Friday, 30 September 2016

Herdsmen violence: Government to build ranches, grazing reserves


fulani-herdsmen-the-trent1


Secretary to the Government of the Federation (SGF) Engineer Babachir David Lawal on Thursday said that the government was going ahead with decision to establish ranches and grazing reserves across the country as a solution to the incessant clashes between Fulani cattle rearers and local farmers.
He made the remark while receiving a delegation of Tabital Pulako Njode Jam Foundation, led by its Chairman Alhaji Abdul Bali, in Abuja.
Lawal, in a statement by the Director (Press) in the office of the SGF Bolaji Adebiyi, also noted that nomads from outside Nigeria have migrated into the country and have been the ones perpetuating most of the crimes on the farmlands.
He assured that government will do the needful to enlighten Fulani Herdsmen on how to make cattle rearing more profitable by utilizing the ranches and reap other social and political benefits that such settlements will offer.
The Foundation, he said, was set up to look into the problem of clashes between Fulani Cattle Rearers and Farmers.
“The foundation, in its submissions, is also convinced that the nomads from other lands are responsible for the senseless killings on the farms and urged the government to strengthen control at our land borders. The foundation is ready to partner with government to bring the situation under control.”
In another development, the SGF assured the people of North-Eastern Nigeria that government agencies, responsible for the rehabilitation of the Internally Displaced Persons (IDPs) in the region is not discriminating in the provision of relief materials to the various states.
According to him, relief items were distributed with a deep sense of equity and fairness, as he emphasized that the severity of the hardships of the IDPs in the affected communities and states were the major consideration in the distribution exercise.
The SGF made the clarification in his office when he received a delegation from another group, the Lardin Gabas Elders Forum led by the Chairman of the Board of Trustees Captain Paul Tahir.
He explained that rehabilitation efforts in the North-East, apart from the provision of foods items, tents and building materials, included the reconstruction of schools, hospitals, police stations and barracks.
To streamline rehabilitation activities in the region, and accelerate the return of normal life to the North-Eastern States, he said that a Presidential Committee on North-East Initiative (PCNI) will soon be inaugurated by Mr. President.
The Lardin Gabas Elders Forum was established as a reaction to the devastation that Boko Haram insurgency visited on the North-East Region.
The Forum, according to the delegation, is ready to work with the federal government to ensure that succour is brought to victims of the insurgency.
The forum also advocated the return of Christian Religious Studies to school curriculum to teach youths about good moral upbringing early.
 
source: The Sun

Thursday, 29 September 2016

OPEC reaches preliminary accord to curb oil production


ALGIERS, Algeria (AP) — OPEC nations have reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, immediately pushing up oil prices.
Mohammed Bin Saleh Al-Sada, Qatar’s energy minister and current president of OPEC, announced the deal after several hours of talks Wednesday in the Algerian capital.
The preliminary deal will limit output from the Organization of the Petroleum Exporting Countries to 32.5 million barrels per day, he said. Current output is estimated at 33.2 million barrels per day.
Disagreements between regional rivals Saudi Arabia and Iran had dimmed hopes for a deal.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
OPEC countries neared agreement on a preliminary accord Wednesday to limit oil production, sending oil prices upward, despite lingering differences between regional rivals Saudi Arabia and Iran.
Officials from the Organization of the Petroleum Exporting Countries were meeting informally on the sidelines of an energy conference in Algiers to try to find common ground on how to support oil markets. Experts say that would require a decision to limit output — an idea Iran still views with skepticism, as it’s trying to restore its oil industry since emerging from international sanctions this year.
Algerian officials said participants reached a “pre-accord” on production curbs to be finalized at an OPEC meeting in Vienna in November. Algeria’s prime minister is scheduled to provide details later Wednesday night. The officials were not authorized to be publicly named.
Benchmark U.S. crude jumped $2.38, or 5.3 percent, to $47.05 a barrel in New York. Brent crude, the international standard, was up $2.72, or 5.9 percent, to $48.69 a barrel in London.
Iran would not have the same proportional reductions as other countries under the pre-accord, but would limit production to 3.7 million barrels a day, according to an adviser to Algeria’s energy minister. It is currently estimated to be pumping around 3.6 million.
Algerian officials shuttled through the night between delegations to try to secure agreement.
Earlier, Iranian Petroleum Minister Bijan Namdar Zanganeh played down the OPEC gathering, calling it “just a consultation meeting … If there is a decision, it should be taken at the next (OPEC) meeting in Vienna in November.”
The price of crude oil has fallen sharply since mid-2014, when it was over $100 a barrel, dropping below $30 at the start of this year.
Saudi Arabia, the world’s biggest oil producer and Iran’s rival for power in the Middle East, appears to be more amenable to some sort of production limit, certainly more so than in April when OPEC failed to agree on measures to curb supplies.
Saudi Energy Minister Khalid Al-Falih has this week promised to “support any decision aimed at stabilizing the market.”
Over the past couple of years, OPEC countries, led by Saudi Arabia, had been willing to let the oil price drop as a means of driving some U.S. shale oil and gas producers out of business. Shale oil and gas requires a higher price to break even.
Those lower prices have hurt many oil-producing nations hard, particularly OPEC members Venezuela and Nigeria, but also Russia and Brazil.

Culled from AP in Yahoo

Wednesday, 28 September 2016

CJN, other judicial officers’ remuneration, hit N33bn yearly


nigeria-supreme-court-300x128.jpg



The Chief Justice of Nigeria (CJN), federal judicial officers, and State Judicial officers have in the last one year guzzled a total sum of N33.47 billion as emoluments and other allowances, checks by the Economic Confidential has revealed.
The report obtained and computed by the Economic intelligence magazine and shared by PRNigeria, yesterday, showed annual salaries, regular and non-regular allowances of 934 judicial officers in the country, including the CJN.
These include: vehicle maintenance and fuel, Personal Assistants, domestic staff, entertainment and utilities allowances. Others are; Hardship allowance, Outfit and newspapers allowances respectively.
The report also said the CJN receives an annual salary of N3.36 million and like the country’s president, has to be provided with vehicle maintenance and fuelling, domestic staff, entertainment, utilities and newspapers.
Furthermore, the CJN has 25 percent of his annual basic salary reserved for personal assistant and outfit  each or  its equivalent of N840,993.13 respectively an half of his annual salary as hardship allowance which amounts to N1,681,986.25.
However, accommodation and furniture will be provided for the CJN while annual leave, severance gratuity and vehicle loan which is optional will be 10 percent, 300 percent and 400 percent respectively. His duty tour allowance within Nigeria is settled at N50,000 per night, while that of overseas or estacode amounts to $2,000 per night.
Justices of the Supreme Court and the President of the Court of Appeal have the same annual salary of N2.47 million each while Justice of the Court of Appeal, Chief Judge of Federal High Court, Chief Judge of the FCT, Judge of the Federal High Court, President of the National Industrial Court, Grand Khadi of the FCT Sharia Court of Appeal, President FCT Customary Court of Appeal, Chief Judge of States, Grand Khadi state Sharia Court of Appeal and President state Customary Court of Appeal all collect N1.99 million each as annual salary.
Furthermore, judges of the Federal High Court, National Industrial Court, FCT High Court, State High Courts, FCT Sharia Court of Appeal, FCT Customary Court of Appeal, Khadi state Sharia Court of Appeal and State Customary Court of Appeal all get N1.80 million each as annual salary.
All judges in the country, apart from the CJN, have 75 percent of their annual salaries as Vehicle maintenance and fueling, 25 percent for Personal Assistant, 50 percent as hardship allowance, 75 percent for domestic staff, 45 percent for entertainment. Others are: 30percent of their annual salaries as for utilities, 25percent for outfit and 15 percent for newspapers.
As for non-regular allowances, except the CJN, all judges are given 200 percent for accommodation once a year, 300 percent of annual salary for furniture, 10 percent for annual leave, 300 percent as severance gratuity and 400 percent  for vehicle loan, which is however optional.
All justices of the Supreme Court and President of the Court of Appeal are entitled to N35,000 as duty tour allowance per night within the country, while their Estacode is $1,300  per night when they travel out of the country.
Also,  justices  of the Court of Appeal, Chief Judge of Federal High Court, Chief Judge of the FCT, Judge of the Federal High Court, President of the National Industrial Court, Grand Khadi of the FCT Sharia Court of Appeal, President FCT Customary Court of Appeal, Chief Judge of States, Grand Khadi state Sharia Court of Appeal and President state Customary Court of Appeal collect N30,000 as duty tour allowances each within the country and $1,100 as estacode. Other judges outside the above are entitled to N25,000 as duty tour allowances per night, within the country and $800 for estacode when they travel out of the country per night.


Culled from Sun

Friday, 23 September 2016

Attack on Yahoo hit 500 million users

Image copyright Flickr
Yahoo says hackers stole information from about 500 million users in 2014 in what appears to be the largest publicly disclosed cyber-breach in history.
The breach included swathes of personal information, including names and emails, as well as “unencrypted security questions and answers”.
It did not include any credit card data, the site said, adding it believed the attack was state-sponsored.
In July, Yahoo was sold to US telecoms giant Verizon for $4.8bn (£3.7bn).
The FBI has confirmed it is investigating the attack.

Password change urged

Media captionSecurity expert Troy Hunt provides safety tips to Yahoo users
News of a possible major attack on the technology firm emerged in August when a hacker known as "Peace" was apparently attempting to sell information on 200 million Yahoo accounts.
Yahoo on Thursday confirmed the breach was far bigger than first thought.
The data taken includes names, email addresses, telephone numbers, dates of birth and encrypted passwords.
Yahoo recommended all users should change their passwords if they had not done so since 2014.

Questions for Yahoo: Analysis by Dave Lee, BBC North America technology reporter, San Francisco

The nature of the information stolen feels somewhat run-of-the-mill - no payment info, and passwords were encrypted. Good. But the chain of events leading up to this unprecedented announcement gives rise to some incredibly pressing questions for Yahoo.
Why did it take so long for them to confirm the hack and its scale? Why did it take them so long to tell users and prompt them to protect themselves?
State-sponsored attacks are typically for political, not financial gain. So why were details reportedly being sold online? What evidence is there that it was state-sponsored?
Verizon, which has agreed to buy Yahoo, said it had not been told until a couple of days ago - why not? And why is Marissa Mayer, a chief executive who has presided over bad deals and now the biggest breach in internet history, still in charge?
Follow Dave on Twitter @DaveLeeBBC

Verizon told the BBC it had learned of the hack "within the last two days" and said it had "limited information".
The company added: "We will evaluate as the investigation continues through the lens of overall Verizon interests, including consumers, customers, shareholders and related communities.
"Until then, we are not in position to further comment."
Yahoo said in a statement: "Online intrusions and thefts by state-sponsored actors have become increasingly common across the technology industry."
Image copyright Yahoo
Image caption Yahoo published details of the breach on its Tumblr blogging site
Reuters reported three unnamed US intelligence officials as saying they believed the attack was state-sponsored because it was similar to previous hacks linked to Russian intelligence agencies.
Nikki Parker, vice-president at security company Covata, said: "Yahoo is likely to come under intense scrutiny from regulators, the media and public and rightly so. Corporations can't shy away from data breaches and they must hold their hands up and show that they are committed to resolving the problem."
She added: "Let's hope the ink is dry on the contract with Verizon."
Questions are being asked about the length of time it took Yahoo to fully acknowledge the breach.
"It is really worrying that a breach from 2014 can have gone undetected for so long," said Prof Alan Woodward from the University of Surrey.
"It is also surprising the public statement took so long to appear.

Top 10 previous breaches

  • MySpace accounts - 359m
  • LinkedIn accounts - 164m
  • Adobe accounts - 152m
  • Badoo accounts - 112m
  • VK accounts - 93m
  • Dropbox accounts - 68m
  • tumblr accounts - 65m
  • iMesh accounts - 49m
  • Fling accounts - 40m
  • Last.fm accounts - 37m
Source - haveibeenpwned.com

"I would have thought most companies had learned by now that early disclosure is better, even if you have to revise and update as you learn more.
"I can understand a few days delay to confirm the breach is genuine as fake data dumps are increasingly common, but six weeks seems rather too long."
The scale of the hack eclipses other recent, major tech breaches - such as MySpace (359 million), LinkedIn (164 million) and Adobe (152 million).
Yahoo was founded in 1994 by Jerry Yang and David Filo and in its first decade was a pioneer of internet services.
It was once the most popular website in the US and the company was worth about $125bn, but Yahoo lost ground towards the end of the first decade of the century, leading to its purchase by Verizon.
Verizon's motivation for purchasing the struggling Yahoo was to simply gain its massive user base.
More than a billion people visit a Yahoo-owned site every month, and Verizon was hoping to use that to sell targeted advertising.

Culled from BBC News

Thursday, 22 September 2016

World Bank Launches Massive Solar Energy Programme In Nigeria By Chika Izuora


The International Finance Corporation, IFC, a member of the World Bank group in collaboration with the United Kingdom’s Department for International Development (DFID) is facilitating a massive solar energy programme, targeting Small and Medium Scale businesses across the country.
Under the initiative, the Financial Institution with the DFID would deploy off-grid and embedded solar systems in commercial and industrial sectors in Nigeria.
Providing insight into the project, country manager IFC, Eme Essien Lore, at a media briefing in Lagos, yesterday, said a number of financial institutions in Nigeria would be given incentives to provide finances for the programme.
She said studies would be conducted to fully understand the challenges that had stalled similar initiative in the past.
Lore stated that IFC is leading an initiative, creating and facilitating solutions to help increase access to energy at the home and corporate levels in Nigeria.

Culled from leadership

Wednesday, 21 September 2016

A Special Broadcast on the Economic Stimulus Package by the Government of Anambra State on Tuesday, September 20, 2016

·
A Special Broadcast on the Economic Stimulus Package by the Government of Anambra State on Tuesday, September 20, 2016
Ndi Anambra, ekenem unu!
Following the formal announcement by the Federal Government that the nation’s economy has gone into a RECESSION, I consider it my duty as your Governor to distil the message of the economic situation of the country down to the grassroots. However, following this development too, I am happy to announce to you that I have come up with a Stimulus Package that will ease the pain of the recession and help our dear state bounce back to prosperity.
Ndi Anambra, before I unfold my Stimulus Package to you, I want to assure you that the government of Anambra State is fully aware of the difficulties you are going through in your families, in your businesses and in your various communities. I wish to assure you that you are not alone! My brothers and sisters, I feel your pain! Biko, unu ebezina maka na agu nwelu nchekwube anaghi egbu. Anyi nwelu olile anya! Oga adikwanu nma!
Brothers and sisters, our country’s painful journey into the current recession is fairly known to us. The events that triggered this decline are very well documented in the public domain. So, I will not go through the details of how we arrived where we are. Ndi Anambra, I wish to assure you that after a careful study of the situation, I am more convinced now than ever before that with our fundamentals, our infinite capacity to come back from deficits and our implicit faith in God, our story should be different in Anambra State.
Consequently, our intervention comes in Four Key Areas-
1) Tax Relief Programme,
2) Special Intervention Programmes for Small and Medium Enterprises, MSMEs and Large Enterprises,
3) Social Intervention Programme for Low Income Households and finally;
4) Intervention in Infrastructure-for-Jobs
The objective of our Tax Relief Programme is to evaluate existing taxes, levies and fees in the state and introduce some waivers and in some cases scrap the collection of some illegal levies imposed on our people. I believe that these will go a long way to cushioning the impact of the recession on households in the state. Our immediate response in this regard is as follows:
1. I hereby suspend the sale of consolidated emblems in Anambra State
2. I suspend the collection of Hawkers Permit on all streets in the state
3. I suspend the collection of Wheelbarrow Tax in all markets in the state
4. Lastly, I abolish the imposition of unapproved levies on students in public primary and secondary schools in the state.
All these pronouncements shall take immediate effect.
Next is the Special Intervention Programme for Small and Medium Enterprises, MSMEs and Large Enterprises. Ndi Anambra, this sector of the economy accounts for over 800,000 jobs in Anambra State today. These businesses are suffering from the acute drop in the supply of Foreign Exchange at the moment and are left with two options; scale down their operations or shut down completely.
Ndi b’anyi, my role as your Governor is to envisage challenges and provide solutions that will ensure a speedy comeback from difficult situations that require the power and might of a state government.
This is what my administration has done in the past two years through ASBA, Anambra Small Business Agency. This Agency is a very important institution that I created to serve as a catalyst to our domestic economy. So far, ASBA has effectively distributed the sum of N1.5bn as start-up capital to many SMEs and MSMEs in Anambra State. These funds are part of the N2bn that the Central Bank of Nigeria (CBN) made available to states about two years ago to help stimulate local
entrepreneurship across the country.
Anambra Small Business Agency, ASBA was set up with credible manpower and a strategic focus on the productive sectors. I must thank the CBN for demonstrating a great foresight with that credit scheme and I hope that when we knock on their door again soon, it shall be opened onto us since Anambra has managed the last drawdown well through ASBA.
Ndi Anambra, although it may not be known to many people, the truth is that the famous Anambra Rice owes its growth to our intervention through ASBA. So many other manufacturers have also benefitted from this initiative. Therefore, arising from the highly visible success recorded by ASBA, we shall carry out the following policies to provide relief to the productive sectors and stimulate the domestic economy –
1. We shall provide ASBA with a minimum of N3 billion to lend to SMEs and MSMEs at 9% interest rate across key sectors.
2. We shall re-channel earlier accessed Bank of Industry, Bank of Agriculture and Commercial Agriculture Credit Scheme funds totalling to about N1.5 billion to support this sector. ASBA will handle it as usual and rigorously follow the standard modalities.
3. We shall fast-track the roll-out of the CBN Anchor Borrowers Program in our state to support SME/MSMEs in the agricultural sector.
At the same time, we have since commenced consultations with the business community in the state and will soon hold an interactive session with the Awka, Nnewi and Onitsha Chambers of Commerce as well as the state chapter of the Manufacturers Association of Nigeria (MAN). This will enable us understand their most pressing needs in order to make a strong case on their behalf to the Presidency and other relevant authorities.
The next stimulus initiative is the Social Intervention Programme for Low Income Households and the most vulnerable populations of the state.
Our intervention in this area is broken down into two components. The first component shows what we have already done to ease the pain of the recession while the second segment outlines what we shall quickly do to consolidate on our recent efforts so far.
Now, here are the things we have done to mitigate the impact of the Recession in Anambra State in Low income Households and the most vulnerable groups –
We have employed 500 persons into various positions in primary health centres across the state
We have engaged 300 road sweepers to keep our cities clean and 250 youths to rid our roads of potholes in our zero pothole programme
We also employed 300 youths into Operation Clean and Healthy Anambra ,OCHA brigade to support our enforcement drive
We made tuition fees in 11 vocational colleges free in the state to ensure that more youths acquire the necessary skills for survival
Similarly, we have also lowered Okada and Keke levies to N50 and N200 daily respectively to cushion the effect of recession and subject to the completion of the registration exercise with the Ministry of Road, Rail and Water Transportation we are seriously considering a waiver for this segment of the low income group.
Now that I have shared what we have done so far to minimize the impact of the recession on our people, I shall go ahead to unfold what we plan to do to deepen our intervention in this segment of the
population –
1. We shall provide sum of N3.6 billion to fund our on-going N20 million choose-your-project community program in all the 179 communities in the State. Each community has been allocated N20 million to spend on their most pressing concern. The projects will also be executed by the community and strictly supervised by the State’s Tenders Board and the community members in line with best practice.
2. We shall provide automatic employment to all graduates from universities in Anambra State that are living with disabilities into the State Civil Service. The aim of this initiative is to encourage all our brothers and sisters living with disabilities to embrace education as the key to a better life.
3. We shall work closely with the United Nations Development Programme to provide Training and empowerment programmes for the uneducated physically disabled members of our society.
4. We shall intensify efforts to tap into the numerous social programs at the World Bank, such as Community Social and Development Programmes, Youth Employment and Social Support Operation and the Rural Access Mobility Programme.
5. Lastly, we have aggressively keyed into all the social investment programmes available at the Federal Government, mainly the Home Grown School Feeding and the Conditional Cash Transfe Programmes. Working closely with the FG, we hope to commence these programmes in the next two months.
The last of our Economic Stimulus initiative is to sustain our On-going Intervention in Infrastructure (for-Jobs)
Ndi Anambra, experience has shown that investing in infrastructure is one of the most effective ways of breathing life into an economy in recession. It has a direct multiplier effect on job creation and
reduces the level of hopelessness and desperation in many households. My strategy in this regard will be guided by prioritizing and identifying projects with huge economic impact. Here are some of the
initiatives I have mapped out under this heading:
1) We shall fund the development of 500 hectares of land in all agrarian communities across the three Senatorial Zones in the state to support out-grower schemes and link them up to big industries in the state. For example, next year, Delfarm Songhai Ltd will commence the supply of sorghum that is produced in Igbariam to Intafact Breweries Ltd in Onitsha.
2) Having trained 250 youths at our School of Agriculture in Mbakwu, we shall fund three Youth Empowerment Schemes in fish farming, garri and ice processing clusters in the State. We have earmarked the sum of N225m for that.
3) We have also earmarked the sum of N300m to be distributed to stimulate Vegetable Production in the state and enhance our highly popular Vegetables-Export Programme to the UK and other parts of the world.
4) We shall fund the construction of strategic roads and infrastructure projects with high economic and social impact across the State once the rains stop.
5) We shall leverage development partnerships and Federal Government funding for intervention in education and healthcare infrastructure.
6) And last but not the least we plan to attract reputable and serious investors to partner with the State on viable infrastructure projects that will boost economic activities in the state.
Ndi Anambra, we have carefully thought through these projects and set aside funds for these initiatives. I believe that these initiatives will stimulate economic activity across all nooks and crannies of the state.
In conclusion, Umunnem, it is important for us to realise that Nigeria’s economy is on the crossroads. We must move quickly and come together to pull ourselves back from the brinks before it is too late. I have never been surer of the capacity of Anambra State to shrug off the current recession and use the opportunity it has provided to leapfrog into Nigeria’s frontline state.
Ndi Anambra we have the manpower, the material resources and the willpower to turn the looming despair and desperation to hope and prosperity.
Umunnem, Ndigbo si na onye kwe chi ya ekwelu. Anyi ekwelugo na Anambra ga adi nma!
Dalunu!
Chief Willie Obiano
Governor
Anambra State

Recession: Senate Tables 14-Point Roadmap to Turn Around Economy-Omololu Ogunmade


Senate President, Dr. Bukola Saraki
• Backs advisory on partial sale of oil assets, airport concessions
• Saraki: Time for blame game is over
• RMAFC disagrees with proposal on sale of NLNG shares

In a bid to find quick solutions to the economic recession in the country, the Senate yesterday commenced debate on the issue, with Senate President Bukola Saraki presenting a 14-point plan to the federal government on how to make the crisis the shortest ever in history.
The Senate’s roadmap out of the recession was contained in Saraki’s speech to welcome his colleagues back from their annual vacation.
Going by the importance attached to finding urgent solutions to the recession, the Senate plenary commenced at 10.10 a.m. after the presiding and principal officers of the Senate filed into the chamber.
The recommendations by Saraki, which will form the basis for an elaborate debate today by his colleagues include:
• The executive must immediately put in place leadership-level engagement platform with the private sector.
• Government must raise capital from asset sales and other sources to shore up foreign reserves.
• Consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.
• The federal government and Central Bank of Nigeria (CBN) must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policies until economic recovery is attained.
• Re-tool its export promotion policy scheme with incentives such as the resumption of the Export Expansion Grant (EEG), and introduce export-financing initiatives.
• Engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region.
• Consider the immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.
• Similarly, the agricultural sector and agro-allied businesses should be directly supported to boost value addition and jobs creation.
• While government works on the medium to long-term plans, immediate strategies must be devised that would ease the suffering of the ordinary people across the country.
• The legislature and executive must co-operate to ensure the passage of the Petroleum Industry Bill (PIB) into law as soon as possible to stimulate new investment and boost oil revenue.
Saraki added that while the executive is working on the recommendations enumerated above, the National Assembly should support it with the necessary legislations and oversight activities such as:
• Accelerate bills aimed at reforming the mortgage sub-sector for growth and accessibility in a manner that deepens people’s access to housing, jobs and economic activities.
• Work on the National Development Bank of Nigeria (Establishment) Bill 2015 which will provide long term cheaper source of funds to the private sector.
• Quickly commence work on the amendment of the Nigerian Ports and Harbours Authority Act (Amendment) Bill 2016; National Road Fund (Establishment, etc); National Transport Commission Act 2001; Warehouse Receipts Act Bill 2016; Review of the Companies and Allied Matters Act (CAMA), Investment and Securities Act (ISA) and Customs and Excise Management Act; Federal Competition Bill 2016; and the National Road Authority. These bills and some of the other economic reform bills will be considered in the coming days.
• Explore the possibility of backing certain key government policies with legislations that have time limitations. This will help give confidence to investors to go into certain areas of the economy and invest without the fear that such policies will suffer reversals and loss of investment.
Elaborating on the proposals from the Senate, Saraki lamented the current economic recession, recalling the contraction of the gross domestic product (GDP) growth rate in the second quarter of 2016 to 2.06 per cent following a decline to -0.36 per cent in the first quarter.
He pointed out that with the current trend, “the Nigerian economy has had two consecutive quarters of economic contraction”.
Saraki advised the government of President Muhammadu Buhari to immediately put the machinery in place to raise capital from the sale of assets and other sources with a view to raising foreign reserves, encouraging investors and discouraging currency speculation.
He said the federal government, in its search for economic recovery, should sell some of its assets including its holdings in the Nigeria Liquefied and Natural Gas (NLNG) Company; reduce government shares in upstream joint venture operations; sell government stakes in financial institutions; and concession and privatise major airports and refineries.
Saraki also suggested the need to situate pension funds within the international best practices to boost infrastructure investment, adding that both the federal government and the CBN must evolve uniform policies to stimulate the economy and ensure that local borrowing does not overshadow credit for the private sector.
“The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy. The measures should include part sale of NLNG holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatisation and concession of major/regional refineries and airports.
However, Saraki talked tough, warning all who choose to introduce politics into the Senate’s roadmap to assist the government in salvaging the system by accusing it of disloyalty to steer clear, pointing out that the Senate would not be cowed by such insinuations to jettison its constitutional responsibilities.
He insisted that the Senate would take tough decisions capable of repositioning the economy irrespective of whose ox is gored.
He said: “Distinguished colleagues, let me also state clearly that we shall not hide under the cloak of partisan solidarity to abdicate our constitutional responsibility under the principles of checks and balances.
“We shall make critical interventions whenever they become necessary and undertake emergency actions whenever they are required, within the confines of the constitution.
“The task at hand requires us to take tough decisions and do all that is necessary to dig our economy out of this recession. This imperative must take precedence over partisan loyalty. This is what the people expect of us and it is the only way we can continue to justify our presence here.
“As I had mentioned earlier, on our part, we will do the following: Go immediately to debate the state of the economy and come up with economic measures that we will submit to the executive. This, we will do, along with passing the necessary legislation we have identified.”
He urged his colleagues to put behind them ethnic, religious and political sentiments and confront the current challenges in the spirit of unity and oneness, pointing out that even though he is the most persecuted functionary by Buhari’s government, he would yet not be swayed by that to be indifferent to the current economic crisis.
In this regard, he encouraged his colleagues to imbibe the same spirit in the handling of the situation.
“I do not think anybody in this chamber has gone through more political persecution than myself since the inception of this government, but I will be the last to fold my arms and say that the current economic problem is not my problem. No, it is,” he said.
While further tasking his colleagues to brace up for the current challenges, Saraki said this was not the time to engage in a blame game or political horse-trading but rather the time to be deeply committed to ending the economic crisis, bearing in mind that Nigerians are desperate for solutions and so “don’t care about our politics; they don’t care about our political affiliations; they don’t care if we are APC or PDP, north or south, Christians or Muslims”.
“What they want is for us to lead the way out of this crisis and deliver on the promises that we made to them,” he stressed.
He added: “We will work in concert, not at cross-purposes. Our goal is clear; to work together with the executive to get our economy out of this recession.
“We will proffer our solutions on policy issues, and where necessary enact the necessary legislation to ensure that investors’ confidence returns to the market.”
He also said the National Assembly would back the executive with the necessary laws to boost investor confidence and restated the commitment of the Senate to hasten the passage of the necessary bills such as the Petroleum Industry Bill (PIB), submitting that the passage of the PIB would stimulate fresh investments and boost oil revenue.
“The impasse of not passing the bill is doing great harm to the industry and the Nigerian economy as a whole,” he observed.
However, the Senate’s plan to dissolve into an executive session for a briefing by an expert on the true state of the recession was stalled by the need to observe the National Assembly’s tradition to adjourn plenary in honour of a late colleague.
Hence, yesterday’s plenary was adjourned after Saraki’s speech in honour of a member of the House of Representatives who represented Ifako-Ijaye federal constituency in Lagos State, Hon. Adewale Oluwatayo. Oluwatayo passed on in July while the National Assembly was on recess.
The executive session will now hold today.
Also speaking after yesterday’s plenary, Senate Leader, Ali Ndume, said the current recession was not peculiar to only Nigeria but had also hit a number of other countries such as Venezuela whose mainstay is oil.
He described it as a blessing in disguise, saying it would provide the platform for the nation to explore other sources of revenue such as the solid minerals’ sector.
RMAFC Opposes Sale of NLNG Shares
However, as the Senate joined the clamour for the federal government to divest of some of its interest in the NLNG in order to augment the revenue shortfall and boost foreign exchange reserves, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has kicked against the recommendation.
The CBN Governor, Godwin Emefiele, and Africa’s richest man, Aliko Dangote, had advised the government to consider the partial sale of its oil assets as the recession bites harder.
But in a statement signed by the RMAFC’s acting Chairman, Shettima Umar Abba Gana, the commission argued that it would be unwise for the federal government to dispose of its crown jewels that generate revenue and keep the Federation Account healthy over the long term.
Citing the NEITI 2013 audit and financial report of Nigeria’s oil and gas industry, RMAFC disclosed that the sum of $12.9 billion was received by the Nigerian National Petroleum Corporation (NNPC) from the NLNG over an eight-year period which the corporation did not remit to the Federation Account.
The audit, according to the commission, also revealed that NLNG paid $1.289 billion as dividends in 2013.
“It is the considered view of the commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation,” it said.
RMAFC recalled that the CBN governor indicated that the sum of $10 billion could be realised from the sale of oil and gas sector assets held by the federal government.
It said: “The commission is of the strong opinion that the same amount could be borrowed from the IMF and the revenue from these assets could be used to amortise the loans over an agreed period.
“It should be noted that after the amortisation of the loans, those assets would still be owned by the federation in addition to their regular dividends and revenue.”
RMAFC said instead of selling off such vital assets, which generate funds for the federation, wealthy Nigerians should be encouraged to set up their own LNG projects, since Nigeria is ranked seventh in the world and first in Africa with natural gas reserves base totalling 188 trillion cubic feet (Tcf) as at May 1, 2015.
In addition, Nigeria’s natural gas is regarded as one of the best in the world as it has low hydrogen sulphide (H2S) or carbon dioxide (CO2) impurity levels, the commission added.

Culled from Thisday

Tuesday, 20 September 2016

Kidnapped Landlords: Police Intensify Search For Victims-Nwadike Dike

Nigerian-police-patrol
The Nigeria Police Force have intensified efforts  to rescue the  four landlord kidnapped by suspected gunmen in military uniform at Isheri, a border community between Lagos  and Ogun states on Saturday.
LEADERSHIP gathered that a combined team of policemen  drafted from the Zone 2 police command   headquarters, Onikan,  Rapid Response Squad (RRS) of the Lagos State Police Command , and the Police Air wing command, Ogun State police command are involved in the operation. An authoritative source at the Zone 2 command disclosed that over 150 policemen were combing the creeks while the air wing of the force is also helping to trail the whereabouts of the victims and their abductors. The source said, “ There was serious aerial patrol by the Police Air wing Command.”. He also said that an Amoured Personal Carrier (APC ) and two patrol vehicles from Lagos and zone 2 commands were being manned by heavily armed policemen in the areas. Residents of the area are still living in fears as the kidnappers have vowed to kill the captives if NI billion ransom placed on the heads of the victims is not paid. The residents are worried that the four kidnapped landlords were still in captivity after the gunmen in military uniform   stormed Isheri community and kidnapped the victims who were doing their routine exercise.

Culled from Leadership

Monday, 19 September 2016

Recession: The Worst is Over, Says Emefiele-By Chika Amanze-Nwachuku



 • In a sign of recovery, $1bn capital inflow recorded in two months 
• CBN Restates need for partial sale of oil assets to boost reserves, reflate economy
“I repeat, the worst is over, Nigeria’s economy is on the path of recovery and growth. If you are a bystander, you are losing… join the train now before it leaves you.” 
– CBN Governor
 
As Nigerians grapple with the worst economic crisis to befall the country in more than two decades, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured the public that the economic recession will soon be over, given the strategic measures being put in place by the monetary and fiscal authorities to turn the economy around.
Speaking in Lagos during an interactive session with journalists at the weekend, Emefiele emphatically stated that the “worst is over”, adding that the Nigerian economy was already on the path of recovery.
The governor equally reiterated his call for the federal government to partially sell some of its oil joint venture assets, saying that the proceeds raised from the sale would go a long way in boosting Nigeria’s foreign reserves and reflating the economy through infrastructure projects.
Emefiele also expressed optimism that the liberalisation of the foreign exchange (FX) market was starting to pay off, revealing that the country had recorded $1 billion capital inflows from foreign investors since the market took off almost three months ago.
Low Commodity Prices to Blame
He blamed the country’s economic crisis on the global crisis, “which has seen commodity prices dropping in recent times as well as the geopolitical tensions all around the world”.
This notwithstanding, the CBN governor was optimistic that the Nigerian economy would rebound by the fourth quarter of this year, as the monetary and fiscal authorities had put adequate measures in place to stimulate and reflate the economy.
“We are already in the valley, the only direction is go up to the hill and government is doing everything possible to move up the hill as quickly as possible,” he said.
Emefiele declared: “I’m optimistic that with the action taken by the government, the monetary and fiscal authorities, by the fourth quarter, you will see the evidence that we have started to move up north, in the direction of the hill and out of the recession.
“I repeat, the worst is over, Nigeria’s economy is on the path of recovery and growth. If you are a bystander, you are losing by being a bystander, join the train now before it leaves you.”
The CBN governor, who expressed concern over the hardship Nigerians are contending with owing to the economic downturn, noted that aside from the collapse of commodity prices and geopolitical tensions, some of the actions that the US Federal Reserve Bank took, following the mortgage crisis of 2009, have had an adverse impact on emerging and frontier markets such as Nigeria.
“I must apologise when you said people are suffering, I must apologise that this is happening to our people, but I must confess that what is happening today is as a result of a global crisis; a global crisis in the sense that we’ve seen commodity prices dropping, we’ve seen geopolitical tensions all around the world. Here, we are talking about political tensions between Russia, Ukraine and the US and EU staying on one side and watching; political tensions between Saudi Arabia and Iran, trying to play their game.
“Of course, the US Fed, following the mortgage crisis of 2009 took a couple of actions, which given the size of the US economy in the world, have had an impact, both positive and negative on emerging and frontier markets which is where Nigeria unfortunately stands today,” he said.
On how Nigeria plunged into her worst recession in decades, Emefiele blamed this on the country’s over-dependence on oil receipts, the desire for imported products and the absence of a proper economic planning by successive governments.
Diversification is Key
He pointed out that prior to the discovery of oil, agriculture was the livewire of the Nigerian economy and expressed regrets that Nigerians abandoned agriculture.
“I think that when you want to address the question of how did we get here (recession), it is important to go back into the history to remind ourselves that there was a time in this country when we survived only on revenues from agriculture produce.
“There was a time in this country when we survived on revenues from groundnut pyramids in the northern part of the country. There was a time when this country survived on revenue from cocoa that was being produced and exported to the extent that the tallest building at the time, Cocoa House, was built with revenues from the export of cocoa.
“There was a time when this country survived on revenues generated from the production and export of palm oil and palm oil products from the mid-western and south-eastern parts of the country.
“At that time, I’m talking about the 50s and the 60s, Nigeria was the largest producer and exporter of palm produce in the world. Unfortunately, we abandoned it because we found oil. I wish what we did at that time was to ensure that we held strongly to our potential in agricultural sector.
“If we had held strongly to our potential in the agricultural sector and in the same vein, held strongly to the potential that we have because we found oil, our story will be different today,” he said.
Citing Norway, one country that saved for the rain day, he said: “Norway is a country with a population of less than five million people. It produces and exports fish today, but it also produces crude oil to the extent that today it has one of the highest investments in its sovereign wealth fund (SWF).”
According to him, Norway has $873 billion in its SWF, adding: “But the country also takes very seriously its fish production to the extent that it survives on an annual basis from revenues it generates from the export of fish.
“What does the country do with revenues from crude, it invests it at any given time. And when the country wants to make use of the fund, it only uses it for infrastructure development. That is a country that has planned for its people. But unfortunately, we didn’t plan this way for our people, and that is why we are where we are today.”
FX Liberalisation Yielding Results
The CBN governor added that the liberalisation of the FX market was starting to pay off despite the depreciation of the naira, disclosing that the new FX regime had attracted close to $1 billion inflows into the market in almost three months.
He said: “I must say at this time that we are somewhat happy that it is paying off because in two and a half months, we’ve seen at least close to $1 billion coming in as inflows into the market.
“And the reason this has happened over these two and a half to three months was because other than just liberalise the market, we brought into the market the OTC Futures market – a market that provides opportunity to reduce the volatility in the FX market so that people will not puncture their supply in the market on demand for FX in the spot market and so that they could do their business without fretting over the exchange rate.
“These are some of the actions we’ve taken and today I must say it is successful, but it is important to also speak on how we got here.”
‘We Must Spend Our Way Out of Recession
Responding to concerns that some of the actions taken by the government have been insufficient to address the current situation, Emefiele explained that during recessions countries spend their way out of the crisis to stimulate their economies.
“Basically, what you would do is to spend your way out of the recession and we have not stopped talking about the fact that we need to spend our way out of the recession. I will tell you what has happened and what specific actions we have taken to take us out of this situation: the budget like you know was approved in May 2016 and of course by that time we had started to see signs that the economy was contracting.
“Unfortunately, the procurement process is such a long one in the public service, and you dare not breach the rules on the procurement process. I will give you an example, when you start a procurement process for an item, what happens is that you first advertise in the newspapers calling for bids; that process takes 12 weeks, which is three months.
“Imagine starting a procurement process in say May or June, you will agree with me that by now, you will be opening the bids, now when you open the bids and see the numbers, you begin to negotiate prices, after that you go to the Bureau for Public Procurement (BPP), may be after that you go to Federal Executive Council (FEC) to get approval and that takes another six months.
“What all this means is that we must shorten this process, but shortening this process means that we need to have an emergency spending bill, which I am aware is ready before the National Assembly for approval. What that does is to remove all the bottlenecks that are involved in the process of procurement so that government will spend the money to stimulate the economy.
“Unfortunately, at the time the budget was being approved, we started also to see a reduction in revenues, we started to see the Niger Delta Avengers agitating and I must confess to you that at this time the revenue from oil exports is down to less than $500 million on a monthly basis from a peak of $3.5 billion sometime in 2015,” he said.
“On our side in CBN, what have we done when we found out that there was a likelihood this was going to happen, we started to advise that there was the need for spending. In March, we reduced the CRR from 30 per cent to 25 per cent and we told the banks; and this was despite the fact that inflation had also started to rise astronomically beyond our target.
“However, we said this cash we are giving you, about N1 trillion, we asked the banks to channel this money to agriculture and the manufacturing sector, as the reduction in CRR will help to moderate interest rates and also improve industrial capacity that will moderate inflation.
“But I must confess unfortunately, this didn’t happen and because it didn’t happen, during the subsequent MPC meetings we said okay, we will reduce CRR again and by reducing CRR, what we want the banks to do is that we will not give them cash, but asked them to find primary agriculture projects or new manufacturing project, and send them to us in CBN, so we will disburse those funds to the banks and they in turn can loan this money at nine per cent to the relevant sector.
“Again, I must confess that till date, the result has not been very encouraging.  That is the reason the CBN continues to remain determined to ensuring that its intervention funds go directly to agriculture, either for its Anchor Borrowers’ Programme or its intervention to the micro, small and medium enterprises (MSME) some of the N220 billion would kick in a more aggressive manner to ensure that there is injection of liquidity that will help spur industrial and agricultural capacity.
“Part of what has been projected in 2016 is that one million market women will benefit from loans at subsidised rates, which will come from micro small and medium enterprise loans.”
Emefiele further revealed that the CBN was also in discussions with the fiscal authorities, especially the Office of the Vice-President that handles social spending, to see to it that “we put this in place as soon as possible so that market women across the country can get this loan at subsidised prices”.
“These are some of the actions we have taken and I’m optimistic that going forward, you are going to see more action that will stimulate the economy and turn around the country again,” he stressed.
Partial Sale of Oil Assets
Emefiele stressed that the monetary and fiscal authorities were working round the clock to reflate the economy, but reiterated his stance over a year ago that the federal government should consider selling some of its interests in the joint venture oil assets in order to grow reserves and invest in infrastructure.
He said: “We need more revenue, we need more money to come in not just in naira, but we also need more money in dollars and you will recall that in April 2015, even before this government came on board at the end of May 2015, I had in an interview with Financial Times of London, recommended that there was the need for the government to consider the sale of some of its investment in the oil and gas sector, particularly in NNPC and NLNG at that time.
“At that time close to around May, the price of oil was between $70 and $75 per barrel and I had actually consulted some experts, and they told me that if we sold between 15 and 20 per cent of our holdings in the oil and gas sector, we could have realised between $30 billion and $40 billion.
“Unfortunately, the market has gotten soft now, but I’m still optimistic that we could get between $10 billion and $15 billion, and if we get that kind of liquidity, it will help to stimulate and assist in turning the country’s economy around.
“That proposal is still on the table, because after I made that recommendation, a couple of colleagues in the cabinet continue to talk about it that if we take that option, we will realise some inflow of foreign currency that we can really use to kick start or stimulate the economy.”
Between Growth and Curbing Inflation
On the implication of increased spending given the current inflation rate of 17.6 per cent, Emefiele explained that the central bank would exercise caution so that excessive spending does not result in skyrocketing inflation.
“You can imagine that in December, the inflation rate was just above 9 per cent but below 10 per cent. However, between March and now, it has risen to 17.6 per cent.
“That is the reason the CBN considers its mandate of price stability as a core function, and that was why at the last monetary policy committee meeting, the MPC members were trying to weigh the balance between growth and inflation and we said if we allow inflation to grow at a rate that is astronomical and uncontrollable, it could be a problem and that was why we decided at that meeting to adjust the rate a little.
“But by the primary reason why we altered the rate in an upward direction was to see to whether we could see an increase in foreign investor flows.
“We did that to achieve a higher yield for growth and we adjusted it to encourage foreign investors and that is why I’m saying that I’m happy that the flows have started to come and we would try to see how to maintain the balance by seeing to it that the flows continue to come because when they come, you will get the dollars that we need to fund manufacturing and agriculture activities which in turn will help to moderate inflation.
“However we’ve heard a lot of criticism, and many have asked why should the MPC be pushing up the rate when it is supposed to pursue growth. But the objective we are very keen to achieve, and we trying as much as possible to achieve some balance, is whereby we attain growth and avoid a situation whereby you have too much money chasing too few goods, then you push up inflation.
“That is why we are trying to boost industrial capacity. In Nigeria today, one major item that can boost industrial capacity is availability of FX and the only way you can ensure availability of FX is to take the action that we took to improve yields, since we have adjusted the currency so as to bring the foreign investors in.
“But we will see, going forward we will look at ways to allow some liquidity in the system in order to moderate interest rates and improve lending. Those are the kind of activities you will see going forward,” he said.
The TSA was Necessary
On suggestion that the government should have a rethink on the Treasury Single Account (TSA) to reflate the economy, the CBN boss said the TSA was a programme that several governments in the past had attempted, but lacked the will to fully implement it.
He praised President Muhammadu Buhari for implementing the TSA to stem what he described as “colossal waste” of government funds.
He clarified: “It is for the government to give its agencies its money to put in the banks and those banks do not pay anything in interest to the government; at best if they paid may be at one or two per cent.
“But at the same time, when government wants to borrow money by selling treasury bills, government still goes to these banks and they pass this same liquidity to government at 12, 13 and 14 per cent. That is a colossal waste of resources on the part of the government.
“So when people say the TSA is sitting in the CBN and that is what is causing the crunch, it is not true because when the government wanted to withdraw the TSA, the CBN looked for its own way to release some funds into the system. For instance the CRR was reduced, so I do not agree that the TSA is a major issue here.”
Structural Adjustments Not Delayed
Reacting to concerns over the delay by the federal government on making the necessary structural adjustments that might have warded off the recession in the country, Emefiele said it was unfair to blame the current economic situation on the delay in taking the necessary actions.
“It is also unfair to blame this government for not taking decisions on the necessary structural adjustments. And I will tell you this, normally when there is an adjustment worldwide those adjustments would be followed by structural reforms.
“In 1984, there was a government that said everybody should go to the farm, but you know crude prices went up and everyone abandoned the Green Revolution, everybody abandoned this and that is why we are saying now, yes the adjustments are going on – the adjustment in currency market is going on – but there is also the need for us to ensure we follow through on structural reforms that will lead to the diversification of the economy.
“For instance, we have somebody who has decided to invest in a refinery, 650,00 barrel per day refinery; we are lucky that the same person has decided to invest in petrochemicals, we are lucky that this same person is investing in fertiliser, and these three projects alone are gulping not less than $11 billion.
“And I repeat, these three projects will take not less than 35 per cent of our import bill. However, by 2018 when the projects start production, we will stop the importation of these products and we will be able to conserve our reserves because the demand for these will reduce,” he said.
On the issue of the peg on the price of petrol, which the governor was reminded that the government was again failing to address adequately and could lead to fuel queues that trigger higher prices and further impoverish Nigerians, he acknowledged that the pricing of petrol was something that the government and the citizens are very passionate about.
“We found out that because (oil) marketers could not access FX, they stopped importing petroleum products and NNPC was saddled with the responsibility of importing products, then of course, it became so bad that we began to see queues and it was embarrassing to our citizens.
“Rather than buy fuel at N86, people were buying fuel at different prices, some of them were buying at N150, some were buying at N200 in different parts of the country and people began to agitate, and that was why the government approved the increase of the pump price from N86 to N145, because the marketers said if it were possible for them to get FX at N280 to a dollar they would import,” he recalled.
Emefiele added that at the moment, oil marketers had reached an agreement with international oil companies and NNPC to buy FX at between N300 and N305 to the dollar, noting that the marketers’ margin in the pricing template of petrol was sufficient for any FX adjustment within the range agreed with marketers of petroleum products.
On the gap between the official FX rate and the parallel market rate, he said the monetary policy committee, which is in charge of exchange rate management, would not look at the rate at the parallel market as a basis to determine the exchange rate of the naira.
He also warned that it was illegal to patronise the parallel market, insisting it amounted to encouraging capital flight.

Culled from Thisday

Friday, 16 September 2016

Onazi: Police nab robbers in Lagos — By Christopher Oji


580x473xOnazi.jpg.pagespeed.ic.E9YCK38APs

Four suspected armed robbers  who raided the home of  Super Eagles  player, Eddy Ogenyi Onazi in Jos, Plateau State, have been arrested in Lagos.
The suspects were arrested at the Ajamgbadi area, of the  metropolis on their way to Badagry where they intended to dispose off the Toyota Highlander Sports Utility Vehicle (SUV) ,stolen from the footballers’ father, Wilson Onazi.
A six man armed robbery gang had on Sallah day  stormed Onazi’s Jos home and stole a Toyota Highlander car. One of the suspects, Ngochukwu Ebuka, 26, who described how the operation was carried out, said, it took his gang one week to plan the attack, but that   only three of them carried out the operation proper.
“It took us one week to conclude plans on how to carry out the attack. It was Kingsley who resides in the same street with the old man that brought the information about the house. On that fateful day, we arrived in the house around 10am. Joe, one of the suspects, knocked at the gate and a few minutes later, an elderly man emerged from inside the compound. He opened the gate. At first we did not know that it was Onazi’s father because Kingsley another suspect, who brought the deal, did not go with us.
“Three of us tried to force our way into the compound, but the man resisted. He appeared drunk that morning.   So, we overpowered him. We wrestled him to the ground. We told him we were not going to harm  him if he cooperated with us as we  only wanted his money. “We discovered that the old man lives alone. There was no guard at the gate. No cook or wife, but just him alone in a big house.
“Joe held a cutlass ,we threatened him with it, but we did not use it on him. We asked for money, but he said he had no money. I think he gave us just N5,000 and his ATM card. We took a bag containing two pairs of canvas.  We collected the SUV key parked in front of the house and drove away.
“We arrived Ajangbadi on Tuesday and stayed in an hotel. We met one Osita Ezeana at a drinking joint. We told him we have a car to sell. We had not agreed at a price when the police arrested us.”
The Lagos State Commissioner of Police, Fatai Owoseni, who paraded the  suspects yesterday at the command headquarters, Ikeja, said they were probably heading for Seme border  where they intended to sell  the car.


Culled from Sun

Thursday, 15 September 2016

MSMEs fund hits N220 billion –CBN-From Chukwudera Eze

emefiele-CBN


The Central Bank of Nigeria (CBN) at the weekend in Enugu disclosed that the Micro, Small and Medium Enterprises (MSMEs) fund has hit N220 billion.
The bank which announced this at a three-day sensitisation fair it embarked upon to create awareness, said the apex bank was also in Enugu to explain its activities to the people, as well as acquaint them with the opportunities available in the bank.The CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, who stated this also, said that 60 per cent of the MSMEs fund was designed for women and enterprises owned by them.
According to him, some states in the federation have already accessed the fund to the tune of N1 billion and N2 billion which they have also retailed to the registered cooperative members in their states. “Some states elected to pay the interest which is not more than nine per cent on behalf of the beneficiaries. That is a lot of guarantee and some are recording huge success.He, however, called on Nigerians to re-adjust so as to get out of the present economic situation. “With this kind of situation, Nigerians should try to adjust themselves.
This is the real change, we need to change our ways to the realisation of a new troubling situation that is no longer business as usual. Nigerians should learn how to save the little they have so they can use it over time. “Nigerians should begin to eat what we produce and not to look for expensive dollars to import food.
We should go back to corn, yam and made in Nigeria rice. Let us produce tooth-pick and not import it from China. We should stop importing chicken when we have them here. Nigeria should brace up. This is not a 100-metre marathon.
Let us brace up and change our ways,” he pleaded.Okorafor also disclosed that the main objective of the sensitization programme was to create awareness about CBN activities and the numerous opportunities that could help to grow the real sector of the country’s economy.

Culled from Sun

Wednesday, 7 September 2016

Chibok: Drama as BBOG, pro-Buhari group clash- Molly Kilete

BBOG 2(1)

There was a mild drama yesterday between members of BringBackOurGirls (BBOG), group and the police who prevented the campaigners from embarking on their peaceful protest in Abuja.
The members, who gathered at their usual Unity Fountain venue as early as 6am, commenced their peaceful procession at exactly 930, when a police officer, Abiodun Alamatu, approached their leader demanding a police permit.
Leader of the group, Mrs. Oby Ezekwesili, immediately presented the police officer acknowledgement copies of the letters submitted to the Federal Capital Territory (FCT) Police Command after which they were allowed to continue.
However, not satisfied with the letter, the police again stopped the protesters halfway to the road leading to the Presidential Villa, insisting that the group did not get police approval to embark on the protest.
Led by Mr. M.D. Garba, a Deputy Commissioner, the police barricaded the road, thus forcing the BBOG members to surge through the barricade of riot policemen and officers, and eventually got to the entrance of the Villa. The march caused traffic gridlock. While the police were busy preventing the BBOG from having access to the Villa, another group which identified themselves as ‘With Buhari We Stand’, were already at the venue chanting and condemning the BBOG’s, constant demand for the release of the Chibok girls.
Not deterred by the mission of the pro-Buhari group, the BBOG went ahead to paste the photographs of each of the missing Chibok girls on the walkways after which they addressed the Press on their mission.
In her address, one of the leaders of the group, Aisha Yesufu, said rescuing the kidnapped Chibok girls was a right and not a privilege as it is being perceived by the government and its agents.
She said: “It is not a privilege to bring back our girls; it is not right, adding that “the option of do-nothing, unfortunately, is what the government is doing.”
Also speaking, leader of the pro-Buhari group, Idris King, described the kidnapping of the Chibok girls as a scam. He said the Buhari administration was doing everything to rescue the girls alive.
The two groups, which shouted and abused one another were, however, prevented by the police from attacking themselves.
When contacted on why the police prevented the BBOG from embarking on their peaceful march which they have been carrying out for some time now, the Police Public Relations Officer (PPRO), Anjuri Mamzah, denied the claim.
He said the police did not prevent members of the group or any other group from embarking on protest.
However, the FCT Police Command had on Monday, September 5, issued a statement advising individuals and groups wishing to embark on any demonstration to notify the Commissioner, in writing and secure approval.
The statement which was issued at about 9pm in the night said:
“The FCT Police Command has observed with serious concern the flagrant disregard for the law some individuals and group of persons who lay siege to the Federal Capital City in the form of protests and demonstrations.
“These indiscriminate actions which are carried out in disorderly and sometimes riotous manner, create unwarranted tension and apprehension among law-abiding citizens and in the process, obstruct legitimate business activities.”
The statement signed by the commands’s PPRO, said: “It is on this note that the command is making it clear that it will continue to be professional in discharging its constitutionally assigned roles in accordance with international best practices especially as it relates to the fundamental rights of citizens.
“However, the command will not fold its arms and watch some individuals or group of persons tamper with the existing peaceful atmosphere in the Federal Capital Territory.
“The command hereby advises any person or group of persons who wish to embark on any demonstration to notify the Commissioner of Police FCT in writing and secure approval,” the statement added.

Culled from Sun

Tuesday, 6 September 2016

FG has recovered N3.4trn looted cash, assets –Amaechi — By Emma Njoku

Rotimi-Amaechi-1

Minister of Transportation, Chibuike  Amaechi revealed yesterday that the President Muhammad Buhari government has recovered N3.4 trillion in cash and assets while about N115 billion worth of cash and assets have been discovered in the United States, United Arab Emirates and United Kingdom.
They were reportedly bought with looted funds.
The minister also added that government has reduced cost of administration by 25 per cent.
Delivering a keynote speech at the opening of the 34th Cambridge University prestigious International Symposium on Economic Crime, at Jesus College, University of Cambridge, United Kingdom yesterday, Amaechi said through measures to block conduits of “waste, the cost of running the central government in Nigeria has been reduced by more than 25 percent in the last 18 months.
“Our president has stopped at nothing to demonstrate that whosoever is caught in corruption related crimes will not be spared. In his days as military Head of State and through other positions he has held in public life, he has upheld a life of integrity.
“He is a typical example of how a leader can inspire committed followership through the force of example,” Amaechi said of Buhari. The minister, who spoke on “Beyond Blame Game: The Imperative of Tackling Economic Crime Together”  said economic crime is often committed in an organised manner, involving several people, sometimes, across countries through multiple jurisdictions.
“At the Seventh African Union and Economic Commission for Africa conference that held in Abuja back in 2014, former President of South Africa, Thabo Mbeki stated that Africa loses between $50 billion to $60 billion annually as a result of Illicit Financial Flows (IFF).
“These are said to occur through forms of tax avoidance, including transfer pricing or mispricing, depending on which side you are, through which multinationals minimise their tax obligations by shifting their profits from high tax to low tax jurisdiction, thereby short-changing some of their host countries, especially in the developing world and draining them of legitimate revenue, impeding their projects and denying their population access to basic services,” Amaechi noted.
He further explained that because economic crimes are committed through networks, sometimes spread over countries, it is, therefore a global problem that can only be effectively tackled through global collaboration and partnership.
“As someone who has been in active politics for more than 30 years, I have learnt that many well-intended reforms are possible only if the leader can offer the requisite leadership and muster the right political will.  In my country, since our President, Muhammadu Buhari, was elected, he did not leave anyone in doubt that the fight against corruption will not only be taken seriously, but will form a cardinal plank of his policy direction. So far, he has made several pronouncements that set the tone of his commitment to strengthening anti-corruption agencies to go after anyone who has questions to answer. The president’s resolve was enough signal to all of us, members of his cabinet and the citizenry, that an end has come for the old ways of doing things. Currently, many people who have been indicted in one form of corrupt practice or another are being prosecuted in our courts. That, I believe is the way to show leadership and take responsibility.
“Another important factor is what I refer to as the force of example. There is very little any leader can achieve if he talks the right political talk without offering personal examples. In these days of internet and social media revolution, citizens often spend time to scrutinize the reputation and activities of any leader to find out if they are consistent with what he or she stands for in the media. Essentially leaders must practice what they preach if they expect to be taken seriously both by those within their organisations, state or country or outside,” he stated.
Amaechi again gave the example of President Mohammadu Buhari and his commitment to lead the fight against corrupt practices through personal example.
Amaechi concluded that economic crime has become a strong force that can only be successfully confronted if all hands are on deck.
“As an interconnected and rapidly globalising world, it’s vital we work together, in partnership, to collectively fight economic crime.  This is a common enemy and a very smart one for that matter.
“It seeks to beat every barrier that we mount against it. It is my humble submission that we must hold hands together as never before to confront the spread of economic crimes squarely and successfully.”
Hon. Jeremy Wright, the Attorney-General of England and Wales and Advocate General of Northern Ireland also spoke on the first day of the week-long symposium.
Last Friday, Minister of Information and Culture, Lai Mohammed, said the N78 billion recovered looted funds were not enough to revive the economy.
The minister, who spoke at the News Agency of Nigeria Forum, said “the N78 billion and $3 million so far recovered were not even sufficient to pay half of the Federal Civil Servants’ salaries in a month.
“What we have recovered and if my record is right, is about N78 billion and $3 million. We’ve blocked other accounts with about $9 billion, but the money is not available to us because we are still in court.
“The government spends N165 billion monthly on Federal Civil Servants. So what we have so far recovered cannot even pay 50 per cent of the salaries in a month. What has been recovered is so little compared to what we need on a continuous basis.”
Mohammed further said every penny recovered would be “judiciously” spent, adding nobody would be able to “re-loot” what has been recovered by the government.


Culled from Sun