FG Reconstitutes National Task Force on Polio Eradication

January 21, 2016

The Federal Government has reiterated its commitment towards permanently exiting the list of polio-endemic countries by 2017, and has reconstituted the National Task Force on Polio Eradication to enable it function adequately.

President Buhari stated this at the signing signing of the updated Abuja commitment of polio eradication with state governors at the Presidential Villa Abuja yesterday, that all 36 state governors would partake in the new deal as members of the task force in view of their strategic positions as leaders of their respective states.

However, the American billionaire and founder of Bill and Melinda Gates Foundation, Bill Gates, President of Dangote Group of Companies, Dr. Aliko Dangote, the U.S. Ambassador to Nigeria, James Entwistle, the governors of Zamafara, Delta, Adamawa, Nasarawa, Kano among others witnessed the signing ceremony.

Also they joined other governors in signing of a Memorandum of Understanding (MoU) in Kaduna State which states to launch a new partnership that would commit political and financial resources to strengthen and sustain routine immunisation programmes towards keeping Nigeria polio-free.

The objective of the MOUs was to reach 80 percent of the target population in the states involved with the necessary life-saving vaccines by December 2018 to prevent common childhood diseases and ensure a polio-free environment.

25 Million Pupils to Be Fed as Science and Tech Ministry Partners FIIRO, NASCO on Feeding Programme

January 21, 2016

Over N2bn Spent On School Feeding In Adamawa - FG

As part of efforts to improve the School Feeding Programme of the Federal Government, the Federal Ministry of Science and Technology (FMST) through the Federal Institute of Industrial Research, Oshodi (FIIRO), Lagos, and NASCO Foods Limited, Jos, Plateau State, have partnered for commercial production of High Nutrient Density (HND) Biscuit.

The HND Biscuit was developed by FMST through FIIRO for the School Feeding Programme of the Federal Government.The HND biscuit was developed to meet one-third Recommended Dietary Allowance (RDA) requirements of school age children to be produced on commercial basis by NASCO Foods Limited.

To this effect, a team of highly experienced technical staff of NASCO Foods visited FIIRO on Wednesday, January 13, 2016 at the instance of the Hon. Minister, FMST, Dr. Ogbonnaya Onu, for further discussion on the collaborative effort on the National School Feeding Programme.

According to Elemo who is the C.E.O of FIIRO, the collaboration is going to be win- win for all the parties involved and the benefit is enormous from the angle of utilization of indigenous raw materials in the formulation of the biscuits; conservation of foreign exchange; creation of jobs and improvement in enrolments of school children as well as enhancement of mental capacity of the children.

At the end of the technical session, timelines were drawn for some of the major activities including MoU signing (Wednesday, January 20, 2016); Commencement of pilot trial runs on NASCO Biscuit production lines (Wednesday, January 27, 2016); Stakeholders’/Consultative Forum (Thursday, February 25, 2016) and Product Launch on Thursday, April 28, 2016

Court Orders FG to Bring Dasuki to Court on February 16.

January 21, 2016

Justice Adeniyi Ademola of a Federal High Court in Abuja‎ has ordered the federal government to produce former national security adviser (NSA), Col. Sambo Dasuki (rtd) in court on February 16 to answer criminal charges filed against him.

The court said that it was mandatory for a defendant in a criminal matter to be physically present in court at every stage of the prosecution except where the presence of an accused is excused by court for justifiable reasons.

Justice Ademola made the order following the failure of government to bring Dasuki to court yesterday in continuation of his trial without any reason.

Dasuki’s counsel, Mr. Joseph Daudu (SAN), had also complained bitterly that his client was abducted by security agents of the federal government six weeks ago to an unknown destination without his family and lawyers having access to him.

The SAN also recalled that in three different high courts where Dasuki was arraigned by the government, he (Dasuki) was admitted to bail by the three courts, but till date, the government and its agents had refused to allow Dasuki go on bail.

He then urged the judge to compel the federal government and its agents to respect the court’s decision.

Farmers Revolt: Ekiti Farmers Lock Horns With Governor Fayose over Designated Area for Proposed Airport

January 21, 2016

Farm owners in the Aso-Ayegunle area of Ado Ekiti on Wednesday staged a protest against the 4,000 hectares of land earmarked for the building of the proposed Ekiti Airport by Governor Ayodele Fayose.

The farmers, who rebuked the state government for destroying their crops, also accused the state government of not compensating them since initiating the project.

They described the destruction of their cocoa trees and other valuable crops by government without prior notice ‘as “wicked and callous.”

Asking the government to relocate the airport project to the state forest reserve, they alleged that some of their members had died from shock because of the government’s insensitivity to their plight.

However, the Commissioner for Information, Lanre Ogunsuyi, said the government had no plan to relocate the airport, saying all land in the state belong to government and that compensation will be made as appropriate.

#MasterCard Wellness Month kicks off with @MyKamdora in #Nigeria

January 21, 2016

Sticking to your New Year’s resolutions can be difficult. MasterCard in partnership with Kamdora.com will help keep you motivated with the introduction of the first MasterCard Wellness Month in Lagos, an initiative running from 18 January until 17 February 2016.

Achieving your health and fitness goals has never been easier, or more fun, if you are a MasterCard cardholder. The MasterCard Wellness Month creates the perfect excuse to treat yourself to a spa treatment or a healthy smoothie from select and premium merchants, such as Spa and Fitness (Four Points), Venivici Health Club and Urban Spa, Bodyline Wellness Centre, So Fresh Market and Gingerbox.

Over the past few years there has been a considerable growth in the health and fitness sector, which is encouraging as it shows that Nigerians are taking their health more seriously. The core essence of this initiative is to help people lead healthier and happier lives.

“People in Lagos are stylish and sophisticated and pride themselves on how they look. Our readers are trend setters who like to live active and healthy lifestyles, and for this reason there is no better way to reward them. Wellness Month will help kick-off the year with a bang and give our readers the perfect excuse to treat themselves to a spa treatment or a healthy smoothie after completing their jog for the day,” says Denika Fadina, Head of Sales and Partnership for Kamdora.com.

As part of the MasterCard Wellness Month, Lagosians will be able to take part in a 5km walk/run in February in the heart of the city. Hosted at the iconic Ikoyi-Lekki toll bridge. Participants will be able to enjoy a fun day out with fellow fitness enthusiasts, friends or family members while soaking up the warm Nigerian sun. For more information visit Kamdora.com.

“This is our first MasterCard Wellness Month initiative, and we wanted to create something memorable for our cardholders. Being part of the MasterCard family means that you have an exclusive ticket to a world of exclusive offers and priceless experiences. MasterCard cardholders are invited to reward themselves as there is simply no better gift than wellbeing, it will help you deal with the craziness of the New Year and beyond,” says Omoke Ojomuyide, Vice President and Area Business Head, MasterCard West Africa.

After an action packed workout, crossing the finish line of your first 5 km race or a relaxing spa treatment with the girls, share your experiences on Twitter at @MyKamdora or @MasterCardMEA by using #MasterCardWellnessMonth or #Wellnesswithkamdora and #WellnessIsTrending. Alternatively visit the Kamdora.com Instagram page and upload your images. The best selfies of people enjoying a wellness moment will be selected and those shortlisted will stand a chance to win loads of goodies.

Stocks End Eight Consecutive Day Fall with N302billion Gain

January 21, 2016

Stocks market value surged on Wednesday, January 20 by over 3 per cent to halt an eight straight days losing streak.

At the end of the mid-week trading on the floor of the Nigerian Stock Exchange (NSE), the market capitalization surged by N302 billion from N7.723 trillion it opened to close at N8.025 trillion.

Market turnover closes negative as volume declined by 5.42 per cent against 30.66 per cent uptick recorded in the previous session. Guaranty Trust Bank Plc, FCMB Plc and UBA Plc were the most active to boost market turnover.

Top on gainers’ log was Nestle Nigeria Plc with a gain of N33.75 kobo to close at N708.85 kobo, followed by Dangote Cement Plc with N5.38 kobo to close at N128.89 kobo, and Lafarge Africa Plc with N3.47 kobo to close at N83.47 kobo per share.

“Importation Doesn’t Impede Economic Growth” – IMAN President

January 21, 2016

President of the Importers Association of Nigeria, IMAN,Ralph John in an interview with Daily Trust, stated that contrary to the belief that importation is not healthy for any nation’s economy, it can be well exploited by government to drive industrialization.

He said: The Importers Association of Nigeria was established a long time ago and the essence is to bring all industrialists and importers together and to assist them in doing genuine business that will help economic growth.

“We advise the CBN to enlighten the importers on government policy. Another important thing is that if an importer brings in items that don’t have much market value at home, he has only succeeded in transferring abroad money that would develop other economies.”

“But the importers don’t see it that way; all they look at is an opportunity to earn easy money. We want to make them know that they can shift from that perspective to a patriotic perspective that can serve the country better while they earn their more money.”

“When an importer shifts from importing just anything to importing the necessary things, he earns more money. Government, too, should be conscious that its responsibility is not all about clamping down on importers, but is more on providing the enabling environment to do business. ”

“That is the reason why we were unhappy that the past administration was unserious with importers. That administration was toying with importers without telling them what exactly they were supposed to know. Without importers, no economy can function well.”

“We are calling on the government to partner with us as it should for the nation’s economic growth. Importers shouldn’t be regarded as people who bring in illegal goods.”

Dangote, BOA, Farmers Seal MoU on Tomato Production

January 21, 2016

Dangote farms, Bank of Agriculture (BOA) and Kano State Water Users Association on Wednesday, January 20, in Kano State signed a Memorandum of Understanding on tomato production for the consumption of Dansa Tomato Company, a subsidiary of Dangote farms.

While elaborating the content of the MoU, acting zonal director of BOA Salma Isa stated that, the sum of N55.8 million has been approved by the bank for the take-off of the pilot project which comprises 100 registered farmers as beneficiaries on 100 hectares.

She added that, each registered farmer will get a loan of N558, 000 which will be disbursed partly in cash and partly in supply of improved seeds variety, fertilizers and other farming requirements.

“This is a pilot program and we wish to extend it to 20,000 farmers in respect to the outcome of the pilot. Each farmer is expected to produce 40 tons of tomato on a hectare which for the uptake of the company,” she stated.

Global Stock Markets Plummet Amid Oil Price Crash

January 21, 2016

Stock markets worldwide have crashed with anxious investors fretting over the continued slide in oil prices and fears about the impact on global growth.

On Wall Street the Dow Jones and S&P 500 were 2% lower in early trading, while the Nasdaq fell 2.3%.

The FTSE 100, Germany’s Dax and the Cac 40 in Paris are all trading about 2.5% lower – resuming the year’s sell-off.

Many markets are now in so called “bear market” territory – a fall of 20% or more from their most recent peak.

The falls in Europe and the US came after Asian stocks closed sharply lower.

Markets in Dubai closed at a 28-month low, while in Japan shares fell to their lowest level since October 2014.

Top emerging market shares and currencies were also caught up in the turmoil, with the Russian rouble hitting a new record low of 80.295 against the dollar.

Asset prices were pumped up by ultra-low interest rates in the developed world and also by the central banks that have engaged in quantitative easing, buying financial assets with newly created money.

Nigeria’s Non-oil Exports Crashes By N1.2trillion

January 21, 2016

Nigeria’s non-oil exports has plunged by N1.2 trillion, the Central Bank of Nigeria, CBN governor, Godwin Emefiele, disclosed this on Wednesday, January 20,at a conference in Abuja on “Growing Nigeria’s Non-oil Exports.”

The apex bank boss blamed the decline on the low level of export loans from the banking sector.

According to him, available statistics showed that whereas credit to non-oil exports had been declining in the last five years, credit to the economy had been on the increase.

The CBN governor, who put the total credit to non-oil exports at 0.6 per cent of domestic credit to the economy, explained that such level of funding cannot unlock the potential of the non-oil sector and explained that the CBN and Nigerian Export-Import Bank (NEXIM) put together the conference with the aim of devising strategies to increase the sector’s contribution to economic growth.

“Exports are an essential component in the national income and it has a very important role in supporting the nation’s economy against the backdrop of weak oil prices. It has been observed that while credit to non-oil exports is declining and currently at an average of 0.6 per cent of total domestic loans to the private sector in the last five years, the domestic credit to the economy has been on the rise.”

“The low level of export loans has no doubt also contributed, to a large extent, to the decline in non-oil export revenue receipts from $10.53 billion in 2014 to $4.39 billion in 2015.”

“The impact of these developments to on the country’s export growth potentials are quite significant and has become instructive for stakeholders to dialogue towards evolving responsive strategies that will expand resources for exports and its funding programmes on a complimentary basis,” he said.

FG Eyes Billions As Revenue From N50 Stamp Duty

January 21, 2016

The federal government is set to net billions of naira with the implementation of the N50 Stamp Duty charge, which the Central Bank of Nigeria (CBN) directed all deposit money banks and other financial institutions to collect.

It is estimated that about N1.0 billion will be generated from cheque base transactions, asides what will be generated from electronic funds transfer, instant payments and cash deposits.

It is expected that the government will make more money from transfers, as banks’ customers now do more transactions online and through ATM transfers, making cheque transactions shrink.

According to data from the Inter Bank Settlement System (NIBSS) which processes all electronic transactions in the country, over 15 million cheques were processed in 2014 while over 10 million cheques had been processed by the end of 2015 third quarter.

Total electronic funds transfer and instant payments between January and September last year was 71.14 million. As at September 30, 2015, total current accounts in the country stood at 22.06 million.

The CBN had directed that banks and other financial institutions deduct N50 for every deposit above N1000 as stamp duty. Checks by Leadership revealed that most banks had begun to comply with the directive which was supposed to take effect immediately.

The N50 stamp duty is to be charged on all accounts except for savings accounts. Also deposit made by self into self accounts whether inter or intra bank is also not to be charged.

Naira Hits 305 against Dollar at Parallel Market

January 21, 2016

The naira on Wednesday, January 20 rose to 305 at the Bureau De Change (BDC) in Abuja and Lagos.

The dollar scarcity at the BDCs followed CBN’s last week of stoppage of forex sales to the BDCs in a new control on forex operations to save Nigeria’s foreign reserve currently standing at some $28 billion.

Also the CBN policy which closed the RDAS and WDAS windows in 2015 also stopped the banks from selling foreign currencies to BDCs.

Prices of Commodities Surge Over Scarcity of Forex

January 21, 2016

The scarcity of forex in the nation’s money market has led to the surge in the prices of some imported goods in the country in recent times.

The consistent rise of the Dollar and other foreign currencies such as CFA, Pound Sterling and Euro against the naira has affected the prices of electronics, stationaries, and cloths, building materials, food such as sugar, rice vegetable and palm oil among others.

A bag of sugar in some markets in Abuja are now N9,000 up from N7,500 two weeks ago, a 25 litre of Vegetable and Palm oils now sold at between N7,500 to N8,000 from N6,700, Daily Trust gathered.

Battery pack AA size was N250 now is N350. Rice, a staple food in almost all the households in the country was affected by the price hike in the market, a 50 kg of imported rice is now between N10,700 to N11,000 and the 25 kg as high N5,500 from about N10,000 and N4,800 respectively in the December 2015.

At the electronic markets, phone such as BlackBerry, Infinix, Samsung, Nokia, and LG and their accessories went up sharply as some distributors increased the prices by almost 5 per cent when the naira crashed to about N300 per dollar two weeks ago.

A dealer in imported clothes in Sabon Gari area, Dayyabu Muhammed told Daily Trust that he had to constantly adjust the prices of his wares because if the prices remain fixed, the losses he would incur could cripple the business.

He said a new shirt for men which previously sold at N1,200 is now sold between N1,700 to N2,000 while a denim trouser rose from N2,000 to N3,000 or N3,500.

Fresh Hope Rises For Africa’s Oil Sector As India Considers More Imports

January 21, 2016

The conference which opens today, Thursday, January 21, in New Delhi will be the fourth edition of the event.

The government hopes to consolidate the talks that the Indian external affairs minister, Sushma Swar, and petroleum minister, Dharmendra Pradhan, had with delegates at the India-Africa Summit three months ago.

India’s domestic production of crude oil has hovered at 37 million tonnes (mt) and is likely to remain at this level with little likelihood of future discoveries and technological breakthroughs.

Africa is likely to be a significant source of meeting India’s hydrocarbon needs in the years to come which will also help India diversify its source of crude from volatile West Asia.

In 2014, India imported 32 mt of crude, 15 per cent of its consumption that year, from Africa. This was primarily from Nigeria and Angola and currently, India’s oil imports from Africa stand at 7.5 per cent. Nigeria is among India’s top four sources of gas which include Qatar, Australia, and Equatorial Guinea.

India imports 76 per cent of its crude oil needs, which by 2030 is estimated to reach 90 per cent, and the country also imports 37 per cent of its gas requirement.

In 2015, India’s gas imports from Africa doubled compared to 2013; India accounted for 8 per cent of Africa’s gas exports in 2015, compared to 4 per cent in 2013, official sources said.

Seventeen per cent of India’s refined products are headed for Africa and New Delhi expects this figure to rise to 20 per cent.

Shell’s Profits to Fall over Lingering Oil Price Plunge

January 21, 2016

Giant multinational oil company, Royal Dutch Shell is expected to report a near halving in profits in the last three months of 2015 following the further slide in oil prices, it said on Wednesday, January 20.

This is coming a week before shareholders meet to vote on its $47 billion deal to take over rival BG Group.

Giving preliminary estimates for results ahead of the meeting, Shell said its underlying fourth-quarter earnings on a current cost of supplies basis would be between $1.6-1.9 billion, down from $3.26 billion a year ago.

Oil prices plunged by another 24 per cent in the fourth quarter as global supplies continued to outstrip demand, further eroding oil companies’ upstream revenues.

However, BG, which also provided a short trading update on Wednesday ahead of its own shareholders’ meeting on the takeover deal next week, positively surprised investors by beating its 2015 production target.

“We believe the in-line performance of both companies should be viewed positively prior to the Shell shareholder vote,” an analysts at BMO Capital Markets who rates Shell shares as ‘underperform,’ said.

The companies aim to have cut a combined 10,000 staff and contractor jobs by the end of this year and Shell said on Wednesday that it could further cut combined capital investments below the $33 billion targeted for 2016.

Shell shareholders are set to cast their votes on the deal on January 27, followed by BG investors the next day, the final hurdles to be cleared for the deal, one of the biggest energy sector acquisitions in the past decade, to proceed.

Equities See Recovery as NSE Index Scoops 3.91%

January 21, 2016

The resumption of bullish run on the Nigerian Stock Exchange, NSE, on Wednesday, January 20, halted the lingering southward movement.

The All-Share Index recorded the highest day-on-day gain since the year began by 3.91% to 23,335.01 points, compared with the depreciation of 0.42% recorded Tuesday, January 19.

Year-to-date (YTD), the Index depreciated by 18.53%.

Similarly, the Market Capitalization appreciated by 3.91% to close at N8.03trn, compared with the depreciation of 0.42% recorded yesterday to close at N7.72trn.

The appreciation recorded in the share prices of FBN Holdings, GT Bank, Zenith Bank, Nestle and Dangote Cement were mainly responsible for the increase in the value of the Index.

The total value of stocks traded on the floors of The NSE today was N1.58bn, down by 19.92% from N1.97bn traded yesterday. The total volume of stocks traded was 242.53mn in 3,865 deals.

The three most actively traded stocks were: FCMB (37.29mn), UBA (36.17mn) and GT Bank (23.39mn). The most actively traded sectors were: Financial Services (205.36mn), Consumer Goods (10.32mn) and Services (7.33mn).

Oil Price Falls Below $27 Per Barrel For First Time Since 2003

January 21, 2016

For the first time since 2003, the price of Brent crude oil sold below $28 a barrel on Wednesday, January 20.

America’s crude grade – West Texas Intermediate (WTI) sold at $26.62 and OPEC basket grade $23.85 a barrel on Tuesday, January 19.

Despite over 25 per cent slump in oil price so far this year with the attendant pains and fears, oil drillers and producing nations have continued to pump more oil into an oversupplied market.

Oil traders are concerned that the crude oil supply glut could last longer.

The world stock markets are declining. Nigerian stock market last week lost over N455 billion as stock prices failed to rally.

The International Energy Agency (IEA) said in a report that the world may soon drown in oversupply. Senior market analyst at Price Futures Group, Phil Flynn said there is also “a record short position in hedge funds and we have the promise of more Iranian oil on the world market. Add it all up and it’s causing the crude-oil market to crater around the globe.”

Iran’s production is expected to ramp up fairly significantly this year.

The country projects that its production will increase by 500,000 barrels per day (bpd ) in the coming weeks, along with a further 500,000 bpd in the next few months.

Ibadan DisCo Posts N3.2billion Revenue Shortfall

January 21, 2016

The Ibadan Electricity Distribution Company, IBEDC, recorded a deficit of N3.2 billion in revenue collection in 2015 even as the company is owed N5.9 billion by customers.

The Managing Director, IBEDC, John Donnachie, told newsmen at a briefing in Ibadan that they are operating in a tough economic environment but still try to be open and transparent in their operation and customer service.

Donnachie said since inception in November 2013, the company has not been able to collect bills enough to pay for the energy it bought. In other words, the company has been recording shortfalls in expected revenue since it started, adding that even with the new tariff planned for take-off next month, the company will not break even until 2017.

He noted that the cause of the shortfall in revenue is caused by the industry’s woes such as energy theft.

According to him, 50 per cent of bills generated are not collected owing to energy theft including bypassing of meters.

He stated that the company will continue to ensure customer satisfaction, adding that 100,000 new meters have been installed apart from the ones used to replace obsolete and dysfunctional meters.

Kano State Govt Approves N274.3billion Budget

January 21, 2016

Governor Abdullahi Umar Ganduje of Kano State has signed into law, the state’s 2016 Appropriation Bill, assuring that its implementation would commence immediately.

The budget, tagged ‘A Peoples Budget for Self Reliance,’ is in the tune of N274.3 billion, with 70 per cent of it devoted to capital expenditure, while 30 per cent was set aside for recurrent expenses.

Shortly after signing the bill, the governor disclosed that “it reflects the vision of the administration for diversification of the state’s revenue, with a view to laying a solid foundation for the pursuit of its development objectives”.

Governor Ganduje explained that although the budget is coming at a turbulent period in the governance of the state, the state Internal Revenue Service, with its technical partners have convinced the state executive and legislature that with political commitment, the set target would be achieved.

He expressed delight that the budget was subjected to public hearing, pointing out that to date; no state in the federation has allowed the public to directly make input in its budget.

However, he assured that the government would create an enabling environment for the state legislature to perform its oversight functions, while implementing the budget, stressing that the legislators are at liberty to visit any government Ministry or agency and monitor transactions for accountability and transparency.

ExxonMobil Injects N100million Into Projects in Six Communities

January 21, 2016

ExxonMobil affiliate, Esso Exploration & Production Nigeria Limited, EEPNL, has built and donated community assistance projects worth over N100 million in six communities in Lagos, Ondo and Rivers states.

The projects include a community town hall and water purification plant in Onne, Rivers State; Water purification plants for Igbologun 1 & 2, Igboeseyore and Igbosu communities in Lagos State and the reconstruction of a community market and water purification plant for Igbo-Egunrin community in Ondo State.

Speaking at the hand-over of the projects to the community in Ondo State, the Project Executive, EEPNL, Mr. John Unietis, who was represented on the occasion by the Technical Manager, EPC2, EEPNL, Tunji Obawole, said the projects signified “yet another important step we have taken as an organization to improve living conditions in communities across Nigeria through investment in such infrastructure as clean and safe drinking water, as well as the promotion of economic well-being of these communities through various support schemes and initiatives.”

He said the water purification plant “is meant to improve the overall well-being of the community through the provision of clean, potable water thereby reducing the incidence of water-borne diseases in the community, along with their negative consequences.”

He added that the project was based on the Meckow Aquapur technology, which meant the plants could be powered by solar energy; could purify over 24,000 litres of water daily and is also durable.

Obawole further said EEPNL undertook the reconstruction of the Igbo-Egunrin community market to improve economic activity in the community, adding that as “the major market in the Ilumeje axis of Ilaje local government area, we believe the reconstructed market will help improve the economic well-being of the communities it serves through the provision of this enhanced operating environment.”