Kachikwu Signs $80bn Oil and Gas Infrastructure Deals in ChinaEjiofor Alike and Chineme Okafor

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.

Speaking exclusively to THISDAY yesterday from Beijing, China, Kachikwu said the agreements had been executed during the three-day roadshow in the Asian country to attract investments to Nigeria’s oil and gas sector.

The objective, he said, is to bridge the infrastructure funding gaps in the Nigerian oil and gas sector.

He said: “I can confirm that we had a successful outing and finally raised investment commitments and signed MoUs worth $80 billion.

“Out of this, $10 billion approximately was raised on the sides with our steer and push for two Nigerian companies – Delta Tek and Salvic Petroleum – while the balance of $70 billion includes MoUs signed by investors and financiers for projects with the Nigerian National Petroleum Corporation (NNPC).”

Salvic Petroleum is a company founded and chaired by Dr. ABC Orjiako, who is also the Chairman of foremost Nigerian oil independent, Seplat Petroleum Plc.

Kachikwu also revealed that other than the agreements executed for investments totalling $80 billion, he also got commitments from Sinopec and China National Offshore Oil Corporation (CNOOC) to commit to further investments in Nigeria’s upstream oil sub-sector to the tune of $20 billion, which would be concluded in the next few months.

This, he said, would effectively bring the total amount of prospective investments by Chinese firms over a five-year period to over $100 billion.

“Outside these (MoUs for $80 billion investments), the two largest oil companies in China, Sinopec and CNOOC, signed investment MoUs agreeing to announce after further discussions on major investment increases in the Nigerian oil and gas in the next few months.

“Given the areas of focus of these two companies, we do not expect that investment to be less than $20 billion. The net effect of these and other agreements in principle reached with investor interest in China on this roadshow will potentially provide investment funds for Nigerian oil and gas of over $100 billion over the next five years.

“These investments cover every facet of Nigeria’s oil and gas sector – upstream, pipelines, downstream, gas and power, modular refining in the creeks, engineering services, etc.

“It has been a fantastic outing and if we can follow through on all these, it will change the face of Nigeria’s oil and gas forever. This will bring hope even to the Niger Delta and is the single biggest amount of MoUs signed on investment in any third world country in a roadshow,” he said.

The minister informed THISDAY that his ministry and NNPC would work round the clock over the next few months to perfect all the documents and meet all the conditions precedent to draw down on the commitments made by the Chinese firms.

“We will work round the clock to meet the conditions precedent to draw down and make these investments a reality. Of course, the federal government’s approval on certain commitments will be required as these involve sovereign guarantees.

“But the number of projects that require sovereign guarantees are very limited, as most of them are build and operate projects such as the pipelines and refineries, which are attractive prospects for the Chinese firms that have expressed interest in coming to Nigeria.”

He added that unlike the oil-for-infrastructure deals with Chinese, Korean and Indian firms entered into by the Olusegun Obasanjo administration, but all went burst due to the federal government’s inability to meet its own side of the bargain, the projects would not be paid for with oil, adding that the returns on investments made by the Chinese would come from the projects.

Also speaking to THISDAY yesterday, an official in the petroleum ministry said Kachikwu signed the MoUs with companies that included China North Industries Corporation (NORINCO), CINDA, CNOOC, Chem China and Sinopec/Addax and ICC-NDRC, among others.

He said: “The huge success of the roadshow leveraged on the minister’s 30 years experience and contacts in the oil and gas industry, as well as President Muhammadu Buhari’s leadership and support.”

He added that the roadshow was a fallout of two months of planning by officials of NNPC and the petroleum ministry that targeted investment meetings with 38 Chinese firms.

“Other roadshows to India and the Gulf states are planned by Dr. Kachikwu for July and August should there be a need for this.

“This show of support reflects the growing international confidence in Nigeria’s oil and gas sector following major reforms over the last seven months and belief in the government and integrity of President Buhari by foreign governments and investors.”

Following THISDAY’s enquiries, a statement provided by NNPC also said: “The Nigerian National Petroleum Corporation wishes to announce the recent landmark strides the corporation has achieved in its bid to bridge the infrastructure funding gaps in the Nigerian oil and gas sector.

“This comes in the form of a first of its kind roadshow in China where memorandums of understanding (MOUs) worth over $80 billion to be spent on investments in oil and gas infrastructure – pipelines, refineries, power, facility refurbishments and upstream – have been signed with Chinese companies.

“Dr. Kachikwu, while speaking during the plenary of a special Investors’ Roundtable which had in attendance over 300 Chinese and Nigerian businessmen and investors with a key focus on the oil and gas sector, reiterated that the roadshow was organised as a follow up to the earlier working visit of President Muhammadu Buhari to China in April, 2016.

“He further commended the efforts and resolve of the president whose steer and support in ensuring that there is a marked transformation of the oil and gas industry has inspired the management to work towards institutionalising of focus, accountability, commitment and transparency at the corporation.”

NNPC added that the International Cooperation Commission (ICC) of the National Development and Reform Commission (NDRC), in charge of implementing cooperation between the Chinese government, foreign governments and organisations, had committed to developing an overarching master plan for the Nigerian oil and gas sector that would include a detailed feasibility study of the current status of existing infrastructure in the industry.

“They will also develop bankable projects that would attract Chinese investors on this government-to-government platform. This initiative would move us to a much more profitable and efficient state. The master plan would form the basis of massive inflow of further investment from Chinese companies into the sector.

“At the end of the plenary, Dr. Kachikwu expressed his gratitude to the Chinese government and investors for the show of support which reflects the growing international confidence in Nigeria’s oil and gas sector following the major reforms that have been overseen under his leadership as both Group Managing Director of NNPC and Minister of State, Petroleum Resources over the last seven months, and also the belief in the government and integrity of President Buhari by foreign governments and investors.

“Dr. Kachikwu further mentioned that the China roadshow is the first of many investor roadshows intended for raising funds to support the Oil and Gas Infrastructure Roadmap. Roadshows have been slated for India and the Gulf states,” NNPC said.

Culled from Thisday

Ekweremadu Writes Int’l Community, Says Buhari Wants to Silence Him-Omololu Ogunmade

 • Letter sent to UN, EU, US, UK, others
• AGF to appear before Senate tomorrow, may be grilled over conflict of interest as counsel to Unity Forum senators

Deputy Senate President, Ike Ekweremadu has written to the United Nations (UN), European Union (EU) and governments of the United States and United Kingdom, alleging attempts by the government of President Muhammadu Buhari to truncate Nigeria’s democracy.
Also copied in the letter were the United States Congress and European Union (EU) Parliament.

This is just as the Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami is expected to appear before the Senate Committee on Judiciary, Human Rights and Legal Matters tomorrow, where he is likely to face questions on his decision to prosecute Senate President Bukola Saraki,  Ekweremadu and four others for allegedly forging the Senate rules.

He is also likely to be grilled on the conflict of interest arising from his involvement in the same case a year ago, when he represented Saraki’s opponents in the Senate in his private capacity as a lawyer.

In the two-paged letter, titled “Re: Trumped up Charges Against the Presiding Officers of the Eighth Senate: Nigerian Democracy is in Grave Danger”, Ekweremadu insisted that Buhari’s government wants to silence him as the highest ranking opposition leader in the country by prosecuting him for alleged forgery.

Ekweremadu also attached to his letter, copies of the court summons and other relevant documents relating to the charge.
He urged the international community to go through the documents and determine if the trial was justifiable or one purely borne out of political vendetta.

He insisted that neither his name nor that of Saraki featured in the petition by members of the Senate Unity Forum (SUF) or during the investigation of the petition by the Nigeria Police.

He alleged that he was denied fair hearing in the matter, adding that the police did not interact with him before he was charged to court.
He urged the international community to determine if the trial was not politically motivated, a witch-hunt, barefaced intimidation and an attempt to emasculate him.

“You may further wish to judge for yourself whether this unfolding scenario, coupled with the clampdown on the opposition, such as targeted arrests and indefinite detention of opposition figures and dissenting voices in spite of court pronouncements and in clear violation of the Nigerian Constitution, as well as the sustained marginalisation of the South-east and South-south geopolitical zones of Nigeria, do not constitute a grave danger to the nation’s hard-won democracy,” he said.

The letter added: “I wish to forward to you the court summons containing the trumped up charges preferred against my person; the President of the Senate, His Excellency, Senator Bukola Saraki, CON; and two others.

“I also wish to appeal to you to kindly find time to read through the annexures – petition by members of the Senate Unity Forum, statements by persons interrogated, and the police report – to see if we appeared anywhere in these documents.

“You may, thereafter, judge for yourself whether the federal government, acting through the Attorney-General of the Federation, has any justification whatsoever to generate our names for trial.

“The list of the accused persons appear to have been politically generated because you cannot by the documents attached, relate any of our names to the offence for which we are now being charged.

“Moreover, the rules and principles of fair hearing have not been adhered to because the police have not interacted with neither me nor the President of the Senate as at the time of writing this letter.

“You may also wish to judge for yourself whether this trial orchestrated against me is not a political trial, calculated witch-hunt, barefaced intimidation, and a clear attempt to emasculate the parliament and silence me as the leader and highest ranking member of the opposition in Nigeria.

“Meanwhile, it would also be recalled that an attempt was made on my life on November 17, 2015. The Nigerian security agencies did nothing, even though the incident was duly reported. This is for your information and reflection.”

When contacted on the letter written by Ekweremadu to the international community, the president’s media aide Femi Adesina said the presidency would not comment on the Deputy Senate President’s letter.

Saraki, Ekweremadu and two others were arraigned by the federal government on Monday for allegedly forging the Senate rules that were used in the elections through which they emerged Senate President and Deputy Senate President, respectively, in June last year.

All four pleaded not guilty and were granted bail by the High Court, Abuja.
Since the news of their prosecution broke, the already fragile relationship between the presidency and Senate has taken a turn for the worse.

The presidency has never hidden its displeasure over the emergence of Saraki as Senate President, in defiance to the preferred choice of the ruling All Progressives Congress (APC), Senator Ahmed Lawan.

Saraki defied the wishes of his party to become senate president by aligning with senators of the opposition Peoples Democratic Party (PDP), who insisted they would only support his candidacy for the post if Ekweremadu was elected his deputy.

Unease Pervades Senate

The arraignment on Monday of Saraki and Ekweremadu has continued to create unease among senators in Abuja, THISDAY gathered yesterday.
The fear enveloping the Senate, THISDAY gathered, has forced those loyal to the Senate President and his deputy to dig deep and come up with a strategy to counter the perceived motive of the executive.

Speaking to THISDAY on the issue, a senator from the South-south geo-political zone said: “Let me be open with you, the Senate leadership and in fact, majority of the senators are very worried about the motive of the President Muhammadu Buhari-led executive.
“But for now, the Senate is on break and the President of the Senate has travelled to Saudi Arabia for Umra (lesser Hajj).”

Asked what the senators plan to do to counter the motive of the executive, the senator said a political team – made up of some senators loyal to the leadership of the Senate and some political strategists outside the Senate – had been set up to come up with a plan to counter the purported plot by the executive.

The source added: Maybe President Buhari and his gang have just realised that their plan to use the Code of Conduct Tribunal (CCT) to force a change of leadership in the Senate would not fly. So they have decided to come up with this latest plot.
“Right now, there is a near agreement by a majority of us that Buhari has pushed us to the wall, and nobody can predict what would be the reaction of the National Assembly.”

AGF to Appear Before C’ttee

Meanwhile, the AGF is expected to appear before the Senate Committee on Judiciary, Human Rights and Legal Matters tomorrow to explain the rationale behind his decision to charge Saraki and Ekweremadu to court for alleged forgery of the Senate Standing Orders.
The AGF was earlier billed to appear before the committee last Thursday in accordance with the Senate resolution of June 21, 2016, which mandated the committee to summon the AGF.

The resolution was the fallout of a motion moved by Senator Dino Melaye (Kogi West) wherein he accused the AGF of charging Saraki and Ekweremadu to court for perceived spurious allegations of forgery.
Melaye further said the decision of the AGF to reopen the forgery charge after Justice Gabriel Kolawole of an Abuja Federal High Court had struck out the case was a threat to democracy.

In compliance with the resolution, the Committee on Judiciary summoned the AGF to appear before it on Thursday, June 23.
But following his inability to honour last Thursday’s invitation, the committee rescheduled the meeting for Thursday, June 30 (tomorrow).

The new letter rescheduling the meeting and entitled “Re: Eminent Threat to Our Democracy – Request for Adjournment”, whose receipt was acknowledged by the Office of the AGF yesterday, was signed by the committee chairman, Senator David Umaru.
The letter was dated June 27.

The letter read: “I write with reference to your correspondence on the above subject matter with Ref. HAGF/NASS/2016/Vol. 1/24, dated 23rd June, 2016, whereby you requested for an adjournment of the meeting of the committee, which was supposed to hold on Thursday, 23rd June 2016, to enable you prepare your response.

“The committee has considered your request and having regard to the reason adduced, acceded to the request for an adjournment. Accordingly, the meeting is now scheduled to hold on Thursday, 30th June 2016 at noon prompt.

“The venue is Senate meeting room 313, 3rd floor, New Senate building, National Assembly complex. You are by this letter, invited to appear before the committee on the date and time mentioned above. Please, accept the assurances of our highest consideration and esteem.”

Should he appear, Malami is likely to be grilled on the apparent conflict of interest arising from his involvement in the forgery case that was dismissed by a Federal High Court, Abuja, slightly less than a year ago prior to his appointment as the AGF.

Malami was one of several lawyers who represented senators of the Unity Forum that sued Saraki, Ekweremadu and others last year for allegedly forging the Senate rules.
However, Justice Kolawole had ruled that the alleged forgery of the Senate rules were the chamber’s internal affair.

He held that the involvement of the police in the case amounted to the National Assembly allowing other arms of government to supervise or regulate its internal proceedings.

  Source: Thisday 

EU membership: Britons decide today-By Emma Emeozor

“ DEATH to traitors, freedom for Britain.” This was the response of Thomas
Mair, the gunman who killed British MP Mrs Jo Cox in broad day street attack a week ago, after he refused to give his age or address during a 15-minute extraordinary hearing held at Westminster Magistrate’s Court in central London.
Certainly, the murder of Cox exposes the acrimony across Britain as the battle over the country’s continued membership of the European Union (EU) reached a climax. But can Britain free itself from EU, a process referred to as Brexit? This is the vexed question Britons will answer today as they vote
in a referendum. The referendum will ask voters whether the country should “remain a member of the European Union” or “leave the European Union.”
Who is qualified to vote
British citizens older than 18 can vote, as can citizens abroad who have been registered to vote at home in the last 15 years. Also eligible are residents of Britain who are citizens of Ireland or of the Commonwealth, which consists of 53 countries, including Australia, Canada, India and South Africa. Unlike in general elections, members of the House of Lords may vote, as can Commonwealth citizens in Gibraltar, a British overseas territory. Citizens of the European Union living in Britain cannot vote, unless they are citizens of Cyprus, Ireland.
Tomorrow poll: Too close to call
According to U.K. Telegraph newspaper report yesterday, Opinium’s final poll showed a third of the population (34 per cent) believe the economy will be “about the same” regardless of whether Britain leaves or remains in EU, with 55 per cent saying the same about their personal financial situation.
With so much dissatisfaction about the availability and credibility of information about both campaigns, it’s hardly surprising that only 54 per cent say that they feel well informed about how they will vote in the referendum, the report said.
Adam Drummond, Opinium Research said: “This really is ‘too close to call’ territory with undecided voters holding the balance of the vote in their hands.
“Although referendum campaigns normally see a move back to the status quo as we get closer to polling day, this hasn’t yet shown up in our polls and the Remain camp will have to hope that it happens in the polling booth itself if Britain is to stay in the European Union,” he added.
No more negotiation if …, EU warns
If Britons vote to leave, there will be an initial two-year negotiation with the European Union about the terms of the divorce, which is unlikely to be amicable, according to analysts. However, as a sign that the EU is becoming wary of the position of the Leave camp, the President of the European Commission
Jean-Claude Juncker, yesterday, warned U.K. voters that there would be no renegotiation with the European Union if they voted to leave the bloc in today’s referendum.
But at Vote Leave rally in Selby yesterday, Senior Leave campaign leader Boris Johnson was quick to hit out at Juncker, angrily condemning him as an “unelected tinpot figure”. He said: “Who elected Jean-Claude Juncker to run anything in this way? Who put him in charge of us in this way?
“This gives the game away. If we stay in there is no prospect of any further change. This is it, folks. We have been told from the horse’s mouth that any hope of further change is absolute illusion.” He added: “It is time for us to show our courage and our commitment to democracy by standing up to these unelected tinpot figures.”
Debate over Britain’s membership not new
The European Union emerged from the European Coal and Steel Community formed by six nations in 1951. Then, the object was to address the problems created by the Second World War through duty-free-trade.
This body was transformed into the European Economic Community (Common Market) in 1957 through the treaty of Rome. Britain started the debate to join the Common Market way back in the 1960s. Indeed, Britain expressed its desire to join the Common Market, first, in 1963 and again in 1967. In both occasion, its bid failed because French President Charles de Gaulle vetoed its
application.
Even then, the debate continued with frenzy, those opposed to the Market would not stop kicking. Britain would however join the European Economic Community (EEC) in 1973 against all odds.
Yet the dust did not settle as two years later (1975), there was a vote to remain in a referendum. More than 67 percent of Britons voted in favour.
The Leave Camp
The Justice Minister Michael Gove, and the former Mayor of London Boris Johnson lead the Leave campaigners; those who want Britain to quit the Union. Cabinet minister Michael Gove is the co-convener of the campaign’s committee. He is one of around 130 Tory MPs backing Brexit. Labour MP Gisela Stuart is the other co-convener of the campaign’s committee. He is one of only a handful of Labour MPs campaigning for Brexit.
Of note is that nearly half the Conservative members of Parliament favour leaving, as do the members of the U.K. Independence Party (UKIP) and its leader, Nigel Farage. Their main issues are sovereignty and immigration.
Interestingly, the battle has not been devoid of international politics and diplomacy. The move by the Leave camp immediately exposed the degree of distaste a cross section of European leaders have for the Union. For example, the French National Front leader Marine Le Pen, other anti-Europe parties
in Germany, the Netherlands and elsewhere favour Brexit. They have given strong backing to the Leave camp even as their countries are members of the Union.
The Remain Camp (Britain Stronger in Europe)
The former Executive Chairman of Marks & Spencer is the chairman of the Remain camp (Britain Stronger in Europe), those who want Britain to remain in the EU. Other leaders are Prime Minister David Cameron, Lord Rose, Son of former Labour home Secretary Jack Straw, Will Straw. Will is
the executive director of the campaign.
Cameron enjoys overwhelming support of the Conservative government he leads, the Labour Party, the Liberal Democrats and the Scottish National Party, which is strongly pro-Europe.
Others giving the prime minister backing include: most independent economists and large businesses, most recent heads of Britain’s intelligence services. On the international front, United States President Barack Obama, German Chancellor Angela Merkel, NATO and Chinese President Xi Jinping of China have express strong support for the Remain camp.
A pain in the neck of Cameron
Brexit was a major issue during the campaign for Cameron’s re-election.
“To pacify his party and undermine the anti-European Union U.K. IndependenceParty, or UKIP, Mr. Cameron promised to hold the referendum should he be re-elected prime minister, “ UK media said.
As the country goes to poll today, the fate of Cameron is on the balance.
This is because he would have to quit office if the Leave camp wins the vote. Already, Scotland’s First Minister Nicola Sturgeon has warned that voting to leave the European Union could present
the risk of a “right-wing Tory takeover”.
Leave camp’s argument, outline of action
Even ahead of today’s vote, the Leave camp has started “acting as an alternative Brexit government in waiting”, according to BBC report. It has reeled out its argument and outlined the immediate action it would take if Britons vote to quit the Union. It said the government should invite figures from other parties, business, the law and civil society to join the team that would negotiate with other EU members to “get a good deal in the national interest”. It called for immediate legislation in the current
session of Parliament to “end the European Court of Justice’s control over national security and allow the government to deport criminals from the EU”.
“After we vote Leave, the public need to see that there is immediate action to take back control from the EU,” Leave campaigner and Leader of the Commons Chris Grayling said.
“We will need a carefully managed negotiation process and some major legislative changes before 2020, including taking real steps to limit immigration, to abolish VAT on fuel and tampons, and to end the situation where an international court can tell us who we can and cannot deport.”
It said over subsequent sessions of Parliament it wanted to introduce: Finance Bill: This would abolish the 5% rate of VAT on household energy bills by amending the Value Added Tax Act 1994. It would be paid for by savings from the UK’s contributions to the EU budget, Vote Leave said. National Health Service (Funding Target) Bill: The NHS would receive a £100m per week real-terms cash
“transfusion”, to be paid for by savings from leaving the EU Asylum and Immigration Control
Bill: “To end the automatic right of all EU citizens to enter the UK.”
Free Trade Bill: The UK leaves the EU’s “common commercial policy” to
“restore the U.K. government’s power to control its own trade policy.” European Communities Act 1972 (Repeal) Bill: The European Communities Act 1972, “the legal basis for the supremacy of EU law in the UK”, will be repealed. “The EU Treaties will cease to form part of UK law and the European Court’s jurisdiction over the UK will end.”
Remain camp argument
But Chancellor George Osborne who is one of the leaders of the Remain camp disagrees with the thinking of the leaders of the Leave camp. While dismissing the Leave camp “Blueprint”, he said the UK would be left with “no economic plan” if it voted to leave the EU, requiring drastic measures such as
tax rises and spending cuts to stabilize the public finances.
Osborne is not alone. Cameron recently wrote: “We can choose economic security, not an unnecessary leap in the dark. We can choose to be stronger, safer and better off.” Lending his voice in support of Osborne and Cameron, a spokesman for Britain Stronger in Europe said: “The Leave campaign do not
have a credible plan for Britain’s future, all they offer is a leap in the dark that will put our economy at risk.” He said leaving the EU would mean, “Years of uncertainty that will risk jobs, risk investment and lead to higher prices in the shops.”

Culled from Sun

Senate Forgery: FG to Arraign Saraki, Ekweremadu June 27-Omololu Ogunmade and Damilola Oyedele

President of the Senate, Dr. Bukola Saraki and his deputy, Ike Ekweremadu in a chat during plenary

• Senate summons AGF, says Buhari wants to cripple democracy

• N’Assembly rules are not your business, House tells executive

The arraignment of Senate President Bukola Saraki and his deputy, Ike Ekweremadu, over the alleged forgery of the Senate Standing Order, 2015, will now take place on June 27.

Also to be arraigned are a former Clerk of the National Assembly Salisu Maikasuwa and the Deputy Clerk Benedict Efeturi.

Four of them were to be arraigned yesterday but the accused were not in court following claims that they had not been served the court summons.

Following the failure to arraign them, the judge of the Federal High Court of the Federal Capital Territory (FCT), Jabi Division, gave an order for substituted service following the claim of the bailiff that he had found it difficult to serve the accused persons.

Against this backdrop, the notice of arraignment was pasted on the notice board of the National Assembly yesterday.

According to the notice, the case, with charge number CV/21916, is between the federal government as “complainant applicant” and defendants listed in the following order: Salisu Maikasuwa; Benedict Efeturi, Dr. Olubukola Saraki and Ike Ekweremadu.

The notice read in part: “By oral application dated 21st June, 2016 moved by D.E Kaswe, Principal State Counsel FMJ, in this case praying the court for an order of this Honourable Court granting leave to the complainant application to serve the criminal summons on the defendants by substituted means to wit by pasting it at the notice board of the National Assembly, Three Arms Zone and after hearing D.C. Kaswe with A.A. Kaltingo, Esq, counsel for the complainant/applicant moved the court orally for the above relief.”

Reacting to the federal government’s decision to proceed with the prosecution of its principal officers, the Senate yesterday summoned the Attorney-General of the Federation (AGF) and Minister of Justice, Malam Abubakar Malami, to appear before it within the next two days to explain the rationale behind federal government’s decision to charge Saraki and Ekweremadu to court over alleged forgery of the Senate rules.

The resolution, which arose from a motion by Senator Dino Melaye (Kogi West), further asked the AGF to appear before it to explain the basis for his action as well as the evidence for his claims.

Melaye said it was regrettable that the presidency had failed to be concerned about the huge crises of monumental proportion confronting the nation and instead was concentrating on chasing shadows by seeking to overthrow the leadership of the Senate at all cost.

“The Senate mandates the Committee on Judiciary, Legal Matters and Human Rights to within two days summon the Attorney-General of the Federation to explain and justify with evidence the basis for his action and why it does not constitute gross misconduct, incompetence, contempt of court, and abuse of office,” the Senate resolved.

Melaye, in his motion, said the charge was a gross violation of the ruling of a Federal High Court in Abuja which last year struck out the case on the grounds that the National Assembly was an independent arm of government and hence, it would be wrong for another arm to interfere in its affairs unless such matter is proved to be in violation of the constitution.

He said: “The Nigerian Senate has observed the ongoing systematic degradation and abuse of the office of the leadership of the National Assembly by the executive arm of government through intimidation and harassment.

“This Senate notes regrettably that the executive arm of government as presently constituted is still to come to terms with the constitutional tenets of separation of powers and the independence of the legislative arm of government.

“My respected colleagues, this very noble Senate observes further, notwithstanding the maturity and nationalistic commitment of the National Assembly to ensure the survival of our democracy and the enthronement of order and national development through bipartisan initiatives and support for the executive, there remains a grand design not only to distract the National Assembly but to also intimidate it into silence and enthrone a one man rule.

“My colleagues, Mr. President, this Senate notes also the lack of respect for judicial decisions and the resolutions of the National Assembly by the executive which is beginning to arrogate itself unifying powers of the federation.

“The Senate notes that the current attempt to arraign the leadership of the Senate over an internal matter of the Senate and claims spuriously a forgery that does not exist is a smokescreen for an impending attempt to overthrow the legislative arm.

“This Senate notes further that the judiciary had through several rulings in a recent case suit no AFC/ABJ/CS/646/2015 on the same issue warned the executive arm from treading on the path of criminalising or interfering in the running of the internal affairs of the Senate.

“This Senate therefore acknowledges the grave implications of this emerging trends which pose threats to the security and continued existence, unity and survival of our dear country.

“This Senate is aware that the legislature is empowered subject to provisions of the constitution to regulate its own procedures as explicitly stated in Section 60 of the Nigerian Constitution which we have all sworn to uphold.

“Mr. President, my colleagues, the Senate is disturbed that instead of applying itself to the myriad of problems confronting the nation including the escalating cost of living, upsurge in environment extremism, worsening insecurity, rising ethnic divisions, skyrocketing unemployment, declining national productivity, and a nose-diving economy into recession, the executive has continued to be hell bent on chasing rats while the federation burns.”

Melaye further described the action as a move to foist autocracy on the Senate, noting that if the Senate Standing Order are alleged to be fake, then every legislation the Senate has done under the authority of the book so far is also fake including the 2016 budget passed by it.

He also said the claim that the rule book was fake also implied that all the services the parliament had rendered to the executive through the rule book, including the screening of ministers and other government officials as well as the 2016 budget were illegal.

Also speaking on the motion, Senator Isa Misau (Bauchi Central) said what was being witnessed in the country at the moment was the pure corruption of the judiciary, adding that he was worried and scared for the state of this country as well as the attitude of the president because “they want to derail democracy”.

He also alleged that the AGF was being sponsored by some elements, adding that the interference in the Senate’s affairs would only bring the image and integrity of President Muhammadu Buhari into disrepute.

While Senator Ibrahim Gobir (Sokoto North) condemned the action, saying he was fully in support of the motion, Senator Peter Nwaboshi (Delta North) said he was not elected to legislate with fear neither would he be a coward to the executive.

The senator, who further decried the court charge, said it was time the Senate cried out against a perceived attempt to strangle the upper legislative chamber.

In the same vein, Senator Chukwuka Utazi (Enugu North) said it was ridiculous that the internal affairs of the Senate would be the headache of external forces and vowed that senators would never allow “anyone to remote control us here”.

In his contribution, Ekweremadu, who presided over the plenary, said those who use public offices to persecute others must not forget that their sojourn in power was temporary.

“Thank you very distinguished colleagues. I am going to put the question. I don’t intend to say much because I’m involved. I just want to add that those who use their public offices today to persecute others must realise that no condition is permanent,” Ekweremadu said.

Yesterday’s plenary was held after a two-hour closed-door session. THISDAY reliably gathered that the session was stormy as some senators were said to have vehemently demanded a resolution, asking Buhari to sack the AGF.

But the suggestion was dropped following pleas by Ekweremadu who counselled that since the matter involved the Senate itself, calling for the AGF’s sack would be viewed as the chamber being biased.

His advice was heeded as the suggestion was eventually dropped.

It was also learnt yesterday that some senators were exchanging text messages calling for the commencement of impeachment process against the president but were said to have been advised against such messages to avoid further heating up the polity.

Also yesterday, Peoples Democratic Party (PDP) senators held a closed-door session immediately after the plenary where they suggested the need to withdraw all support for the government of Muhammadu Buhari.

The senators were said to have been angered by perceived attempts by the president to muzzle the legislature, observing that he did not deserve the cooperation they had offered him so far.

They threatened that the president should henceforth prepare to witness a stand off with them.

However, one of the senators, Senator Emmanuel Bwacha (Taraba South), told journalists after the meeting that no decision was reached, as the meeting would continue today.

Also weighing in on the issue yesterday, the House of Representatives accused the executive of deliberate and sustained attack on the National Assembly, a development which it warned could be highly damaging to the country’s democracy.

It added that any matter concerning the documents of the National Assembly were purely an internal matter and should not be subjected to interference by any other arm of government.

The House recalled that the latest matter of alleged forgery, which the executive was pursuing, had already been ruled upon by a court of competent jurisdiction.

The lawmakers therefore asked Buhari to call members of his cabinet to order, and ensure they desist from meddling in legislative affairs.

The resolution of the House followed a motion sponsored as a matter of urgent national importance by Hon. Tajudeen Yusuf (Kogi PDP) who fingered Malami and accused him of constantly trying to undermine the National Assembly.

He cited the matter of the House’s takeover of the Kogi State House of Assembly, during which the AGF had issued a counter directive to the former Inspector General of Police Solomon Arase.

“It is now commonplace that ministers and head of parastatals ignore invitations by standing committees and ad hoc committees at will,” Yusuf said.

Yusuf added that no superior court had set aside the ruling of the Federal High Court on the alleged forgery of the Senate rules.

Similarly, the PDP caucus in the House advised the federal government to concentrate on fixing the economy and address rising insecurity, rather than making the matter of Senate rules its primary concern.

The caucus, in a statement signed by its leader, Hon. Leo Ogor, also accused the AGF of blatant impunity and a grand design to undermine the legislature since his appointment.

It described the lawsuit filed against Ekweremadu, who is the highest political office holder of PDP extraction, Saraki, Maikasuwa and Efeturi as an embarrassment.

The Senate and House Standing Rules have always been produced by each chamber, the caucus said, adding: “Ekweremadu ceased to be a senator from 4th of June 2015 when the 7th Senate adjourned sine die, until he was inaugurated alongside other members of the 8th Senate on 9th June 2015.

“We wonder how the production of the Senate Order issued for the inauguration was his business.”

The caucus further noted that it was equally instructive that Ekweremadu and the Senate President were not accused or mentioned by senators who petitioned the police.

The caucus challenged the AGF to explain how Saraki and Ekweremadu came to be included in the lawsuit or how “a legal practitioner of his ranking preferred criminal charges against presiding officers of the National Assembly without according them fair hearing”.

Also, the South-east Caucus in the House said the lawsuit filed against Ekweremadu had revealed the intention of the All Progressives Congress (APC) to shut out the region from substantive positions in this government at all cost.

In a statement signed by its leader, Deputy Minority Leader, Hon. Chukwuka Onyema, the caucus accused the government of divisiveness, marginalisation, exclusion and palpable hatred for the people of the region.

Culled from Thisday

Varsities defy FG on post-UTME test-By Gabriel Dike

•Ministry of Education takes final position today

Authorities of some universities have defied a Federal Government directive to stop post Unified Tertiary Matriculation Examination (UTME) for candidates seeking admission into tertiary institutions.

Daily Sun gathered that some universities have devised another means to test applicants and charge administrative fees in the process. 

Some universities are circumventing the directive by inviting applicants for admission for the 2016/2017 academic session to pay certain amount and also sit for a screening test before being considered for admission in advertisements in national newspapers.

One of the media aides to the Minister of Education, Dr. Bem Goong told Daily Sun that the proposed screening test is illegal and unacceptable as government has stopped candidates writing any form of examination in order to gain admission into tertiary institutions.

The University of Benin (UNIBEN), in an advertisement for  admission, said the screening would be computer-based and candidates are expected to pay N2, 000 and N1, 000 for past questions (optional).

UNIBEN Public Relations Officer, Mr. Michael Osasuyi justified the advertisement. He said the university management is not violating any government directive.

‘’Parents should wait for us to conduct our screening before complaining. We are in order. UNIBEN screening started from the cut-off mark. The amount we are asking candidates to pay is administrative charges for the admission exercise.’’

On its part, management of the Lagos State University (LASU), Ojo  is demanding N5,000 from each candidates for the screening test and that the payment form/slip would serve as entry ticket into the screening hall as well as sitting arrangement.

Acting Head of the Centre for Information, Press and Public Relations (CIPPR), Mr. Adekola said despite the advertisement published for the 2016/2017 admission exercise in a newspaper,   the institution intend to make the applicants write another examination.

The University of Port Harcourt (UNIPORT) in its advert for the 2016/2017 admission exercise requested prospective applicants to pay N2, 000 as processing fee and for result checking and asked candidates to come to different designated venues. 

Dr. Goong said it was wrong for any university to conduct screening test as well as demand fees from prospective candidates.

Hesaid the minister will release a statement on the issue today.

institution is expected to ask prospective applicants to sit for another screening test as they are doing now. Admission is based on candidates’ performance in JAMB. The minister will release a statement on this issue on Tuesday, he explained.’’

Culled from The Sun

National Economic Council Okays New Forex Policy -Blessing Anaro, By Jonathan Nda-Isaiah

The National Economic Council (NEC) yesterday approved the new foreign exchange policy declared by Central Bank of Nigeria (CBN).
The apex bank has expressed optimism that after initial shocks, the naira will stabilise at the exchange rate of N250 per dollar.
The International Monetary Fund has also praised the decision by Nigeria to remove the currency peg of N197 to the dollar and to now allow the naira’s value to be decided by market forces.
The Council also disclosed that only five of the 36 states of the federation had so far completed the process of accessing the N90billion bond being offered by the federal government.
Speaking to State House Correspondents yesterday after the NEC meeting presided over by acting president, Yemi Osinbajo,  Akwa Ibom State governor, Udom Emmanuel, also revealed that the country’s Excess Crude Account (ECA) stood at $2,261,249,976.96  by June 15, 2016.
LEADERSHIP recalls that the federal government had on Tuesday said it would grant a N90 billion loan to the 36 states of the federation. The loan, according to the federal government, will cover a period of one year and carry an interest rate of nine per cent.
However, the loan will be extended to the state governments after they meet 22 stringent conditions set out by the federal government under the fiscal sustainability plan.
When asked about the loan, Governor Emmanuel said:  “ I wouldn’t want you to call it a bailout. I want to call it the exact name that it is.
“When you are talking about federal, state and local government, one thing is sure: we are all Nigerians. And if we also monitor what is happening in the global economy, you will see that there are organisational tool support programmes that we are bringing up to actually ease the impact of these global economic issues on Nigeria; it is not too much. The N90 billion and the federal support facility, they are one and the same thing.
“What the minister (of finance) explained was that the first tranche of N50 billion bond will be issued and the N40 billion will follow to make N90 billion. It is just to make this available; it is not compulsory; what is important is, can people have access to a lifeline? You see, what is happening today is not peculiar to Nigeria as a country. You know the impact of the fall in crude oil price that has actually gotten to oil producing countries like Nigeria. What we are looking at are the solutions. We must provide a lifeline for people to survive and to move on.”
He, however, declined to name the five states ready to access the bailout.
“As at today, this window just opened. We don’t know how many will decline at the end of it; so I think we cannot actually answer that question prematurely so that we give you the actual fact, but let me explain, as the minister did here the other time, there is a reconstruction going on.
“It doesn’t actually mean that states which will take this money do not have something accruable also from the federal government. Pending the time we reconcile our books, the federal government may have some balance to settle the state governments, but in the meantime while we are awaiting for those reconciliations to be concluded, can we open up the window so we can have access to liquidity and implement our 2016 budget. I think that is the whole ideal,” the governor explained.
On the forensic auditing of the ECA, he said the minister of finance, Mrs Kemi Adeosun, had reported that the work was ongoing.
NEC also received an update from the CBN on the flexible foreign exchange rate introduced, including market-driven exchange rate, single market structure through interbank/autonomous window and access to forex proceeds by non-oil exporters.
Governor Emmanuel also said that the Council was briefed on the Social Investment Programme by the special adviser to the president on Social Protection, Maryam Uwais, on the preparation, status of the planning, and responsibilities of the stakeholders towards the implementation of the programme.
According to him, “The programmes’ engagement with beneficiaries is already in progress and the role of the key players and partnership with states very critical to the success of the programme were pointed out.
“To ensure high level coordination, a National Social Safety Net Coordination Office has been set up in the Presidency, Office of the Vice President, to coordinate and ensure uniform reporting platform, Monitoring and Evaluation (M&E) as well as a suitable payment system (bank-led) for the cash transfers.
“Also a Community based Targeting Approach has been adopted in building up a National Social Register that will identify the poor and vulnerable population.”
CBN projects N250 per dollar
The CBN is “reasonably optimistic” that the naira will stabilise at around N250 to the US dollar after an initial period of weakness following a flotation on Monday, the bank’s governor said in a letter to President Muhammadu Buhari, according to a report by Reuters.
Nigeria’s central bank said on Wednesday that it would begin market-driven foreign currency trading next week, abandoning the peg of N197 naira per dollar that it had supported for 16 months.
Foreign investors and economists have called for months for currency devaluation as chronic foreign currency shortages choked economic growth and deterred investment.
The naira is expected to fall sharply when interbank trading begins on Monday, but the central bank said it did not have a target for the currency and the price would be “purely” market-driven. The naira was trading on the black market at around N370 to the dollar yesterday.
Giving the first indication of a target, CBN governor, Godwin Emefiele, said in a June 3 letter to Buhari – seen by Reuters – that the central bank hopes the naira will eventually trade at around N250 per dollar, a level the president has “approved”.
“I must assure Your Excellency that we are indeed reasonably optimistic that at some point the rate will settle around N250,” Emefiele says in the letter.
The letter, which briefs Buhari on the foreign exchange plan announced on Wednesday, says it could take three to four weeks to clear a $4 billion backlog of foreign exchange demand.
Buhari has for months said that he does not want the naira to be devalued, but backed a more flexible exchange rate policy when the central bank outlined its plans in May, without elaborating.
The presidency has not commented on the new regime, with Buhari’s spokesman declining to comment when Reuters called on Wednesday.
The central bank could not be immediately reached for comment.
Africa’s biggest economy, which contracted by 0.4 per cent in the first quarter, faces its worst crisis in decades after the decline in oil prices since 2014 and last year’s introduction of a currency peg, which prompted a large-scale capital flight.
With a likely sharp fall for the naira, Nigerian products will become relatively cheap and imports more expensive, which should stimulate the domestic economy but also lift inflation.
Buhari has previously raised concerns about the inflationary impact that a weaker currency will have on Nigeria’s poor.
Nigeria, Africa’s largest crude exporter, has resisted devaluing its currency for more than a year despite other major oil producers, including Russia, Kazakhstan and Angola, allowing currencies to fall after crude prices collapsed.
IMF lauds decision to remove forex peg
The International Monetary Fund yesterday said it welcomed the decision by Nigeria’s central bank to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances.
IMF spokesman, Gerry Rice, told a weekly news briefing that the Fund wanted to see how effectively the naira exchange market functions once the new float system is put into effect next Monday.
Nigeria’s central bank governor said in a letter to President Muhammadu Buhari that the bank expects the naira to settle at around 250 to the dollar after it abandons the peg of 197 to the dollar it has supported for 16 months.
“I think the announcement yesterday to revise the guidelines for the operation of the Nigerian interbank foreign exchange market is an important and welcome step,” Rice told reporters.
“It will provide greater flexibility in that market, the foreign exchange market.”
Senior IMF officials, including managing director, Christine Lagarde, had urged Nigerian officials to allow the naira to fall to absorb some of the shock to the economy from a plunge in oil prices and revenues. IMF officials have said that Nigeria has not requested IMF’s financial assistance, but has been in consultation with the Fund on dealing with budget shortfalls.
“As we have said before, a significant macroeconomic adjustment that Nigeria urgently needs to eliminate existing imbalances and support the competitiveness of the economy is best achieved through a credible package of policies involving fiscal discipline, monetary tightening, a flexible exchange rate regime and structural reform,” Rice said. Allowing the exchange rate to better reflect market forces are an integral part of that,” it said.


Culled from Leadership

First Guarantee Pension: AGF demands lawmaker’s file from EFCC

ATTORNEY General of the Federation (AGF) and Minister of Jus­tice, Alhaji Abubakar Malami, has asked the Economic and Finan­cial Crimes Commission (EFCC) to furnish his of­fice with the case file of Nze Chidi Duru, on the case of First Guarantee Pensions Limited.
The EFCC insti­tuted a case against Nze Duru in charge no ID/20139C/2015 at the High Court of Lagos State.
The AGF’s letter is se­quel to a petition from Duru over EFCC harass­ment and prosecution on a matter that had been decided in his fa­vour by two courts.
In reaction to Duru’s petition, the AGF, in a letter entitled: Re-malicious persecution, signed by Director of Public Prosecution (DPP) of the Federation, Mohammed Saidu Diri on behalf of the justice minister, requested the EFCC to forward the case file to his office to enable the AGF review the case and take an in­formed decision.
Part of the letter reads: “You may wish to refer to the above subject matter and be informed that the Hon­ourable Attorney Gen­eral of the Federation is in receipt of a petition from the law firm of U and A Attorneys on be­half of their client, Nze Chidi Duru who is being prosecuted by your com­mission.”
Nze Duru, who is founder and promoter of First Guarantee Pen­sions Limited, has been having a running battle with the Nigerian Pen­sions Commission over the takeover of his com­pany without following due process.
Following a ‘target re­port’, Pencom had dis­solved the board and management of First Guarantee Pensions Limited, without follow­ing the provisions of the Pensions Reforms Act.
Duru went to court to challenge this and got favorable judgment. The court ruled that the board and manage­ment should be reinstat­ed, but, Pencom has not complied.
The EFCC suddenly came into the matter and, instead, charged him to court

Culled from The Sun

States get N90bn FG loan for salaries — From Isaac Anumihe

Barely a year after states got over N500 billion bailout to enable them pay salaries, the Federal Government yesterday announced another N90 billion loan for workers salaries with 22 stringent conditions.
Some of the  conditions are that the benefitting states have to clean up the ghost workers list, set up efficiency units, reduce the recurrent expenditure, and be ready to publish their accounts and budgets.
Other conditions include improving accountability and transparency,  increasing public revenue,  rationalising public expenditure, improving public financial management and  sustainable debt management. A tranche of N50 billion, which will be repaid in three months is to be shared across all the participating 36  states and then N40 billion to be repaid in nine months.
Announcing the loans in Abuja, Minister of Finance, Mrs. Kemi Adeosun, said the loan would be through the Federal Government bonds, adding that the state governors had been briefed on the Fiscal Sustainability Plan (FSP) at a separate session in the past and they have bought into it. However, she insisted that the fund is not a bailout like last year’s largesse but a loan, which must be paid with a price.
She said the aim of FSP is to support states to overcome current fiscal challenges while reforming financial management to ensure their long-term viability.
“The first thing to say is that this is not a bailout. It is very important everybody understands this. It is definitely not a bailout. The bailout was done last year July and there were no conditions attached. This is a loan  we have secured from the private sector and it has conditions attached to it. So it is actually a loan to be repaid and not a bailout. What I mean by paying the price is that when you want to borrow money, the lender sets some conditions and these conditions are very stringent. There are 22 of them and I think all of you have the fiscal sustainability plan.
“Governments unanimously approved the plan and you know it is going to involve a lot of work. They have to clean up the ghost workers, set up efficiency units, reduce the recurrent expenditure, publish accounts and their budgets. A lot of very tough conditions. But what I mean by paying the price is that governors and commissioners believe that these reforms are necessary if they want the reforms to be fiscally sustainable. Every state must be viable. We cannot have a situation where states are solely dependent on the Federation Account. Once the Federation Account is down, they cannot survive.”

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Total Nigeria secures shareholders approval to pay N4.75bn dividend
By Chinenye Anuforo
Shareholders of Total Nigeria Plc have approved a total dividend payout of N4.75 billion for the year ended December 31, 2015.
The shareholders gave the approval at the company’s 38th Annual General Meeting held in Lagos at the weekend. They also hailed the management of the company for its policy of constantly paying them dividend. Mr. T.O Adebayo, a prominent shareholder commended the management of Total on the dividend payout. He said, “We appreciate the board of our company for the dividend. Despite the reduced revenue and profits, the company still paid us dividend.”
He however, urged the management of the company to look at areas it did not do well in 2015 and employ strategies that will drive growth and profitability.
The company earlier in 2015 distributed the sum of N679 million as interim dividends representing N2.00 per share, while another N12.00 is to be distributed as final dividend for the 2015 year end, subject to the deduction of appropriate withholding taxes at the time of payment.
Speaking during the AGM, Mr. Momar Nguer, Total Nigeria Chairman, told shareholders that the company’s target was to become market leader in terms of solar solutions. He hinted that following the successful launch of the first station at Onigbongbo Lagos in 2014, 8 solar stations are currently being developed. “Our recently launched solar lamps business line is growing steadily. Last year, I informed you that we would be introducing our offer of solar home system (SHS). The SHS is a solar driven energy solutions for homes which we will launch into the Nigerian market in 2016.”
We will also have a solar hybrid solution. Our solar activities, be it Awngo, SHS, solar stations or hybrid solutions are a true demonstration of our commitment to better energy.”
On the company’s performance he explained that 2015 was indeed a year the company experience several challenges and difficulties which affected its performance and operating results. “Because of these challenges, your company’s turnover reduced by 13.5 per cent from N240.6 billion in 2014 to N208 billion. Profit after tax reduced by 23.5 per cent. From 5.3 billion to N4.05 billion. Interest expense was N1.8 billion, and 31.7 per cent lower than the previous year mainly due to lower overdrafts utilised in comparison with 2014”, he said.
However, he assured the shareholders that with challenges come oppourtunities and Total remain ready to take advantage of the opportunities these challenges will bring. “Notwithstanding the challenging circumstances, we believe that we have the capabilities to succeed”, the Chairman assured.

Culled from The Sun

Mass sack: Financial experts task workers on wealth creation — Stories by Blaise Udunze

With widespread panic in the nation’s banking sector over impending mass retrenchment due to the tough business environment, bankers have been advised to focus on creating and preserving wealth during challenging periods.
Financial and entrepreneur management experts and a clergyman gave this advice on Sunday at a one-day Inaugural Roundtable on Financial Intelligence, organised by Our Daily Manna with the theme: “Basic Money Management Skills to Create Wealth.”
Speaking at the inaugural Super Sunday series, the General Overseer, Manna Prayer Mountain Ministry, Dr. Chris Kwakpovwe, said instead of workers to be busy worrying whether their jobs would be secured during a recession, they should start to pick up new skills in order to secure their current source of income or generate additional source of income when a recession occurs.
According to him, a better way to be proficient in generating additional source of income that is not at the mercy of your employer or the economy is to apply wisdom, and now is the time for bankers to take risks by faith and trust in God.
“The massive retrenchments in the banking sector are a call for the affected bankers and those in the sector to leave their comfort zone and create alternative for sustainable wealth creation,” he said.
Kwakpovwe, who is also the publisher of Our Daily Manna (ODM), hinted on plans to boost Small and Medium Enterprises (SMEs) in the country through the launch of Our Daily Manna Co-operative, which would enable small businesses pool resources.
According to him, at this period of recession, the small businesses in the informal sector are the core sector that rescues the economy from the woods and it needs to be empowered to grow the economy.
He, however, explained that the Manna Roundtable was to empower members of the congregation through skills acquisition as a sustainable means to overcome the tough economic condition in the country.
He decried banks’ poor support to SMEs as the documentations and collateral required have hindered entrepreneurs from accessing funds.
An entrepreneur, financial educator and author, Innocent Enyinna, blamed the difficulties faced by entrepreneurs on the failed school system.
He said that majority of SMEs fail because Nigerian educational system failed to tutor students practically on how to create and secure wealth in this contemporary age.
According him, schools fail to teach students what they need to practice in building sustainable businesses through skill acquisition.
An entrepreneur and financial consultant, Onyekachi Nwosu, emphasised the need for employees to have alternative source of fund beside monthly salaries.
According to him, workers cannot survive the harsh economic environment when they depend on salaries, rather they should be involved in basic money management skills for wealth creation.

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Ajibola sworn in as CIBN president
The Chartered Institute of Bankers of Nigeria (CIBN) at its Annual General Meeting held recently elected Prof. Segun Ajibola as its 19th President and Chairman of Council.
Ajibola will oversee the affairs of the institute for the next two years, bringing to the fore his relevant industry experience and result-oriented approach to issues having served in numerous capacities towards the growth of the institute and the banking industry.
Until his election, Ajibola was the first Vice President of the institute. Also before the investiture, he was an associate professor and the Head of Department of Economics, Banking and Finance, Babcock University, Ilisan-Remo, Ogun State. Shortly after his investiture, the management of Caleb University, led by the Vice Chancellor, Prof. Ayandiji Daniel Aina, announced the appointment of the new CIBN President as a professor and Dean, Business School of Caleb University.
In his acceptance speech as President/Chairman of Council, Ajibola promised to provide a platform through which the identified skills and knowledge gaps at all levels would be bridged. He also stated that his regime would focus on what he codenamed the “7Cs Mandate”, which would touch every aspect of the institute’s life as a frontline professional body and revered institution in Nigeria.
The “7Cs Mandate”, according to him, are capacity building, certification, codification, constructive engagements, communication, creativity and consolidation.

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Tips for safe mobile banking
If you have never considered using your smartphone to do your basic banking, it is time to catch up because you are missing out on some great benefits. No, it is true you can’t do everything with mobile banking that you can on the web with your online banking service but for routine tasks, you will find the convenience of a mobile app is even better than you dreamed.
Using mobile banking app for smartphone users
Using a mobile banking app may be the safest way to access your checking account from a mobile phone. These applications link directly to your bank’s computers, often making them faster, and the interface is easier to use. And since the bank designed the mobile banking app, they would have taken extra precautions to ensure proper security measures are implemented.
Most mobile banking apps are resilient to phishing (a way for a third party to obtain your sensitive information by posing as your bank) since there is no browser, but there are additional mobile banking safety measures you can take to further protect yourself.
With your smartphone, there are several different ways to use mobile banking and each one has a unique set of tips to follow. Follow these general guidelines for the highest level of mobile banking safety:
Download your relevant banking application on the mobile device instead of using the browser. If your bank’s app is not available, use a secure browser, especially on android phones. Also, get software updates to avoid exploitation of software loopholes.
Avoid making your personal information accessible. Don’t share your PIN, password or security question with anyone or save it on your phone.
Ensure that your mobile device has remote wipe installed or enabled. This is so that if you lose your phone, you can delete all information you had stored on your phone. Notify your bank so that no texts or mails will be sent to your mobile device.
Refrain from using public wireless networks to do your banking. They are insecure and hackers often lay traps using such networks. Connect only through secured or private wireless network. Also, do not connect to another device when banking.
Banking applications will prompt for a login password each time you log in. If you find any unusual behaviour, report it to your bank immediately. The app might have a bug when installed in your handset.
Cover your tracks. Some banking applications store sensitive and confidential data in plain text. Check for data traces left behind after every transaction and delete it.
Monitor your records and accounts on a regular basis.
Password-protect your phone so others cannot access your information if it is lost or stolen.

Culled from The Sun

Ex- Super Eagles coach Keshi is dead

Keshi

Former coach of the national football team, Super Eagles, Stephen Keshi is dead.
Keshi, 54, popularly known as the big boss reportedly died of cardiac arrest in the early hours of Wednesday in Benin, Edo state.
His death was confirmed in a statement by the family signed by Emmanuel Ado, titled: “Stephen Keshi CON has gone to be with his wife”.
“With thanksgiving to God, the Ogbuenyi Fredrick Keshi family of Illah in Oshimili North Local Government Area of Delta State, announces the death of Mr. Stephen Okechukwu Chinedu Keshi.
“Our son, brother, father, father-in-law,brother-in-law, has gone to be with his wife of 35 years (Nkem), Mrs. Kate Keshi, who passed on on the 9th December 2015.
“Since her death, Keshi has been in mourning. He came back to Nigeria to be with her. He had planned to fly back today Wednesday, before he suffered a cardiac arrest. He has found rest.
“We thank God for his life.
“We want to ask for understanding in this very difficult time for the family,” Ado stated.

Culled from Nation

Schoolmistress defiles 4-yr-old female pupil On June 8, 20163:03 amIn NewsComments By Esther Onyegbula A 27-year-old schoolmistress, Violet, is being interrogated by the Police in Lagos for allegedly defiling a female pupil of Light Bearers Private School, located at Iyana-Isashi area of the state. Vanguard learned that the mistress, who is the class teacher of the nursery two pupil, reportedly defiled her last Thursday, during school hours. However, trouble started after the victim’s mother noticed blood stains on her daughter’s pants, when she got home. The victim’s mother, Evelyn, who spoke to Vanguard, said: “After my daughter returned from school Thursday last week, I found blood stains on her pants when I wanted to bath her. I was surprised because she is still too young to start menstruating. “When I asked her what happened, she refused to speak at first because her teacher had threatened her not to. Later, she opened up when I told her that anyone who lies would go to hell. “She then said it was her Aunty that inserted her fingers inside her bum-bum in class. We reported the case at Iyana-Isashi Police Station. Victim’s account According to the four-year-old girl, (names withheld): “My Aunt in school raised my uniform up and put her fingers inside my bum-bum in the class, while others were sleeping. “She asked me not to tell my mother or anybody.” It was learned that the victim was taken to Bisimol Hospital at Graceland Estate, where it was confirmed that her hymen was broken. Vanguard gathered that the case was reported at Iyana-Isashi Police Division, Friday morning, and the teacher was invited for interrogation. Mirabel Centre On Friday evening, the Investigating Police Officer took the victim to Mirabel Centre in Ikeja, but they got there late and were asked to return next day. When they got back on Saturday, a medical examination at the centre confirmed that the victim was actually defiled. When contacted, Lagos State Police Public Relations Officer, SP Dolapo Badmos, said that the case had been transferred to the Command’s Gender Desk Unit, adding “it is under investigation and the culprit will be charged to court immediately investigation is completed.”

Read more at: http://www.vanguardngr.com/2016/06/schoolmistress-defiles-4-yr-old-female-pupil/

I’m under probe for corruption –Jonathan — By Chris Iwarah

One year and eight days after handing over power to President Muhammadu Buhari, former President, Goodluck Jonathan, yesterday, confirmed he is being investigated for alleged corruption by his successor in office.
In a major speech he delivered at the Bloomberg Television Centre in London, the United Kingdom, Jonathan also reviewed the political situation in Nigeria and stated that he achieved his aim of ensuring a peaceful transition of power, and that his loss at the 2015 presidential poll was one of his proudest moments.
“Obviously, I’m being investigated. Investigations are going on. I would not want to make certain comments because, when a government is working, it’s not proper for immediate past president to make certain statements.
“I will allow the government to do the work it’s supposed to do. I wouldn’t want to make serious comments on that. After all these investigations, the whole stories will be properly chronicled. I’ve just left office, and I should allow the president and his team to do what they believe is good for the economy.”
He rejected claims that he was responsible for the nation’s economic crisis. “You see, the economy of Nigeria, somehow, depends on oil, and any time oil price drops, it affects the economy significantly in terms of its contribution to the gross domestic product (GDP),” he said.
The former president also denied leaving an empty treasury at the end of his tenure, saying: “That is not true. There is no way he (Buhari) would have inherited an empty treasury and, at the same time, give bailout to the states. It is not possible. Nigeria is a fairly robust economy, but, sometimes, we over-politicise certain issues and make them look so bad. It was not that bad.
“Some people ask questions like I was the president of Nigeria since independence, I was president for five years.”
Speaking on his approach to tackling corruption, Jonathan said: “I cannot say there was no corruption in the country from the beginning of our independence.
“Yes, there has been corruption and I did very well to curtail it.
“We made sure the area of fertiliser subsidies was cleaned up, and the whole corruption there was removed.”
He, however, said his effort to fight corruption in the oil sector was frustrated by some opposition elements.
“I tried to do the same (fight corruption) in the oil industry, but the very people that were accusing us of corruption, were the same people frustrating it, it’s unfortunate.”
Speaking on political developments in the country, Jonathan said he is the first elected Nigerian leader to willingly hand over power through the ballot box to the opposition party without contesting the election outcome.
“It proved to the ordinary man and woman in the country that I was his or her equal.”
The former president also advocated a bill of rights that would guarantee equality and end discrimination as a means of deepening the nation’s growth and development.
Jonathan addressed an elite audience of Nigerian professionals, diplomats, friends of Nigerians and international investors, making out a case for investment in Africa’s most populous nation.
He said: I was true to my word when on March16th, 2015, just after the election, when the results were still being collated by the Independent National Electoral Commission (INEC), I called my opponent, General Muhammadu Buhari (rtd) to concede, in order to avoid any conflict and ensure a peaceful transition of power. This was without precedent in my country and I am proud that it achieved my goal of no conflict arising from the result of the election.
“Some may think it is ironic that, perhaps, my proudest achievement was not winning the 2015 presidential election. By being the first elected Nigerian leader to willingly hand over power, via the ballot box, to the opposition party, without contesting the election outcome, I proved to the ordinary man or woman in the country that I was his or her equal. That his or her vote was equal to mine and that democracy is the ‘government by the will of the people’, that Nigeria, and indeed Africa, is ripe for democracy.”
Urging Nigerians to work towards consolidating democracy and winning the war against corruption, Jonathan assured that he remained committed to good governance, effective stewardship and transparency.
The nation, he insisted, desperately needed deeply entrenched freedom, peace and unity to make meaningful progress.
“For this to happen,” he suggested “it is imperative that both the executive and legislative arms of government institute a bill of rights. A bill of rights that will end discrimination and tribalism, and promote equality, enabling everyone to work towards the common goal for the development of the nation.
“A bill of rights, which, like the British Magna Carta, some 800 years ago, enshrined the principle of habeas corpus, so that no person is deprived of his liberty without a trial of his peers. A bill of rights, like that introduced by America’s founding fathers, which stated ‘the people shall not be deprived or abridged of their right to speak, write, or publish their sentiments;’ and the freedom of the press, as one of the great bulwarks of liberty, shall be inviolable.”
The former president highlighted his administration’s achievements in agriculture, education, youth empowerment, peace building in Africa, among other areas. He restated his commitment to upholding democratic principles and energising citizen entrepreneurship and intra-Africa trade through the Goodluck Jonathan Foundation.
Jonathan said he envisioned a “Nigeria where you are judged on your merits and not your origins; a Nigeria where you can get the education you want and the future you choose; a Nigeria whose government serves the people and is not above the law; a Nigeria whose government invests in its resources above the ground and not just the resources below; a place where we all work together, rather than allow ourselves to be divided by tribalism or prejudice.”
The former president also advocated a shift in mindset and a national transformation that would prioritise the rights of Nigerians in reaching government and investment decisions.
“Rather than spending money on resources that will run out, we should be investing it in people who are the key constant elements in the socio-economic transformation of society… Our money must go towards providing education for all, because we know that once our citizens are educated, they have futures.
“Those futures lead to safer cities, stable economies, and more businesses. When a young person does not have access to education, his future is jeopardised and statistics show that they may be prone to antisocial and criminal activities.
“I am proud of the fact that my administration established a federal university in every one of the 12 states that did not previously have them. Now, for the first time in our country’s history, every state has a university established by the Federal Government,” he said.
The nation, he added, needed “to build on these achievements by changing our mindset to investing in the resources above the ground, rather than below the ground. Once we invest in our citizens, it will be our time to confidently enter the international stage. Each one of us will be able to go to any nation and proudly proclaim:  I am a citizen of Nigeria. When we have a good mindset, we must also strive for equality. No investment in our people is going to pay off if we are unequal.”
Appealing for patriotism in conducting the affairs of the nation, Jonathan said: “There is a phrase from Cicero going back to Ancient Rome, ‘Civis Romanus sum.’ Meaning, ‘I am a Roman citizen.’ But it meant much more than that. It meant that every Roman was entitled to all of the rights and protections of a citizen in Rome. It didn’t matter if you were rich or poor or even a prisoner, you were still a citizen of Rome and protected by the state.
“Wouldn’t it be good for us to aspire to a Nigeria where we, too, could apply that same principle, ‘Civis  Nigerianus  sum’? Each of us could say, ‘I am a citizen of Nigeria!’ We would be able to look beyond where each of us comes from, and look past our tribal origins. We would be able to evaluate each other on our merits, rather than our religion, or region.”

Culled from The Sun

Return $600m to foreign airlines, IATA directs Nigeria — By Louis Iba

THE International Air Transport Association (IATA) has called on the Federal Government to respect international agreements requiring nations to ensure foreign airlines are able to repatriate their revenues out of the countries they are operating in. IATA which monitors blocked funds globally, currently in excess of $5 billion listed top two countries blocking the repatriation of airline funds as Venezuela and Nigeria. In Nigeria, IATA said the total airline funds blocked from being repatriated is nearing $600 million.
“Air connectivity is vital to all economies. The airline industry is a competitive business operating on thin margins,” said Tony Tyler, IATA’s Director General and CEO.
“In Nigeria, repatriation issues arose in the second half of 2015 when demand for foreign currency in the country outpaced supply and the country’s banks were not able to service currency repatriations.

“So the efficient repatriation of revenues is critical for airlines to be able to play their role as catalysts for economic activity. It is not reasonable to expect airlines to invest and operate in nations where they cannot efficiently collect payment for their services,” he added.
The Federal Government, however, is currently engaging the airlines and the aviation industry, seeking possible measures to make the funds available to the airlines. Already, Spanish and American carriers, Iberia and United Airlines have announced they are pulling out of Nigeria following their inability to repatriate earnings made in the country back home. Last week, it was rumoured that British Airways was also tinkering with the idea of suspending its services to Nigeria but the airline, however, came out to debunk the rumours. Meanwhile, the National Union of Air Transport Employees (NUATE) has urged the government to step up effort in ensuring that foreign airlines get their monies out of Nigeria to meet investments and other logistics commitments back home.

According to the union, about 2,000 direct and indirect jobs could be lost in the industry if more of the major airlines flying into the country are forced to shut down their operations due to the country’s huge indebtedness to them.
“Blocked funds are a problem in a diverse group of countries, some of which are undergoing significant economic challenges particularly with a fall-off in oil revenues,” said Tyler, the IATA boss. He said there are five countries (Nigeria and Venezuela, Sudan, Egypt and Angola) that are currently hindering airlines’ repatriation of incomes.

“One thing all five nations have in common is the urgent need for robust air connectivity that is being hampered by airlines’ difficulty in repatriating funds,” said Tyler.

Culled from The Sun

House in Rowdy Session as Two PDP Members Defect to APC-Damilola Oyedele in Abuja

It was a rowdy session in the House of Representatives wednesday when two members of the Peoples Democratic Party (PDP) – Hon. Tony Nwoye (Anambra) and Hon. Udende Emmanuel (Benue) – defected to the ruling All Progressives Congress (APC).

In two separate letters announcing their defection read by the speaker, Yakubu Dogara, both men cited what they said were factions in the PDP.

They noted that the PDP has been divided into three factions headed by Prof. Jerry Gana, Senator Ahmed Makarfi and Senator Ali Modu Sheriff.

Nwoye and Emmanuel’s letters stated that they do not wish to belong to any of the factions.
The announcement was welcomed by APC members who chanted the party slogan, “change, change, change” for several minutes before calm was restored.

However, Minority Leader, Hon. Leo Ogor, raised a point of order insisting that there was no faction in the PDP.
But his point of order was overruled by Dogara who said there was no need to debate the matter on the floor of the House, as such should be handled by the affected party.

THISDAY however gathered that both men might have defected for personal reasons.

Nwoye is reportedly gearing up to contest the governorship election in Anambra State and is uncertain of the ticket of the PDP since he is not in good terms with the powers that be in the party.

Speaking to THISDAY, Ogor expressed disappointment in the two members.

He insisted that there was no basis for their defection as there is no faction in the PDP, adding that no court had ruled otherwise.

“The Supreme Court ruling says for there to be a faction, some members of the executive of the party have to be a part of the faction. The convention took a decision of setting up an ad hoc committee to organise elections in three months,” he said.

He said he would approach the party first thing today with the votes and proceedings of the House.

“We would head to court to make sure they vacate those seats, then we go for bye-election to replace those interlopers. They think they can go to APC so easily, but they are wrong. So as long as we have a Supreme Court ruling on this matter, they are history,” Ogor said.

Ogor admitted that as minority leader, he was taken completely unawares by the defections.
“I am so shocked and highly disappointed. I would have thought they would have discussed this kind of issue with me. They know there is no faction but they are trying to create one.

“They did not do proper consultations on this. These are young men who do not know their right from their left in politics,” he said.

Similarly, the PDP threatened to ensure that Nwoye and Emmanuel lose their seats in the House.

In a statement signed by the Secretary of the Board of Trustees (BoT) of the party, Mr. Ojo Madueke, PDP said there was only one approved National Convention which took place in Port Harcourt on Saturday, May 21, 2016, which it said was in accordance with the PDP constitution.

The statement added that the party “approved some far reaching resolutions that had the unanimous support of those who attended the Port Harcourt convention with subsequent endorsements of another PDP political meeting that took place in Abuja on the same day”.

The statement added that the conveners of the Abuja meeting had since integrated their positions with the structures and resolutions of the Port Harcourt convention.

“Subsequent meetings of first, Board of Trustees members, and secondly, meetings with the PDP Governor’s Forum, leadership of National Assembly and former Ministers in PDP Government Forum, and a PDP Former Governor’s Forum, held and decided to work together,” the party said.

It also added that aggrieved members are being reconciled across the length and breadth of the country.
“The rank and file of the party have resolved to work together and PDP has never been stronger than it is now since its entry into the honourable role of a robust and principled opposition.

“Any suggestion of a faction, is at best ill-informed and ignorant, and at worst, is part of a grand plan to decimate the only political platform today that is ready, experienced and able to honour the nation’s invitation to have a credible opposition party that will hold government of the day accountable and thereby strengthen and nourish our young democracy.

“Let it therefore be understood by those of our members in the National Assembly who may be tempted to jump ship, or have already jumped, that on the basis of clear decisions of cases decided in the Supreme Court, they stand the risk of losing their seats in parliament if they go ahead with their latest indulgence,” PDP said.

The party added that it would insist on a declaration of vacancy and subsequent elections in the affected constituencies in the event of such “misguided defections”.

“The pattern of PDP electoral victories all over the federation since the 2015 general election shows that where there are elections arising from such vacancies, PDP will return a more credible and more loyal representative of the people,” the statement said.

Culled from Thisday