. Wherein the foreign component is retained while the product is imported and sold on the prevailing international pricing benchmark”
Furthermore, she states that the second phase will be to remove the foreign exchange component and allow importation and delivery to be at the parallel market (though the belief is that the incoming government must phase out the current regime of multiple exchange rates.
It would be recalled that the deregulation of economic activities which gathered momentum in this country in 1986 under the general programme of Structural Adjustment has been a matter of intense debate among economists, bankers, and members of the public at large.
The monopolistic tendency of NNPC to provide all the petroleum products created some features which have made justification for the deregulation of the sector. The features include a low level of competition, smuggling of petroleum products, monopolistic and sharp practices, the existence of petroleum subsidies, poor maintenance of infrastructural facilities, distortions in product supply and distribution, inappropriate pricing of products supply, and high level of fraud and corruption. According to the PPPRA, Reginald (2009) and Igbikiowubo (2011), the Federal Government of Nigeria wants to deregulate the downstream sector of Nigeria’s oil industry in order to:
• Ensure that petroleum products are made available to consumers in an uninterrupted manner.
• Eradicate waste and corruption which are consequences of a tightly regulated economy. • Ensure that the supply and distribution of petroleum products are orderly and consumer friendly.
 • Channel money realized from the exercise to development projects that will be beneficial to the majority of the people.
 Notwithstanding the above, the office of the Chief Economic Adviser of the president in collaboration with the NNPC and the budget office of the Federation asserted that the rationale behind the Federal Government’s plan to deregulate the downstream petroleum sector includes:
 • To improve the efficient use of scarce economic resources by subjecting decisions in the sector to the operations of the forces of demand and supply.
 • Deregulation will further reduce economic waste and lightens social burdens caused by government control.
 • To expand opportunities for economic growth, a competitive sector and help achieve greater cost-effectiveness. Furthermore, Allison Madueke (2011) harped on the imperatives for the deregulation of the downstream sector including:
• Saving of cost in petroleum subsidies.
• Job creation opportunities.
• Downtime record in the existing refineries.
• Investment opportunities or foreign direct investment in the sector.
Lara Banjoko is the CEO of Zone4 Energy Limited. An epitome of beauty and brain, she is a successful business-woman who has worked so hard to make a name for herself.

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Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai

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Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai

Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai

 

The Former Chief of Army Staff (COAS, Nigerian Army) and Former Nigeria’s Ambassador to the Republic of Benin, Ambassador (Lt General rtd) Tukur Yusufu Buratai, CFR has said that Lagos State has all the qualifications of a modern city and is one of the most populated cities in Sub – Saharan Africa. He went further to affirm that Lagos is also indicative of the degree to which Nigeria’s economic, political, social, and cultural landscape is deeply embedded within the global system.

 

Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai

He made this assertion on Wednesday 20th November, 2024 as the keynote Speaker at the Second Edition of the Lagos State University of Education Security Summit, with the theme: Insecurity, Cost of Living and Good Governance in the 21st Century.

 

 

Ambassador Tukur Buratai, while delivering the lecture in a paper titled: Lagos in Nigeria’s National Security and Defence Architecture: An Analysis.

 

 

Ambassador Tukur Buratai postulated in his paper that, “The presence of strategic military installations, the verse Atlantic Ocean and extensive coastline has placed Lagos State on the strategic defense map of the Armed Forces of Nigeria”, He said further that, ” While the sea provides a strategic economic status it could also be vulnerable to external attacks across the ocean”.

 

In his paper, Ambassador Tukur Buratai reiterated that the Lagos State government should begin to look at the options and implications of having its own security.

 

Ambassador Tukur Buratai also emphasized the urgent necessity to bolster our nation’s troop level to 800,000. He said a larger and more robust force will enhance operational readiness, improve our country’s capacity to respond to various contingencies, and strengthen our alliance on the international stage.

 

 

He also called for the establishment of a Marine Corps for the Nigerian Navy to be strategically stationed in key regions such as Lagos, Borno, Cross River, and Port Harcourt.

 

 

He also raised the pressing issue of the persistent lack of stable power supply in Lagos. He asserted that the Lagos State Government must urgently prioritize the development of independent power generation.

 

Ambassador Tukur Buratai also lauded the Governor of Lagos State, Mr Babajide Sanwo-Olu’s strategy regarding security in Lagos, which provides an example for governor’s throughout Nigeria. He said the governor recognizes that genuine security transcends mere physical presence or reactive measures. He commended the governor’s innovative approach, which has redefined the urban governance, and has also set a benchmark for other states to follow.

 

 

Ambassador Tukur Buratai also recalled that during his tenure as the Chief of Army Staff, he had the distinct privilege of witnessing the fruitful collaboration between the Nigerian Army and Lagos State under the leadership of Former Governor Ambode and now Governor Babajide Sanwo-Olu.

 

 

Ambassador Buratai, during the lecture, also appluaded the Lagos State Government on its infrastructural development in Lagos State, especially the Red and Blue Railway lines.

 

Ambassador Tukur Buratai also commended the Federal Government interventions in the development of Lagos State, while applauding the construction of the Lagos to Calabar Highway, he adviced the Lagos State and Federal Government on the security implications of opening up the high way, he suggested to the government to be proactive by early planning for its security when opened and becomes operational.

 

Earlier, the Vice Chancellor of the Lagos State University of Education, Prof B. B Lafiaji-Okuneye welcomed Ambassador Tukur Buratai to the institution. In her words, she said, ” The great warlord and global peace ambassador is visiting our great institution for the first time. Sir, we appreciate you and what you stand for. Your desire for a Nigeria that is peaceful and safe, where the citizens and residents are free and are given every opportunity to prove their worth and contribute to the growth and development of the nation is evident “.

 

 

While making his contribution during the summit, the Commissioner of Tertiary Education, Lagos State, appreciated and commended Ambassador Buratai for adding value to the security summit and more importantly adding value to the Lagos State University of Education. The Commissioner also drew the attention of the participants of the summit to parts of Ambassador Buratai’s paper, where he elaborated on the strategy of social inclusiveness rather than the use of force to curb insecurity.

 

 

The Commissioner for Tertiary Education, Barr Tolani Sule on behalf of the Lagos State University of Education, presented a Plague of Honour to Ambassador Buratai for his role in nation building.

 

 

Other discussant at the Summit included, HRM, Oba Kamorudeen Animashaun, (Arolugbade 11, the Oloja of Epe Land and the Vice Chairman, Lagos State Council of Obas and Chiefs), HRM, Oba Momodu Afolabi Ashafa ( The Aladi of Ijanikin Kingdom), HRM, Oba (Dr) Aina Josiah Olanrewaju ( IKUYAMIKU 1, the Oloto of Oto Awori Kingdom) and HRH, Oba Babatunde Ogunlaja JP ( ALADESHOYIN, the Paramount Ruler of Odo – Noforija Kingdom), all of whom spoke on the theme :Insecurity, Cost of Living and Good Governance in the 21st Century.

 

 

The event which was attended by various Traditional Rulers, Members of the Governing Council and Senate of the Institution, the Commissioner of Tertiary Education in Lagos State, Barr Tolani Sule, Captain of Industries, Security and Para Military Chiefs in Lagos State, various invited guests and the students.

 

 

Ambassador Tukur Buratai’s delegation to the summit included, Lt General Lamidi Adeosun (rtd), Former Chief of Policy and Plans, Nigerian Army, Colonel Emmanuel Adegbola (rtd), Comrade Oladimeji Odeyemi, Alhaja Toyyibat Adeosun, Alhaji Isa Dogo amongst others.

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Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event

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Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event

*Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event

 

The Nigerian Association of Social and Resourceful Editors (NASRE) has announced the third edition of its Media Outreach Programme, scheduled for Thursday, 21st November 2024, at LTV 8, Agidingbi, Ikeja, Lagos, beginning at 12:00 pm.

Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event

In a statement by NASRE’s Media Director, Lateef Owodunni, explained that the last outreach for the year will not only focus on supporting vulnerable journalists, such as widowed and ailing members of the fourth estate, but also aims to empower active journalists through impactful sessions on health, insurance, and entrepreneurship.

“Our goal for this last edition of our outreach for the year is to broaden the scope of support we offer. Beyond providing relief to vulnerable journalists, we are introducing sessions on health, insurance, and entrepreneurship to ensure active journalists gain valuable insights that can positively impact their careers and personal lives,” Owodunni stated.

The Media Outreach Programme, which has benefitted numerous journalists in its earlier editions, is designed to foster solidarity, growth, and resilience within the media community.

This third edition promises to bring together media professionals, associations, and stakeholders in an inspiring and empowering atmosphere.

NASRE invites journalists, media associations, and enthusiasts to participate in this landmark event, which highlights the importance of care, collaboration, and innovation in addressing the challenges faced by those in the journalism profession.

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Nollywood Star, Arike Akinyanju Signs Multimillion-Naira Endorsement Deal with Busbis Fabrics

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Nollywood Star, Arike Akinyanju Signs Multimillion-Naira Endorsement Deal with Busbis Fabrics

 

Celebrated Nollywood actress, Arike Akinyanju, widely known as Eyinju Olodumare, has added another feather to her cap by signing a multimillion-naira endorsement deal with a Lagos-based textile powerhouse, Busbis Fabrics.

The deal, sealed on Monday, November 18th, 2024, marks a significant collaboration between the renowned actress and the top-rated luxury fabric brand. Busbis Fabrics, located at Royal Prince Supermarket, 7/8 Akerele Street, opposite Deeper Life Church, near Gbagada General Hospital, Lagos, is known for offering exotic fabrics and accessories that define elegance and sophistication.

Busbis Fabrics is a leading name in the fashion industry, specializing in premium fabrics and accessories that cater to every occasion. With a reputation for excellence and luxury, the company’s partnership with Eyinju Olodumare aims to expand its reach and solidify its position as a go-to destination for high-quality fashion materials.

Speaking about the endorsement, Arike Akinyanju expressed her excitement over the deal, noting her admiration for the brand’s commitment to quality and innovation in the textile industry. “I am thrilled to represent a brand that embodies luxury and elegance. Busbis Fabrics is a name I trust, and I look forward to showcasing their stunning collections to my fans and followers,” she stated.

The endorsement will see Eyinju Olodumare serve as the brand ambassador for Busbis Fabrics, promoting its extensive range of luxury fabrics and accessories. With her influence and star power, the partnership is expected to enhance Busbis Fabrics’ visibility and attract more customers from across Nigeria and beyond.

Busbis Fabrics prides itself on delivering unmatched quality and an array of exotic fabrics for special moments, including weddings, parties, and other grand occasions. This partnership with a Nollywood star underscores their dedication to aligning with high-profile personalities who resonate with their brand values.

This endorsement is yet another testament to Eyinju Olodumare’s versatility and influence in the entertainment and fashion industries. As she embarks on this exciting journey with Busbis Fabrics, fans and customers alike are eager to see the magic this collaboration will bring to the world of fashion.

For those seeking unparalleled luxury and style, Busbis Fabrics, located in Gbagada, Lagos, is the ultimate destination.

Nollywood Star, Arike Akinyanju Signs Multimillion-Naira Endorsement Deal with Busbis Fabrics

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