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‘Bioethics Documents Ready For President’s Approval’
The Director-General, National Biotechnology Development Agency (NABDA), Prof. Abdullahi Mustapha, says the National Bioethics Documents will soon be transmitted to the Federal Executive Council for President Muhammadu Buhari’s approval.
Disclosing this on Monday at the NABDA’s Bioethics Educational Programme in Abuja, Mustapha said the Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu, already signed the National Bioethics Federal Executive Council Memo.
According to him, Nigeria is a signatory to the 2005 UNESCO Declaration on Bioethics and Human rights.
“As a signatory to the declaration, Nigeria is expected to develop the National Bioethics Framework and Policy Documents that will lead to the establishment of a functional national bioethics committee.
“Article 23 of the Declaration affirms that member states should endeavour to foster bioethics education and training at all levels as well as encourage information and knowledge dissemination programme about bioethics,’’ he said.
The NABDA Director-General noted that the process of establishing the National Bioethics Committee began in 2009 with UNESCO organising the first national bioethics stakeholders meeting.
He said the second was also organised by UNESCO in 2017 while NABDA in collaboration with the National Commission for UNESCO (NATCOM) organised the third in 2019.
Mustapha pointed out that the three meetings were all geared towards drafting the National Bioethics Framework and Policy Documents which were vital documents required for the establishment of a National Bioethics Committee.
“The National Bioethics Documents are to serve as guide for the establishment and proper functioning of the National Bioethics Committee,’’ he said.
He stressed that there were numerous advantages to be drawn from the establishment of the committee.
However, he noted that as giant of Africa, Nigeria should take the lead in bioethics for the rest of the continent to follow.
Dr Chitu Princewill, Deputy Director at the NABDA and Desk Officer of Bioethics unit, said three major components were required for the establishment of National Bioethics Committee in Nigeria.
“First is the development of a national bioethics framework and policy documents, second is the bioethics educational programme and the third is inauguration of the members.
“The inauguration will come after the approval of the National Bioethics programme and Policy Documents by the Federal Executive Council headed by the President,’’ Princewill said.
She said the educational programme was a continuous process due to the rapid advances in science, medicine and societal changes in the environment, local and international laws.
The Bioethics Desk Officer said that the objectives of the educational programme were to give participants the basic knowledge of bioethics as well as to understand the core principles of bioethics.
Prof. Adefolarin Malomo, a professor of Neurology and trained Bioethicist, said that bioethics would affect how Nigerians look at issues that affect human lives using different background theories, understanding and principles.
Speaking in an interview on the sideline of the event, Malomo said bioethics in a country such as Nigeria had to take advantage of all aspects of social life to strengthen everybody.
“Doing good is something that should occur at all levels, if you are a husband, a boss and above, it’s your obligation to continuously seek and do good to those who are below you.
“Bioethics is something that will beef up our understanding of ourselves because as human beings we are gifted and talented about the light we get,’’ he said.
High point of the day one educational pogramme saw five lectures delivered on Introduction to Bioethics and Theories of Bioethics by Prof. Peter Omonzejele.
Others were, Evolution of Human Research Protection and Principls of Biothics/Informed Consent by Prof. Adefolarin Malomo.
Prof. Omokhoa Adeleye also delivered a lecture on Research Misconduct and Integrity.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter