Erisco Foods shuts down, relocates to China-By Louis Ibah

Erisco Foods Limited yesterday announced the closure of its tomato manufacturing plants in Nigeria, citing an unfavourable operating climate, which has escalated operational costs in recent months.
President/CEO of Erisco Foods Limited, Chief Eric Umeofia, who addressed a press conference in Lagos Tuesday, said the company had concluded plans to relocate the manufacturing aspect of the business to China from where finished products would be imported and sold to consumers in Nigeria and other parts of the world.
According to him, the decision to shut down the Nigerian manufacturing plant was taken after the expiration of a 30-day ultimatum given by the management of the company to the Federal Government to compel the Central Bank of Nigeria (CBN) to make available adequat foreign exchange to assist in the imports of raw materials as well as the requisite equipment needed to keep the manufacturing plants running and also profitable. The company had also urged the Federal Government to compel regulatory agencies like NAFDAC, SON and the Federal Ministries of Agriculture, Industry, Trade and Investment to end the importation and dumping of substandard tomato pastes in the country.
“As from today, November 1, 2016, we have commenced the winding down of our tomato manufacturing business in Nigeria and it’s a decision we have taken after the 30-day ultimatum to government expired without our terms being met,” Umeofia said.
“We are moving the factory to China from where we will manufacture and bring back to Nigeria while also selling to other overseas clients. It pays us that way as a business because in recent months, our continuous operation in Nigeria has resulted in a loss of over N3.6 billion.
“Because of the huge machines we have to move out, winding down will last us about nine months as we plan to first exhaust the existing raw materials we have before moving our equipment out to China.
“It’s unfortunate that out of a workforce of about 2,000 Nigerians that we have, we will be disengaging about 1,500 of these workers as we need just about 40 staff to keep the Nigerian company running since what we will now be doing is just restricted to marketing and sales of imported products from our China plant. My business has been deliberately frustrated by the way the CBN has managed forex bidding and allocation.
“They won’t give us forex to import machinery, machine spare parts and raw materials for processing Nigerian fresh tomatoes into paste in our Lagos factory and they won’t give us approval to use our own money (about $460,000) generated from our foreign operations to import our raw materials.
They won’t also check dumping because of the powerful nature of the import cabals. This decision is therefore final and there is no going back on it; nothing will make us to come back even in the future because we have found out that we can import tomato paste into Nigeria and still make huge profits,” he added.
‎He said the company had similarly abandoned the Katsina State backward integration programme with the Certificate of Occupancy on the 2,400 hectares of land issued to the company returned to the state government.

Culled from Sun

Senate panel tasks FG on economic recession-By Terhemba Daka and Isa Abdulsalami Ahovi

| 

Senate

The Chairman, Senate Committee on Governmental Affairs, Tijjani Kaura, has tasked the Federal Government to be more steadfast in proffering solutions to the economic recession in the country.
He stated this yesterday at a think-tank conference with the theme, “From recession to recovery and growth policy option for the Nigerian economy,” organised by the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.
“Our government must be frank to tell Nigerians that the nation is in deep recession and stop playing around the issue because the performance of any economy is seen as a mirror to judge the leadership. The government, therefore, needs to tackle the issue head-on,” he said.

Besides, a member of the House of Representatives, Useni Kangiwa, said that the cause of economic woes in the country was as a result of downward trend in the oil and gas sector. He, therefore, advocated the diversification of the economy, adding that there were vital and veritable areas the country could exploit and focus on to rejuvenate the ailing economy.
In his speech, the governor of Plateau State, Simon Lalong represented by his deputy, Prof. Sonni Tyoden, said the challenges the country was facing had created a necessity for the development of the best solution for quick recovery and growth.
According to him, the government needs comprehensive policy options from several available options to come out from recession quickly and help guarantee the quickest delivery of the dividend of democracy.

Culled from Guardian

Zenith Bank Grows Profit to N121bn, Total Assets Hit N4.7trn

Shareholders of Zenith Bank Plc should expect higher dividend at the end of the current financial year given the impressive results the bank has recorded for the nine months ended September 30, 2016.

According to results released monday, Zenith Bank recorded gross earnings of N380.4 billion in 2016, showing an increase of 12.9 per cent from N337.9 billion in the corresponding period of 2015. Net interest income grew by 17.6 per cent from N161.4 billion to N189.8 billion, while impairment charges rose by 124.8 per cent to N9.7 billion to N21.9 billion. However, other income soared from N9.7 billion in 2015 to N32 billion in 2016.

Hence, Zenith Bank ended the period with profit before tax (PBT) of N121.2 billion, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015. Profit after tax (PAT) recorded faster growth of 20.4 per cent to N100 billion, up from N83 billion.

Also, the bank attracted more deposits and also gave out more loans and advances. Deposits rose from N2.557 trillion to N2.692 trillion, while loans and advances grew from N1.841 trillion to N2.425 trillion. Total assets hit N4.654 trillion, up from N4.0 trillion in 2015.

Reacting to the results, analysts at FBN Quest said given the nine month profit before tax of N121 billion, the N123 billion made by the management for the full year would be surpassed.

The analysts said:” On the back of these results, we would expect consensus PBT for 2016 to move up strongly, from N123bn currently, given that the nine months result is N121 billion. The operating expenses and interest expense figures are disappointing and would draw some scrutiny from the market. However, we expect the fx-related gains to more than compensate for these, given their magnitude and the fact that it was the absence of such gains in second quarter (Q2) (especially on the non-interest income line) that led to a muted to negative reaction by the market.”

Also assessing the results, analysts at Cordros Capital Limited said
Zenith Bank reported an increase in earnings per share (EPS) to N3.18 for the period, compared with an EPS of N2.64 in the previous year. Return on average equity (RoAE) improved to 19.2 per cent versus the 14.8 per cent recorded as at the previous quarter.
“The result was impressive, outperforming both management guidance and consensus estimate,” they said.

Culled from Thisday

Judge: Amaechi asked me to help nullify Fayose’s election- Eric Ikhilae

Sylvester Ngwuta

ANOTHER Justice of the Supreme Court yesterday accused Transportation Minister Rotimi Amaechi and Science Minister Ogbonnaiya Onu of being the architect of his travails.

Justice Sylvester Ngwuta, who was arrested by Department of State Services (DSS) operatives for alleged corruption, blamed it all on his refusal to cooperate with the duo, who he said had requested him to influence some electoral cases in their favour.

He alleged that Amaechi and Onu asked him to assist them in relation to the governorship election disputes in Ekiti and Ebonyi states.

Justice Ngwuta alleged that Amaechi, who claimed to be acting on behalf of President Muhammadu Buhari, wanted him to facilitate the annulment of Ayodele Fayose’s election so that Kayode Fayemi (Minister of Solid Mineral) could participate in a rerun election.

Justice Inyang Okoro has also accused Amaechi of trying to bribe him.

Justice Ngwuta said Onu had sought his help to facilitate the victory of the Labour Party (LP) candidate in the Ebonyi State governorship election dispute.

Justice Nqwuta, in his October 18, 2016 letter to the Chief Justice of Nigeria (CJN) and Chairman of the National Judicial Council (NJC), Justice Mahmud Mohammed, accused DSS operatives of planting the money they claimed to have recovered in his home there.

“My Noble Lord, I am a victim of my own resolve never to violate my sacred oath of office as a judicial officer.  Politicians and their collaborators have been hunting me on that account.

“It started in Ebonyi State where I was falsely accused before a panel set up by NJC in August 2000.  It was replicated in 2009 when I was pulled from my division, Calabar, to preside over a motion filed by Senator Andy Uba seeking to be a Governor without going through the process of election.  In each case I was exonerated.

“My present plight started sometime between 2013 and 2014.  I represented the then Chief Justice of Nigeria in an event organised in the International Conference Centre.  Hon. Rotimi Amaechi came in late and sat next to me at the high table.

“He introduced himself to me and we exchanged contacts.  A few weeks after, Fayose’s case was determined in the Court of Appeal.  Amaechi called me by 6.45 am.  He said he had come to see me, but was told I had left for my office.

“When he said he would return in the evening, I demanded to know what he wanted, but he would not tell me.  He did not come that evening but came the following morning when I was already prepared to go to work.

“He begged me to ensure that Fayose’s election was set aside and another election ordered for his friend Fayemi to contest.  I told him I would not help him and that even if I am on the panel I have only my one vote.

“After the Rivers State governorship election was determined by the Court of Appeal, he called to tell me his ears were full and he would like to tell me what he heard.  I told him I was out of Abuja at the time.

“On my return, he came in the evening and even before he sat down he barked ‘You have seen Wike’.  I asked him whether that was a question or a statement.  Then he made a call and asked me to speak with someone.  The man he called said he was a DSS man.  We exchanged greetings and I handed the phone to him.

“Next, he said ‘Oga is not happy.’  I asked him who is the unhappy ‘Oga’ and he answered ‘Buhari’.  I retorted ‘go and talk to his wife.’  He got very angry, and left, remarking ‘we shall see’ several times.

“Your Lordship may recall one morning when I pleaded not be on the panel for Rivers Appeal.  Your Lordship said I was already on the panel and asked me to explain why I made the request to be excluded.

“When I explained what transpired the previous night, Your Lordship told me Amaechi had also attempted to influence other Justices.  My Lord, on the day we heard the appeal with your Lordship presiding, we were allowed lunch break at 4.20 pm.

“The moment I got into my chambers he, Amaechi, called.  When he told who was calling, I said to him, ‘Your Excellency, you want to issue more threats?’  He replied ‘Have you been threatened before?’  I replied ‘I know a threat when I hear one even if veiled. In any case I will not talk to you’ and I switched off my phone.

 ”The people who failed in their attempt to destroy me in Ebonyi in 2000 and in Enugu in Andy Uba’s case in the Court of Appeal, Enugu in 2009 are now supplying Amaechi with information to fight me for my negative response to his demands, especially my answer to his statement that ‘Oga was not happy.’

On the role allegedly played by Dr. Onu, Justice Ngwuta added:

“When the governorship election appeal from my state, Ebonyi, came to the Court of Appeal, one Mr. Igwenyi, a senior staff of Federal Judicial Service Commission came to my chambers and told me that the former Governor of Abia State, Dr. Ogbonnaya Onu had pleaded with him to convince me to see him, Dr. Onu.

“I asked him to call Dr. Onu; he did and I wanted to know why he wanted to see me.  He said it was confidential.  I asked when he wanted to see me and he said he would like me to come in the evening.  I told Igwenyi that he would have to take me to Dr. Onu in his car and bring me back.

“I had wanted him to listen to what Dr. Onu had to say, but when we arrived, Dr Onu put him in a different room.  He asked me whether I know the Hon. President of the Court of Appeal and I told him that His Lordship was my Presiding Justice in the Court of Appeal, Benin division.

“He asked of my relationship with the PJA and I said it was cordial.  He nodded his head several times in apparent satisfaction.

 ”He told me that the candidate for the Labour Party was ready to switch over to APC if he could help him win the appeal in the Court of Appeal and that in appreciation of the undertaking to come over to his party, he had obtained the services of three Justices of the Court of Appeal to ensure victory for Labour Party.

“He said he needed one to convince the PJA to include his three Justices of the Court of Appeal in the five-man panel to hear the appeal.  I told him I would not help him and that I could not in good conscience convey such request even to a Customary Court Judge.

“He was disappointed and asked me whether I knew the husband of the PJA.  I told him I did not know the man.  I bid him good night and left.  Igwenyi joined me in the passage and when he drove me back to my home I told him what Dr. Onu wanted.  Igwenyi apologised to me and assured me that he would not have bothered me if he had known what Dr. Onu wanted me to do.

Culled from The Nation

Senate hires foreign forensic experts to probe MTN — Fred Itua

The Senate has revealed that investigation into the alleged repatriation of $13.9 billion by MTN has begun. It has also revealed that international forensic lawyers, accountants and other experts to assist in the investigation have been hired.
Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, disclosed this while briefing newsmen in Abuja yesterday.
He said the experts had already arrived Nigeria and were already working with other local forensic experts to uncover any hidden details from the documents that had been submitted.
“The Senate sees this as very important. It is a weighty allegation and we are going to deal with a lot of documents spanning 16 years. Based on that, we got the approval of the leadership of the Senate and we have engaged international and local forensic experts, accountants and lawyers.
“The team has been fully assembled and they have started working: this in not going to be a normal periphery investigation because it involves a lot of documents. We will be starting the investigative hearing tomorrow, we will listen to each one of them and we will take it from there,” he said.
The committee Chairman disclosed that a number of private individuals and government agencies had been invited to brief it on Thursday. He said that some of those invited had already submitted requested documents and had indicated their willingness to be at the hearing.
“MTN has submitted and they promised to attend, Diamond Bank has submitted, Standard Chartered Bank has submitted and they promised to attend; Stanbic has submitted and they promised to attend. Mallam Ahmed Dasuki has no submission yet, Col. Sani Bello; no submission , but we are expecting them tomorrow,” he said.
Others expected to appear before the committee are Minister for Industries, Trade and Investment Okechukwu Enelamah, Dr. Paschal Dozie, former Chairman of Diamond Bank and the Financial Reporting Council of Nigeria.
Others are Gbenga Oyebode and Dr Victor Odili.
In his remark, Senator Dino Melaye, who blew the whistle on the alleged repatriation, expressed happness that the Senate had taken the matter seriously.
“I am particularly excited that the Senate had engaged forensic auditors who also double as lawyers and who have already commenced work. I can tell you that even preliminary investigations have revealed that the $13.9 billion is far lower to what the outcome will look like.
“We have realised from these preliminary investigations that it is actually outrageously higher than the $13.9 billion. This committee has shown a lot of sincerity in their approach and I am very confident in the committee and the Nigerian Senate in investigating this matter. I want to assure Nigerians that the Senate will get to the bottom of this and at the end of the day this money must be returned to our Foreign Reserves,” he said.
Meanwhile, in a letter to the Committee, the Minister of Industries, Trade and Investment, Okechukwu Enelamah, denied any involvement with the alleged repatriation.
In the letter , Enelamah said he was never involved with MTN as he had never been a director with the company. He added that he had neither had any engagement with the company nor earned dividends.
“I was never owner of Celtelecom Investment Limited or a shareholder in Celtelecom as recorded on pages 402 and 403 of the Votes and Proceedings of the Senate of Tuesday, September 27.”
“Between 1998 and 2015 i served as the chief Executive Officer of Capital Alliance, a wholly owned subsidiary of African Capital Alliance (ACA), an investment company.
“Two funds managed by ACA together with some individuals and entities, invested in MTN with Celtelecom as the investment vehicle. I served as a director in Celtelecom representing the ACA management fund.
“I have never claimed that I invested in MTN neither did I obtain a Certificate of Capital Importation on 7th February 2008. The investment by Celtelecom in MTN was made in 2001.
“The Form A dated 7th February 2008 that i signed in my capacity as a director of Celtelecom was to enable the processing of payments due from the sae of part of its shares in MTN. This is evidenced by the letter to IBTC Chartered Bank Plc dated 7 February 2008,” he said.
He urged the senate to note that investors do not have responsibility for the remittance of proceeds from the company they invested in.
“So at no time was i ever in position to transfer funds out of Nigeria on behalf of MTN and at no time did I transfer funds out of Nigeria on behalf of MTN,” he said.

Culled from The Sun

Thais mourn death of revered King Bhumibol Adulyadej

Media captionJonathan Head looks back at the reign of King Bhumibol Adulyadej

The people of Thailand are mourning the death of King Bhumibol Adulyadej, the world's longest-reigning monarch, who died on Thursday aged 88.

An emotional crowd held a late-night vigil in Bangkok, and black-clad crowds are now lining the streets.
The king's body will be taken to the city's Emerald Temple later on Friday. The official mourning will last a year.
Crown Prince Maha Vajiralongkorn is expected be the new monarch, but has asked for a delay in succession.

Image caption Thousands have lined the streets of Bangkok for the funeral procession

Image copyright AP

Image caption Thais who have known the king as a stable point amid years of upheaval have been left shocked by his death

The cabinet has declared Friday a government holiday, and flags are to fly at half-mast for the next 30 days.
The government has also asked for people to wear black, and avoid "joyful events" during this period.
News websites have turned their pages black and white, while tributes have been paid by leaders around the world.
One person in Bangkok told the Associated Press: "There is no word to explain my feeling right now."
"I lost one of the most important people in my life. I feel like I haven't done enough for him. I should have done more," said Gaewkarn Fuangtong.
Thousands of mourners are filling the streets of Bangkok to await the king's funeral procession. His body will be moved from Siriraj Hospital to the Grand Palace on Friday afternoon.
The Crown Prince will conduct the bathing ceremony of the king's body - a traditional Thai Buddhist funeral rite - on Friday evening, said palace officials.

 Culled from BBC News

EFCC declares Goodie Ibru wanted for money laundering

The Economic and Financial Crimes Commission (EFCC) has declared businessman, Goodie Ibru, wanted.
The anti-graft agency said he was wanted in connection with a case of “conspiracy, capital market fraud, stealing, diversion of funds and money laundering.”
“He allegedly diverted billions of naira and assets belonging to Ikeja Hotels Plc, owners of Sheraton Hotel, Lagos; Federal Palace Hotel; Capital Hotel; and Sheraton Hotel, Abuja,” the EFCC said in an advertorial yesterday.
The EFCC said Ibru is 74, 5’11 feet, dark in complexion and a native of Agbarha Otor in Delta State.

Culled from Sun