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SEC recognises cryptocurrencies, Moghalu faults CBN action

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A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the recent action of the apex bank that Deposit Money Banks should desist from transacting in and with entities dealing in cryptocurrencies.

According to him, the Securities and Exchange Commission recognises cryptocurrencies as financial assets. SEC, which is supervised by the Federal Ministry of Finance, is the main regulatory institution of the Nigerian capital market.

The presidential candidate of the Young Progressives Party in the 2019 elections spoke on Monday while featuring on Arise TV’s ‘The Morning Show’

He said, “There is regulatory dysfunction, there is lack of regulatory coordination. The Securities and Exchange Commission recognises cryptocurrencies as financial assets and in September last year, they said they will be issuing a regulatory framework for it. So, it does look as if the right hand does not know what the left hand is doing.”

The media had earlier reported that the apex bank said cryptocurrencies promote illegal activities and raise risks, among other reasons.

But Moghalu said there was no means of exchange devoid of risk, adding that if the CBN could manage the risks of paper currency and electronic payments and other means of exchange, it should also be able to mitigate the risks associated with digital platforms such as cryptocurrencies.

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Aviation

FG TO PARTNER WITH HUNGARIAN COMPANY TO PRODUCE AIRPLANES IN NIGERIA

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In line with its desire to bequeath sustainable growth and development in the aviation sector, the Federal Government has expressed its readiness to partner with the Magnus aircraft Manufacturing industry in Hungary to establish an assembling plant and begin to manufacture in Nigeria from start to finish before the end of the Buhari administration.

The Minister of Aviation Senator Hadi Sirika expressed the interest when he paid an inspection visit to the Magnus Aircraft Industry in Pogany, Hungary.

He explained that “if we venture we them, we may start with assembling plant and later manufacturing”, adding that the Magnus aircraft is an aeroplane that is good for Military training, has an aerobatic manoeuvre and is made of fully composite materials high strength and very lightweight.

Sirika being briefed by officials of Magnus

A statement by the Director of Public Affairs Ministry of Aviation, Dr James Odaudu described Aerobatics as the practice of flying manoeuvres involving aircraft attitudes that are not used in normal flight. Aerobatics are performed in airplanes and gliders for training, recreation, entertainment, and sport.

The statement further quoted Sirika as saying he was very satisfied with the features and more than willing to facilitate the production of the aeroplanes in Nigeria, saying one of the significant features of the Magnus aircraft is that it uses normal car petrol and outperforms any training aircraft of its kind”

The Minister who was at the facility on the invitation of the Company, said the proposed partnership with the aircraft manufacturer will be subjected to further analysis to verify the market and government willingness to partner with a significant amount of money and logistics.

He emphasized that the local production of aircrafts in the country will facilitate the growth of Nigeria as a regional aviation super power as it will also come with maintenance and repair facilities that will attract patronage from neighbouring countries.

Sirika trying his hands on the Magnus aircraft

According to him, the present administration has created an attractive environment for international investors in Nigeria, especially in the aviation sector, with the ongoing implementation of the development roadmap which places emphasis on public private partnerships.

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Request For Qualification for the Concession of Airport Terminals

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Aviation

AIRPORTS CONCESSION GATHERS MOMENTUM, AS FG RELEASES REQUEST FOR QUALIFICATION

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The Federal Government through the Ministry of Aviation in compliance with the Infrastructure Concession Regulatory Commission (ICRC) and National Policy on Public-Private Partnership (N4P) has released a request for qualification for the concession of four International Airport terminals and related services.

In the document signed by the Permanent Secretary, Federal Ministry of Aviation, Engr. Hassan Musa, the four major commercial airports; Nnamdi Azikiwe International Airport Abuja; Murtala Muhammed Internatıonal Aırport Lagos; Malam Amınu Kano Internatıonal Aırport and Portharcourt Internatıonal Aırport and surrounding communities are intended to develop into efficient, profitable, self-sustaining, commercial hubs which will create more jobs and develop local industries through a Public-Private Partnership (PPP) arrangement.

A statement by the Director of Media and Public Affairs Ministry of Aviation,  Dr James Odaudu quotes the document saying “The Federal Government of Nigeria (FGN) through the Ministry of Aviation is inviting bids from reputable Airport Developers/Operators/Financiers/Consortia for prequalification for the Concession of selected Airports Terminals under a Public-Private Partnership (PPP) arrangement”.
It further stated that “The airport’s terminal concession is one of the critical projects under the Aviation Sector Roadmap of the FGN and fits well within the scope of the Ministry’s strategic plan for the sector. The execution of this project is meant to achieve the Federal Government’s objective in terms of air transport value chain growth by developing and profitably managing customer-centric airport facilities for safe, secure and efficient carriage of passengers and goods at world-class standards of quality”.

Hadi Sirika
Minister of Aviation

According to the document the eligibility requirements are; “Full names of firm/consortia; Evidence of Company Registration; Ownership structure of bidding entity; Audited Financial Statements; Sworn affidavit; Power of Attorney/Board Resolution and in the case of a consortium, evidence in the form of a letter of association agreement”.

It explained that to be prequalified for consideration as a prospective PPP partner for the project, the prospective firms/consortia must have technical, operational and financial capability including; Experience in the Development and Operation of an International Airport and Cargo Terminals; Evidence of Financial Capacity in support of the company or consortium’s ability to undertake the airport concession illustrated by a minimum net worth of NGN 30 billion and Letters of Support from credible financial institutions in support of the consortium’s ability to manage and operate the Airports terminals.

“The modalities for application submission shall be in a sealed envelope containing 7 copies neatly bound (1 original and 6 copies clearly marked) of the completed RFQ and the required supporting documents, which shall be clearly marked “RFQ for the Concession of Airport Terminals’ and address to the Permanent Secretary, Federal Ministry of Aviation, Federal Secretariat Complex Abuja.

The Application shall be submitted either physically or by pre-paid, registered/certified mail or courier to the address provided. The submission shall be on or before 15:00 hours Nigerian Time (14.00hrs GMT) on 27th September 2021”. It explained.
The request emphasis that the RFQ is the pre-qualification stage of the procurement process for the Project in which interested parties are required to meet the pre-qualification requirements specified in the RFQ package. Only pre-qualified parties will proceed to the Request for Proposal (RFP) stage and shall execute a Non-Disclosure Agreement prior to issuance of the RFP documents.

The document urged the interested international parties to partner with local firms in compliance with the requirements of the Federal Government of Nigeria local content development policy while submission of RFQs through electronic media will not be considered.

The document also states that additional information, can be found on the website: https://nacp.aviation.gov.ng

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