Bailout: CBN Injects N338bn in 27 States to Stimulate Economy-Obinna Chima

Godwin Emefiele

• Kwara, Osun, Zamfara commence payment of salary arrears, 24 other states to follow


In line with the federal government’s resolve to reflate economic activities in the country, the Central Bank of Nigeria (CBN) will this week continue the disbursement of its special intervention fund totalling N338 billion to 27 states in the country.

Already, the funds to Kwara, Zamfara and Osun States were disbursed last week and they have commenced the payment of salary arrears to workers in their respective states, THISDAY learnt yesterday.

A source at the central bank confirmed that more states would get their monies this week.
From the breakdown of funds made available to the first three states to which monies were disbursed last week, Kwara State got a total of N4.320 billion from the special intervention fund, Osun got N34.988 billion, while Zamfara was given N10.020 billion.

The loans repayable at an interest rate of nine per cent over a 20-year period, also showed that Abia State is expected to get N14.152 billion, while Adamawa State will receive N2.378 billion; Bauchi – N8.60 billion; Bayelsa – N1.285 billion; Benue – N28.013 billion; Borno – N7.680 billion; and Cross River – N7.856 billion.

In addition, Delta has got the central bank’s approval to receive N10.036 billion; Ebonyi – N4.063 billion; Edo – N3.167 billion; Ekiti – N9.604 billion; Enugu – 4.207 billion; Gombe – N16.459 billion; Imo – N26.806 billion; Katsina – N3.304 billion; Kebbi – N0.690 billion and Kogi – N50.842 billion.

Nasarawa is also expected to get N8.317 billion, while Niger will receive a total of N4.306 billion; Ogun – N20.00 billion; Ondo – N14.686 billion; Oyo – N26.606 billion; Plateau – N5.357 billion and Sokoto will get N10.093 billion.

The source, a senior central bank official, stressed that with the disbursement of the N338 billion to the 27 states that applied for the special intervention fund, economic growth would be stimulated through the payment of outstanding salaries to workers who have been owed for months.

He explained: “Once salaries are paid, we expect consumption to increase nationwide and this will go a long way in stimulating economic activities.

“After disbursing to Kwara, Osun and Zamfara, more states which applied will get their funds this week, and we have ensured that we kept the interest rate low at 9 per cent and loans repayable over a 20-year period.”

As part of the federal government’s resolve to end the lingering crisis of unpaid workers’ salaries in the country, especially in several states of the federation, President Muhammadu Buhari had approved a comprehensive relief package designed to salvage the situation.

Part of the relief package was the CBN's special intervention fund to be offered to states, which would be in the form of soft loans available to states to access solely for the purpose of paying the backlog of salaries.

The approval of the special intervention fund was sequel to the decision by the National Economic Council (NEC) at its meeting of June 29, 2015, that had requested that the CBN, in collaboration with other stakeholders, should appraise and consider ways of liquidating outstanding workers’ salaries owed by state and local governments.

The conditions for accessing the facility included resolutions of the respective state executive councils (SECs) authorising the borrowings and state Houses of Assembly consenting to the loans, as well as issuance of Irrevocable Standing Payment Orders (ISPOs) to ensure timely repayment at source from the states’ Federation Account allocations.

Culled from Thisday

Army Arrests Fake Civilian-JTF Using GOC’s Name To Extort Maiduguri Resident-Kareem Haruna

A group of fake Civilian-JTF operatives who extort funds from family members of arrested Boko Haram terrorists while dropping the names of top army generals, including the General Officer Commanding 7 Division, Maiduguri has been arrested by the army in Maiduguri, Borno State.
Members of the gang were arrested last week by soldiers after ample information about their illicit operations were reported to the army authorities at the 7 Division.
According to the spokesman of the army at the 7 Division, Colonel Tukur Gusau, three members of the notorious gang were arrested and after thorough investigations confessed to the crime.
He said the army in Maiduguri has arrested “three persons, namely, Alhaji Baba of Gwange area, Abubakar Tijjani Lawal of London Chiki and Umar Ali of Gidan Dambe of Maiduguri who claim to be members of Civilian-JTF using the name of the GOC 7 Division, Nigerian Army, Major General Lamidi Adeosun and other senior officers in the theatre of operations to extort funds from relations and friends of those being investigated by the division for terrorism and related offences”.
Describing such actions as criminal and capable of bringing disrepute to the success being recorded by the joint efforts of the Nigerian Army under Major General Adeosun as well as the Nigerian Air Force in the ongoing Operation Lafiya Dole, Colonel Gusau in his two-page statement called on the public to be wary of such criminals and report suspects to the nearest military base or any security outfit.
Army arrests, parades Boko Haram fuel suppliers
The 7 Division, Nigerian Army in Maiduguri yesterday made another breakthrough in the ongoing military efforts to dislodge Boko Haram terrorists when it arrested a gang of individuals whose job is to ensure that the insurgents do not run out of fuel supply in their bush enclaves, officials said.
The group, which used large improvised tanks secretly constructed under vehicles, has a record of delivering at least 3,000 litres of fuel daily to power the vehicles and generating plants of the Boko Haram insurgents.
At the centre of the crime is one Bashir Ali, whose major preoccupation was coming into the town and ensuring that he filled his secret tanks and other containers which he ferried back to the bushes where he delivered same to the Boko Haram masters.
Colonel Tukur Gusau disclosed that the suspect “was arrested at a filling station in Maiduguri while using a Peugeot 504 vehicle fabricated with extended 500 litres tank capacity. During interrogation, Ali confessed that he used the vehicle to ferry up to 3,000 litres of petroleum products everyday”.

Culled from Leadership

CBN Fixes Time Limit for Resolution of Customers’ Complaints-By Obinna Chima

Following recent challenges in ensuring timely resolution of complaints from consumers of financial services against financial institutions under its regulatory purview, the Central Bank of Nigeria (CBN) has fixed a time limit of six years, effective within which complaints against financial institutions can be lodged.

The CBN stated this in a circular posted on its website yesterday. It stressed that its consumer protection role had over the years been hampered by "non-availability of, or delays in receiving documentary evidences from both parties." This it stressed underscored the need to have a policy on "time bar" for complaints management in the financial services industry.

"Consequently, the CBN having consulted the relevant stakeholders in the financial services industry, and in line with provisions of limitation legislation; Money Laundering (Prohibition) Act 2013; and CBN Anti-Money Laundering and Counter Financing of Terrorism Regulation for Banks and Other Financial Institutions in Nigeria, 2013, hereby adopts a time limit of six years, effective from the date of the transaction, within which complaints against financial institutions shall be lodged," it added.

However, it stated that the time limitation would not apply to fraud cases; complaints already lodged with the financial institutions and CBN; and international electronic payment transactions whose records are not retained beyond 180 days on the dispute resolution application (arbiter). It pointed out that the latest circular supersedes the earlier circular dated February 16, 2015, on the subject matter.

Source : Thisday

EXCLUSIVE: Joan Rivers' $28m NYC penthouse was bought by Muhammad bin Fahd who is 'ripping it to shreds' as neighbors stand by in shock -By Heidi Parker

• Prince Fahd, 65, bought the Manhattan apartment, DailyMail.com can reveal
• He is having the penthouse completely renovated by top designers
• The Upper East Side unit is 5,100 square feet with four bedrooms
• The Saudi Arabian royal has also asked that a private elevator be installed
• Comedienne Joan died at the age of 81 on September 4, 2014

In July it was claimed Joan Rivers' Upper East Side apartment in New York City had sold to 'Middle Eastern royalty' for $28 million.

Now DailyMail.com can reveal exclusively the buyer is Muhammad bin Fahd, the son of the late King Fahd and the former governor of the Eastern Province of Saudi Arabia.

The 65-year-old prince has been remodeling the property - a 5,100-square-foot, four-bedroom penthouse - since the purchase, and neighbors are 'shocked,' according to an insider.

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Her home has a new owner: Joan Rivers sold her NYC penthouse in July for $28 million to a Middle Eastern prince; here she is pictured in June 2014, just three months before she died at the age of 81

He bought it: DailyMail.com can reveal exclusively the buyer is Muhammad bin Fahd, son of the late King Fahd, who died in 2005

'Ever since Prince Fahd bought the home nearly two months ago, he has had designers and contractors in and out of the place,' a source tells DailyMail.com.

'He is ripping it to shreds. Everyone is surprised because the place had a certain French look, it was very specific, and one would think the buyer would be into that. And now he doesn't want that.'

The property, which is only a half block from Central Park and walking distance to The Plaza, will look completely different from the way Rivers had it, said the insider.

Joan, who passed away in September 4, 2014 from a surgery gone wrong, decorated her home in an orate fashion.

There were crystal chandeliers, marble fireplaces and gilded walls.

The Louis XIV-inspired rooms - which include both a former ballroom and music room - have 23-foot ceilings and antique columns. The penthouse also boasts two large entertainment spaces, which can accommodate 125 people.

Joan once described the condo as 'where Marie Antoinette would have lived if she had the money.'

This is not how it looks now: The 65-year-old prince has been remodeling the property - a 5,100-square-foot, four-bedroom penthouse - since the purchase, and neighbors are 'shocked'

'The whole Palace Of Versailles thing is going,' said the source. 'It looks like all traces of Joan's style will be erased.'

The insider added, 'It was not the look Prince Fahd wanted. So he is erasing what Joan did. It's kind of a shame. First Joan died. Now her condo is dying. But that is life, it is constantly changing. Still, it feels weird.

'The home will have a new, more update look. Top designers are being used.'

While the source added that 'no one has made a formal complaint because they can't, it's not their condo,' it is being gossiped about among the owners. 'It is unsettling to say the least,' added the insider.

He doesn't like the old? 'Ever since Prince Fahd bought the home nearly two months ago, he has had designers and contractors in and out of the place,' a source tells DailyMail.com. 'He is ripping it to shreds'

The structure was built in 1903 by millionaire John Drexel, with the building - located just off Fifth Avenue at 1 E. 62nd Street - being converted into condos in the 1930s.

Rivers bought the apartment in 1988, ordering a painstaking renovation, though holding onto some of the apartment's original period details.

'Joan sure did love her condo, it was her palace and she felt like the queen there. So it's pretty surreal that a real-life king is moving in now,' said the source.

'The Queen Of Comedy left and the Prince Of The Desert moved in. It's a lot for the neighbors to take in because there is usually not a lot of movement in that building.'

A new look isn't the only thing Prince Fahd wants.

Her den: Joan, who passed away in September 4, 2014 from a surgery gone wrong, decorated her home in an orate fashion

'He has asked if a private elevator can be installed,' said the source.

'There is already an elevator in the building. But he would like an elevator added. This is an unusual request. It is not known if it will be done yet.'

It also appears that Muhammad won't be living there.

'He has said that the property is for his sons when they are in town, and for their families,' said the source.

A gem: The structure was built in 1903 by millionaire John Drexel, with the building - located just off Fifth Avenue at 1 E. 62nd Street - being converted into condos in the 1930s

'No one will be living in the property full time,' it was added.

The insider also relayed that Prince Fahd predicted the unit will be occupied only about 'three to four' months out of the year. 'And it may even be less than that. It may only be two months,' the source said.

When Joan lived there, it was her main residence, though she would fly to Los Angeles often to see her daughter Melissa, 47, and grandson Cooper, 14.

It is also where she filmed E!'s Fashion Police and Joan & Melissa: Joan Knows Best? which ran from 2011 to 2014.

Her daughter and co-star: Joan flew to Los Angeles often to see her daughter Melissa, who she is pictured with here in 2005; it is also where she filmed E!'s Fashion Police and Joan & Melissa: Joan Knows Best? which ran from 2011 to 2014

Security is also an issue for the royal. The building has a full-time doorman.

'Muhammad wants security at the building 24 hours a day, seven days a week,' said the source.

'It is of very high importance. A must. But that is really not uncommon for billionaires. Security is always an issue with billionaires. Especially if a billionaire has a royal link.

'Joan was rich, but not a billionaire. She did not have any private security. Only assistants. No one bothered her at all. In fact, she welcomed fans, she welcomed the attention. She liked being recognized on the street. She talked to her neighbors.'

She got it all: Melissa allegedly has inherited the bulk of her mother's estate. According to Us Weekly, the 46-year-old got $75 million in cash as well as her mother's New York apartment

In October it was reported Melissa allegedly inherited the bulk of Joan's multi-million dollar estate.

According to Us Weekly, she got $75 million in cash as well as the New York apartment, which she listed within months.

Cooper received his own bequest, a source told the publication.

Culled from Daily mail

Lagos alerts residents to looming flood -By Oluwole Farotimi

Lagos State Government has alerted residents in the coastal and low-line areas to the looming over-flooding of the areas due to the release of water from the Lagco Dam in Cameroun.
The government, in  a statement  by the Permanent Secretary, Ministry of Environment, Mr. Oluwatoyin Onisarotu, said the warning became necessary because of the outcome of the 2015 Flood Management Stakeholders roundtable meeting organised by the Federal Ministry of Environment in Abuja, where preparations were made for the forecast of the 2015 flood management strategies.
The permanent secretary hinted of the possible consequences of the release of water from the Dam in Cameroun and its attendant effect on the coastal waters and the wetlands.
It was also disclosed at the Abuja meeting that the release of excess water from the Dam might cause flooding that will affect the Benue River Basin and States like Adamawa and the Niger-Delta region with flooding problems.
Onisarotu therefore, advised that residents within the coastal and low- line areas, which are prone to flooding to ensure that all canals and drains are properly cleared to ensure free flow of water.
Likewise,they should ensure discouragement of people from dumping waste and refuse into the canals and drainages that may cause havoc and flooding.
He assured that the State Government would ensure that several flood mitigating measures are put in place.

Culled from The Sun

Small man syndrome really does exist, US government researchers conclude -By Sarak Knapton

Men who feel the least masculine are nearly three times more likely to commit violent acts compared with those who are comfortable in their own skin

Small man snydrome is sometimes called Napolean Complex Photo: Alamy

Small man syndrome really does exist, US government scientists have found, after research showed men who feel the least masculine are at risk of committing violent acts.

Although it is traditionally supposed that ‘macho’ men are the most prone to acts of aggression, in fact outsiders who feel that they do not fit gender stereotypes are equally as dangerous.

Sometimes called the Napoleon complex, small man syndrome supposes that men who feel the least masculine seek power, war and conquest to make up for their physical shortcomings.

Researchers at the federal Centres for Disease Control in Atlanta, Georgia, say men can suffer from ‘male discrepancy stress' where they feel they are falling short of traditional masculine gender norms. And it appears to make them more prone to violence than men who feel comfortable in their own skin.

They analysed responses of 600 US men aged between 18 and 50 in 2012 to an online survey about their perceptions of male gender, their own self-image, and behaviour such as drug taking, violence and crime.

The men who considered themselves less masculine than average and who experienced male discrepancy stress were nearly three times more likely to have committed violent assaults with a weapon or assaults resulting in injury to the victim than those who didn't worry about it.
There was no association between discrepancy stress and daily use of alcohol or drugs, but men who felt less masculine, and who were not worried about it, were the least likely to report violence or driving while under the influence.
"This may suggest that substance use/abuse behaviours are less salient methods of demonstrating traditional masculinity in contrast to behaviours related to sex and violence, perhaps due to the potentially private nature of the habit," suggest the researchers.
They conclude that less masculine men who experience discrepancy stress may be at risk of perpetrating serious violence.
"These data suggest that efforts to reduce men's risk of behaviour likely to result in injury should, in part, focus on the means by which masculine socialization and acceptance of gender norms may induce distress in boys and men," they conclude.
Last year at study by Oxford University concluded that felling smaller makes people feel paranoid, mistrustful and more likely to think that people are staring or talking about them.
The research was published in the journal Injury Prevention.

Culled from Telegraph

Lawyer seeks to jail FRSC chief -Joseph Jibueze

Activist-lawyer Mr Tope Alabi has initiated contempt proceedings against the Federal Road Safety Corps (FRSC) Chief Executive Boboye Oyeyemi for allegedly disobeying a court order barring the corps’  to impose fines on motorists.

The Federal High Court in Lagos, last September 26, nullified FRSC’s powers to fine motorists for violating traffic rules.

Justice John Tsoho held that only a court could an pronounce a motorist or driver guilty of violating traffic rules and order them to pay a fine.

The judge, who delivered the verdict in a suit by Alabi, said FRSC is not empowered to impose fines under sections 10 (4) and 28 (2) of the FRSC (Establishment) Act 2007 because it is not a court.

According to the judge, FRSC could arrest motorists for traffic offences, but it must take them to mobile or other courts with  powers punish traffic offenders.

However, Alabi is contending that FRSC officials had not complied with the judgment which he said is yet to be set aside by the Court of Appeal.

Besides, he said FRSC did not apply for or obtain any way execution of the judgment.

Therefore, he filed a Notice of Consequences of Disobedience to Order of Court, dated August 20.

The notice warns the Corps Marshal Oyeyemi of being held liable for contempt if his men continue to violate the order by arresting and imposing fines on erring motorists without taking them to court.

It reads: “Take notice that unless you obey the directions contained in this order, you will be guilty of contempt of court and will be liable to be committed to prison.”

Culled from The Nation

Reps ready for salary cut, declare support for anti-graft war

on August 24, 2015   /   in News 12:52 am   /   Comments

By Clifford Ndujihe
LAGOS— IN support of the move to reduce the high cost of governance and to boost the war against corruption, the House of Representatives has declared its readiness to take salary cut and back President Muhammadu Buhari’s anti-graft measures.

Dogara and Gbajabiamila

Making these disclosures, yesterday, in Lagos, Chairman, Ad-hoc Committee on Media and Public Affairs, Hon. Mohammed Sani Zorro, said all members of the House of Representatives irrespective of party affiliations are on the same page with the President on the change agenda and ready to give him the necessary legislative backing to actualize the agenda.
Zorro, who represents Gumel/Gagarawa/Mai Gatari/Sule Tankarkar Federal Constituency of Jigawa State on the platform of the All Progressives Congress (APC), said the need to streamline the funding of the House’s activities in line with best practices across the world and Nigeria’s economic fortunes was the reason the Reps set up the Dr Clement Nwankwo Committee.
Promising Nigerians a new wave of transparency in the conduct of affairs in the House, Zorro, a former national chairman of the Nigeria Union of Journalists (NUJ), said the lawmakers will abide by whatever recommendations the Nwankwo committee makes as regards oversight function allowance, sitting allowance, constituency allowance and all aspects of funding of the House of Representatives.
We’ll lead by  example
On whether the lawmakers can take salary cut, Zorro, who commended President Buhari, Vice President Yemi Osinbajo and some governors, who have elected to have their salaries cut by 50 per cent, said they are willing to toe the same path because “we are conscious of our integrity. We want to live by example.”
He said that the decision of the House to review the funding of its activities was in submission to the wishes of Nigerians.
He said: “I am here to reveal to you that as a result of the consistent outcry by Nigerians, who have been taking critical exception to the funding of the National Assembly, the House has decided to review the holistic funding of its activities.
“This review will also result in right sizing the funding of the various aspects of our activities. We have already put a mechanism in motion to achieve that. It may also result in the drastic cut of our finances be they salaries, allowances and running cost. We are conscious of our integrity; we will lead by example.
“What I can assure you is that we are submitting to the will of the people as a responsive and responsible legislative institution. We can no longer ignore the popular wishes of the Nigerian people who elected us in the first place. Even if the measures that we will consider will inconvenience us, we will rather make that sacrifice and respect the views of the Nigerian people once and for all.”
Declare support  for anti-graft war
On the anti-graft war, he said: “We are ready to support unconditionally the war being waged against corruption as spearheaded by the executive arm of government under President Muhammadu Buhari.
“I can tell you this on behalf of the House. Whoever is averse to the war against corruption in Nigeria is not a patriot. All patriotic people, whether in the National Assembly or outside of it, must support this war because of the implication of the degenerative level of our own corruption, which has compromised everything that Nigeria used to be. We are ready to assist in the building of a strong and strategic Nigeria. This cannot come about with all these reports in the newspapers of pervasive corruption. So, unconditionally, the House will support the war against corruption.”
On call that the scope of the anti-corruption probe should be widened and extended to 1999, Zorro said it is the prerogative of the executive arm of government, which has control over the security and intelligence agencies, to decide “but what the parliament does is to check the excesses, if any, of whatever process that the executive implements.
“Once the National Assembly discovers that this anti-corruption pursuit is tilted unfairly, may be against a person or group of persons, they will query it. But as of now, we are not entertaining any fear. We will support it, even if that corruption probe will involve the National Assembly. We just have to clean up this country because corruption actually reduces our humanity to the barest level.”

- See more at: http://www.vanguardngr.com/2015/08/reps-ready-for-salary-cut-declare-support-for-anti-graft-war/#sthash.T1KWJDyW.dpuf