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KAMWIRE’s boss donates N3million to Kwara varsity Enterprenuership programme



Kamorudeen Yusuf

KAM Industries Nigeria Limited, a leading indigenous steel company, has restated its commitment to the development of research, scholarship and entrepreneurship in tertiary institutions across the country.

The Group Managing Director/CEO of the company, Dr. Kamorudeen Yusuf, stated this on Monday at the 8th International conference on entrepreneurship held organised by the Kwara State University, Malete. He also donated the sum of N3millioni to the varsity.

Represented by the Executive Director Corporate Service of the industry, Mr. Bola Awojobi, the KAMWIRE boss noted that Nigeria remains the best place to live and make legitimate wealth despite all odds.

He noted that the money donated is serve as a revolving anchor borrower scheme to students of the varsity as part of his supports for the Centre for Entrepreneurship of KWASU in a bid to further produce graduates who would provide jobs for Nigerians rather than seeking jobs after completion of their studies.

In his lecture titled: “Institutions Industry-Government Collaborations: Key to Entrepreneurship, Economic and Social Development”, Dr. Kamorudeen Yusuf described it as “a timely dosage especially for boosting the nation’s dwindling economy.”

According to him, “I am here to boost the lots of theoretical skills taught in the University. As we are all aware that tertiary educational sector plays vital role in the socio-economic development of any nation through the production of graduates in all fields of human endeavour.

“Tertiary institution is a vehicle upon which the skills of workforce are built. Without effective implementation of tertiary industry, we cannot hope for a future self-reliant graduate with the required skills and flexibility for sustainable human capital development in the global age.”

He however salute the outgoing Vice Chancellor of the varsity, Prof. Abdulrasheed Na’Allah, over his new appointment as the Vice Chancellor of the University of Abuja saying: “This is to further reiterate and confirm his strides towards the growth and development KWASU from its tender age up to the present moment after a successful 10 years tenure in office.

“Accept my hearty congratulations as you become the new Vice Chancellor of the University of Abuja. There is no doubt about the fact that Prof Na’Allah is a ‘Shining Star’ whose wealth of experience is highly required to transform the prestigious University located in the heart of Nigeria.”

In his remarks, the Director, Centre for Entrepreneurship, Dr. Sunday Ojo, thanked the donor for his show of concerns on youth empowerment, growth and development education as well as securing the future for the nation.

He however stressed that the donation which had been tagged, “Kamoru Yusuf Enterprenuership Fund” will further better the lives of students and the society at large.

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FG urged to curb smuggling of roofing sheets, others




Bolanle Yusuf

The Federal Government has been urged to improve on the border control system especially the seaports and halt importation of Galvanized Roofing Sheets in order to harness the potentials of indigenous manufacturers and accelerate the desired economic growth for the nation.

The Group Managing Director of KAM Holding Limited, Dr. Kamoru Yusuf, stated this on Friday when members of the National Defense College Course 28 visited the industry on a study tour.

He noted that the move will further serve as measure towards tackling smuggling and abate the high rates of economic sabotage affecting the nation.

Represented by the Vice Chairman of the Industry, Dr. Bolanle Yusuf, the KAM Holding boss further stressed the need for government to come to the aide of indigenous manufacturers in order to improve the economic fortunes of Nigerians.

She noted that the theme of the tour; “Harnessing Small and Medium Enterprises in the State as a Viable Option for Economic Development”, is desirable at a critical period Nigeria is facing economic challenges engendered by both domestic and external factors.

According to her, “The interpretation of Government Policies on Industrialization, the building of self-sustaining domestic economy and providing the barometers for the measurement of national development rests squarely on the shoulders of Manufacturers who must carry these assignments of immense weight in an emerging economy such as Nigeria.

“I am glad to inform you that in response to the national question of unemployment, youth empowerment and consequent social disequilibrium, Kam has provided thousands of jobs, created job opportunities through its numerous Distributors and Retailers.

“Kam Industries has stretched out its hands of fellowship to Tertiary Institutions near and far and engaged host communities in promoting better Nigeria.”

She added that, “At the moment, we have established Kamoru Yusuf Entrepreneurship Fund at the Kwara State University, Malete with revolving loans to support students to become job creators while still in the University rather than being job seekers when they leave the university.

“Our performances are not without challenges.  Challenges that is synonymous with “swimming against the tide”. For example, large scale smuggling of Sub-standard Galvanized and Pre-painted (PPGI) Roofing Sheets, massive importation of sub-standard aluminum Roofing Sheets in a scale never witnessed in Nigeria is ongoing, thereby threatening the future of domestic production of Iron and Steel products in Nigeria.  Smugglers’ model of operation is a classical study in economic sabotage and espionage.”

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Budget defence: Secret sessions not mandated by Senate -Barau




Barau Jibrin

Chairman, Senate Committee on Appropriations, Senator Barau Jibrin (APC Kano North), has said that the closed door session method being adopted by some of the standing committees in the Senate to carry out 2020 budget defense sessions with heads of the various government agencies, is not the policy of 9th Senate.

Speaking with journalists on Friday on the issue, Senator Barau said budget defense sessions are to be conducted in open session and not secret or  closed door session as widely reported in the media.

“Neither the Senate as a body nor  the Appropriation Committee, coordinating the entire process,  gave such a directive to any committee to hold budget defense session in secret with officials from the executive arm of government.

“I saw the story in the paper today and I’m not happy about it if actually the method was carried out by the affected committees.

“I know that such a trend will not continue from next week because Nigerians right from the budget defense sessions, supposed to know what and what the parliament and the executive are preparing or planning for them .

“The budgets  being discussed or defended by the affected agencies are more or less, for Nigerians, the very reason why such assignment should be carried out in the open with attendance of journalists who are to report the details of what transpired at each of the session”, he said.

He however clarified that  closed door session may be held by committees over sighting the Military, Police and other security agencies at certain stages for security reasons .

His words: “For security reasons, committees over sighting the various military outfits  and Police, may at critical stage, hold closed door sessions but this is not expected from other committees especially on the issue of budget defence, being financial proposals meant for societal advancement.

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Senate passes amended oil production sharing contract law




*Targets N1.5bn annual revenue
*Slams N500m penalty/5yrs jail term on defaulters 
Senate yesterday passed the Deep Offshore and Inland Basin Production Sharing Contract Act, 2004 (Amendment) Bill, 2019 with expected revenue projection of N1.5billion annually.
This was as the upper chamber has raised the penalty for defaulters of this law from N20million fine or one year imprisonment to N500million fine or an option of Five years imprisonment.
President Muhammadu Buhari had  at the commencement of Tuesday’s plenary, transmitted a letter to the President of the Senate, Ahmad Lawan seeking amendment of the Act for urgent assent.
The President’s letter coincided with the Senate consideration of the report of Senate’s joint Committees on Petroleum (Upstream), Gas, Finance, and Judiciary, Human Rights and  Legal Matters on the Bill for final passage.
Passing the bill titled: “Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2019 “for second reading Tuesday, the Senate introduced sections 17 and 18 into it for appropriate penalties against violation of section 16  of the Act.
In his  report, chairman of the joint committee, Senator Albert Akpan Bassey (PDP Akwa Ibom North East), explained that the committee’s recommendation “alters the royalty payable by the PSC contractors such that whenever oil and gas price increases, the share of government also increases automatically with the inception of the newly introduced royalty by price mechanism.
 The bill, he informed provides that whenever oil price goes above US$20 per barrel, the royalty by price shall kick in so that government can participate in reaping the benefits of increase in oil price.
“Another significant recommendation contained in our report is that every PSC company operating in our deep offshore shall pay appropriate royalty to government irrespective of the terrain or water depth in which they operate.”
Consequently, he noted: “This will mark the end of zero royalty in our deep offshore and will greatly improve government revenue.
“The Joint Committee report also contains recommendations for 10 yearly review of the PSCs as well as offences and penalty clause to ensure compliance with the provisions of the Act. This means that Nigeria will never lose revenue again just because no one cared to activate the provisions of the extant law.
“Mr. President and Distinguished Colleagues, the Joint Committee report contains this long-awaited amendment of the Deep Offshore and Inland Basin Production Sharing Contract Act Cap 03 LFN 2004. This amendment will ensure that the share of the Federal Government of Nigeria (FGN) in the additional revenue is adjusted to the extent that the PSCs shall be economically beneficial to Nigeria.”
The Bill which most senators considered he fastest ever passed on the floor of the Senate went through clause by clause consideration and finally scaled through third and final passage.
Fielding questions from journalists after passage of the bill, Senators Akpan and Ubah said the adjustment in the penalty for defaulters of the law when assented to by President Buhari ranges  from one jail term or a fine of N20million by the joint committee to five year imprisonment or N500million fine was by committee of the whole.
It would be recalled that Senator Ubah had on October 2,2019 brought to he consciousness his colleagues at plenary  through a motion on the loss  of a whooping sum of N7trillion to the nation’s economy through the multi-National oil companies on the  non-review of Production Sharing Contracts by the Joint Ventures Companies, JVC.
Senator Ubah, in the motion which was co-sponsored by 27 other lawmakers, informed the Senate that salient provisions of the contractual agreements between Nigeria and the affected oil firms , have not been adhered to by parties concerned  which according to him, had bled the nation’s economy to the tune of $21billion, equivalent of N7trillion.
The N7trillion loss, according to him, were revenues that supposed to have accrued  into the federation account from shares Nigeria supposed to have gotten from the oil firms anytime oil price rises above $20 per barrel as provided for in section 16 of the Production Sharing Contract Oil.
He added that the required periodic reviews that are supposed to be done on the Act in 2008, 2013 and 2018 as provided for in the Act, were not carried out with attendant further loses on the part of Nigerian government .
Consequently, an amendment bill seeking for penalties against the fraud , was tabled and passed for first reading on the floor of the Senate on Thursday last week was sponsored by Senators Akpan and Ubah respectively.
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