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Showing posts with label March 02. Show all posts
Showing posts with label March 02. Show all posts

Thursday, 2 March 2017

CBN explains why naira is appreciating

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The Acting Director of Corporate Communications, CBN, Isaac Okorafor, has said the naira’s recent appreciation was a result of calculated moves that were based on intelligence reports, as well as the need to effect the right policies at the appropriate time.

Substantiating his claims, he said that when CBN placed $500 million in the market last week, only $370 million was taken, which was the real demand and it also placed another $230 million, while only $221 million was taken.

He said that with forex reserves now at near $30 billion, the apex bank had decided to do the intervention as it is more comfortable, unlike the level it was before now, which didn’t allow the bank to feel comfortable enough to do a kind of intervention needed when required.

“The CBN has done a lot of intelligence on the markets and we came to the realisation that much of what was driving the demand in the bureaux de change and the parallel market was mere bubble and speculation.

“We reasoned that since there was pressure on those two segments from people seeking personal travel allowance, medicals and tuition if we successfully address that bit, the pressure would come down. We intervened in the market and the market reacted positively and the naira started gaining strength,” he said.

Vía The Guardian Nigeria http://ift.tt/2mzfWwK


Nigeria charges Shell, Eni with corruption

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Nigeria’s anti-graft agency on Thursday filed corruption charges against oil majors Shell and Eni over a $1.3 billion offshore block deal.

The Economic and Financial Crimes Commission (EFCC) accused 11 defendants of “official corruption”, according to court documents.

Shell, Eni and Agip, Eni’s Nigerian subsidiary, are alleged to have corruptly given the “aggregate sum of $801 million” to Nigerian businessmen and politicians. This is the latest probe into the controversial 2011 oil deal that highlights endemic corruption within the sector.

Italian prosecutors are also looking into the purchase of the OPL 245 block prospecting license. OPL 245 is located in deep offshore waters in the Gulf of Guinea estimated to hold at least 9 billion barrels of crude reserves.

Oil majors Shell and Eni have both denied wrongdoing.

“Eni did not do anything wrong,” said the chief executive of Eni Claudio Descalzi to the Financial Times in February.

“At every stage, we have acted in compliance with all applicable law . . . Eni and Shell paid the government of Nigeria, and were not involved with the government decision on how to use such money.”

Nigerian President Muhammadu Buhari secured a historic first win for an opposition leader when he defeated Goodluck Jonathan in the 2015 presidential elections. He campaigned on a platform to target rampant corruption and has said “mind-boggling” sums have been stolen from the public purse.

His government has arrested a series of high-ranking officials from Jonathan’s administration on corruption charges but few have been convicted.

Vía The Guardian Nigeria http://ift.tt/2lAfKIM


Let’s rework Nigeria now — Clark, Nwodo, others

ONDO: Arakunrin Akeredolu rolls up sleeves to right the wrongs

PDP accuses Obaseki of frequent overseas trips

Oil bloc fraud: FG slams fresh charges against Shell, Agip, Adoke, 8 others

3m Nigerians lose N18bn to MMM

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The Nigerian Deposit Insurance Corporation, NDIC, has said about three million Nigerians lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement, MMM.

The Managing Director of the Corporation, Alhaji Umaru Ibrahim, stated this while speaking at the ongoing 38th Kaduna International Trade Fair, yesterday.

Represented by the NDIC Deputy Director of Corporate Affairs, Alhaji Hadi Suleiman, Ibrahim lamented that despite repeated warnings by the Central Bank of Nigeria, CBN, and the Corporation, Nigerians still patronised MMM.

He said:”The Ponzi scheme is the phenomenon of illegal fund managers, popularly called Wonder Banks, which have continued to defraud unsuspecting members of the public of their hard-earned money. This phenomenon has been a source of concern because despite our repeated warnings over the years, some members of the public have continued to fall victims of their fraudulent practices.

“We would like to reiterate the fact that these fund managers are illegal as they are neither licenced by the CBN to take deposits from members of the public nor are those who patronise them covered by the NDIC deposit insurance scheme.

“I want to also say that some cooperative societies, which often go beyond their primary mandate by accepting contributions from members as cooperative societies, are only recognised to mobilise savings from their members.”

While advising the public on the dangers of keeping large sums of money at home or in market shops, he said there are 978 licensed microfinance banks nationwide, out if which seven are spread across Kaduna State.

 

The post 3m Nigerians lose N18bn to MMM appeared first on Vanguard News.

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Herdsmen kill 4 in Benue, as police say its reprisal attack

CCT trial: Why we didn’t interrogate Saraki — CCB

Edo Tribunal adjourns to enable Obaseki re-strategize defence

Osinbajo tasks A-Ibom on private investments

Intrigues delay Akeredolu’s appointments as gov jets to Abuja

Why Naira is appreciating—CBN

Our projects’ll touch lives of Rivers people —Wike

…truth of the matter is that corruption in Nigeria is systemic – Osinbajo

Xenophobic attacks: Delta govt, Police halt picketing of South African firms

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By Festus Ahon

ASABA—Delta State Government and the state Police Command, yesterday, aborted moves by members of the National Association of Nigeria Students, NANS, Zone B, to attack Shoprite and other companies with South African interest in the South-South and South-East regions.

The aborted attacks by the students body was in retaliation of the killings of Nigerians and other blacks in South Africa.

But the state government and Police authorities which got wind of the planned attack by the students, led by the zonal coordinator,  Pedro Obi, intervened and appealed to them to shelve the picketing of firms with South African interest in the two geo-political zones.

Speaking to newsmen after the aborted protest, Obi said the students succumbed because of the regard they have for the state government and Police authorities, adding that Shoprite and other companies with South African interest also have “Nigerian interests and we are not ready to put more Nigerians into further hardship.”

Condemning the xenophobic attacks,  Obi frowned at the nonchalant attitude of the South African government to the killings of Nigerians in that country.

He urged President Jacob Zuma to stop playing politics with the lives of innocent Nigerians and frowned at the “snail pace of the Nigerian government in handling the xenophobic attacks.”

It will be recalled that the national leadership of NANS had last month mobilized students against businesses with South African interests in the Federal Capital Territory, Abuja, in the wake of the killings of Nigerians in South Africa.

The post Xenophobic attacks: Delta govt, Police halt picketing of South African firms appeared first on Vanguard News.

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NNPC accuses DISCOs, TCN of frustrating stable power supply

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By Michael Eboh
Abuja— The Nigerian National Petroleum Corporation, NNPC, yesterday, accused Distribution Companies, DISCOs, and the Transmission Company of Nigeria, TCN, of frustrating stable power supply in the country.

It also stated that the country currently had enough gas to generate up to 4,800 megawatts (MW) of electricity and 6,000 megawatts by the second quarter of 2017.
Group Managing Director of the NNPC, Mr. Maikanti Baru, stated this at the Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Engineers, SPE, in Abuja.

Baru noted that Nigeria was currently producing an average of 8.0 billion standard cubic feet, scfd, per day of gas, of which 1.3 billion scfd was utilised for domestic consumption; 3.5 billion scfd for export; 2.5 billion scfd for re-injection/fuel gas use, while about 700 million scfd was flared.

He said: “As we speak today, there is enough gas to generate about 4800MW and 6000MW by second quarter 2017 based on our gas supply plan, but the power sector is presently struggling to evacuate 4500MW power due to DISCOs’ incessant rejection of allocated load and transmission line constraints.”

Baru disclosed that despite the difficult environment in which it operates, the NNPC was committed to ensuring adequate gas supply to meet Nigeria’s industrial growth.

Also speaking, Mr. Dada Thomas, President, Nigerian Gas Association and Managing Director, Frontier Oil Limited, lamented that the country had not been able to harness its God-given gas resources optimally for domestic use.

According to him, the country is using a little amount of the gas it has, with the bulk of it being used by the power plants within the country’s poorly regulated power value chain that is threatening to bankrupt entity in the chain.

He said: “If we must unlock gas development, we are going to connect the dot of the production location, producers to the consumers and it is going to take a lot of money.
“If we are trying to actualize the gas master plan, we are going to need at least $10 billion.”

He further identified the five top issues bedeviling the gas industry to include insecurity, lack of sanctity of contracts, low pricing, power sector illiquidity and lack of infrastructure. For 40 years, we have been bedeviled by the same problem day in day out. We cannot go on like this.’’

The post NNPC accuses DISCOs, TCN of frustrating stable power supply appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2mz9u9m


Mr President’s health issues

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By Donu Kogbara
MR President flew to London on January 19. His office described this trip as a “medical vacation”; and he’s still in the UK, receiving treatment.

His absence has generated endless speculation and plenty of gossip. Ever since he left Nigeria, various media and non-media fora have been ablaze with rumours about the nature of his illness, the length of time he’s likely to spend away from his desk in Abuja and the possibility that he will never return (at one point a couple of weeks ago, someone was irresponsibly spreading the false claim that he had died). 

There have also been numerous stories about the aides and relatives who are allegedly controlling access to him, the people who are allegedly being prevented from seeing him; and so on.

I have mixed feelings about this situation. Sometimes I think that the Presidency’s communications team should be less uptight and more transparent and jolly well tell us exactly what is wrong with our Oga-At-The-Top. After all, Muhammadu Buhari is a public servant, so shouldn’t the state of his health be a public matter?

But sometimes I wonder whether every gory detail is the general public’s business. In other words, does he not deserve privacy? Is it not enough that we have been informed that he is ill? Why does anyone who is not a member of his family or a particularly close or particularly senior government official or political associate need to know more?

Also, why all this fuss and bother about access to Mr President being controlled as if there is something sinister about limiting access to a patient or something sinister about vetting his guest list?

Is it not normal for access to ANYONE who is ill to be controlled by their staff or nearest and dearest? When ordinary people (never mind heads of state) are suffering from ailments or simply recuperating, is it desirable for every Tom, Dick and Harry (or Tunde, Emeka and Ibrahim!) to be allowed to see them?

Mr President has been photographed with various VIP visitors, including key APC personnel – the Senate President, the Speaker of the House of Representatives and Asiwaju Bola Tinubu, etc. Must he see everyone who wants to see him at any time, never mind at a time when he’s frail?

When I was kidnapped and released by my abductors after two weeks of heavy stress and hell, I was amazed by the number of people who felt aggrieved about the fact that I didn’t take calls or respond to emails for several weeks.

It was as if their feelings were more important than my trauma!
Having said all of this, isn’t it a BIG shame that Nigerian Presidents are still running abroad for medical reasons?

I’m told that there are some highly competent specialist doctors in Nigeria. And I’d have expected Buhari (who has made much of his modest, ascetic, abstemious tendencies) – of all people –  to keep costs down by getting treatment at home.

He claims to be a man of the people and friend of the Talakawas and the penniless. And it would’ve been nice if he had spent the past couple of years beefing domestic hospitals up, so that he and everyone else could get the best possible treatment on Nigerian soil. 

Meanwhile, Buhari spoke with his Special Adviser on Media and Publicity, Femi Adesina, last week on the telephone for the first time since he took off to London.

Adesina, who confirmed the conversation on Facebook and Twitter, said that 
until then, he’d only spoken to third parties who are with the President in London and that:

“Not once did I ask them to take the phone to him, deliberately so, because I didn’t need to speak with him to validate the fact that he was alive. And since he is on vacation, he has a right to his privacy.”

Anyone who is disgruntled about being fenced should take a leaf out of Adesina’s book because he has the right attitude and realises that it’s about the person who has problems, not about him! 

Drama as Senate screens 82-year-old ambassadorial nominee

THE Senate Committee on Foreign Affairs, on Wednesday, screened an 82-year-old non-career ambassadorial nominee, Justice Sylvanus Nsofor (retd.), who refused to recite the National Anthem when he was asked to do so. The senators were shocked but Nsofor was eventually asked to take a bow and leave the venue.

I am much less shocked by his recalcitrance than by the fact that a man of that age is still on the job market! How selfish can anyone be?!!!

He was a Judge of the High Court of Nigeria, a Justice of the Court of Appeal, and a Lecturer of Law at the Holborn College of Law in London .

So he’s immensely accomplished. But surely it is time for him to forget about career ambitions and stand back and hand the baton to younger generations.

The post Mr President’s health issues appeared first on Vanguard News.

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Mikel, Ideye get jersey Nos 10, 39 at Tianjin TEDA

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Brown Ideye has been handed the No. 39 shirt after joining Tianjin TEDA from Olympiacos on Tuesday.

The forward, who started his career at Bayelsa United, secured a move to the Chinese Super League side after agreeing terms with Jaime Pacheco’s men.

His compatriot John Obi Mikel has also received the No. 10 shirt. The Super Eagles captain left on a free transfer, having been allowed to depart Chelsea after failing to make an impression on the first team under Antonio Conte, who took charge in the summer.

Tianjin TEDA begin their campaign in the Chinese topflight when they face Shandong Luneng Jinan Olympic Sports Center Stadium on March 4.

 

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Katsina bans ‘unlawful gathering’

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GOVERNOR Aminu Masari of Katsina State has signed an order banning any form of unlawful assembly in any part of the state.

The ban was announced yesterday in Katsina in a statement by the governor’s Senior Special Assistant on Media, Abdu Labaran.

Labaran said the order, signed on February 27, was in consonance with the power conferred on the governor by Section 97A of the Penal Code.

It read in part: “Governor Masari declared that any assembly of two or more persons in any part of Katsina State is hereby banned.

“The assembly by whatever name, whether the people are armed or any of its members is armed with any dangerous instrument, which is likely to cause death or bodily injury, is banned.”

The statement added that defaulters of the order would face the full wrath of the law.

 

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