News
Buhari Pencils Technocrats, Others as Ministers
Nigerians are in for a big surprise and inevitable disappointment as President Muhammadu Buhari, who has promised to name his cabinet in September, is expected to forward the ministerial list to the National Assembly before September 26.
Leaders of the ruling All Progressives Congress (APC) are said to be in the dark over the composition of the cabinet.
But a source close to the Presidency, indicated that the list as currently compiled, is dominated by technocrats with very few politicians.
According to the source, “Some of the party leaders have been given the privilege of nominating people into the cabinet. Some governors have also been given a similar privilege. But going by previous appointments made by the president, we have resigned to fate. President Buhari is unpredictable”
President Buhari had, in the heat of pressures mounted on him by Nigerians in July on appointments of ministers, declared that he will name his cabinet members in September.
Buhari, at the time, said he would not allow himself to be rushed into making such appointments since it would not be ideal for a minister to be appointed and sacked within few weeks or months of engagement.
He explained then that an audit was being carried out in the various ministries to ascertain the level of rot in them before appointing ministers for their cleansing.
Before President Buhari’s September date for appointment of ministers, notable APC chieftains such as former governors of Lagos State, Babatunde Raji Fashola; Anambra State’s, Senator Chris Ngige; Ekiti State’s, Kayode Fayemi and Osun State’s, Olagunsoye Oyinlola were widely believed to have been pencilled down for the crucial appointments.
Others being touted was former Governor of Kano State, Senator Rabiu Musa Kwankwaso, who was widely speculated as FCT minister designate.
The appointments, sources further said, are likely to be in the mode of the recent ones that saw the emergence of a non-politician, such as Babachir David Lawal, as the Secretary to the Government of the Federation (SGF), against widely held expectations that a party chieftain like Chief Ogbonaya Onu, former governor of Abia State and National Chairman of the defunct All Nigeria Peoples Party (ANPP) would be given the post.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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