Apple facing record bill for Irish tax

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Apple could be ordered to pay billions of euros in back taxes in the Republic of Ireland by European Union competition officials.

The final ruling, expected on Tuesday, follows a three-year probe into Apple's Irish tax affairs, which the EU has previously identified as illegal.
The Financial Times reports that the bill will be for billions of euros, making it Europe's biggest tax penalty.
Apple and the Irish government are likely to appeal against the ruling.
Under EU law, national tax authorities are not allowed to give tax benefits to selected companies - which the EU would consider to be illegal state aid.
According to EU authorities, rulings made by the Irish government in 1991 and 2007 allowed Apple to minimise its tax bill in Ireland.

Image caption EU competition chief Margrethe Vestager is leading the probe into Apple's tax affairs

Apple's company structure enabled it to legally channel international sales through Ireland to take advantage of that tax deal.
On Tuesday EU competition commissioner Margrethe Vestager is expected to give an estimate of how much Apple will have to pay back.
But it will be up to Irish authorities to calculate the exact amount.

US warning

The investigation into Apple and similar probes into other US firms have been criticised by US authorities.
Last week the US Treasury Department said the European Commission was in danger of becoming a "supra-national tax authority" overriding the tax codes of its member states.
Brussels was using a different set of criteria to judge cases involving US companies, the US Treasury warned, adding that potential penalties were "deeply troubling".
BBC North America technology reporter Dave Lee says that the US Treasury is concerned that if there is a big EU tax bill for Apple, as expected, then Apple will set off at least some of that against the tax it would be paying in the US.
"So it's essentially shifting billions of dollars from the US economy, from the US tax-pot, into Europe. The US says Europe simply doesn't deserve that money, because all the hard work that goes into creating the iPhone and other Apple products... takes place in the US, and not in Europe."

Exert control

BBC Today business presenter Dominic O'Connell added that this was a dispute that could shape the commercial world, as it concerns big companies' relations with national governments.
Tax laws are currently based on the movements of physical goods, leaving large loopholes that modern companies can exploit, he said.
"A company like Apple is so large that countries will do anything to get them to invest. This is a case of the European Commission trying to exert control over a giant multinational where an individual government can't."
Apple is not the only company that has been targeted for securing favourable tax deals in the European Union.
Last year, the commission told the Netherlands to recover as much as €30m (£25.6m) from Starbucks and Luxembourg was ordered to claw back a similar amount from Fiat.
Apple is potentially facing a much bigger bill, but with cash reserves of more than $200bn (£153bn), the company will have little problem paying up.
Nevertheless, Apple may have to restate its accounts following the ruling.

Culled from BBC

Eliminate subsidies, fix power to grow economy, Sanusi urges Buhari — By Isaac Anumihe

Against the backdrop of his comments on President Muhammadu Buhari Administration, last week, Emir of Kano and former Governor of Central Bank of Nigeria (CBN), Lamido Sanusi has again,  said that  until the Buhari-led administration eliminates  subsidies,  fixes  the  power sector and digitizes  state land registries, the economy will remain in the doldrums.
In a document made available to an online newspaper  which he presented at the meetings of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP),  Sanusi highlighted the abuse of subsidies in Nigeria and the need to totally put an end to subsidy regimes. He applauded Buhari for the steps taken so far on subsidy, which has become visible in Nigeria’s consumption pattern.
“The Buhari administration has already made great progress in stopping the fraud associated with the subsidy regime.
“PMS import volumes have fallen from an average of 57 million litres/day in 2011 to 35 million litres/day in 2016. This is an achievement. The next step should be a full and unequivocal elimination of subsidy regime.”he said, adding that  the president’s team must petition for a specific debt-raising programme to address unpaid arrears. “Until this happens no new investment can take place.
“Raise public awareness about the necessity of cost-reflective tariffs, including the hike in 2016. Raise fresh capital to pay off arrears to Gencos. This is  N235 billion.  The higher the tariffs go (as they are bound to do) the more quickly they will build.
“Until these backlogs are paid, no one is going to invest in new generation capacity. Force Disco owners to make stipulated investments in metering. What I’m told is that many disco owners have failed to honour their terms of the agreement, both in investing in metering and upgrading the old infrastructure.
“Until this failure in the value chain is addressed, collection rates will never be good enough to achieve cost recovery, and the government/NBET will always be on the hook for the shortfall.”he said.
Quoting World Bank’s Doing Business index, Sanusi said: “Nigeria remains one of the most difficult countries in which to register property. State governments can do something about this.
In fact, Lagos State has already taken great strides towards simplifying the procedure of registering land by merging all relevant laws into a single piece of legislation.” he said.
He asked that land registries be taken online and made easier for businesses in Nigeria.
On investing in human capital, the emir opined: “In Nigeria, the public sector wage bill went up from N443 billion in 2005 to N1.659 trillion in 2012, driven by a 53 per cent increase in civil servants’ wages in 2010,” Sanusi explained.
He called for investment in human capital if Nigeria must make its way out of this economic quagmire.
In  his opinion, the economy has quadrupled in nominal terms since 2005, and the population has grown by over 40 million, but capex has barely changed.
“The major problem for Nigeria is revenue. Across all three  levels of government, it collected just US$117 per person in 2015, and invested US$17. Kenya, with half of Nigeria’s level of wealth on paper, collected almost twice as much in taxes.
“If Nigeria is going to adopt an investment-driven model, it cannot rely on the public sector alone.” The royal father, insisted.
Sanusi urged Buhari’s men to let the private sector also drive investment.
“Nigeria has made dramatic changes to its FX regime, moving from a hard peg to a free float. These bold steps have gone a long way to restoring its credibility.
“On a trade and inflation weighted basis, the naira has gone from one of the most over-valued currencies in the world to one that is now under-valued.
“A major barrier to bringing capital in from abroad has been removed; a major incentive to take capital out has also been removed.” he said.
He said such incentives must be maintained as government set interest rates at levels that deter capital flight, dollarization.
The royal father also warned Buhari to be ware of China and protect Nigeria’s industries. “Beyond fixing the basic supply side issues, Nigeria also needs to take measures to protect its infant industries. Large surplus countries like China have been using the promise of investment and cheap debt to gain unfettered access to Africa’s local markets. But the relationship has become imbalanced. Without manufacturing capacity of its own, Africa can never provide meaningful employment for its youth.bSuccessful policies in cement and auto assembly should be replicated for petro-chemicals and agro-processing.” he further, noted.

Culled from Sun

'I was frozen': Czech tourist missing for a month in New Zealand recalls ordeal-By Ben Westcott and James Griffiths,

Pavlina Pizova was trapped for over a month in the wilderness after a hiking accident.

Story highlights

• Czech hiker Pavlina Pizova has described her harrowing ordeal
• She survived for over a month in a hut after a tragic accident killed her partner
• Numerous attempts to signal for help or hike out were unsuccessful

(CNN)The Czech couple knew they were in trouble.

As heavy snow continued to fall, making the hiking trail they were walking on New Zealand's south island slippery and treacherous, they decided to make for a small warden's hut nearby.

That was when tragedy struck. Ondrej Petr, 27, fell down a steep slope, becoming trapped in a heap of rocks and broken branches.

His partner, Pavlina Pizova, also injured in the fall, attempted to help him, but he soon succumbed to his injuries and the extreme weather.

Pizova said she huddled next to his lifeless body for almost 24 hours, wrapping herself in as many layers as she could find and hoping against hope that help would come.

Survivor

Finally, determined that she would not herself die, she struck out for the cabin alone, wading through deep snow covering the trail and other hiker's tracks for another two days until she found it.

She would spend the next five weeks in the hut, surviving off its meager winter supplies and attempting to reach the outside world. She even drew a giant letter "H" in the snow with ashes from the fire, but to no avail.

During her time in the hut, Pizova said she saw "many avalanches."

Finally, she was found on Wednesday by a helicopter search and rescue team, who had been alerted by friends back in the Czech Republic weeks after her disappearance.

Search and rescue teams found the missing hiker after almost five weeks. 

 

Culled from CNN

TSA: CBN Enforces Sanction, Shuns Nine Banks in Dollar Sales-Obinna Chima

• Meets bank execs, readmits UBA into FX market
• FirstBank moves to net off NNPC’s $500m exposure to bank
• Naira falls to $402/$1, investors offload banking shares

The Central Bank of Nigeria (CBN) enforced the sanction imposed on banks that failed to return Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA) by not selling dollars to them when it intervened on the interbank foreign exchange market yesterday.

The CBN on Tuesday barred nine banks from participating in the FX market for not remitting a total of $2.334 billion to the TSA.

The affected banks were the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc — $221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

The nine banks still face the prospect of further financial fines, which shall be communicated to them by the CBN in the coming days.

However, having complied with the CBN directive, as exclusively reported by THISDAY yesterday, UBA was readmitted into the FX market, effective today.

UBA, in a statement yesterday, confirmed that the CBN had readmitted it into the FX market following its remittance of all NNPC/NLNG dollar deposits. The bank thanked the public for its continued support and patronage.

The CBN also confirmed it had readmitted UBA into the forex market effective today.

The central bank, in a statement signed by its Director, Banking Supervision, Mrs. Tokunbo Martin, explained that further to its directive that banks should return all outstanding unremmited NNPC/NLNG dollar deposits, UBA remitted the deposits in its possession to NNPC’s TSA account at the CBN.

“Accordingly, UBA has been readmitted into the forex market effective Thursday, August 25, 2016,” CBN said.

Naira Plummets

The interbank FX market opened yesterday with no deals, until three minutes before the end of the session, when the central bank intervened with dollar sales. But it did not sell dollars to the affected banks, a banking source disclosed yesterday.

The affected banks have also been barred from buying dollars from autonomous market sources until the ban is lifted.

The news of the sanction affected the performance of the naira yesterday as it depreciated to N315.93 to the dollar, lower than the $305.50 from the previous day.

On the parallel market, the naira also fell to N402 yesterday, compared to the N397 to the dollar from the previous day.

Owing to the ban placed on the eight banks, THISDAY learnt that there was a meeting between bank executives and central bank officials in Lagos yesterday.

A separate meeting is expected to take place in Abuja today, a source revealed.

Banks Douse Concerns

In its reaction to the suspension from the FX market, FirstBank, in a statement yesterday, explained that it was in compliance with the TSA policy requirements, in line with the federal government’s directive and continues to remit funds received as and when due.

“It is pertinent to state here that the referenced NNPC dollar accounts are fully disclosed to the CBN and are being operated in line with the regulatory requirements, whilst tripartite documented discussions have been ongoing between the CBN, NNPC and the bank on the need for domestic retention of those balances as part of measures to ameliorate challenges posed by the lack of FX availability, and customers inability to source FX to fund their trade finance obligations to the bank.

“We are confident in our ability to meet and honour all our obligations as and when due and are currently in talks with the CBN and other relevant bodies and are positive of an amicable resolution soonest,” FirstBank added.

A top official with FirstBank also informed THISDAY that the bank was confident that it would be readmitted into the FX market before the end of this week, because it had asked the central bank to net off NNPC’s exposure to FirstBank against the corporation’s dollar deposits left with it.

He said: “NNPC took a loan from us amounting to about $500 million, so when this is netted off against its dollar deposit of $469 million, we would have complied with the CBN’s directive.

“It would also mean that NNPC will now be indebted to FirstBank. We have been in touch with NNPC and CBN on netting off NNPC’s exposure to us, so we are confident that we should be readmitted to the market within the next few days.”

He also allayed fears of the bank’s ability to meet coupon payments on its two Eurobond issues, stating: “Yes, we have two Eurobonds, one is for $300 million with a coupon rate of 8 per cent per annum and will mature in 2020, but is callable in 2018, and the other one is the $450 million Eurobond with a coupon rate of 8¼ per cent, maturing in 2021 and is callable in 2019.

“The coupon payments on both Eurobond issues amounts to about $37 million per annum and the bank has the capacity to meet these payments when they fall due. We also still have more than a year before the first Eurobond is callable, so there should be no concerns about the refund of NNPC funds to the TSA.”

Diamond Bank also reassured its customers of enhanced quality service delivery and commitment to meet its banking obligations despite the decision by the CBN.

The bank insisted that as a financial institution built on a foundation of sound corporate governance, full disclosure of the outstanding TSA funds was made to the CBN.

“We are currently engaging with relevant stakeholders, with the support of the regulator, to resolve this industry-wide issue quickly. Our primary responsibility is to our customers. This development does not affect customers’ own deposits, both local and those in foreign currencies.

“It also means that services such as payments – local and international, will go through as normal whenever our customers need to make them.

“Remittance services will continue as normal and customers can transact anywhere in the world, any time of the day, on their mobile application or internet banking,” Diamond Bank added.

FCMB, in an e-mail to its customers, said as a financial institution with strong corporate governance rules, it had always fully disclosed the outstanding TSA funds on its books and has continued to work assiduously to fulfill its obligations.

According to FCMB, members of the NNPC management team were kept fully in the picture on the funds.

“This scenario is really because of lack of foreign exchange availability and the prevailing fall in oil prices rather than non-compliance by FCMB. It is actually a widespread industry issue. We also think it is very important to proactively reach out to our customers and explain what this means for them, and hence, this mail for you.

“This development will have no impact on most of our customers. While there might be minimal impact on the establishment of new lines of trade through the foreign exchange market, your relationship officer will be able to provide guidance on this.

“This scenario will not affect your deposits, both local and those in foreign currency. Transactional services such as payments, local and international will continue seamlessly wherever and whenever they are initiated.

“We have started to execute a strategy to ensure a rapid and mutually beneficial outcome of this situation. We fully understand the importance of unfettered access to the FX market and its link to growth for the country’s economy.

“Across all spheres of banking, the onus is on us to ensure that we continue to meet your financial needs, whatever they might be,” the bank said.

Keystone Bank assured its customers that it always made full disclosure of outstanding TSA funds, and had at various times diligently engaged the CBN and relevant stakeholders for resolutions to enable it fulfill the TSA obligations in the face of challenging market conditions.

“All our efforts are geared towards a very timely resolution as we understand the importance of sourcing foreign exchange for our customers’ needs to support economic growth.

“Note, however, that this development does not adversely affect your existing transactions with us, except that there will be constraints in establishing new letters of credit until the issue is resolved.

“We enjoin you, therefore, to continue to patronise Keystone as we remain committed to rendering exceptional service on all our other banking products including best rates on deposits, visa card products, electronic banking and mobile banking transfers, etc,” it added in a statement last night.

Sterling Bank, in its statement, rejected the suggestion that it failed or neglected to disclose at any time, any sum held on behalf of its clients to the regulatory authorities, saying the funds were fully captured in the relevant regulatory returns.

“In actual fact, the bank affirms that it went beyond this basic requirement of disclosure and reporting to holding several meetings with the parties involved.

“While the current situation is a broader sector issue arising from the foreign currency illiquidity in the domestic banking sector, Sterling Bank continues to work with its client and the banking regulator to resolve the situation in the shortest possible time.

“We would like to restate that the bank at all times reported the balances involved to the central bank and at no time concealed or refused to remit the funds as documented in several written correspondences.

“Arising from our continuing efforts in this regard, we have reduced the outstanding sum to the current level within a very short period.

“As an institution built on the core values of integrity and sound corporate governance, Sterling Bank has always complied with all regulatory and other operating requirements and the TSA regulation is no exception to this proud record.

“We take this opportunity to thank all those who have reached out to us with goodwill messages for your understanding and continue to count on your support as we work with the larger banking sector to resolve this matter in the shortest possible time,” the bank’s management said yesterday.

Banking Stocks Nosedive

But as the banks allayed the concerns of their customers, shareholders and other stakeholders, the shares of seven of the nine banks barred from the FX market took a bashing on the stock market yesterday as investors reacted negatively to the sanction.

Of the nine banks barred from the market, seven are listed on the Nigerian Stock Exchange (NSE) and at the close of trading yesterday all seven witnessed a decline in their share prices as investor sentiments turned negative.

Diamond Bank recorded the highest decline of 8.9 per cent, falling from N1.24 to N1.12. FCMB followed with a decline of 5.0 per cent to N1.14, from its opening price of N1.20.

UBA shed 2.9 per cent, sliding from N4.53 to N4.46 per share. Skye Bank went down by 1.5 per cent to close at N0.64, against its opening price of N0.65.

Fidelity Bank fell by 0.9 per cent to N1.00 per share, just as FBN Holdings fell by 0.3 per cent to end the day at N3.16.

Contrary to expectations that the decline would drag down the market, a late rally by Guaranty Trust Bank Plc, Ecobank Transnational Incorporated and Union Bank of Nigeria Plc lifted the NSE Banking Index to close higher by 0.2 per cent.

Also gains by Dangote Cement Plc, the most capitalised stock on the Nigerian bourse, Nigerian Breweries Plc, Oando Plc and Forte Oil Plc lifted the benchmark index (NSE All-Share Index) by 0.25 per cent to 27,880.46, compared with the marginal decline of 0.1 per cent on the previous day. Market capitalisation also added N24 billion to close at N9.55 trillion

Culled from Thisday

Rio Olympics: Nigeria football team receive ‘$390,000 gift’

Mikel Obi, Katsuya Takasu & Samson Siasia

A benefactor has handed a reward of $390,000 to the Nigerian Olympic football team in Brazil after the West African country won bronze on Saturday.
Japanese plastic surgeon Katsuya Takasu had promised to reward the team after hearing about their financial difficulties before and during the tournament.
Takasu fulfilled his promise by presenting cheques of $200,000 and $190,000 to coach Samson Siasia and captain John Mikel Obi respectively on behalf of the team.
He met with them two hours after Nigeria defeated Honduras 3-2 in the bronze medal play-off.
“The $200,000 covers the bonuses and allowances as promised and the $190,000 is for the bronze medal,” Takasu told BBC Sport.
“I had travelled from Tokyo prepared to reward them anyway, and to watch them win the bronze inside the stadium was very fulfilling,” he added.
Before arriving in Rio, Nigeria’s ‘Dream Team VI’ were held up in Atlanta, USA, because of a problem with the payment for their flight, and they only landed in Brazil just hours before their opening 5-4 win over Japan.
Nigeria also had a troubled build-up to their quarter-final against Denmark after the players boycotted a training session in a dispute over pay.
“This team showed resilience and fought the hardest to achieve success, despite all their problems – some people would have given up but they didn’t,” said Takasu.
“In everything we must always let people understand that they are appreciated and not just in football but generally in life.”
Coach Siasia, who becomes the most decorated African football coach at the Olympics having won a silver medal in Beijing in 2008, thanked Takasu for his generosity and support.
“We can’t thank doctor Takasu enough because what he has done is amazing and unbelievable, we didn’t see this coming when we set out for the Olympics” Siasia told BBC Sport.
“It’s not just about the money. You can’t equate his gesture in figures or words, to find a big supporter far away in Japan travel down here to cheer and back us is unbelievable.
“I can only say a big thank you on behalf of my team and country, we pray God continue to bless him abundantly,” Siasia added.
Nigeria, the 1996 Olympic football champions, are now the most successful African country in Olympic men’s football, and the first African country to complete an Olympic medal sweep having won a sliver medal in Beijing in 2008.
Takasu’s swift financial reward is in sharp contrast to the unfulfilled promises back home.
Some members of Nigeria’s Super Eagles – led by Stephen Keshi, who passed away in June – are still waiting for the houses they were promised by the government for winning the 1994 Africa Cup of Nations in Tunisia.
Keshi is the fifth member of the so-called ‘Golden Generation’ of Nigerian footballers from 1994 to pass away, after Uche Okafor, Thompson Oliha, Rashidi Yekini and Wilfred Agbonavbare.
Africa’s wealthiest businessman, Aliko Dangote, has failed to fulfil his promise to reward Nigeria’s team with $1m for winning the 2013 Africa Cup of Nations.
Nigerian economist and banker Tony Elumelu’s promise of $500,000 for the Super Eagles’ Nations Cup success in South Africa remains outstanding.
The country’s squad members who won the first Fifa Under-16 World championship in 1985 were only rewarded after a 30-year wait.
However, the rewards came too late for Kingsley Aikhionbare, who died in London in 1996. At the presentation to the players, a minute’s silence was held in his honour.

Culled from Today

Banks defy CBN’s order on dollar sales to BDCs - Ifeanyi Lawrence-Agbai

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Commercial banks are defying Central Bank of Nigeria’s (CBN’s) directive for them to sell $50,000 weekly from Diaspora remittances to bureau de change (BDCs), President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe said.
In a statement, the ABCON boss said only 10 per cent of BDCs from the Lagos market have so far accessed dollar from banks since the CBN gave the directive nearly three weeks ago.
The banks that are so far involved in the dollar sales include FirstBank, Ecobank Nigeria, Fidelity Bank, United Bank for Africa and Unity Bank. Others are Diamond Bank, Zenith Bank and Stanbic IBTC Bank.
Gwadabe regretted that BDCs in Port Harcourt, Kano, Abuja, Onitsha, Maiduguri, Benin and Enugu are yet to get a single dollar from these banks.
He said that the BDCs are also selling between N345 and N355 to dollar, far above the interbank rate of N305 to dollar exchange.
The banks, he added, are supposed to sell to the BDCs on the same day within the week, but have failed to do so. “Instead of staggering the payment, the banks should sell to the BDCs on the same week day, so that the impact will be felt in the market. We also want the CBN to licence more International Money Transfer Operators (IMTOs) to deepen the market,” he said.
“Our members across the country have funded their accounts since two weeks ago but the banks are not selling to them. The BDCs that met the CBN’s policy guidelines on the disbursement and cleared by the banks have still not received a dime from the banks,” he added.
Gwadabe also called on the CBN to outsource the dollar distribution role to independent distributor since the banks have failed in their assigned role.

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“I think the banks are compromising the policy and CBN’s directive on the matter. And like I said earlier, since the banks are not co-operating, I expect the CBN to take that role from them and assign it to a reputable independent distributor,” he advised.
The CBN had directed through a circular to authorised dealers that all agents to approved IMTOs sell foreign currency accruing from inward money remittances to licensed BDCs.
It said the foreign currency proceeds of IMTOs sold to BDC operators shall be retailed to end users in accordance to CBN regulation.
Also, only BDCs that have been cleared by the compliance department of the banks as fully compliant with the Know Your Customer (KYC) requirement were allowed to buy. The CBN issued a follow-up circular to all the banks, asking them to sell $50,000 weekly to BDCs.
The directive was meant to ensure stability of the exchange rate and encourage participation of critical stakeholders in the foreign exchange market.
The CBN said a BDC shall nominate its preferred authorised dealer, a commercial bank, and can only procure the said amount from only that bank of its choice in a week. The CBN warned that any breach of this condition will attract appropriate sanction.
Speaking further on the Diaspora remittances, Gwadabe said: “The proceed of the international money transfer fund, is not CBN money. It is not from the foreign reserves of the CBN. This is money that Nigerians in Diaspora, are sending into the economy. Before, this money come through unofficial means, some sending through hands, and at the end of the day, the beneficiary will not even get the money”.

Culled from Today

TUC Rejects Proposed 9% Hike On Calls, SMS, Others-Mark Itsibor

The Trade Union Congress of Nigeria (TUC) has asked the federal government to drop its planned introduction of new Communication Service Tax (CST) which if passed into law, would automatically allow the federal government to place a nine per cent tax charges on all phone calls, SMS, MMS, data package and other telecoms transactions.
In a press statement that was jointly signed by President of the TUC, Comrade Bobboi Bala Kaigama and its acting Secretary General, Barro Simeso Amachree yesterday, the union described the proposed tax as an exploitation of the already impoverished masses.
“We call on the Federal Government and the National Assembly to suspend the bill immediately because the masses are already overburdened with multiple taxation.  It makes no sense for the country to initiate policies that would stifle businesses when it seeks to woe and attract even more investors. “If we sufficiently understand the minister, we wonder how he expects such tax to be paid by any worker in a country where the national minimum wage is N18,000 and at a time when workers’ take-home pay no longer take’s them home. Apart from exploiting the already impoverished masses, the policy would also discourage investment and lead to loss of jobs,” the union stated.

Minister of Communication, Mr. Adebayo Shittu had during the private sector dialogue session that was organised by the Lagos Chamber’s of Commerce and Industry (LCCI) in Lagos hinted that the planned tax that has passed first reading in both chambers of the national assembly was conceived to help the federal government develop the ICT sector and implement its policies and plans in an integrated manner.
He claimed that Nigeria would earn as much as N20 billion monthly if the bill is passed into law, adding that it would also help to cushion some of the country’s economic challenges and fund budget deficits in no small measure.
But the union said “while we appreciate the minister’s concern on how to fund the budget, should the government’s focus not rather be on ensuring more judicious use of revenue derived from value added tax (VAT), Pay-As-You-Earn (PAYE), stamp duties, vehicle license, passport fees, customs duty, petroleum profit tax (PPT) and other taxes collected from the masses and companies? And would it not be more appropriate for the desired additional taxes to be imposed on the GSM operators and other players in the communications industry rather than the poor masses?”
Voicing their concern over the issue, the group wonders why the common people should always be at the receiving end of government policies.
, asserting that most government officers rarely pay for anything, including their children’s school fees and utility bills.
“The cost is on us the masses,” Kaigama said.
Further, he said the fact that the country is in economic straits and needs to generate more revenue to deliver on government promises “does not mean that satanic laws that adversely affect disposable income and gross domestic product (GDP) should be promulgated.”
The TUC which said that it was not consulted in the stakeholders meeting where the decision was taken said various tiers of government that aim to increase their revenues must do so by looking inward to the vast deposits of natural resources within their respective jurisdictions.
The Organised Private Sector (OPS) under the telecommunications arm of the LCCI had also expressed concerns over the proposed taxation operators, saying it would affect consumers’ purchasing power, a situation they say negates the principle of neutrality.

Culled from Leadership

FG Rolls Out N1.6b Women’s Special Intervention Fund -Suzan Ironsi

To facilitate growth and entrepreneurial development at grassroots level,  and in line with the federal government’s Social Investment Programmes, the Minister of Women Affairs and Social Development, Senator Aisha Jummai Alhassan has announced the roll out of a N1.6 billion naira special intervention fund tagged, ‘National Women Empowerment Fund’ (NAWEF), which is in partnership with the Ministry and  Bank of Industry (BOI).
Speaking at a stakeholder’s consultative meeting for the implementation of the NAWEF, organised by the ministry yesterday in Abuja, the Minister sketched the outline for the pilot phase, which will cut across 8 states; Abia, Adamawa, Akwa Ibom, Borno, Jigawa, Nassarawa, Osun and Yobe.
According to the details, to enhance income generation while providing micro-credit financing, the micro-credit scheme will be disbursed as a loan from between N20,000 to N50,000, with a 5 per cent admin fee to credible registered women groups, payable within 6 months.

10,000 women are expected to be registered in each of the 8 states, with a road show planned in participating areas as an advocacy tool for targeted market women, women artisans, and women farmers amid others.
Senator Alhassan stated that “Nigerian women have never had it this good.” She detailed that sequel to the approval of President Muhammadu Buhari’s five-pronged social investment programme, the administration had approved the ‘Government Enterprise and Empowerment Programme’ (GEEP), and NAWEF as measures to support women’s financial inclusion and access to credit.
The Executive Director, Financial Inclusion (BOI), Mrs. Toyin Adeniji, who highlighted that the pilot states were chosen at random, explained that the BOI expected to commence nationwide access of the programme by the first quarter of 2017

Culled from leadership

Nigeria’ll maintain leadership in African pension industry –PenCom DGBy Maduka Nweke

Ahead of the Third World Pension Summit being hosted by Nigeria, Director-General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, yesterday, said Nigeria would continue to provide the needed leadership in African continental pension industry. She also said such roles have become necessary in face of Africa’s humongous infrastructure deficit estimated at over $300 billion.
Speaking  during a World Press Conference  in Lagos, the DG explained that the summit  which is  scheduled for September 27 and  28, 2016, would catalyse economic development in Nigeria and across the African continent. She said it is also aimed at  harnessing African talents in pension and other support services such as in  investments, insurance, actuarial valuations amongst others.
The  theme of the summit is:  ‘Pension Innovation: African Perspective’
According to her, it is expected that this year’s summit would again bring together professionals and highly experienced resource persons from across the world in the areas of investment, actuarial science, insurance, coverage extension and other pension-related fields.
She said  that some investors do not get funds from the industry because they fail to meet the requirements in the investment guidelines adding that PenCom is willing to invest in infrastructure and other projects, but the terms and conditions spelt out in the investment guidelines must be strictly adhered to.
“There is no doubt that African countries have achieved significant strides in the extension of pension coverage to the informal sector and the self- employed. Indeed, access to financial services has remained a huge challenge across the continent due to low awareness of the existence of these services, coupled with the absence of clear understanding of customer preferences on financial products and services” she said.
Anohu-Amazu, argued that two insurance products, namely, Group Life Insurance and Life Annuity, are key to successful implementation of benefits payout schemes by pension managers.
In the summit, she said, a section  has been dedicated to address the challenges of the roles of insurance and how to deliver long- term retirement outcomes.
“As you are fully aware, Africa today faces huge infrastructure deficits. Pension funds, as a long-term capital, are ideally suited to address some of these infrastructure challenges,” she said.
The DG noted that the summit which has been divided into sessions,  would feature sessions like, Regional Reports; Revolutionary Strides in Pensions by African Countries; Plenary on Emerging Insurance Role to address the challenges of the roles of insurance and how to deliver long term retirement outcomes.
“The plenary on ‘The Dynamics of Pension Investment’ would address pension investments in alternative asset classes. The panel will address how pension funds can be tailored towards impactful, visible and measurable investments thereby making Africa  achieve its optimum potentials on sustainable platform.”
A plenary on ‘financial inclusion’ has been designed to proffer ways to efficiently and effectively design financial literacy programmes and share experience on micro pension design and policy implementation. Due to its significance to the success of any pension reform, the use of technology in pension administration would be discussed for the third consecutive time.
“The topic, ‘Pension distribution: The impact of Technology’, would showcase new methods and advancements in technology that could be effectively deployed to provide efficient services to pension plan members, particularly in awareness creation and communication. The World Pension Summit -Africa Special’ will for the first time feature discussions on the topic, ‘Actuarial issues and their impact on Pension Benefits’. The Plenary will discuss issues such as actuarial assessment tools, policy and governance”she said.

Culled from sun

Global Pension Assets Hit $54 Trillion-Obinna Chima

Global pension assets have grown significantly to $54trillion, the Chief Executive Officer of the World Pension Summit (WPS), Mr. Chris Battaglia disclosed on Thursday.

Battaglia, made the remark at a media conference in Lagos, ahead of the third World Pension Summit ‘Africa Special,’ expected to take place in Abuja between September 27th and 28th, 2016.

According to him, in a lot of developed countries, pension assets are now more than 100 per cent of Gross Domestic Product (GDP).
“Global retirement assets are growing in size and volume and a shift from defined benefits to defined contribution. In most developed countries, pension assets have also grown in relation to their economies. With great assets come greater responsibility. Assets of the 300 pension funds globally averaged nearly $14trillion,” he added.

Earlier, the Director General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, explained that the Commission, in furtherance to its mission of promoting a pension industry that impacts on nation-building and national development organised the first and second edition of the World Pension Summit ‘Africa Special’ in 2014 and 2015 respectively.

She stated that the themes of the previous summit were selected based on the need to lay solid foundation for the establishment of an enduring pension system in Africa and chart ways for effectively channeling the pension funds to sustainable investments such as railway, power and real estate.

Furthermore, the PenCom boss said it was envisaged that the summit would serve as a catalyst to actively stimulate economic development across the continent.

“The third summit which has as its theme: “Pension Innovations: The Africa Perspective,” is aimed at driving into greater prominence, the revolutionary strength and achievements of African governments in the area of pension and social benefits. It is expected that this year’s summit would again, bring together professionals and highly experienced resources from across the world in the areas of investment, actuarial science, insurance coverage and other pension related fields in other to consolidate on the gains of the first two summits.

“The third edition of the WPS promises to harness Africa’s talents in pension and other support services such as investment, insurance, actuarial valuations amongst others. Indeed, the summit would provide a platform among regulators and operators, both in pension and the financial market to usher a new dawn of innovations in pension administration, particularly towards extending coverage, promoting quality service delivery and to channel pension funds safely towards investments that have visible and measure impact on the continent,” the PenCom boss added.

Culled from Thisday

Gov Dickson Appeals Tribunal Ruling, Seeks Sylva’s Ban From Future Elections- By Osa Okhomina

Bayelsa State Governor Seriake Dickson on Wednesday filed a counter appeal against the judgment of the Election Petition Tribunal, seeking the ban of the flag bearer of the All Progressive Congress (APC),Chief Timipre Sylva from future elections in the state.
The tribunals had dismissed the petition filed by Sylva and upheld the election of Dickson.
According to the petition filed by the lead counsel to Governor Seriake Dickson, Tayo Oyetibo, the cross appeal contended that by virtue of section 182(1)b of the 1999 Constitution, Sylva having been elected governor of Bayelsa State on two previous occasions is neither qualified to contest election into that office again or present any petition challenging Dickson’s victory at the polls.

According to Section 182(1) b of the 1999 Constitution of the Federal Republic of Nigeria, “No person shall be qualified for election to the office of governor of a state if … he has been elected to such office at any two previous elections.’’
Governor Dickson, who expressed dissatisfaction with the tribunal for refusing to bar Sylva from contesting governorship election having taken governorship oath of office twice, has cross appealed the judgment of the tribunal in which he won.
Sylva, it will be recalled contested the governorship election in the state on 14th April, 2007, won and was sworn in on May 29, 2007. Luck ran out of him on April 15, 2008 when the Court of Appeal nullified his election on grounds that it was fraught with irregularities and directed him to hand over to the speaker of the Bayelsa State House of Assembly.
Consequent upon the annulment, a new election was conducted by the Independent National Electoral Commission (INEC) on May 24, 2008 in which Sylva was returned as elected. Consequently, Sylva took another oath of allegiance and oath of office on May 29, 2008 and exercised the powers of a governor until February 14, 2012 when Dickson was sworn in.
While quoting copiously from decided Supreme Court cases such as Brig. Gen. Muhammed Buba Marwa versus ADM. Murtala Nyako, Dickson affirmed that Sylva was not qualified to challenge his re-election at the tribunal and urged the Appeal Court to strike out the petition and formally disqualify Sylva from ever running for governorship having been sworn in twice as governor.
Commenting on the development, the special adviser to Dickson on media relations, Mr. Francis Agbo said having woefully lost the election in seven out of eight local government areas in the state in spite of the manipulation and intimidation of voters by the federal agencies, Sylva should have congratulated Dickson and joined hands with the governor to restore the lost glory of the state and not to write a petition that is at best ‘‘watery, bare in content and was as usual, dead on arrival.’’
While stressing that Sylva has a bad case having been totally rejected by the people, a decision which the tribunal has upheld, his appeal was an unnecessary distraction but the governor will never be distracted from serving his people because according to him, his boss has his hands on the plough and the Bible says a man who has his hands on the plough will never look back.
Agbo accused Sylva and his APC friends in high places of terrorising the Nigerian Judiciary to make Sylva governor through the backdoor. While advising Sylva to stop dragging the judiciary in the mud, the governor’s image maker urges the Judiciary not to be blackmailed or intimidated.

Culled from Leadership

George, Agbaje, divide PDP governors-aiwo Amodu, and Fred Itua

Despite  the confusion emanating from  conflicting court orders restraining and affirming Peoples Democratic Party (PDP)scheduled convention, chieftains and ordinary faithful of  the main opposition party in the country,  will today elect new set of substantive national officers to administer the party for a statutory four -year tenure.
Leading contenders in  the  race for the exalted position of national chairman are two chieftains of the party from Lagos State: former Deputy National Chairman, Bode George and its governorship candidate in the 2015 general elections, Jimi Agbaje. The chairman emeritus of Daar Communications, Chief Raymond Dokpesi is believed to be waiting to reap from the backlash that would emanate from the clash of the major contenders from Lagos.
Also in the race are former Education Minister, Tunde Adeniran and a former Minister for Special Duties, Professor Taoheed Adedoja. Since the aspirants from the  South-west where the position had been zoned could not agree on a consensus deal, today’s  election is an  open contest for the votes of delegates. But Dokpesi has insisted on contesting for the position because it is zoned to the South, not South-west and his major support is said to come from his zone and some states in the North.
Daily Sun gathered that PDP governors are torn between Bode George and Jimi  Agbaje for the office of national chairman.
Ondo State governor and chairman of the PDP Governors’ Forum, Dr. Segun Mimiko is believed to be the arrow head of the campaign for the emergence of George as national chairman.
But a party source disclosed to Daily Sun, that a  certain governor from the South-south has been able to impress it on his colleagues in the zone and the South-east to line up their delegates behind Agbaje.
“The governors believe they can relate well with Agbaje than his main rival,” the source said.
Daily Sun further gathered that a forum, the PDP Northern Leaders Forum,  led by former Information Minister Professor Jerry Gana was expected yesterday  to receive a report of special screening committee assigned to screen aspirants for all the national offices zoned to the North and South.

Culled from Sun

NSE Market Indices Record 0.26% Growth

The market indices of the Nigerian Stock Exchange (NSE) on Monday recorded marginal growth, appreciating by 0.26 per cent due to marginal gains posted by some blue chips.
The News Agency of Nigeria (NAN) reports that the market capitalisation grew by N23 billion or 0.26 per cent to close at N9.381 trillion against N9.358 trillion achieved on Friday.
Also, the All-Share Index which opened at 27,246.88, increased by 69.64 points or 0.26 per cent to close at 27,316.52.

NAN reports that Nestle recorded the highest price gain to lead the gainers’ table, growing by N5.02 to close at N825.02 per share.
It was followed by Dangote Cement with a gain of N2.99 to close at N183, while Nigerian Breweries appreciated by N2.42 to close at N132.92 per share.
Unilever gained N1.75 to close at N36.75, while Lafarge Africa increased by N1.72 to close at N55 per share.
Conversely, Forte oil topped the losers’ chart, dropping by N8.26 to close at N161.30 per share.
Seplat trailed with a loss of N2 to close at N240 and Guinness dipped N1.50 to close at N93.50 per share.
CAP shed N1.40 to close at N27.30, while Conoil declined by N1.19 to close at N22.77 per share.
Also, the volume of shares traded improved by 12.04 per cent as investors staked N2.05 billion on 213.64 million shares transacted in 2,978 deals.
This was in contrast with a total of 190.68 million shares valued at N1.33 billion traded in 2,978 deals on Friday.
Zenith Bank was the toast of investors, accounting for 45.79 million shares worth N696.85 million.
FBN Holdings followed with an exchange of 23.16 million shares valued at N72.44 million and Diamond Bank sold 19.01 million shares worth N21.81 million.
Access Bank transacted 16.19 million sold shares valued at N89.76 million, while UBA accounted for 16.08 million worth N67.66 million. (NAN)

Culled from Leadership

Policeman kills colleague, yam seller in Port Harcourt- Tony John

A policeman attached to a  new generation bank yesterday shot dead a colleague and a yam seller in Port Harcourt, Rivers State.
The incident, which caused tension, attracted angry youths, customers and passers-by, who besieged the premises of the bank at Oil Mill bus stop, Aba Road, Port Harcourt, calling for the arrest of the killer cop.
When Daily Sun visited the bank at about 8:40am, the body of the policeman was inside the premises while that of  the yam seller was at the car park of the bank.
Eyewitnesses, who identified the deceased policeman, said he was attached to the Elelenwo Police Division in the state capital.
Some  aggrieved bank customers, who witnessed the incident, said there was no disagreement between the killer and the dead policeman.
It was further gathered that the yam seller was hit by  stray bullet.
Shortly after the incident, a team of armed policemen in mufti stormed the bank and arrested all the policemen and    private security  personnel.
The incident paralysed business activities at the bank.
At the time of filing the report, Police Public Relations Officer (PPRO),  in the State, Omoni Nnamdi, a Deputy Superintendent of Police (DSP), could not respond to his calls and text massages for confirmation.

Culled from Sun

Brazil Senate Votes For Rousseff’s Impeachment Trial

The Brazilian Senate has voted to hold an impeachment trial of suspended President Dilma Rousseff, who is accused of breaking the budget law.
The senate voted 59 to 21 in favour of going ahead with the trial against Ms Rousseff, which is likely to be held at the end of this month.
The Senate suspended Ms Rousseff in May over alleged illegal accounting practices.
She says they were common practice under previous administrations.
Following a marathon debate that ended early on Wednesday, the senate easily surpassed the required simple majority needed to decide on whether to try Ms Rousseff.
A two-thirds majority is needed in the final vote following the trial, which is due in the week after the Olympics closing ceremony.
As the debate got under way on Tuesday, Supreme Court President Ricardo Lewandowski told senators that they were about to “exercise one of the most serious tasks under the constitution”.
Ms Rousseff has been accused of spending money without congressional approval and taking out unauthorised loans from state banks to boost the national budget ahead of the 2014 election, when she was re-elected.
Her allies in the Workers’ Party have pointed out that many of the members of the Brazilian congress who have accused her are implicated in corruption cases themselves.
Ms Rousseff is not facing corruption charges in Brazil’s wide-ranging scandal around the state oil company, Petrobras.
But she has been tainted by the scandal, in which her Workers’ Party is accused of lining its campaign war chests with some of the missing money.
If she is removed from office, the interim president, her former running mate Michel Temer, will remain in the presidential chair until the next elections in 2018.
Ms Rousseff has accused him of orchestrating a political coup against her.
At the Olympics opening ceremony on Friday, Mr Temer drew boos from the crowds as he declared the games open.
There have been various protests against him before the games as well as peaceful protests at a number of Olympic venues.

Culled from Leadership

FG Spends N159bn On Salaries Monthly – Adeosun - BAYO AMODU

The Minister of Finance, Mrs Kemi Adeosun, yesterday disclosed that the Federal Government now spends N159 billion monthly on salaries.
Speaking at a Town Hall/Policy Dialogue for Good Governance organised by the Alumni Association of the National Institute of Policy and Strategic Studies, yesterday, Adeosun said the administration of President Muhammadu Buhari inherited a monthly wage bill of N165 billion and 1.2 million public servants in the civil service, when the government came into power, but has now been reduced to N159 billion.
She said: “You can’t send people away. What we can do is to build controls to make sure these people exist and are validly working to earn their wages which is why we are carrying out continuous audit which has reduced our huge bills by N6 billion per month.  We had to attack the problem of recurrent expenditure. When we came in, over N165 billion went on salary. As we speak, we have reduced it to N159  billion.’’
Also, the minister, who described borrowing as inevitable in view of the current realities in the nation’s economy, explained that the Federal Government opted for a conservative borrowing plan to fund the critical sectors of the economy and to ensure that future generation is not saddled with the burden of debt payment.
‘‘In the past, Nigeria had been borrowing to pay salaries but now we are borrowing to invest. When you borrow to invest, there is an expectation that there will be additional revenue that will service those borrowings,’’ she stated.
Stressing the urgent need to fund infrastructure, Adeosun said “We have to invest in our infrastructure to allow the private sector to thrive which will create jobs and unlock the economy. We have to adopt a very conservative borrowing programme but we must borrow because for us to do rail, we need funds with other needed infrastructure we need funds.”
The Minister pointed out that some of the existing rail lines in Nigeria were constructed during the colonial era, which has to be massively upgraded and brought into the 21st century. According to her, such investment will trickle down to the people through its impacts on agriculture, rail and solid minerals.
She stated, “The rail we have now was done in the colonial era. There was no significant upgrade. We need to urgently do rail for agriculture and solid minerals to be competitive, so I really don’t see any option than to borrow but we will borrow sustainably; we will borrow conservatively to make sure we don’t burden future generation.
We will borrow as cheaply as possible and that is why we are approaching the World Bank and Export Credit Agencies to provide concessionary loans. We are taking concessionary loans before going for commercial loans.”

Culled from Leadership

EFCC Arrests, Releases Blogger, Abubakar Usman For Cyber Stalking- Ejike Ejike

The Economic and Financial Crimes Commission, EFCC, yesterday, arrested  a blogger, Mr Abubakar Sidiq Usman, for offences bordering on cyber stalking.
The suspect who is the publisher of Abusidiqu.com was picked up at his Kubwa, Abuja home in the early hours of yesterday by some operatives of the EFCC and was questioned over the alleged offence which contravenes sections of the Cyber Crime Act.
The EFCC spokesperson, Wilson Uwujaren said the suspect was offered administrative bail as at the time of going to press and would be released to his elected sureties.
Usman had reported in his blog that regular members of staff at the EFCC are complaining that they are being bullied by the acting chairman of the commission, Ibrahim Magu.
The report also alleged that “Recently, Mr Magu started by victimising ‘Protective Core Operatives’ of the EFCC due to a revelation given to him by the arrested air chief who is a close ally of himself and his Godfather NSA, Monguno.”

Culled from Leadership

Boko Haram: FG indicts 2 fertilizers companies for sabotage -by Juliana Taiwo-Obalonye

The Federal Government has indicted the two sole manufacturers of urea blend of fertilizers in Nigeria, following discovery that terrorist sect, Boko Haram used nitrate based fertilizers to develop the Improvised Explosives Devices (IEDs).
This is even as it arrested five security operatives as well as other actors linked to incessant bombing of oil facilities in the Niger Delta, where it was discovered that commercial explosives and accessories were used for attacks.
They were found to be culpable for diverting about 9,000 kilograms of high explosives and 16,420 pieces of detonators for illegal use.
The government  warned that any individual or company that operates outside the confines of legitimacy or illegality would have itself to blame, adding that it would not listen to any influence peddler on behalf of any company that decides to sabotage national security.
The National Security Adviser, Brig. Gen. Babagana Mungono (rtd), who briefed the press with officials of the two sole fertilizer  manufacturers – Notore Petrochemical and Indorama Eleme Petrochemical in attendance, read the riot act, showing government’s displeasure in their activities which is also contributing to food shortage in the country.
He said despite government’s effort through the relevant authorities to grant them sole license as well as facilitate necessary importation of raw materials and also secure distribution network to the two comapnies, they were discovered to be exporting 71 per cent of the product to the detriment of the nation’s economy.
The NSA warned that the present economic realities notwithstanding, the government will not tolerate companies and individuals with vested interested taking the country for granted.
On the incessant bombing of oil facilities in the Niger Delta and the arrest of culpable persons, Mongono said: “let me also use this opportunity to inform you that this office conducted investigations into the incessant bombing of oil facilitates in the Niger Delta Region and discovered that commercial explosives and accessories were used for these attacks. Based on this fact, I directed our explosives experts in office of the National Security Adviser to conduct further investigations and detailed audit of the records of explosives magazines and quarries in that region, which revealed the diversion of about 9,000kg of high explsovies and 16,420 pieces of detonators for illegal use.
“The actors, including the store man of a major explosives distribution company in Nigeria, an accomplice and five security operatives have been arrested and handed over to appropriate authorities.
“Right now investigations are being conducted and I can assure you that they are deeply culpable and the necessary action will be taken on the conclusion of these investigations”.
The NSA while assuring on government’s commitment and his office to ensuring the wellbeing, safety and security of Nigerians, he charged the citizens to be committed to security and do their business in accordance to laid‎ down rules of law.
He reiterated that “any individual or company that operates outside the confines of legitimacy or illegality will have itself to blame and we also want to add that the government of the day will not listen to any influence peddler in the society on behalf of any company that decides to sabotage national security”.

Culled from Sun

Jonathan Keeps Mum on Corruption Cases Against Former Aides, Officials-Tobi Soniyi

Former President Goodluck Jonathan Briefing the State House Correspondents after Meeting with President Muhammadu Buhari in His Office at the Presidential Villa Abuja wednesday 03-08- 2016 ). Photo: GODWIN OMOIGUI

Former President Goodluck Jonathan has continued to refuse to speak on the ongoing corruption cases against some of his former aides and officials who worked for his government, insisting that he would speak about the issue at the “appropriate time”.

Jonathan, who spoke to State House correspondents wednesday in Abuja after meeting with President Muhammdu Buhari, said: “I don’t want to talk about that, because there are too many cases that are in court, it will not be fair to make comments.
“I will talk at the appropriate time when most of these things are resolved.”

The former president said he was in the State House to brief the president on his mission to monitor the upcoming elections in Zambia and called on Nigerians to work towards a united country.
He also solicited for peace in the Niger Delta, saying that there could be no development without peace.

Jonathan said: “It’s not just about me but about all the traditional rulers, elders and opinion leaders that are of the Ijaw ethnic nationality.

“We have been in touch to see that peace reigns in the country. Those of you who have followed my stand when I was here; my emphasis was that we need a united Nigeria and I always emphasise that Nigeria is great not just because of oil.

“So many countries produce more oil than Nigeria, but nobody notices them. We are great because of our size, the human resources we have, the diversity we have, so if we fragmentise the country into small components we will be forgotten by the world.

“That has been my focal position and without peace there cannot be development anywhere in the world, we are all working collectively to see that issues are resolved.”

Providing further insight on his visit to the State House, the former president said: “You asked why I came to see the president today; one key thing is that having been a head of a government, a former president, you become state property.

“That’s the privilege you have, but every privilege has its corresponding responsibility, and once you become state property, your international engagements that have to do with public addresses and some international assignments becomes national assignments, so you must brief the president.
“Even when I was here, former presidents used to do that and came to brief me. I have been coming here; most times I come at night, that’s why you don’t see me.

“So I came to brief the president on some of my engagements. As you are aware, I will be leading the AU elections monitoring team to Zambia. I came to brief the president about some of these external engagements. It is the tradition.”

After leaving the State House, Jonathan was reported to have held a meeting with the Board of Trustees (BoT) of the Peoples Democratic Party (PDP) last night in Abuja.

Although details of the meeting were sketchy, party sources said the meeting was slated to discuss the protracted crisis in the PDP following the removal of its former national chairman, Senator Ali Modu Sheriff, and how to resolve the problem.

The division within the PDP and a retinue of court orders and counter-orders pose a serious threat to the future of the party as a counter-balance to the ruling All Progressives Congress (APC).

Culled from Thisday

Kaduna women protest half-naked over killings by herdsmen — Sola Ojo,

WOMEN of Ninte village in Godogodo chiefdom, Kafanchan area of Jema’a Local Government Area of Kaduna State, yesterday stormed palace of the Chief of Godogodo half-naked to protests alleged incessant night killings by Fulani herdsmen.
The Ninte women, who were supported by others from surrounding villages who suffered same fate, arrived the palace in the wee hour demanding government’s prompt intervention over killings, rape, burning  of houses by armed men suspected to be Fulani herdsmen which had been on the increase in recent times.
Police Public Relations Officer (PPRO), Kaduna Police Command, ASP Aliyu Usman confirmed the incident.
The PPRO who said maximum security personnel have been deployed in the affected area to put the situation under control, called on residents to help  police  curb crime by reporting suspicious movements to security agents.
However, a protester accused the state government of insensitivity alleging that it has refused to act since the incident started.
“Since May when these people started attacking our community to kill our sons and husbands, rape  women and their daughters as well as  set houses on fire, the government has abandoned us to our fate. As it stands now, the area is no longer safe for us.
“Government we voted into power has left us at the mercy of armed herdsmen; farms cannot be cultivated in the face of a high level of impunity. Government is saying we need to go back to farm to help the country move forward.
But how can one go to farm when you don’t know whether someone is already laying ambush? she asked.
Chief of Godogodo, Mallam Iliya Ajiya, however, appealled to the protesting women to remain  calm, saying everything possible was being done to bring the situation under control.
The sole administrator of the council, Dr Bege Katukah who reacted on phone, confirmed the development, adding that security men had been mobilized to the affected community to restore peace and order.
Daily Sun gathered that already, residents of the affected villages have been to neighbouring Godogodo, Antang and Gidan Waya for refugee.

Culled from Sun

We’re corrupt –Jibrin-By Chinelo Obogo and Job Osazuwa

ABDULMUMIN Jibrin, former House chairman of Appropriation has sensation­ally revealed that the House of Representa­tives of which he is a member is corrupt.
Jibrin, who spoke on a live telecast on Channels TV yesterday, when asked if former President Olusegun Obasanjo was right in saying the National Assembly was corrupt, said: “Yes, we’re corrupt.”
Jubrin had accused Speaker Yakubu Dogara, his deputy, Yusuf Lasun, House Whip, Alhassan Doguwa, and Minority Leader, Leo Ogor, of padding the 2016 Ap­propriation Bill with up to N40 billion.
Speaking yesterday, Jibrin said: “There is corruption in the House of Representatives, and not only is there corruption, there is institutional corruption. These are things that I can prove and it is what my struggle is about. Obasanjo is not completely wrong in saying that lawmakers are corrupt; the only thing is that we keep living in denial. I have been part of that system and I know that there is corruption in the system. There is also institutional corruption. I have been there for five years and I have seen a lot and I am so happy that something has triggered it. We want to take advantage of this trigger to address the issues at the National Assem­bly to force reforms. People are looking at it from a narrow perspective, but it is a bigger problem. This issue is going to lead to a revolution in the National Assembly. There are lot of issues that needs to be dealt with. The issue of corruption needs to be dealt with. The issues regarding the conduct of members would also be dealt with.”
He said statistics was needed to ascertain the exact figures inserted into the budget.
“The amount inserted was about N284 billion. Technically, it was a movement of money here and there in the budget. For five years, working on budgets as chairman Finance, I have never seen this kind of situ­ation. I didn’t know there was some kind of recklessness in the past, but not as bad as this. I saw some kind of insertions into the budget in years past, but in 2016, the inser­tions completely went off the board.
“Even though the law allows it, person­ally, I believe that the insertions were too much. It is also very important that the constitution gives us the power to appropri­ate and insert, but the intention of the con­stitution is not for you to make senseless insertions. These are the issues that I fought internally. There were a lot of senseless in­sertions. The fact that we are talking about our own side does not mean there were no problems from the executive. There were issues with the budget team at the budget office and those issues are still there. There were so many tussles between the ministry of finance and the budget office.
“My problem was that I was not talking. I came to the National Assembly and I was made to believe that when one is chairman of finance, you have to live and die with certain information. Also, if you a chairman of Appropriation, you have to be a custo­dian of information, meaning there are a lot of things you must not say. I actually lived with that kind of mentality for the past five years in House.
“Between when the committees brought in the reports and when the first version of the budget went to the president, so much happened. My colleagues were asking me, but I could not tell them that Speaker tried to insert project worth N30 billion and that he was conspiring with the deputy speaker, Leo Ogor and the rest to hijack the entire process and allocate to themselves projects worth over N20 billion of wasteful project.”
Jibrin said after complaining to Speaker that he was uncomfortable with the num­ber of insertions, they opened up discus­sions with some persons.
“It was in-between that we saw the presi­dent and the speaker took an offence for the reason best known to him,” Jibrin said.
Meanwhile, Jibrin made good his threat to continue exposing the corrupt act of Dogara and other corrupt members of the House of Representatives as he, yesterday, released pictures of guest houses, which he claimed belong to the speaker.
The guest house is reportedly located at Vistula Close, along Panama Crescent, Mai­tama, Abuja. He had alleged that Dogara looted funds meant for legislative duties to furnish his guest houses and other apart­ments being personally used by him.
Wading into the scam, the Socio-Eco­nomic Rights and Accountability Project (SERAP) has told the Speaker and other principal officers fingered in the alleged budget scandal to step aside pending the outcome of investigation by the Economic and Financial Crimes Commission (EFCC) and other agencies.
The letter dated 29 July 2016 and signed by SERAP executive director Adetokunbo Mumuni said “following confirmation received by SERAP from the EFCC that it has taken up and looking into SERAP’s petition to the body on the allegations that the leadership of the House of Representa­tives padded the 2016 budget to the tune of N481 billion, SERAP is now writing to request you to immediately step aside from your position as Speaker of the House of Representatives pending the out outcome of the investigation.”
SERAP also urged Dogara to ensure other principal officers suspected to be involved in the alleged padding step aside from their positions to allow for the inves­tigation by the EFCC and other agencies to go ahead unhindered.
This is even as two human rights lawyers, Femi Falana and Kayode Ajulo, closed over the issue. While Falana wants the Police and anti-graft agencies to step in and investigate the matter, Ajulo called on House members to remove principal officers indicted in the scandal.
Ajulo said: “There is nothing called budget padding. Nothing should be a crime when it is not a crime. There is nothing done that has constituted any criminal of­fence. Budget is an estimate. The executive sends it and the parliament has the power to remove or add something.
“When a budget is passed, the executive can therefore decide on projects of priori­ties. Budget is just a proposal. What we should be looking at is whether the issue is moral or not. It is about public trust. Even if there is budget padding, it is not a crime. EFCC should find a better job to do.
“There is no need to call for their resig­nation. Members have the duty to remove them. In Nigeria, people do not resign their positions. Other members should remove those indicted if they feel they were not part of it. Unless they were part of it.”
But, a member of the House of Rep­resentatives, who doubles as a member of the House Appropriation Committee, Joseph Edionwele, has strongly defended the Speaker, accusing those calling for his probe as jokers.
Edionwele said there was nothing wrong in inserting projects that will benefit the people into the budget. He said Jibrin was only creating an avenue for those who lost out in the speakership tussle to stage a comeback.

Culled from Sun