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Gov. Mbah to deliver keynote address at Nigerian Indonesian Trade and Investment Forum in Jakarta

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Governor Peter Mbah to receive Vanguard's Good Governance Award
Enugu State Governor, Dr Peter Mbah

… As Enugu, Indonesia pursue shared prosperity

Governor of Enugu State, Dr. Peter Mbah will give the keynote address at the Nigerian Indonesian Trade and Investment Forum scheduled for Jakarta, Indonesia this October as the state and the Indonesian government pursues mutual prosperity, capital flows, and diversification of Indonesian industries into Enugu State.

This was made known at a world press conference organised by the Nigerian Indonesian Chamber of Commerce and Industry (NICCI) in Lagos where the Secretary to the State Government (SSG), Prof Chidiebere Onyia; President of the Nigerian Indonesian Chamber of Commerce and Industry, Mr. Ishmael Balogun; and Director, Indonesia Trade Promotion Centre, Lagos, Hendro Jonathan Manurund, spoke on the huge trade and investment potentials between Nigeria and Indonesia.

Speaking, Prof. Onyia said the forthcoming Forum themed “Rediscovering Business Potential in Nigeria”, was aimed at exploring and stimulating greater trade and investment between Nigeria and the southeast Asian nation across key sectors such as agriculture, energy, power and transport sector.

Onyia said that Enugu stood to benefit greatly from the Forum given the state’s abundant resources and potentials, stressing that the state was poised to “become Nigeria’s most remarkable success stories driven by industrialisation and structural economic transformation, responsible public financial management, robust growth in trade and investment, and sustainable and inclusive infrastructural development”.

“Enugu is blessed with untapped natural gas reserves and our vast natural gas reserves have imposed a responsibility on Enugu to drive the Nigerian green economy transition.

“Enugu is one of the first states to attract investment in Compressed Natural Gas-powered buses and the state has the potential to be a leader in the clean industries of tomorrow,” he added.

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He assured that the state was robustly de-risking the investment climate, and addressing bottlenecks that undermine investment growth and profitability.

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On her part, the Enugu State Commissioner for Trade, Investment and Industry, Adaora Chukwu, said the state’s partnership with the Indonesian government was based on Governor Peter Mbah’s initiative to move the state from a $4.4 billion dollar to $30 billion dollar economy.

“Nigeria hopefully will gain and attract investment, industries and capital in the partnership and for the Indonesian government, it will be a mutual prosperity effort, with Enugu State giving expertise in some areas,” she said.

While Mandurun, who heads the Indonesian Trade Promotion Centre at the Embassy of Indonesia in Nigeria underscored the gains of greater economic collaborations between both countries, the President, Nigeria Indonesia Chamber of Commerce and Industry, Mr. Balogun, noted that investments between both countries had grown from $2.6 billion in 2021 to $4.6 billion dollars in 2022.

He, however, said that both countries had the potential to do much more, hence the trade and investment forum billed for Jakarta in October.

“We have a very robust line up of participants both from the public and private sectors from Nigeria and Indonesia.

“Areas of focus include, but are not limited to manufacturing, renewable energy, power generation, infrastructure development, health, agriculture, transportation, mining, digital economy and much more.

“This will be followed by a government to government, government to business and business to business roundtable discussions to further foster sustainable collaborations and fruitful partnerships”, he said.

He added that the event in Indonesia would witness the signing of Memorandum of Understanding (MOU) by the participants to grow the economies of both nations in leaps and bounds.

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Also at the media event was the CEO of the Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo.

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Binance, OctaFX, Coinbase, others blocked over forex crisis (FULL LIST)

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Binance, OctaFX, Coinbase, others blocked over forex crisis (FULL LIST)

The Federal Government has moved against online platforms of Binance and other cryptocurrency firms over alleged manipulation of the forex market.

Binance is a digital assets platform which serves as a window for peer to peer transaction allowing users to advertise interest to sell or buy currencies of their choice.

On February 5, 2021, the Central Bank of Nigeria (CBN) directed banks, non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions.

The regulator also warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.

CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

In December 2023, the Central Bank of Nigeria changed its stance on crypto assets and asked banks to disregard its February 2021 ban on crypto transactions.

This latest restriction on crypto websites is aimed at slowing currency speculation activities in the country, with Binance stating that its platform is not for currency pricing.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, argued that Binance and other crypto platforms should be banned from operating in Nigeria.

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He said the cryptocurrency trading platform is facing restrictions in multiple jurisdictions such as the United States, Singapore, Canada and the United Kingdom.

Reacting, Binance said its firm does not operate as a price discovery platform and FX rates are determined by complex forces that have nothing to do with the company.

The trading company said it provides a market-driven peer-to-peer (P2P) platform that is not meant to be a proxy for currency pricing in Nigeria.

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The platform users have complained about their inability to buy dollars.

The platforms blocked include:

– Binance

– Forextime

– OctaFX

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– Crypto

– FXTM

– Coinbase

– Kraken

– Kucoin

– Bybit

There are also many other platforms used in the cryptocurrency transaction in Nigeria.

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Military warns Nigerians calling for coup over economic hardship

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Military warns Nigerians calling for coup over economic hardship
• Chief of Defence Staff, General Christopher Musa
The military has issued a warning to those calling for a coup against President Bola Tinubu’s administration on account of the hardship in Nigeria.

Nigeria is currently facing one of its worst economic crises in history, triggering protests in different parts of the country.

Some people have said if things do not get addressed on time, the military could stage a coup and oust the government of President Bola Tinubu.

Reacting to this, Chief of Defence Staff, General Christopher Musa, said those insinuating such do not mean well for the country, warning that the law would catch up with them.

Musa said the Armed Forces would continue to do the needful to protect the country’s democracy.

He spoke while responding to questions from newsmen shortly after he commissioned the main entrance of the 6 Division, Nigerian Army and Officers Transit Accommodation, both at the Division Headquarters in Port Harcourt, Rivers State capital.

While admitting that the country was experiencing some challenges, he said coup calls were improper because nations achieve more and develop faster under a democracy.

“Whoever is making that call (coup) does not love Nigeria. We want to make it very clear that the Armed Forces of Nigeria are here to protect democracy. We all want democracy and we do better under democracy. And so we will continue to support democracy. And any of those ones that are calling for anything other than Democracy are evil people and I think they don’t mean well for Nigeria.

“And they should be very careful because the law will come after them. We can see that with democracy a lot of things are happening in Nigeria. Yes, we are going through trying periods, I mean in life nothing is hundred percent.”

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He emphasized that what is needed is for citizens to be patient and give their support to the Tinubu government to succeed and put the enemies of the state calling for a coup to shame.

SEE ALSO:  Binance, OctaFX, Coinbase, others blocked over forex crisis (FULL LIST)

“Everybody goes through a trying period in life, and it is what you do with them. You can see the government putting efforts to ensure that we come out better. And it is when you go through difficulties and come out better you will really appreciate what it is to build a nation. And so we are going through our trying period, but I can assure Nigerians that it will get better.

“All we need is for all of us to put our hands together to ensure that we defeat those enemies of the government, those enemies of this country that don’t want us to succeed. We will surely succeed and the Armed Forces are here to support the Government in ensuring that we develop, we succeed and to see that there is peace in Nigeria.”

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Enugu govt withdraws fraudulent approvals obtained by property developers

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Enugu govt withdraws fraudulent approvals obtained by property developers
Executive Chairman ECTDA, Mr Uche Anya at the press briefing in Enugu on Thursday

Enugu State Government, on Thursday, decried what it called worrisome activities of some developers parading fraudulent approvals.

Executive Chairman of the Enugu Capital Territory Development Authority, ECTDA, Mr Uche Anya disclosed this while briefing journalists.

He said such fraudulent approvals have been withdrawn, vowing that the government would never succumb to blackmail.

Anya said, “it is very disheartening that in spite of all we have done, we are still facing challenges in our development control, we have some unscrupulous developers who call themselves investors, sabotaging our master plan, corrupting the system.

“We have instances where people secured approvals using the Certificate of Occupancy, C of O of a different area and passed it on for a property in another location.”

He cited a particular outfit operating in Independence Layout, a night club, which he said has a land title of a property in GRA but passed it on for another property in Independence Layout

“On top of that, they went out of their way and built things not approved.

“We have a similar instance opposite Fire Service, you will see a huge building that we don’t know what to make of it, whether to call it a hotel or complex or whatsoever, in variance to what was approved.

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“Then you go to the bank of Ekulu River, people who have jettisoned even the setback they signed up for and they are parading fake approvals, distorting our place, threatening our bridges, we cannot afford to have another collapsed bridge in Enugu. We must save Trans Ekulu Bridge at all costs.

“So we want to tell the world that we are not afraid of doing the right thing.

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“We have withdrawn all the approvals that were fraudulently obtained and we intend to ensure that Enugu State, as much as we would do everything to encourage investors, will not allow unscrupulous people to violate our laws and end up blackmailing government officials.

“How on earth did someone get approval for a night club in Independence Layout using title documents of GRA?” Anya queried.

“All the people that have approval for one property and end up building up everywhere, we are also withdrawing such approvals.

“We need the world to understand that Enugu is a city of law and order and all our investment drives remain in front burner. All genuine investors have nothing to fear but those who want to corrupt the system have everything to worry about,” he added.

The ECTDA boss assured all genuine investors that Enugu State is open for investments.

He said, “we welcome people that want to make Enugu their preferred home. Enugu is home for all and this is what this administration is committed to.

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“Our 30 billion dollars investment drive for Enugu State is not a joke, and you can see that Governor Peter Mbah’s administration is not joking about it.

“You can see the massive infrastructural investment going on in all the places, you can see that we have paid attention to ease of doing business, the taxation system has been harmonized, this administration has zero tolerance for double taxation.

“You can see that E-government has taken firm root. For instance, we have eliminated corruption from our system of doing business.

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“In line with our ease of doing business, our land department is totally reformed, we can assure you that C of O in Enugu can be obtained within 72 hours if all your documentations are in order

“We also make it easy for every development approval to be processed and issued within 5 working days.”

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