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Showing posts with label Financial. Show all posts
Showing posts with label Financial. Show all posts

Economic Recession Hits Event Planners


A number of event planners in the Federal Capital Territory (FCT) said that the current economic recession in Nigeria caused a drastic reduction in the number of events organised in 2016.

The event planners made this known in interviews with the News Agency of Nigeria (NAN) in Abuja on Friday.
Stefanie Okerafor, a wedding planner, told NAN that there was a reduction in the number of wedding events organised as the year drew to an end.
“The major wedding months are June, July, August and December.
“The recession hit hard in September and since then there has been a decline in the number of events organised.
“I have clients that had set dates for events but ended up making deductions or cancelling their wedding dates due to financial difficulties.
“I was looking forward to making more profit in December but this month has really been slow,” she said.
Tonye Jack, another event planner said, “it has been really hard this December and I think it is the worst month I have had since I became a wedding planner four years ago.
“December normally has many events and we, event planners, make most of our income in December because of the weddings, bridal showers and Christmas parties.
“We are just hoping for a better 2017 and pray that more Nigerians have things to celebrate.”
Seun Ajisafe, also an event planner, expressed the hope that 2016 would be the worst financial year to be experienced by Nigerians.
“There was a fall in demand for the services of event planners by December of 2015, and I thought that would be the worst.
“I had high hopes for this year, but so far, it has been terrible.
“As 2016 draws to an end, I can safely say this has been the worst year for event planners in Nigeria and we just pray it doesn’t get any worse than this,” she said.

Economic Recession Hits Event Planners

Posted by Sylvester No comments


A number of event planners in the Federal Capital Territory (FCT) said that the current economic recession in Nigeria caused a drastic reduction in the number of events organised in 2016.

The event planners made this known in interviews with the News Agency of Nigeria (NAN) in Abuja on Friday.
Stefanie Okerafor, a wedding planner, told NAN that there was a reduction in the number of wedding events organised as the year drew to an end.
“The major wedding months are June, July, August and December.
“The recession hit hard in September and since then there has been a decline in the number of events organised.
“I have clients that had set dates for events but ended up making deductions or cancelling their wedding dates due to financial difficulties.
“I was looking forward to making more profit in December but this month has really been slow,” she said.
Tonye Jack, another event planner said, “it has been really hard this December and I think it is the worst month I have had since I became a wedding planner four years ago.
“December normally has many events and we, event planners, make most of our income in December because of the weddings, bridal showers and Christmas parties.
“We are just hoping for a better 2017 and pray that more Nigerians have things to celebrate.”
Seun Ajisafe, also an event planner, expressed the hope that 2016 would be the worst financial year to be experienced by Nigerians.
“There was a fall in demand for the services of event planners by December of 2015, and I thought that would be the worst.
“I had high hopes for this year, but so far, it has been terrible.
“As 2016 draws to an end, I can safely say this has been the worst year for event planners in Nigeria and we just pray it doesn’t get any worse than this,” she said.

Aliko Dangote Drops Out of List Of Top 100 Billionaires


While the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start of the year, Africa’s richest man, Aliko Dangote is sadly not part of the party as he lost a whopping $4.9 billion of his fortune.

The industialist who was formely the world’s 46th-richest man, dropped out of the top 100 list to No. 112 with a total fortune of $10.4 billion. The drop according to reports was due to falling oil prices and naira devaluation.

According to the Bloomberg Billionaires Index, disappointing economic data from China at the beginning, the U.K.’s vote to leave the European Union in the middle and the election of billionaire Donald Trump at the end, saw the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 percent to $4.4 trillion by the close of trading Dec. 27.

Aliko Dangote Drops Out of List Of Top 100 Billionaires

Posted by Sylvester No comments


While the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start of the year, Africa’s richest man, Aliko Dangote is sadly not part of the party as he lost a whopping $4.9 billion of his fortune.

The industialist who was formely the world’s 46th-richest man, dropped out of the top 100 list to No. 112 with a total fortune of $10.4 billion. The drop according to reports was due to falling oil prices and naira devaluation.

According to the Bloomberg Billionaires Index, disappointing economic data from China at the beginning, the U.K.’s vote to leave the European Union in the middle and the election of billionaire Donald Trump at the end, saw the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 percent to $4.4 trillion by the close of trading Dec. 27.

2019 EXCLUSIVE: 'almighty' Borno Billionaire Sets To Unleash N100b Campaign Team Fund To Unseat Buhari At All Cost

Though 2019 may still be far, but politicians are already warming up for what could at the end be regarded most intrigued election as a former governor of Borno State and the embattled factional Chairman of the opposition Peoples Democratic Party, PDP, Senator Ali Modu Sheriff has reported earmarked N100 billion to execute his presidential ambition.

Mr. Sherriff will establish a committee to formally explore his Aso Rock bid, Global Village Extra said an impeccable source who pleaded anonymity confided in it

Our source claimed it exclusively gathered that the two-time Borno State governor is so much battle ready for the 2019 presidential challenge so much so that he is willing to spend a whopping 100 billion Naira on the election campaign.

Creating the exploratory committee will allow Senator Sherriff to start spending money immediately, especially on travels and other relevant things such as setting up a huge media team,” the source said.

Ali Modu Sheriff is Borno State’s first governor to serve two consecutive terms (2003–2011). He was the acting National Working Committee chairman of the Peoples Democratic Party (PDP), from 16 February 2016 until the National Convention, where he lost out to another Senator, Ahmed Maikarfi, but refused to concede defeat.

“The thought of running excites him big time, and he cannot wait to get on the road and start travelling around the country. He wants to listen to the core issue facing the Nigerian people,” our source concluded.

2019 EXCLUSIVE: 'almighty' Borno Billionaire Sets To Unleash N100b Campaign Team Fund To Unseat Buhari At All Cost

Posted by Sylvester No comments

Though 2019 may still be far, but politicians are already warming up for what could at the end be regarded most intrigued election as a former governor of Borno State and the embattled factional Chairman of the opposition Peoples Democratic Party, PDP, Senator Ali Modu Sheriff has reported earmarked N100 billion to execute his presidential ambition.

Mr. Sherriff will establish a committee to formally explore his Aso Rock bid, Global Village Extra said an impeccable source who pleaded anonymity confided in it

Our source claimed it exclusively gathered that the two-time Borno State governor is so much battle ready for the 2019 presidential challenge so much so that he is willing to spend a whopping 100 billion Naira on the election campaign.

Creating the exploratory committee will allow Senator Sherriff to start spending money immediately, especially on travels and other relevant things such as setting up a huge media team,” the source said.

Ali Modu Sheriff is Borno State’s first governor to serve two consecutive terms (2003–2011). He was the acting National Working Committee chairman of the Peoples Democratic Party (PDP), from 16 February 2016 until the National Convention, where he lost out to another Senator, Ahmed Maikarfi, but refused to concede defeat.

“The thought of running excites him big time, and he cannot wait to get on the road and start travelling around the country. He wants to listen to the core issue facing the Nigerian people,” our source concluded.

Recession: Hold Buhari responsible

Chief Chukwuemeka Ezeife, who holds a doctorate degree in Economics and who has a Commander of the Order of the Niger, CON, award and was Third Republic Governor of Anambra State as well as being a former Presidential Adviser on Political Matters to ex-President Olusegun Obasanjo. He was also a member of the 2014 National Conference in this interview, the retired permanent secretary, speaks on burning national issues including economic recession, the debate on sale of national assets and the Biafran agitation, among others.

THE Federal Government pushed the country into recession. Some of the actions are inexcusable. Some are very pitiable. What affects the confidence of economic agents is what they see, what they hear, what they feel. If the government of the country begins to say the government is broke, they (investors) have nothing to doubt. That accounts for so many exits from Nigeria.

There were all kinds of normally unprintable things said by our government: that we are bankrupt, we are broke, we are this and that. They took over and within a very short time they started making negative statements about the economy. This is not a matter of blaming anybody. You just look at how many companies have quit Nigeria. I know of a friend who brought in some expatriates to co-invest with him here. They were just about to get started when the first salvo from government was fired that the country should not be invested in, because that is what it means; that the country is broke, that it is a poor economic decision to come here. So, the foreigners ran away and the man is still struggling now to get new partners.

Recession: Hold Buhari responsible

Posted by Sylvester No comments

Chief Chukwuemeka Ezeife, who holds a doctorate degree in Economics and who has a Commander of the Order of the Niger, CON, award and was Third Republic Governor of Anambra State as well as being a former Presidential Adviser on Political Matters to ex-President Olusegun Obasanjo. He was also a member of the 2014 National Conference in this interview, the retired permanent secretary, speaks on burning national issues including economic recession, the debate on sale of national assets and the Biafran agitation, among others.

THE Federal Government pushed the country into recession. Some of the actions are inexcusable. Some are very pitiable. What affects the confidence of economic agents is what they see, what they hear, what they feel. If the government of the country begins to say the government is broke, they (investors) have nothing to doubt. That accounts for so many exits from Nigeria.

There were all kinds of normally unprintable things said by our government: that we are bankrupt, we are broke, we are this and that. They took over and within a very short time they started making negative statements about the economy. This is not a matter of blaming anybody. You just look at how many companies have quit Nigeria. I know of a friend who brought in some expatriates to co-invest with him here. They were just about to get started when the first salvo from government was fired that the country should not be invested in, because that is what it means; that the country is broke, that it is a poor economic decision to come here. So, the foreigners ran away and the man is still struggling now to get new partners.

APC Chieftain Arrested For N36 Million Scam

 The Economic and Financial Crimes Commission, EFCC has arrested a chieftain of the All Progressive Congress, APC, Benjamin Apugo, at his village, Nkata Ibeku, in Abia State.

His arrest on Friday September 30, 2016 was sequel to a July 4, 2016 warrant issued to that effect by a Federal High Court in Umuahia presided over by Justice D.E. Osiagor after the accused failed to appear before the court to take his plea on a three-count charge bordering on obtaining money by false pretence brought against him by the EFCC.

He was alleged to have fraudulently sold six plots of land valued at N36 million belonging to the Nigeria Railway Corporation located at Umunwulari Nkata Ibeku layout, Planning Scheme Umuahia.

A previous warrant was issued for the arrest of the defendant on October 8, 2015 by Justice F.A. Olubanjo after he had failed to appear before the court on same charge.

Though the politician had earlier been invited by the Commission where he made statement under caution and was released on administrative bail, he had since then become elusive.
 He had however through his counsel, Earnest Ojukwu, tried to frustrate the case on three previous instances either by applying for the quashing or the transfer of the case to another judge.

After Justice Olubanjo was transferred and Justice Evelyn Anyadike took over the matter, Mr. Ojukwu, a Senior Advocate of Nigeria, moved a motion to quash the charge and set aside the bench warrant. This was refused prompting him to petition the Chief Judge stating that the defendant has no confidence in the judge.

Based on the petition, the Chief Judge transferred the case to the present judge, Justice Osiagor who heard the two applications and in a considered ruling, dismissed application to quash the charge. He also suspended the bench warrant.

He, however, ordered the defendant to appear before him pursuant to Section 87 of the Administration of Criminal Justice Act, 2015 on the next adjourned date of July 4,2016, an appointment which for the umpteenth time, the APC chieftain failed to honour necessitating the latest arrest warrant to produce him in court on Wednesday, October 11.

One of the charges against the defendant reads:

“That you Prince Benedict Benjamin Apugo on or about the 7th day of March 2013 in Umuahia within the jurisdiction of the Federal High Court of Nigeria with intent to defraud obtained the sum of six million naira (N6,000,000.00) from one Mr. Obioma Nehemiah Isiuwa, when you falsely represented yourself through his agent, Mrs. Adline Victor ‎Nkwo, to be the owner of six plots of land valued at thirty-six million Naira (N36,000,000.00) located at the House of Assembly Road by Ochendo By-Pass in Umunwulari Nkata Ibeku layout, Umuahia, Umuahia -North Local Government Area, Abia State otherwise called Ogurube layout, which pretence you knew to be false and thereby committed an offence contrary to section 1 (1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under section 1 (3) of the same Act.”

PREMIUM TIMES

APC Chieftain Arrested For N36 Million Scam

Posted by Sylvester No comments

 The Economic and Financial Crimes Commission, EFCC has arrested a chieftain of the All Progressive Congress, APC, Benjamin Apugo, at his village, Nkata Ibeku, in Abia State.

His arrest on Friday September 30, 2016 was sequel to a July 4, 2016 warrant issued to that effect by a Federal High Court in Umuahia presided over by Justice D.E. Osiagor after the accused failed to appear before the court to take his plea on a three-count charge bordering on obtaining money by false pretence brought against him by the EFCC.

He was alleged to have fraudulently sold six plots of land valued at N36 million belonging to the Nigeria Railway Corporation located at Umunwulari Nkata Ibeku layout, Planning Scheme Umuahia.

A previous warrant was issued for the arrest of the defendant on October 8, 2015 by Justice F.A. Olubanjo after he had failed to appear before the court on same charge.

Though the politician had earlier been invited by the Commission where he made statement under caution and was released on administrative bail, he had since then become elusive.
 He had however through his counsel, Earnest Ojukwu, tried to frustrate the case on three previous instances either by applying for the quashing or the transfer of the case to another judge.

After Justice Olubanjo was transferred and Justice Evelyn Anyadike took over the matter, Mr. Ojukwu, a Senior Advocate of Nigeria, moved a motion to quash the charge and set aside the bench warrant. This was refused prompting him to petition the Chief Judge stating that the defendant has no confidence in the judge.

Based on the petition, the Chief Judge transferred the case to the present judge, Justice Osiagor who heard the two applications and in a considered ruling, dismissed application to quash the charge. He also suspended the bench warrant.

He, however, ordered the defendant to appear before him pursuant to Section 87 of the Administration of Criminal Justice Act, 2015 on the next adjourned date of July 4,2016, an appointment which for the umpteenth time, the APC chieftain failed to honour necessitating the latest arrest warrant to produce him in court on Wednesday, October 11.

One of the charges against the defendant reads:

“That you Prince Benedict Benjamin Apugo on or about the 7th day of March 2013 in Umuahia within the jurisdiction of the Federal High Court of Nigeria with intent to defraud obtained the sum of six million naira (N6,000,000.00) from one Mr. Obioma Nehemiah Isiuwa, when you falsely represented yourself through his agent, Mrs. Adline Victor ‎Nkwo, to be the owner of six plots of land valued at thirty-six million Naira (N36,000,000.00) located at the House of Assembly Road by Ochendo By-Pass in Umunwulari Nkata Ibeku layout, Umuahia, Umuahia -North Local Government Area, Abia State otherwise called Ogurube layout, which pretence you knew to be false and thereby committed an offence contrary to section 1 (1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under section 1 (3) of the same Act.”

PREMIUM TIMES

FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?

To whom it may concern; September is almost coming to an end.
Here is an advice from me to the one who wants to shape his/her life towards a greater cause.


Money is a seed, do not eat your seed. Invest your seed into opportunities that are passive income oriented, and sooner it will generate more and more income for you
Few days left for you to get your salary.
Are you going to apply FINANCIAL INTELLIGENCE or FINANCIAL DULLNESS?
Financial intelligence is the ability to turn your earned income (salary) into PASSIVE income.

And this is the kind of income you get when you learn and apply my formula for creating passive income.

Financial DULLNESS is the ability to keep getting pay check upon pay Check, and your life still remains the same. It never changes because of your inability to key into opportunities that generates passive income.

SEPTEMBER IS COMING TO AN END,
WILL YOU APPLY FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?

If you have chosen financial intelligence, contact me now (+2347063686197WhatsApp) to learn my formula for creating passive income so that when you receive that salary, you take out a part of it and apply FINANCIAL INTELLIGENCE.

10 years from now you will either be smiling or regretting from the decisions you've taken today.

FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?
YOUR CHOICE!!!

Whatsapp: +2347063686197

FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?

Posted by Sylvester No comments

To whom it may concern; September is almost coming to an end.
Here is an advice from me to the one who wants to shape his/her life towards a greater cause.


Money is a seed, do not eat your seed. Invest your seed into opportunities that are passive income oriented, and sooner it will generate more and more income for you
Few days left for you to get your salary.
Are you going to apply FINANCIAL INTELLIGENCE or FINANCIAL DULLNESS?
Financial intelligence is the ability to turn your earned income (salary) into PASSIVE income.

And this is the kind of income you get when you learn and apply my formula for creating passive income.

Financial DULLNESS is the ability to keep getting pay check upon pay Check, and your life still remains the same. It never changes because of your inability to key into opportunities that generates passive income.

SEPTEMBER IS COMING TO AN END,
WILL YOU APPLY FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?

If you have chosen financial intelligence, contact me now (+2347063686197WhatsApp) to learn my formula for creating passive income so that when you receive that salary, you take out a part of it and apply FINANCIAL INTELLIGENCE.

10 years from now you will either be smiling or regretting from the decisions you've taken today.

FINANCIAL INTELLIGENCE OR FINANCIAL DULLNESS?
YOUR CHOICE!!!

Whatsapp: +2347063686197

Dauski’ s absence stalls trial

Former national security adviser (NSA), retired Col. Sambo Dasuki PHOTO: NAN
The absence of retired Col. Sambo Dasuki, a former National Security Adviser (NSA) to ex-Prersident Goodluck Jonathan, on Thursday stalled the hearing of the case in an FCT High Court.
Dasuki, Bashir Yuguda, a former Minister of State for Finance, Attahiru Bafarawa, ex-governor of Sokoto State, his son Sagir and their firm Dalhatu Investment were arraigned by the Economic and Financial Crimes Commission (EFCC) for misappropriating N13 billion.

At the resumed sitting, the Prosecuting counsel, Mr Rotimi Jacobs (SAN), informed the court that he was surprised that Dasuki was not brought to court by the EFCC.

Jocabs said that he notified EFCC of the trial and the need to produce Dasuki in court but regretted that communication gap between the EFCC and Department of State Service (DSS) was responsible for non-production of Dauski.

He, therefore, applied for a stood down of the case to enable EFCC produce Dasuki in court but did not give a definite time.

Chief Olajide Ayodele (SAN), Counsel to Yuguda, opposed the application for stand down, saying the request if granted would not serve any useful purpose.

Ayodele said that the failure of the prosecution to give a definite time within which Dasuki could be brought to court by either EFCC or DSS was an indication that he had no knowledge of what was transpiring between the EFCC and DSS on the matter.

He, therefore, prayed the court for an adjournment in the trial as better option so as not to keep the court and the lawyers waiting till eternity.

Mr Joesph Daudu (SAN) Counsel to Dasuki, aligned with Ayodele and regretted that the government which put the ex-NSA on trial was the one scuttling the trial.

Daudu informed the court that since June 2016 when the matter was adjourned to today, the EFCC which initiated the trial on behalf of the Federal Government ought to have known that it was its responsibility to produce Dasuki in court as required by the law.

He further told the court that the outcome of the application before Justice Husseni Baba-Yusuf for consolidation of the two cases involving Dauski would also determine how the case would go.

Chief Akin Olujimi (SAN), Counsel to former Sokoto governor, Attahiru Bafarawa, Dr Kayode Olatoke (SAN), and Akeem Afolabi (SAN), lawyers to other defendants, aligned themselves with the argument of the other lawyers and pleaded for an adjournment.

Justice Peter Affen adjourned the matter till Oct. 21 for commencement of trial.

Dauski’ s absence stalls trial

Posted by Sylvester No comments

Former national security adviser (NSA), retired Col. Sambo Dasuki PHOTO: NAN
The absence of retired Col. Sambo Dasuki, a former National Security Adviser (NSA) to ex-Prersident Goodluck Jonathan, on Thursday stalled the hearing of the case in an FCT High Court.
Dasuki, Bashir Yuguda, a former Minister of State for Finance, Attahiru Bafarawa, ex-governor of Sokoto State, his son Sagir and their firm Dalhatu Investment were arraigned by the Economic and Financial Crimes Commission (EFCC) for misappropriating N13 billion.

At the resumed sitting, the Prosecuting counsel, Mr Rotimi Jacobs (SAN), informed the court that he was surprised that Dasuki was not brought to court by the EFCC.

Jocabs said that he notified EFCC of the trial and the need to produce Dasuki in court but regretted that communication gap between the EFCC and Department of State Service (DSS) was responsible for non-production of Dauski.

He, therefore, applied for a stood down of the case to enable EFCC produce Dasuki in court but did not give a definite time.

Chief Olajide Ayodele (SAN), Counsel to Yuguda, opposed the application for stand down, saying the request if granted would not serve any useful purpose.

Ayodele said that the failure of the prosecution to give a definite time within which Dasuki could be brought to court by either EFCC or DSS was an indication that he had no knowledge of what was transpiring between the EFCC and DSS on the matter.

He, therefore, prayed the court for an adjournment in the trial as better option so as not to keep the court and the lawyers waiting till eternity.

Mr Joesph Daudu (SAN) Counsel to Dasuki, aligned with Ayodele and regretted that the government which put the ex-NSA on trial was the one scuttling the trial.

Daudu informed the court that since June 2016 when the matter was adjourned to today, the EFCC which initiated the trial on behalf of the Federal Government ought to have known that it was its responsibility to produce Dasuki in court as required by the law.

He further told the court that the outcome of the application before Justice Husseni Baba-Yusuf for consolidation of the two cases involving Dauski would also determine how the case would go.

Chief Akin Olujimi (SAN), Counsel to former Sokoto governor, Attahiru Bafarawa, Dr Kayode Olatoke (SAN), and Akeem Afolabi (SAN), lawyers to other defendants, aligned themselves with the argument of the other lawyers and pleaded for an adjournment.

Justice Peter Affen adjourned the matter till Oct. 21 for commencement of trial.

Ekweremadu Asks Buhari To Reshuffle His Cabinet

The Deputy Senate President, Ike Ekweremadu, has asked President Muhammadu Buhari to reshuffle his cabinet.

Mr Ekeremadu is suggesting the redeployment of the Minister of Finance, Kemi Adeosun and the Minister of Budget and National Planning, Senator Udo Udoma, from their present ministries.

The Senator made the call as the Senate begins debate on the state of the economy.

Senator Ekweremadu claimed that he was not impressed with the performance of the Ministers of Finance and Budget and National Planning.

He believes they will perform better in other ministries.

Ban Of Food Items Importation

However, some other lawmakers are also calling for caution as regards the recommendation made by the Senate president on the sale of government assets.

Lawmakers are also asking the government to increase spending and look for how to expand the country’s sources of foreign exchange.

Few other lawmakers have also asked the government to ban the importation of food items such as milk, sugar, palm oil, frozen fish and clothing.

The Senate will for two days hold debate on the state of the economy and make recommendations to the executive on measures to solve the economic challenges confronting the country.

Nigeria’s economy slipped into recession few weeks ago, with a report of the National Bureau of Statistics showing that the Nation’s Gross domestic Product contracted by 2.06% in the second quarter of 2016.

According to the report, the decline has caused the Naira to get weaker while lower oil prices dragged the oil sector down.

The output shrunk by 0.36 in the first quarter.

During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.

This growth was lower than the rate recorded in the second quarter of 2015 by 2.44% points.

The situation, has become glaring to Nigerians, with the cost of food items rising, has continued to draw attention from different sectors of the economy.

The Senate President had in a message to Nigerians during the Eid-el-Kabir celebration stressed the need for Nigerians to pray for peace and accelerated recovery of the nation’s economic.

He asked Nigerians to remain steadfast and committed to the cause of one, united and developed country.

He observed that despite the current economic challenges, the country and its people had all that was required to come out better and stronger.

On Monday, however, he suggested that the executive should raise capital from the sale of government assets and other sources to shore up reserves.

Senator Saraki made this recommendation as the Senate resumed plenary after a seven weeks’ recess.

Addressing lawmakers, Senator Saraki said that the sale of assets would calm investors, discourage currency speculation and stabilise the economy.

He recommended part sale of the NLNG Holdings, reduction of government share in upstream oil joint venture operations and sale of government stake in financial institutions.

Ekweremadu Asks Buhari To Reshuffle His Cabinet

Posted by Sylvester No comments

The Deputy Senate President, Ike Ekweremadu, has asked President Muhammadu Buhari to reshuffle his cabinet.

Mr Ekeremadu is suggesting the redeployment of the Minister of Finance, Kemi Adeosun and the Minister of Budget and National Planning, Senator Udo Udoma, from their present ministries.

The Senator made the call as the Senate begins debate on the state of the economy.

Senator Ekweremadu claimed that he was not impressed with the performance of the Ministers of Finance and Budget and National Planning.

He believes they will perform better in other ministries.

Ban Of Food Items Importation

However, some other lawmakers are also calling for caution as regards the recommendation made by the Senate president on the sale of government assets.

Lawmakers are also asking the government to increase spending and look for how to expand the country’s sources of foreign exchange.

Few other lawmakers have also asked the government to ban the importation of food items such as milk, sugar, palm oil, frozen fish and clothing.

The Senate will for two days hold debate on the state of the economy and make recommendations to the executive on measures to solve the economic challenges confronting the country.

Nigeria’s economy slipped into recession few weeks ago, with a report of the National Bureau of Statistics showing that the Nation’s Gross domestic Product contracted by 2.06% in the second quarter of 2016.

According to the report, the decline has caused the Naira to get weaker while lower oil prices dragged the oil sector down.

The output shrunk by 0.36 in the first quarter.

During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.

This growth was lower than the rate recorded in the second quarter of 2015 by 2.44% points.

The situation, has become glaring to Nigerians, with the cost of food items rising, has continued to draw attention from different sectors of the economy.

The Senate President had in a message to Nigerians during the Eid-el-Kabir celebration stressed the need for Nigerians to pray for peace and accelerated recovery of the nation’s economic.

He asked Nigerians to remain steadfast and committed to the cause of one, united and developed country.

He observed that despite the current economic challenges, the country and its people had all that was required to come out better and stronger.

On Monday, however, he suggested that the executive should raise capital from the sale of government assets and other sources to shore up reserves.

Senator Saraki made this recommendation as the Senate resumed plenary after a seven weeks’ recess.

Addressing lawmakers, Senator Saraki said that the sale of assets would calm investors, discourage currency speculation and stabilise the economy.

He recommended part sale of the NLNG Holdings, reduction of government share in upstream oil joint venture operations and sale of government stake in financial institutions.

Incompetence, worse than corruption - Ex- Minister of Power, Prof Nebo

The immediate past Minister of Power, Professor Chinedu Nebo has rated incompe­tence as being worse than corruption, even though he has thrown his weight behind the on-going efforts of the Muhammadu Buhari admin­istration to recover looted funds from corrupt officials who served in previous ad­ministrations.

In an exclusive interview
on Sunday in Abuja during the week, Prof Nebo, who is widely reputed for his forth­rightness stated that, “I don’t see anything wrong with try­ing to punish those who have defrauded the country; cor­ruption is horrible, but I also believe that incompetence is worse than corruption”.

He also remarked that a major national dilemma is that, “we have a lot of incom­petence around our nation to­day, and incompetent people being given jobs to do that they cannot do”.
While agreeing with the need to ferret out and pun­ish those who are guilty of corruption, the former vice chancellor of University of Nigeria and Federal Univer­sity of Technology, Oye-Ekiti, advised the Buhari adminis­tration to be more focused in its approach, rather than con­sidering everybody who had served the nation in the past as a crook, maintaining that he would never be ashamed of the services he had rendered to his nation over the years, in different capacities.

“The government should think the future and not the past; spend more energy building the nation than look­ing at what has happened be­fore, and instead of looking for alibis and excuses”, Profes­sor Nebo advised, as accord­ing to him, “we have a broken country, a suffering economy that needs to be fixed, and you don’t fix it by beating about the bush. You fix it by doing proactive things that will get the economy repaired”.

On whether the re-injec­tion of the looted resources into the system would not be part of that economic re­covery process, in the face of the dwindling earnings by the government, the former power minister replied that he fully supports the efforts to recover money from people that had betrayed their trust and stolen money from the public. But he maintained, “what I am saying is that we need to do more than that; we have to find creative ways of creating wealth, especially for the younger generation, so that we can get them to be at peace and to love their country”. He decried a situation whereby every day, young Nigerians are making efforts to abandon the country in droves to other places that are even less en­dowed than Nigeria.

Prof Nebo would rather want the government to em­bark on creative policies that would keep the employed and busy, and so, save the na­tion from the types of restive­ness that are mainly the result of deprivation. He pointed to Boko Haram, Biafra agitation and militancy as some of the resultant effects of keeping the youth “hungry and angry”.

In reply to the question as to whether he was not ashamed of the performance of some of key actors in the administration he served, Prof Nebo replied that rather than be ashamed of his own performance in gover­nance, he feels that Nigeria should be ashamed that its citi­zens are running away because they cannot be catered for. “Is it not very worrisome that you go to every embassy, you see a string of Nigerians struggling to go to anywhere else in the world except their own coun­try? I think that is what should make us to be ashamed of our­selves. We need to build our country.”

A very angry Prof Nebo pointed out to our reporter that it is very injurious to the soci­ety when the saints are lumped together with the villains in the system, under the guise of the fight against corruption. He said, “I think it is a wonderful thing that the present govern­ment is trying to recover from people who have defrauded the country, but sometimes too, the method can also be griev­ous; as some of these things are being done, some people who have done nothing at all are being embarrassed and to paint everybody black and to give an impression that ev­erybody was a demon can’t be right.”

The former minister who seemed to have been speaking the minds of some of his col­leagues who feel that they are being vilified for what is large­ly believed to be malicious rea­sons, was visibly angry when he remarked that, “some of us did our best for our country and we have always done that, and to be so vilified at every pronouncement discourages people.”

Professor Chinedu Nebo, whose transformational foot­prints at Nsukka and Enugu campuses of University of Ni­geria still remain as the model, expressed worries that the way the government is currently carrying on has the capacity of discouraging other good Nigerians from putting them­selves forward in the service of their country, as according to him, they would be afraid of what their fate would be after serving their nation diligently.
In Professor Nebo’s words,

“I can tell you that it is going to be hard for many worthy sons and daughters of Nigeria to agree to serve this country again”, and drawing attention to the implications on the po­litical plane, he opined that, “it is going to be tough for any African leader to hand over to the opposition because of the way things are happening right now”.

Speaking on the perfor­mance of the Jonathan admin­istration in relation to power and energy sector, Prof Nebo, who served as the Minister of Power between 4th February 2013 till the end of the admin­istration in May this year, beat his chest in delight over what he said were the huge invest­ments and good policies that were not allowed to be fully appreciated due to what he said were the activities of van­dals and saboteurs, all through the period he superintend the Power ministry.

He said that when President Jonathan came to power, the power situation in the country was in a very low state but that his government did a lot in that sector. Accord­ing to the accomplished engi­neer and clergyman, “we did so much in the power sector, as under President Jonathan, the power sector grew a lot, as more capacity was built”.

The former minister re­marked that it was unfortu­nate that Nigerians were not allowed to benefit from these investments due to the unho­ly activities of saboteurs who were so determined to frus­trate all the efforts of govern­ment. “But the gravest of my sorrows was the issue of sabo­tage and vandalism. There were people who decided that Nigerians would never benefit from the efforts of the previous administration,” he remarked sadly.

Continuing, he revealed that: “They fought, busted the (gas) pipes on a regular basis; we left (the) capacity of more than 5,500 mega­watts and we could barely keep the capacity of about 4000 to 4500 megawatts, and maximum production; sometimes they brought us down to the level of 2000 something, so on the aver­age, just at about 4,000.

“Yet, we had 6,000 mega­watt capacity.”

He further reported that “these people busted the pipes systematically at dif­ferent places and at places that it was so difficult to fix them. Each time they bust then, the gas companies said they were spending close to N100 million every month, to fix the pipelines. So, the turbines were not getting gas to be fired”.

The former minister, however, revealed that even though the pipelines were sabotaged almost on a daily basis during the Jonathan era, the situation has be­come different. Shaking his head in disbelief, Nebo remarked to our reporter, “Isn’t it amazing that from the first day the new gov­ernment came in till today, not a single incident of vandalism has taken place? Only God knows those that decided that Nigeria would not have power. Everybody is now shouting: “we have power, we have power ev­erywhere…, but where did the power come from?”

He added that the pres­ent government has added nothing to the power infra­structure and had not even settled down to work, yet they have achieved almost the 5,000 megawatt supply mark, adding that the cur­rent improved power situa­tion was because saboteurs no longer bust pipelines.

According to Professor Nebo,

“if you listened to the press conference by the new Power Minister, Baba­tunde Fashola, you would have heard that exactly what we did were what he said he would continue do­ing. So, why should any­body be maligning us? If we were that bad, how come they are going to be doing exactly what we were doing? We were on the right track”

Incompetence, worse than corruption - Ex- Minister of Power, Prof Nebo

Posted by Sylvester No comments

The immediate past Minister of Power, Professor Chinedu Nebo has rated incompe­tence as being worse than corruption, even though he has thrown his weight behind the on-going efforts of the Muhammadu Buhari admin­istration to recover looted funds from corrupt officials who served in previous ad­ministrations.

In an exclusive interview
on Sunday in Abuja during the week, Prof Nebo, who is widely reputed for his forth­rightness stated that, “I don’t see anything wrong with try­ing to punish those who have defrauded the country; cor­ruption is horrible, but I also believe that incompetence is worse than corruption”.

He also remarked that a major national dilemma is that, “we have a lot of incom­petence around our nation to­day, and incompetent people being given jobs to do that they cannot do”.
While agreeing with the need to ferret out and pun­ish those who are guilty of corruption, the former vice chancellor of University of Nigeria and Federal Univer­sity of Technology, Oye-Ekiti, advised the Buhari adminis­tration to be more focused in its approach, rather than con­sidering everybody who had served the nation in the past as a crook, maintaining that he would never be ashamed of the services he had rendered to his nation over the years, in different capacities.

“The government should think the future and not the past; spend more energy building the nation than look­ing at what has happened be­fore, and instead of looking for alibis and excuses”, Profes­sor Nebo advised, as accord­ing to him, “we have a broken country, a suffering economy that needs to be fixed, and you don’t fix it by beating about the bush. You fix it by doing proactive things that will get the economy repaired”.

On whether the re-injec­tion of the looted resources into the system would not be part of that economic re­covery process, in the face of the dwindling earnings by the government, the former power minister replied that he fully supports the efforts to recover money from people that had betrayed their trust and stolen money from the public. But he maintained, “what I am saying is that we need to do more than that; we have to find creative ways of creating wealth, especially for the younger generation, so that we can get them to be at peace and to love their country”. He decried a situation whereby every day, young Nigerians are making efforts to abandon the country in droves to other places that are even less en­dowed than Nigeria.

Prof Nebo would rather want the government to em­bark on creative policies that would keep the employed and busy, and so, save the na­tion from the types of restive­ness that are mainly the result of deprivation. He pointed to Boko Haram, Biafra agitation and militancy as some of the resultant effects of keeping the youth “hungry and angry”.

In reply to the question as to whether he was not ashamed of the performance of some of key actors in the administration he served, Prof Nebo replied that rather than be ashamed of his own performance in gover­nance, he feels that Nigeria should be ashamed that its citi­zens are running away because they cannot be catered for. “Is it not very worrisome that you go to every embassy, you see a string of Nigerians struggling to go to anywhere else in the world except their own coun­try? I think that is what should make us to be ashamed of our­selves. We need to build our country.”

A very angry Prof Nebo pointed out to our reporter that it is very injurious to the soci­ety when the saints are lumped together with the villains in the system, under the guise of the fight against corruption. He said, “I think it is a wonderful thing that the present govern­ment is trying to recover from people who have defrauded the country, but sometimes too, the method can also be griev­ous; as some of these things are being done, some people who have done nothing at all are being embarrassed and to paint everybody black and to give an impression that ev­erybody was a demon can’t be right.”

The former minister who seemed to have been speaking the minds of some of his col­leagues who feel that they are being vilified for what is large­ly believed to be malicious rea­sons, was visibly angry when he remarked that, “some of us did our best for our country and we have always done that, and to be so vilified at every pronouncement discourages people.”

Professor Chinedu Nebo, whose transformational foot­prints at Nsukka and Enugu campuses of University of Ni­geria still remain as the model, expressed worries that the way the government is currently carrying on has the capacity of discouraging other good Nigerians from putting them­selves forward in the service of their country, as according to him, they would be afraid of what their fate would be after serving their nation diligently.
In Professor Nebo’s words,

“I can tell you that it is going to be hard for many worthy sons and daughters of Nigeria to agree to serve this country again”, and drawing attention to the implications on the po­litical plane, he opined that, “it is going to be tough for any African leader to hand over to the opposition because of the way things are happening right now”.

Speaking on the perfor­mance of the Jonathan admin­istration in relation to power and energy sector, Prof Nebo, who served as the Minister of Power between 4th February 2013 till the end of the admin­istration in May this year, beat his chest in delight over what he said were the huge invest­ments and good policies that were not allowed to be fully appreciated due to what he said were the activities of van­dals and saboteurs, all through the period he superintend the Power ministry.

He said that when President Jonathan came to power, the power situation in the country was in a very low state but that his government did a lot in that sector. Accord­ing to the accomplished engi­neer and clergyman, “we did so much in the power sector, as under President Jonathan, the power sector grew a lot, as more capacity was built”.

The former minister re­marked that it was unfortu­nate that Nigerians were not allowed to benefit from these investments due to the unho­ly activities of saboteurs who were so determined to frus­trate all the efforts of govern­ment. “But the gravest of my sorrows was the issue of sabo­tage and vandalism. There were people who decided that Nigerians would never benefit from the efforts of the previous administration,” he remarked sadly.

Continuing, he revealed that: “They fought, busted the (gas) pipes on a regular basis; we left (the) capacity of more than 5,500 mega­watts and we could barely keep the capacity of about 4000 to 4500 megawatts, and maximum production; sometimes they brought us down to the level of 2000 something, so on the aver­age, just at about 4,000.

“Yet, we had 6,000 mega­watt capacity.”

He further reported that “these people busted the pipes systematically at dif­ferent places and at places that it was so difficult to fix them. Each time they bust then, the gas companies said they were spending close to N100 million every month, to fix the pipelines. So, the turbines were not getting gas to be fired”.

The former minister, however, revealed that even though the pipelines were sabotaged almost on a daily basis during the Jonathan era, the situation has be­come different. Shaking his head in disbelief, Nebo remarked to our reporter, “Isn’t it amazing that from the first day the new gov­ernment came in till today, not a single incident of vandalism has taken place? Only God knows those that decided that Nigeria would not have power. Everybody is now shouting: “we have power, we have power ev­erywhere…, but where did the power come from?”

He added that the pres­ent government has added nothing to the power infra­structure and had not even settled down to work, yet they have achieved almost the 5,000 megawatt supply mark, adding that the cur­rent improved power situa­tion was because saboteurs no longer bust pipelines.

According to Professor Nebo,

“if you listened to the press conference by the new Power Minister, Baba­tunde Fashola, you would have heard that exactly what we did were what he said he would continue do­ing. So, why should any­body be maligning us? If we were that bad, how come they are going to be doing exactly what we were doing? We were on the right track”

FG Eyes Interest Rates Slice to Help Economy

Kemi Adeosun
ABUJA – Minister of Finance, Kemi Adeosun, has said she wants the central bank to lower interest rates so that the Federal Government can borrow locally to bolster the economy which is currently dogged by a recession.

According to Adeosun, lower interest rates implies the government can access more loans domestically without expanding its debt servicing costs.

The minister articulated this on Monday during a special interview on CNBCAfrica monitored by Vanguard. She said the central bank needed to re-evaluate the hike in loan fees which it announced at its last meeting in July, in order to support the Naira and attract foreign inflows into the security market. Adeosun also said that Nigeria’s foreign exchange problems will not be easy to resolve because of the import-driven nature of the economy. She however, expressed strong belief that the government can ‘spend its way out of trouble’ through fiscal stimulus by specifically investing in infrastructure and ease of doing business. She said: “What hurts us more is interest rates, we would like to see them reconsidered.

“We need lower interest rates. If we drive the economy and there is growth, that is the payback. I would rather seek growth, we can manage inflation – let’s stimulate the economy. “Our economy is largely import driven so we are always going to have a foreign exchange problem.
At the moment we still have two rates for the Naira, it needs to be resolved – we need to narrow the spread. “We need to move from a consumption led economy to an investment led –one. if Nigeria just does what it says it will do, which is investing in infrastructure and ease of doing business it will be fine.” Meanwhile, the central bank is due to announce a new interest rate decision on Tuesday

FG Eyes Interest Rates Slice to Help Economy

Posted by Sylvester No comments

Kemi Adeosun
ABUJA – Minister of Finance, Kemi Adeosun, has said she wants the central bank to lower interest rates so that the Federal Government can borrow locally to bolster the economy which is currently dogged by a recession.

According to Adeosun, lower interest rates implies the government can access more loans domestically without expanding its debt servicing costs.

The minister articulated this on Monday during a special interview on CNBCAfrica monitored by Vanguard. She said the central bank needed to re-evaluate the hike in loan fees which it announced at its last meeting in July, in order to support the Naira and attract foreign inflows into the security market. Adeosun also said that Nigeria’s foreign exchange problems will not be easy to resolve because of the import-driven nature of the economy. She however, expressed strong belief that the government can ‘spend its way out of trouble’ through fiscal stimulus by specifically investing in infrastructure and ease of doing business. She said: “What hurts us more is interest rates, we would like to see them reconsidered.

“We need lower interest rates. If we drive the economy and there is growth, that is the payback. I would rather seek growth, we can manage inflation – let’s stimulate the economy. “Our economy is largely import driven so we are always going to have a foreign exchange problem.
At the moment we still have two rates for the Naira, it needs to be resolved – we need to narrow the spread. “We need to move from a consumption led economy to an investment led –one. if Nigeria just does what it says it will do, which is investing in infrastructure and ease of doing business it will be fine.” Meanwhile, the central bank is due to announce a new interest rate decision on Tuesday

Sell off NLNG, invest proceed and we’ll be out of recession, Dangote tells Buhari

Nigeria and African richest business mogul, Aliko Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital-generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourt quarter.

In an interview with CNBC Africa, the billionaire said:

“The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent. “We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.
 “The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG.
I don’t think government should be in any business of investing in sectors of LNG.
“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”
 Dangote suggested investing the proceeds back into the economy to boost development. “You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

 “Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.
 The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

 “Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250.

What is happening today is mere speculation. “To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles. “If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

Sell off NLNG, invest proceed and we’ll be out of recession, Dangote tells Buhari

Posted by Sylvester No comments

Nigeria and African richest business mogul, Aliko Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital-generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourt quarter.

In an interview with CNBC Africa, the billionaire said:

“The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent. “We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.
 “The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG.
I don’t think government should be in any business of investing in sectors of LNG.
“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”
 Dangote suggested investing the proceeds back into the economy to boost development. “You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

 “Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.
 The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

 “Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250.

What is happening today is mere speculation. “To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles. “If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

Recession: I've Never Seen This Type Of Suffering Since I Join Politics - Saraki

Senate President Bukola Saraki believes that the present administration is racing against time as it battles to address the myriads of challenges facing the country.

In an interview he granted to New Telegraph, Saraki stated that he has never seen this type of suffering in Nigeria since he join politics.

His Words on National Assembly’s efforts on reviving the economy:

"What we all need to understand is that this recession is not an All Progressives Congress (APC) or Peoples Democratic Party (PDP) problem. This recession does not identify with any party, hence we need to tap into the expertise of our best economic minds wherever they are around the world to come up with plans that both the executive and the legislature can evaluate and implement. We are going to have an exhaustive and comprehensive debate on fixing the country’s economy when we resume next week. Already, all the economic priority bills are being analysed and collated, so that we can hit the ground running when we resume. We understand the pains that Nigerians are going through and we do not take this for granted.

"In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time Additionally, the Senate intends to invite everybody involved in the management of the economy to address the Nigerian people through the parliament on the steps that are being taken to get us out of this mess.

"We fully intend to hold all those involved in the economic management of the country accountable. However, we will do so in a manner that is transparent and beneficial to the country. In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time. We need to ascertain our actual level of borrowing and what effect the devaluation of the naira has had on our economy; doing this will help us to understand where we are, so that we can determine where exactly we want to go from here.

"You will remember also that a lot of pressure came to devalue the naira, that once we allow a free market, it will help foreign exchange but devaluation has taken place but there is no inflow as the supply side has been low and as such, we are beginning to see impact on the weaknesses of the naira . So, the questions we should be asking those who are managing our economy is: How did we get it wrong? What happened to those other indices that should have come in? Actually, one of those indices is what I called confidence; there is a lack of confidence, whether you want to accept it or not. People are not investing in our economy and with that we are going to have challenges. We believe these are the areas we as Senate will be focusing on.

"To have a robust debate, we are going to bring in people who are resourceful to come and tell us the way out. And I can assure Nigerians that we are not going to cover anybody up. Nigerians would know the truth and we will ensure that solutions are going to come, and where people are not capable of delivering, we will advise the president accordingly on what need to be done.

"This matter has gone beyond what they call ‘man know man.’ This matter affects everyone and nobody is too large or big to be sacrificed in this process. People are truly suffering and I think for the period that I have been in politics; I have not seen this type of suffering. As such, it requires that we find a solution. It is not that there are no solutions. Yes, sacrifices would be made and we must tackle it collectively and that is why I keep on emphasising the need for inclusiveness. This is the time we should lay less emphasis on the different political parties but work with whoever has the solution.

Recession: I've Never Seen This Type Of Suffering Since I Join Politics - Saraki

Posted by Sylvester No comments

Senate President Bukola Saraki believes that the present administration is racing against time as it battles to address the myriads of challenges facing the country.

In an interview he granted to New Telegraph, Saraki stated that he has never seen this type of suffering in Nigeria since he join politics.

His Words on National Assembly’s efforts on reviving the economy:

"What we all need to understand is that this recession is not an All Progressives Congress (APC) or Peoples Democratic Party (PDP) problem. This recession does not identify with any party, hence we need to tap into the expertise of our best economic minds wherever they are around the world to come up with plans that both the executive and the legislature can evaluate and implement. We are going to have an exhaustive and comprehensive debate on fixing the country’s economy when we resume next week. Already, all the economic priority bills are being analysed and collated, so that we can hit the ground running when we resume. We understand the pains that Nigerians are going through and we do not take this for granted.

"In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time Additionally, the Senate intends to invite everybody involved in the management of the economy to address the Nigerian people through the parliament on the steps that are being taken to get us out of this mess.

"We fully intend to hold all those involved in the economic management of the country accountable. However, we will do so in a manner that is transparent and beneficial to the country. In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time. We need to ascertain our actual level of borrowing and what effect the devaluation of the naira has had on our economy; doing this will help us to understand where we are, so that we can determine where exactly we want to go from here.

"You will remember also that a lot of pressure came to devalue the naira, that once we allow a free market, it will help foreign exchange but devaluation has taken place but there is no inflow as the supply side has been low and as such, we are beginning to see impact on the weaknesses of the naira . So, the questions we should be asking those who are managing our economy is: How did we get it wrong? What happened to those other indices that should have come in? Actually, one of those indices is what I called confidence; there is a lack of confidence, whether you want to accept it or not. People are not investing in our economy and with that we are going to have challenges. We believe these are the areas we as Senate will be focusing on.

"To have a robust debate, we are going to bring in people who are resourceful to come and tell us the way out. And I can assure Nigerians that we are not going to cover anybody up. Nigerians would know the truth and we will ensure that solutions are going to come, and where people are not capable of delivering, we will advise the president accordingly on what need to be done.

"This matter has gone beyond what they call ‘man know man.’ This matter affects everyone and nobody is too large or big to be sacrificed in this process. People are truly suffering and I think for the period that I have been in politics; I have not seen this type of suffering. As such, it requires that we find a solution. It is not that there are no solutions. Yes, sacrifices would be made and we must tackle it collectively and that is why I keep on emphasising the need for inclusiveness. This is the time we should lay less emphasis on the different political parties but work with whoever has the solution.

Unfriendly business climate discouraging our investors to come to Nigeria - Netherlands’ Ambassador

Netherlands’ Ambassador to Nigeria, John Groffen, has said businessmen from the country would like to invest in Nigeria but for the unfriendly business climate.

He said Wednesday that more of its companies would invest in Nigeria, if the right investment environment would be created for them.

Ambassador Groffen, told the News Agency of Nigeria (NAN) in Lagos that many Dutch companies that would have invested in Nigeria were currently being discouraged.

Groffen said that Nigeria’s current forex policy was among other factors being considered by Dutch companies that had indicated interest in doing business in Nigeria.

“One of the biggest problem that is preventing more Dutch companies from investing or coming to do business in Nigeria is the government’s forex policy.

“These companies, due to the current forex situation, have some reservations on what the future may bring them.

“But, let me say that as soon as the forex policy situation improves, there is every tendency for more Dutch companies to want to come to Nigeria for business deals.

“If the Nigeria Government wants more of Dutch companies into its country, it has to make sure that the business environment is friendly and attractive to these companies,’’ he said.

Groffen, who noted the Federal Government’s ongoing efforts at making the country attractive to investors, said that more companies were still watching to see certainties in Nigeria’s investment environment.

According to him, the current economic situation in Nigeria has so far resulted in a decrease in exports and imports between Nigeria and the Netherlands.

The Ambassador restated his government’s commitment to sustaining partnership with Nigeria during and after Nigeria’s current economic situation.

“The Netherlands is well-placed to continue to be a good partner to Nigeria now and in the future.

“Dutch companies are still very active in Nigeria’s fossil fuel, maritime, retail and agriculture sectors.

“And there are still a whole lot of opportunities for partnerships between our two countries in the near future,’’ he added.

(NAN)

Unfriendly business climate discouraging our investors to come to Nigeria - Netherlands’ Ambassador

Posted by Sylvester No comments

Netherlands’ Ambassador to Nigeria, John Groffen, has said businessmen from the country would like to invest in Nigeria but for the unfriendly business climate.

He said Wednesday that more of its companies would invest in Nigeria, if the right investment environment would be created for them.

Ambassador Groffen, told the News Agency of Nigeria (NAN) in Lagos that many Dutch companies that would have invested in Nigeria were currently being discouraged.

Groffen said that Nigeria’s current forex policy was among other factors being considered by Dutch companies that had indicated interest in doing business in Nigeria.

“One of the biggest problem that is preventing more Dutch companies from investing or coming to do business in Nigeria is the government’s forex policy.

“These companies, due to the current forex situation, have some reservations on what the future may bring them.

“But, let me say that as soon as the forex policy situation improves, there is every tendency for more Dutch companies to want to come to Nigeria for business deals.

“If the Nigeria Government wants more of Dutch companies into its country, it has to make sure that the business environment is friendly and attractive to these companies,’’ he said.

Groffen, who noted the Federal Government’s ongoing efforts at making the country attractive to investors, said that more companies were still watching to see certainties in Nigeria’s investment environment.

According to him, the current economic situation in Nigeria has so far resulted in a decrease in exports and imports between Nigeria and the Netherlands.

The Ambassador restated his government’s commitment to sustaining partnership with Nigeria during and after Nigeria’s current economic situation.

“The Netherlands is well-placed to continue to be a good partner to Nigeria now and in the future.

“Dutch companies are still very active in Nigeria’s fossil fuel, maritime, retail and agriculture sectors.

“And there are still a whole lot of opportunities for partnerships between our two countries in the near future,’’ he added.

(NAN)

Companies Involved In Patience Jonathan’s ‘Money Laundering’ Case Lead Guilty

Four companies linked to the alleged money laundering case involving Patience Jonathan, wife of former President Goodluck Jonathan, pleaded guilty to the offence at a federal high court in Lagos on Thursday.

The companies – Seagate Property Development & Investment Co. Limited; Pluto Property and Investment Company Limited; Trans Ocean Property and Investment Company Limited and Development Company Limited – pleaded guilty to conspiring to launder $15 million.

Directors of the companies are domestic workers of Waripamowei Dudafa, Jonathan’s special adviser on domestic affairs.

Patience had allegedly directed him to use the money to open accounts for her in Skye Bank.

The Economic and Financial Crimes Commission (EFCC) filed a 15-count charge against the companies and Dudafa, Amajuoyi Briggs, a lawyer; and Damola Bolodeoku, a Skye Bank official.
While the companies pleaded guilty, the individual maintained their innocence.

Patience has since admitted ownership of the money, saying it is meant for her foreign medical bills and other private expenses.

In a letter which her lawyers wrote to the anti-graft agency, the former first lady said she was the sole signatory to the accounts.

The EFCC had frozen the accounts, saying it found that “this was a clear case of fraud”.

But in her letter, Patience said she had been operating the accounts in the past without hindrance and was shocked to find she could not use her cards on July 7, 2016.

Companies Involved In Patience Jonathan’s ‘Money Laundering’ Case Lead Guilty

Posted by Sylvester No comments

Four companies linked to the alleged money laundering case involving Patience Jonathan, wife of former President Goodluck Jonathan, pleaded guilty to the offence at a federal high court in Lagos on Thursday.

The companies – Seagate Property Development & Investment Co. Limited; Pluto Property and Investment Company Limited; Trans Ocean Property and Investment Company Limited and Development Company Limited – pleaded guilty to conspiring to launder $15 million.

Directors of the companies are domestic workers of Waripamowei Dudafa, Jonathan’s special adviser on domestic affairs.

Patience had allegedly directed him to use the money to open accounts for her in Skye Bank.

The Economic and Financial Crimes Commission (EFCC) filed a 15-count charge against the companies and Dudafa, Amajuoyi Briggs, a lawyer; and Damola Bolodeoku, a Skye Bank official.
While the companies pleaded guilty, the individual maintained their innocence.

Patience has since admitted ownership of the money, saying it is meant for her foreign medical bills and other private expenses.

In a letter which her lawyers wrote to the anti-graft agency, the former first lady said she was the sole signatory to the accounts.

The EFCC had frozen the accounts, saying it found that “this was a clear case of fraud”.

But in her letter, Patience said she had been operating the accounts in the past without hindrance and was shocked to find she could not use her cards on July 7, 2016.

Why I Will Not Like To Serve As Minister Under Buhari – Okonjo-Iweala


Immediate past Minister of Finance, Ngozi Okonjo-Iweala, has affirmed that she would not serve in the current government of President Muhammadu Buhari, even if invited.

Okonjo-Iweala made this disclosure on Monday during a programme aired on Al Jazeera, The Stream.

According to the former minister, it would be better to allow those managing the economy now to do the best they could, stressing that there could be solutions to the present economic decline in the country.

She said, “One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to leave those managing the economy to do what they know how to do. There can be solutions.

“I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well. In the last two years, we have been experiencing challenges.

“We need to focus on the basics, which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. “I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. I will advice young people


“During my time in government, we had a programme called ‘You Win’ designed to support young entrepreneurs.

“The whole idea was to have a business plan competition. The idea was that they should create jobs. And each created nine to 10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in.

“We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success.”

Speaking on the anti-corruption war during the two regimes in which she served, Okonjo-Iweala said: “It was a very tough fight. I must thank my team. You don’t do it alone. I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day, you need to have some principles.

“The average life span of a Finance Minister is two years in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power.

“All I saw was the job because I was seeing myself working for the country.”

Why I Will Not Like To Serve As Minister Under Buhari – Okonjo-Iweala

Posted by Sylvester No comments


Immediate past Minister of Finance, Ngozi Okonjo-Iweala, has affirmed that she would not serve in the current government of President Muhammadu Buhari, even if invited.

Okonjo-Iweala made this disclosure on Monday during a programme aired on Al Jazeera, The Stream.

According to the former minister, it would be better to allow those managing the economy now to do the best they could, stressing that there could be solutions to the present economic decline in the country.

She said, “One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to leave those managing the economy to do what they know how to do. There can be solutions.

“I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well. In the last two years, we have been experiencing challenges.

“We need to focus on the basics, which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. “I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. I will advice young people


“During my time in government, we had a programme called ‘You Win’ designed to support young entrepreneurs.

“The whole idea was to have a business plan competition. The idea was that they should create jobs. And each created nine to 10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in.

“We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success.”

Speaking on the anti-corruption war during the two regimes in which she served, Okonjo-Iweala said: “It was a very tough fight. I must thank my team. You don’t do it alone. I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day, you need to have some principles.

“The average life span of a Finance Minister is two years in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power.

“All I saw was the job because I was seeing myself working for the country.”

Emir Of Kano, Sanusi Buys ₦209Million Rolls Royce Phantom… He Now Officially Has Three Rolls Royce



The stylish Emir of Kano, Sanusi Lamido Sanusi, who covered the Thisday style issue some weeks ago has taken the notch higher.

The Emir took to his official Instagram page to announce the latest addition to his Royal fleet and its none other but the choice Rolls Royce Phantom, in white.


Recall that the Emir some months ago bought a black variant of the luxury vehicle which he showed off in a test ride around Kano.

Emir Of Kano, Sanusi Buys ₦209Million Rolls Royce Phantom… He Now Officially Has Three Rolls Royce

Posted by Sylvester No comments



The stylish Emir of Kano, Sanusi Lamido Sanusi, who covered the Thisday style issue some weeks ago has taken the notch higher.

The Emir took to his official Instagram page to announce the latest addition to his Royal fleet and its none other but the choice Rolls Royce Phantom, in white.


Recall that the Emir some months ago bought a black variant of the luxury vehicle which he showed off in a test ride around Kano.

CBN To Extend BVN Registration To MfBs, PMIs Customers

Central Bank of Nigeria (CBN) plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Mr Dipo Fatokun, has said.

The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.

Fatokun made the disclosure at a bi-monthly forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday.

The forum had its theme as “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services.

Fatokun said as the operators of the institutions were already working toward having their customers included in the BVN project.

He said the CBN would have OFIs customers enrol through deposit money banks because of the high cost of procuring the machines.

“We are considering using commercial banks as registration points for the OFIs customers.

We also expect that many of the OFIs customers, who already have their BVNs, will supply the data to their banks, while those without BVN will register afresh,” he said.

Fatokun said the BVN project, being coordinated by CBN, commercial banks and Nigeria Interbank Settlement System, had helped reduce the number of bank frauds in the industry.

“Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC (Know Your Customer).

“Effort is on-going to ensure that customers of Other Financial Institutions (OFIs), such as Microfinance Banks and Primary Mortgage Institutions are brought into the system begin to get their BVNs,” he said.

Fatokun said the bank planned to come up with a regular framework that would blacklist fraudulent bank customers or place them on watch-list in the banking industry.

“I want to assure you that the BVN has assisted us a lot in the banking system.

“It has assisted us to check frauds, and we are working on a framework that will enable us, if not to blacklist customers because of some legal implications, but at least to watch-list.”

Fatokun said CBN had been at the forefront of the transformation of the payments system in the country.

He said this was demonstrated through the development of the Payments System Vision 2020 document in 2007 and reviewed in 2013.

Fatokun said the number of BVN linked to customers’ accounts by Aug. 23 was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million at the same date.

Fatokun said e-payment remained an initiative of CBN under the Payments System Vision 2020 as part of the overall 2020 Strategy.

He said that one of CBN’s mandates was the promotion of a sound financial system.

According to him, for Nigeria to achieve its Vision 2020 aspiration, it must follow the global best trend and adopt best practices on payment technologies and innovations in its processes and system.

He noted that the CBN was also strengthening its relationship with some agencies on financial crimes.

“Fatokun said the Nigeria Police has agreed to set up a dedicated e-Payment and Card Crime Unit to complement the efforts of Nigerian Electronic Fraud Forum on e-payment related crime.
“In following the global trend, the bank is currently reviewing the implications of cloud computing, virtual currencies like bit coins and data protection. (NAN)



CBN To Extend BVN Registration To MfBs, PMIs Customers

Posted by Sylvester No comments

Central Bank of Nigeria (CBN) plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Mr Dipo Fatokun, has said.

The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.

Fatokun made the disclosure at a bi-monthly forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday.

The forum had its theme as “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services.

Fatokun said as the operators of the institutions were already working toward having their customers included in the BVN project.

He said the CBN would have OFIs customers enrol through deposit money banks because of the high cost of procuring the machines.

“We are considering using commercial banks as registration points for the OFIs customers.

We also expect that many of the OFIs customers, who already have their BVNs, will supply the data to their banks, while those without BVN will register afresh,” he said.

Fatokun said the BVN project, being coordinated by CBN, commercial banks and Nigeria Interbank Settlement System, had helped reduce the number of bank frauds in the industry.

“Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC (Know Your Customer).

“Effort is on-going to ensure that customers of Other Financial Institutions (OFIs), such as Microfinance Banks and Primary Mortgage Institutions are brought into the system begin to get their BVNs,” he said.

Fatokun said the bank planned to come up with a regular framework that would blacklist fraudulent bank customers or place them on watch-list in the banking industry.

“I want to assure you that the BVN has assisted us a lot in the banking system.

“It has assisted us to check frauds, and we are working on a framework that will enable us, if not to blacklist customers because of some legal implications, but at least to watch-list.”

Fatokun said CBN had been at the forefront of the transformation of the payments system in the country.

He said this was demonstrated through the development of the Payments System Vision 2020 document in 2007 and reviewed in 2013.

Fatokun said the number of BVN linked to customers’ accounts by Aug. 23 was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million at the same date.

Fatokun said e-payment remained an initiative of CBN under the Payments System Vision 2020 as part of the overall 2020 Strategy.

He said that one of CBN’s mandates was the promotion of a sound financial system.

According to him, for Nigeria to achieve its Vision 2020 aspiration, it must follow the global best trend and adopt best practices on payment technologies and innovations in its processes and system.

He noted that the CBN was also strengthening its relationship with some agencies on financial crimes.

“Fatokun said the Nigeria Police has agreed to set up a dedicated e-Payment and Card Crime Unit to complement the efforts of Nigerian Electronic Fraud Forum on e-payment related crime.
“In following the global trend, the bank is currently reviewing the implications of cloud computing, virtual currencies like bit coins and data protection. (NAN)



EFCC Arrests Ibrahim Babangida, Three Others

 From our correspondence reporting the arrest of someone identified as Ibrahim Babangida by the Economic and Financial Crimes Commission (EFCC) in yet another case of fraud as becoming rampart these days.

According to the report, the man, who was nabbed for offences bordering on criminal breach of trust, attempted theft, conspiracy and impersonation, was arrested with accomplices named Murtala Mohammed and Nasiru Isa, a driver of the commission.

Premium Times reports that Isa joined EFCC about 18 months ago but is actually a member of a criminal syndicate that attempted to break into a sealed property by the EFCC to cart away goods suspected to be proceeds of money laundering.

The syndicate, apart from Isa, Babangida and Mohammed, includes a mobile police officer, Corporal Aliyu Ismaila, Abubakar Jibrin, Abdulsalam Ado, Reuben Dauda, Hassan Aliyu, Sani Yusuf EFCC operatives monitoring activities on the sealed property went to search the place for a random exercise and surprised members of the syndicate who ran away and left behind a carpenter called Yakubu Muhammad, who was arrested by the operatives. It was Muhammad that led to the arrest of Babangida, Mohammed and Isa.

EFCC Arrests Ibrahim Babangida, Three Others

Posted by Sylvester No comments

 From our correspondence reporting the arrest of someone identified as Ibrahim Babangida by the Economic and Financial Crimes Commission (EFCC) in yet another case of fraud as becoming rampart these days.

According to the report, the man, who was nabbed for offences bordering on criminal breach of trust, attempted theft, conspiracy and impersonation, was arrested with accomplices named Murtala Mohammed and Nasiru Isa, a driver of the commission.

Premium Times reports that Isa joined EFCC about 18 months ago but is actually a member of a criminal syndicate that attempted to break into a sealed property by the EFCC to cart away goods suspected to be proceeds of money laundering.

The syndicate, apart from Isa, Babangida and Mohammed, includes a mobile police officer, Corporal Aliyu Ismaila, Abubakar Jibrin, Abdulsalam Ado, Reuben Dauda, Hassan Aliyu, Sani Yusuf EFCC operatives monitoring activities on the sealed property went to search the place for a random exercise and surprised members of the syndicate who ran away and left behind a carpenter called Yakubu Muhammad, who was arrested by the operatives. It was Muhammad that led to the arrest of Babangida, Mohammed and Isa.

Featured News CNN Calls Rotimi Amaechi Nigeria’s Most Corrupt Politician…Bancorp Bank Plans to Return $757M Amaechi’s Loot

Former Rivers state Governor, Rotimi Amaechi has written to Bancorp Bank in Minnesota in the United States that the alleged $757 million Dollars domiciled in an account in his name; was authorized by him in error; from a Rivers State Government Account with Access Bank Plc.

The Nigerian most corrupt governor according to CNN letter reveals that a similar letter was also written to a bank in Switzerland; stating that a similar authorization was made in error.

The letter stated that the said transfers to both banks were for the purchase of security Helicopters, payments to a foreign company to combat malaria in Rivers state by using helicopters to spray mosquito insecticides, and for the purchase of an official residence for Mr. Rotimi Amaechi, in America.

The letter further explains that, the payments for the security helicopters, and mosquito insecticides to fight malaria were made through other sources, after the funds had already been transferred abroad. He reminded the bank that the Rivers state law on his severance package, provides for an official residence for a former governor; of which he chose to have his residence in America.

Amaechi said that, this law was later amended to have his official residence built in Nigeria, after the funds had already been transferred to Bancorp/Minnesota Account.
Mr. Amaechi said these changes were the reasons he communicated the consultants for purchase of security helicopters, his official residence in the U.S and the Insecticide companies not to access the funds; since they have been paid through other sources.

On receipt of the governor’s letter by the Bancorp Bank, the bank has written to the Federal Government of Nigeria to repatriate the said funds to Rivers State treasury.
Investigations further revealed that President Buhari is not disposed to this request to repatriate the said funds without a trial of the former governor; to ascertain the governor’s alleged errors in these transactions.

“Why would it take Christiane Amanpour of CNN, to remind Amaechi of such errors of over N80 billion Naira public funds in two different countries, and why in his name ?” Queried the Presidency. Recall that Christiane Amanpour accused the former governor of Rivers State; Mr. Rotimi Amaechi of stacking the sum of $757 million dollars (N80 billion Naira) in Bancorp Bank in Minnesota in The harder they fall!

Featured News CNN Calls Rotimi Amaechi Nigeria’s Most Corrupt Politician…Bancorp Bank Plans to Return $757M Amaechi’s Loot

Posted by Sylvester No comments

Former Rivers state Governor, Rotimi Amaechi has written to Bancorp Bank in Minnesota in the United States that the alleged $757 million Dollars domiciled in an account in his name; was authorized by him in error; from a Rivers State Government Account with Access Bank Plc.

The Nigerian most corrupt governor according to CNN letter reveals that a similar letter was also written to a bank in Switzerland; stating that a similar authorization was made in error.

The letter stated that the said transfers to both banks were for the purchase of security Helicopters, payments to a foreign company to combat malaria in Rivers state by using helicopters to spray mosquito insecticides, and for the purchase of an official residence for Mr. Rotimi Amaechi, in America.

The letter further explains that, the payments for the security helicopters, and mosquito insecticides to fight malaria were made through other sources, after the funds had already been transferred abroad. He reminded the bank that the Rivers state law on his severance package, provides for an official residence for a former governor; of which he chose to have his residence in America.

Amaechi said that, this law was later amended to have his official residence built in Nigeria, after the funds had already been transferred to Bancorp/Minnesota Account.
Mr. Amaechi said these changes were the reasons he communicated the consultants for purchase of security helicopters, his official residence in the U.S and the Insecticide companies not to access the funds; since they have been paid through other sources.

On receipt of the governor’s letter by the Bancorp Bank, the bank has written to the Federal Government of Nigeria to repatriate the said funds to Rivers State treasury.
Investigations further revealed that President Buhari is not disposed to this request to repatriate the said funds without a trial of the former governor; to ascertain the governor’s alleged errors in these transactions.

“Why would it take Christiane Amanpour of CNN, to remind Amaechi of such errors of over N80 billion Naira public funds in two different countries, and why in his name ?” Queried the Presidency. Recall that Christiane Amanpour accused the former governor of Rivers State; Mr. Rotimi Amaechi of stacking the sum of $757 million dollars (N80 billion Naira) in Bancorp Bank in Minnesota in The harder they fall!

Oil Prices Rise Over Week Despite Late Slide

Oil prices rose over the week thanks to a slump in US crude stockpiles, a softer dollar and hopes of a OPEC-Russia deal to tackle a supply glut.
But they fell heavily Friday on profit-taking, losing nearly all of the previous session’s sizeable gains.

Both main contracts had soared more than two dollars Thursday and Brent briefly went above $50 a barrel after the US Department of Energy said the country’s commercial crude inventories slumped by 14.5 million barrels, the sharpest weekly drop in 17 years.

But with analysts not expecting a repeat for this week, prices slid back on Friday. They said the decline was attributed to the suspension of imports and shutdown of some production owing to Hurricane Hermine, which passed through the Gulf of Mexico in late August.

“The reason behind the enormous drawdown is transitory, and does not influence the demand-supply situation of the oil market,” said IG market strategist Bernard Aw.
“One week’s worth of data does not make a trend.”
By 1615 GMT, US benchmark West Texas Intermediate for delivery in October has slid $1.41 to $46.21 a barrel compared with the close on Thursday.

Brent North Sea crude for November delivery tumbled $1.64 to $48.35 a barrel.
– OPEC-Russia spotlight –

The market has been fixated in recent weeks by an upcoming meeting of OPEC and non-cartel member Russia to discuss ways of tackling a global supply glut that has hampered prices for more than two years.

Overproduction in the markets resulted in crude prices striking near 13-year lows below $30 at the start of 2016.

While officials from Russia and OPEC kingpin Saudi Arabia have sought to soothe concerns ahead of this month’s gathering in Algiers, experts are sceptical whether an agreement can be reached.

A previous attempt at a production cap in April was derailed by Iran, which refused to join in talks as it ramps up output after the lifting in January of years of nuclear-linked sanctions.
“Of course both Russia and Saudi Arabia would have liked to have a higher oil price than the current $50,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets.
“Over the past week they have talked about stabilising the market. But what do they really mean because the oil market is today in many ways actually fairly balanced.

“Supply is more or less equal to demand and annualised price volatility is right on to what it normally has been historically of about 35 percent.”

Schieldrop said the market was in fact moving away from a supply glut situation, with inventories expected to fall next year and beyond.

“What is however highly abnormal and thus imbalanced is the current very low level in upstream oil investments,” he noted.

Oil won support this week also as the dollar lost ground following news of sagging services sector activity in the US economy last month — a surprise slowdown that diminished expectations of an interest rate hike by the Federal Reserve this month.

A weaker greenback makes dollar-denominated crude cheaper for users of other currencies.

AFP

Oil Prices Rise Over Week Despite Late Slide

Posted by Sylvester No comments

Oil prices rose over the week thanks to a slump in US crude stockpiles, a softer dollar and hopes of a OPEC-Russia deal to tackle a supply glut.
But they fell heavily Friday on profit-taking, losing nearly all of the previous session’s sizeable gains.

Both main contracts had soared more than two dollars Thursday and Brent briefly went above $50 a barrel after the US Department of Energy said the country’s commercial crude inventories slumped by 14.5 million barrels, the sharpest weekly drop in 17 years.

But with analysts not expecting a repeat for this week, prices slid back on Friday. They said the decline was attributed to the suspension of imports and shutdown of some production owing to Hurricane Hermine, which passed through the Gulf of Mexico in late August.

“The reason behind the enormous drawdown is transitory, and does not influence the demand-supply situation of the oil market,” said IG market strategist Bernard Aw.
“One week’s worth of data does not make a trend.”
By 1615 GMT, US benchmark West Texas Intermediate for delivery in October has slid $1.41 to $46.21 a barrel compared with the close on Thursday.

Brent North Sea crude for November delivery tumbled $1.64 to $48.35 a barrel.
– OPEC-Russia spotlight –

The market has been fixated in recent weeks by an upcoming meeting of OPEC and non-cartel member Russia to discuss ways of tackling a global supply glut that has hampered prices for more than two years.

Overproduction in the markets resulted in crude prices striking near 13-year lows below $30 at the start of 2016.

While officials from Russia and OPEC kingpin Saudi Arabia have sought to soothe concerns ahead of this month’s gathering in Algiers, experts are sceptical whether an agreement can be reached.

A previous attempt at a production cap in April was derailed by Iran, which refused to join in talks as it ramps up output after the lifting in January of years of nuclear-linked sanctions.
“Of course both Russia and Saudi Arabia would have liked to have a higher oil price than the current $50,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets.
“Over the past week they have talked about stabilising the market. But what do they really mean because the oil market is today in many ways actually fairly balanced.

“Supply is more or less equal to demand and annualised price volatility is right on to what it normally has been historically of about 35 percent.”

Schieldrop said the market was in fact moving away from a supply glut situation, with inventories expected to fall next year and beyond.

“What is however highly abnormal and thus imbalanced is the current very low level in upstream oil investments,” he noted.

Oil won support this week also as the dollar lost ground following news of sagging services sector activity in the US economy last month — a surprise slowdown that diminished expectations of an interest rate hike by the Federal Reserve this month.

A weaker greenback makes dollar-denominated crude cheaper for users of other currencies.

AFP

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