The Central Bank of Nigeria has said Commercial banks can now accept deposit in foreign currency once again after it lifted the ban.
CBN governor Godwin Emefiele announced this on Monday, January 11 in Abuja saying the lift of the forex restriction was to allow the banks build liquidity in forex and meet some of their demands.
He said the ban was necessitated by what he called dollarization of the economy by many Nigerians.
The Debt Management Office, DMO, has rolled out plans to raise between N350 billion and N260 billion through bonds in the first three months of 2016.
The DMO in its issuance calendar published on Monday, January 11Fg said there would be new issues.
Consequently, it had issued the offer circular for the sale of two FGN bonds on January 20, 2016. According to the offer circular, the debt office would be raising N80 billion next week Wednesday.
It will be raising N40 billion from the re-opening of the 15.54 per centFGN February 2020 five year bond with a four year one month maturity and another N40 billion from a 10 year new issue bond, FGN January 2026.
On February 10, 2016, the DMO said it plans to raise between N80 billion to N120 billion through the re-opening of the 15.54 per cent FGN February 2020 five year bond and FGN January 2026 10 year bond.
It also plans to raise between N20-30 billion through the 15.54 per cent FGN February 2020 five year bond and N40-60 billion through the FGN January 2026 10 year bond. In addition to this, the DMO said there will be a new issue of FGN January 2036 20 year bond.
With declining government revenues in the wake of falling oil,prices, the President Muhammadu Buhari led government has proposed to raise funds for the largest budget in the history of the country though debt and increased tax.
The Central Bank of Nigeria, CBN, on Monday, January 11, announced that it will no longer sell forex to Bureaue de Change, BDC operators.
They are to source their foreign exchange from autonomous sources.
CBN Governor Godwin Emefiele, who announced this in Abuja, said BDCs “must, however, note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws”.
The apex bank also reversed its decision on the deposit of foreign currency in commercial banks, announcing that it will henceforth “permit commercial banks in the country to begin accepting cash deposits of foreign exchange from their customers”. Both decisions are to take effect immediately.
These measures, the CBN governor said “are not intended to be punitive on anyone or any group; rather, it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, which guarantees preservation of our scarce commonwealth, and that our hard-earned financial system stability remain intact to the benefit of all Nigerians.
The apex bank took these decisions because of what Emefiele described as “total disregard of the difficulties that the CBN is facing in meeting its mandate of maintaining the country’s foreign exchange reserves to safeguard the value of the Naira”.
MTN Nigeria has started a massive customer biometrics revalidation project. The operator is currently in legal fireworks with industry regulator NCC (the Nigerian Communications Commission) for its failure to deactivate about 5.4 million subscribers with incomplete Sim card registration.
In a bid to lure subscribers to the biometric revalidation exercise, MTN Nigeria has is giving the customers free airtime up to NGN 10,000, usable only when the full biometrics registration is confirmed by the network.
New users have been informed as well as existing subscribers. Apart from MTN’s regulator customer centres (operated by partners), the operator has been creating new clusters of registration centres at some strategic locations in Lagos state in the bid to get closer to the subscribers
Gov. Akinwunmi Ambode of Lagos State on Monday inaugurated Prof. Olanrewaju Fagbohun as the Vice- Chancellor of the Lagos State University (LASU) charging him to rebuild confidence in the institution after its protracted crisis.
Ambode said at the inauguration in Lagos that Fagbohun would require the support and cooperation of all stakeholders, particularly staff and students, to ensure a peaceful atmosphere that would promote academic excellence.
“This appointment was made after a thorough screening and selection process by the Governing Council.
“Over the past few years, LASU has had a fair share of successes and challenges; as a result, there is a lot of work to be done to propel the university to a world class status.
In his address, Fagbohun promised to restore peace to the institution, foster high level scholarship and consolidate on previous gains.
“LASU truly is a citadel of academic excellence that must be let out of its present bondage.
“I therefore invite all stakeholders in the LASU project to join hands with me in the task of putting it back on the front row of academic excellence where it rightly belongs,” Fagbohun said.
Etisalat Nigeria has donated 30 desktop computers to boost ICT education at the Ta primary school in Zaria, Kaduna State.
Ibrahim Dikko, vice president, Government and Regulatory Affairs said the intervention was in line with the company’s commitment to improve the quality of education in Nigeria through quality partnership with the relevant tiers of government to develop the sector.
Dikko, who also noted that ICT education has become a basic component of learning because of its attendant benefits, added that the nation will benefit most if students in primary and secondary schools are exposed early to it.
Etisalat Nigeria currently has several intervention initiatives in the education sector, among which include the first-of-its kind Etisalat Telecommunications Engineering Postgraduate Program (ETEPP), in partnership with Ahmadu Bello University, Zaria, Plymouth University UK, and the Etisalat Academy, UAE, Etisalat adopted-a-school programme, Etisalat Merit Awards Scheme, a scholarship awarding initiative focused on meritorious undergraduates of various Nigerian universities, Career Counselling for secondary school students and a pan-Nigeria teacher training programme in partnership with the British Council.
A Chinese truck manufacturing company, SINO Truck of China, has completed arrangements to establish an assembly plant in Calabar, the Cross River State capital.
The company’s Head of African Division, John Wang, disclosed this during a courtesy call to the state governor, Ben Ayade, at his office.
According to Wang, the setting up of the assembly plant would be preceded with the establishment of service centres all over the state for all the company’s trucks in Nigeria.
Wang, citing the peaceful investment climate of the state as one of the motivating factors, said that the project would further create job opportunities for the youths in the state.
Giving a profile of his company, Wang said “SINO Truck is a state owned company and the number one heavy duty truck manufacturing company in China with over 56 years experience, and a good record in truck manufacturing and assembly”.
In his remark, Governor Ayade urged the company to speed up preparations for the auto plant, as all the enabling infrastructural environment like the construction of a deep seaport and a superhighway was being put in place.
MainOne, a leading telecoms and network services provider in West Africa, has announced that the high capacity Nigerian-Cameroun Submarine Cable System (NCSCS) connecting Lagos, Nigeria and Kribi, Cameroun has been completed and went live last month. The new submarine cable system will address increasing demand for reliable broadband connectivity in Cameroun, and is a key component of the country’s strategic plan to provide internet access to its citizens via a National Broadband Network.
The submarine cable installation, which commenced in June 2015 following a tripartite partnership between MainOne, The Ministry of Post and Telecommunications, Cameroun and Huawei Marine Networks, had investment provided by the Cameroun Government. The six-pair, 1,100 kilometer repeater submarine cable system will deliver capacity of up to 12.8Tbps to broadband users in Cameroun and is being lit with 40GB capacity from Day 1. This extension is expected to boost Cameroun’s extremely low fixed broadband penetration, currently estimated to be circa five percent (5%).
Built with branching units for strategic extension of its connectivity into Nigeria’s Escravos in Delta State, Qua Iboe in Akwa Ibom State, and Bonny Island in Rivers State, MainOne has concluded plans for a distribution hub in Port Harcourt, designed to bridge the technology gap between the South-South and the rest of Nigeria.
In his comments, MainOne’s Regional Executive for West Africa, Kazeem Oladepo reiterated the company’s vision for a better connected West Africa: “This is an excellent addition to our network and is added proof of our commitment to expand broadband, improve quality and drive down cost of internet services in West Africa. As part of our strategy to boost West Africa’s economic and commercial development, we will continue to make deliberate and significant investments in connectivity projects that will facilitate increased access to broadband. The proposed extension of our submarine system to the Niger Delta region is particularly important for further development of the oil producing region of Nigeria, and will aid the region’s rapid transition from an oil-dependent economy to a knowledge-focused one.”
“We have seen phenomenal changes across other areas with internet infrastructure such as Lagos, Nigeria where Yaba’s Silicon Hub continues to provide opportunities for jobs, increased investor funding, and enhanced social entrepreneurship which is pushing the frontiers of eCommerce in Nigeria. Nigeria’s South-South region and Cameroun now have the platform to leverage the same quality of access to the Internet to catalyze social, economic and technological development”, Oladepo said.
Speaking on the milestone, David Nkoto Emane, General Manager, Cameroon Telecommunications Corporation (CAMTEL), said, “The NCSCS system enables us to provide users with faster bandwidth connectivity at a significantly lower cost. By providing direct connection to Nigeria, the cable system will also serve to enhance Cameroon’s position as the major bandwidth hub in the region and internationally to Europe and beyond.”
Lagos State Government Civil Service Commission – Applications are invited from suitable qualified candidates for the position of:
Job Title: Assistant Traffic Superintendent
Job Reference No: GL 06
Location: Lagos
Employment Status: Permanent
Requirements
Application Closing Date
12:00am, Friday 22nd Janaury, 2016.
How to Apply
Interested and qualified candidates should APPLY
A new Radio Station located in Ogor, Ughelli North LGA, Delta State, currently seeks applications from suitably qualified candidates to fill the position below:
Job Title: Human Resource Officer
Location: Delta
Requisite Qualifications
Applicant Closing Date
17th January, 2016.
Method of Application
Interested and qualified candidates should send scanned copies of their applications and credentials online through: ughelliradioconsultants@yahoo.com
Note: Shortlisted candidates would be invited for interview at a date and venue to be communicated to them via addresses reflected in their applications.
We are recruiting to fill the position below:
Job Title: CGMNL Compliance Officer
Location: Lagos
Job ID: 16001056
Job Description
The role is responsible for the day to day compliance activities of CGMNL by providing prompt and effective compliance guidance on regulatory and policy matters to the business units to ensure regulatory and reputational sound deals, thus assisting the business to meet revenue target and minimize regulatory penalties.
Job Purpose
A key individual responsible for developing and maintaining a robust control environment in the franchise, coordinating, monitoring and advising on compliance with business, global, regional, and local policies, procedures, and requirements.
This individual will be responsible for ensuring that Citi Global Markets Nigeria Limited (“CGMNL”) complies with the rules and regulations of applicable regulatory agencies and that Citi policies and procedures are being followed.
This role will also entail general compliance responsibilities including but not limited to ensuring that CGMNL is in compliance with AML, Sanctions and Anti-Bribery & Corruption standards and related regulations.
Key Responsibilities
Development Value:
Qualifications / Requirements
Skills:
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidate should APPLY
Etisalat’s vision is a world where people’s reach is not limited by matter or distance; a world where people will effortlessly stay in touch with family and friends; a world where businesses of all sizes can reach new markets without the limitations of distance and travel.
We are recruiting to fill the vacant position below:
Job Title: Manager, Technical Support
Location: Abuja
Job Summary
Principal Functions
Educational Requirements
Experience, Skills & Competencies
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
Barely three weeks after Turkish Airlines Flight TK624 failed to come with luggage of its passengers from Istanbul, which led to security breach at the international wing of the Nnamdi Azikiwe Airport (NAA), Abuja, the airline again failed to bring the luggage of another group of passengers it flown to the country through the Abuja airport during the week.
According to the Federal Airports Authority of Nigeria (FAAN), the latest negligence on the part of the airline occurred, on Saturday on arrival from Istanbul Saturday at 12.35 p.m.
The latest incident came a few days after the airline was ordered to pay compensation to the affected passengers on board Flight TK624 whose luggage were delayed by the carrier for some days by the Nigerian Civil Aviation Authority (NCAA).
Speaking, the General Manager, Public Affairs, the Nigerian Civil Aviation Authority (NCAA), Sam Adurugboye, explained that the airline under the supervision of the Consumer Protection Officers (CPO) of the regulatory authority ensured that the passengers were paid full monetary compensation as contained in the Nigerian Civil Aviation Regulations (NCARs).
This reoccurrence, according to the General Manager, Corporate Affairs, FAAN, Mr Yakubu Dati, made the Managing Director of the agency, Mr Saleh Dunoma, to advice the airline to resolve the recurrent cases of arriving passengers without luggage once and for all.
Dunoma gave the advice at Nnamdi Azikiwe International Airport, Abuja, where he expressed the Minister of Aviation, Alhaji Hadi Sirika’s displeasure to the management of Turkish Airlines.
Dunoma described it as unacceptable, the recurrence barely three weeks after a similar incident led to a breach of airport security
The incumbent governor and the candidate of the Peoples Democratic Party, Seriake Dickson, has emerged winner after scoring the most votes in the Bayelsa State governorship election.
According to the results announced by the Returning Officer for the Bayelsa governorship election, Zana Akpaogu, Mr. Dickson polled 134,998 to defeat Timipre Sylva of the All Progressives Congress who scored 86,852 votes.
Mr. Akpaogu, a professor and Vice Chancellor of the University of Calabar, declared Mr. Dickson winner of the poll on Sunday evening at Yenagoa Local Government, which served as state collation centre for the Bayelsa governorship election.
Moses Siasia of the Peoples Democratic Movement came a distant third with 1, 572 votes.
The substantive election in the state was held on December 5, 2015 but INEC declared the election inconclusive after it cancelled the poll in Southern Ijaw Local Government Area following reports of widespread electoral malpractices and violence.
INEC subsequently fixed January 9, 2016 for supplementary elections in the affected local government and 101 other polling units in 7 local government areas where elections did not hold on December 5
With a population of 167 million people, Nigeria accounts for 47% of West Africa’s population which is supposed to impact positively in Nigeria’s revenue generation and standard of living. Sadly a research by the Bureau of statics showed that the labour force population, comprising those within the working age, who are willing, able and actively looking for work, increased to 74.0 million in Q2 from 73.4 million in Q1, indicating an increase in the labour force by 0.81 per cent in 2015 and lack of job creation. In 2016 experts predict that over 3,000,000 jobs will be created in Nigeria.
The Nigeria industrial Revolution Plan (NIPR) was introduced to create jobs, generate wealth, diversify the economy, substitute imports, boost exports and broaden our tax base. According to the Nigerian Industrial Revolution Plan 2014, Nigeria is fast becoming a manufacturing hub for Africa. Already the country has over 50% of the installed manufacturing capacity within Ecowas region.
Manufacturing is the core mover of industrialization. A focus on the manufacturing sector can guarantee creation of jobs in 2016. Critical restructuring, skilled man power, adequate infrastructure and security of investment will be the driving force of the manufacturing industry. According to the Director General, National Automotive Council (NAC) Aminu Jalal, 2,500 parts are need to assemble a car meaning that 2,500 parts have to be manufactured locally along with spare parts. If such parts are manufactured in Nigeria and promoted online via advert platforms such as Carmudi Nigeria and other related e commerce websites, the production and sales of spare parts could provide over 400,000 jobs directly and indirectly.
The sector said to have a chance of reviving Nigerian’s economy is the Agricultural sector. To ensure food security, wealth creation and to drive agriculture in Nigeria plans to increase production of rice, sorghum, cocoa, maize, soybean, oil palm, cotton, cassava, livestock, fisheries and horticulture need to be implemented. The massive production and exportation of these agricultural produce will ensure food and nutritional security, generate employment and transform Nigeria into a global food market
Another sector is the banking sector. First Bank of Nigeria was named “safest banks by country in sub-Sahara Africa 2015” by Global finance. The methodology in choosing the winning banks was based on long term foreign currency credit ratings. First bank has also been hailed as an SME friendly bank. The banking sector plays a key role in job creation. By granting affordable loans to SME’s more banks will indirectly assist in creating employment. Statics show a significant rise in SME’s over the last 5 years and by the end of 2016 more SME’s will be established in Nigeria.
With the growth of information technology in Nigeria, IT has become another sector that can ensure job creation in 2016. One sector which seems to have found its footing in Nigeria is the ecommerce sector. With the establishment of Ecommerce businesses in Nigeria, a very small percentage of the workforce have been able to find positions within the various organizations. In 2016 with the support of World Bank and UK Department for International Development, the National Information Technology Development Agency is targeting the creation of 460,000 more jobs across eight critical sectors in the Nigerian economy, with the ICT sector as topmost priority.
BUA Group has announced the divestment of its flour business to Olam International in a deal worth $275 million (about N54.7bn).
Speaking at the signing ceremony over the weekend, industrialist and founder, BUA Group, Abdulsamad Rabiu, said: “This signing marks a major milestone in our medium term strategy. Over the years, we have run one of the largest and most efficient flour milling business in Nigeria and are confident in the value it will add to the buyer’s operations. Our group’s strategic focus will now be to diversify to business areas with greater potential for export where the sourcing and utilisation of foreign exchange is less and most of the materials needed for production can be sourced locally whilst also positioning our current line of foods and infrastructure businesses for market leadership.”
Further speaking on the group’s medium term growth strategy, Alhaji Rabiu who is also the Executive Chairman of BUA, said that expanding the backward integration of its sugar plantations in Kwara and Kogi states is key.
“Extensive work is on-going in Lafiagi, Kwara State with over 20,000 hectares and we have another 50,000 hectares of farmland in Bassa, Kogi. These two operations form the fulcrum of our backward integration programme for sugar and this will further reduce the country’s dependence on imported raw sugar while supporting the value chain in sugar production within Nigeria.”
In his comments, Olam’s Managing Director/CEO for Grains, K.C. Suresh said the deal will significantly boost Olam’s flour and wheat milling operations in Nigeria to meet consumer needs as well as consolidate its position as a market leader in the foods industry in Nigeria.
He was confident that BUA’s flour milling business offered great value for money.
The executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, has explained why the agency allocated 78% of the total volume of 3.1 million metric tons of Premium Motor Spirit (PMS) import allocation for the first quarter (Q1) 2016 to the Nigerian National Petroleum Corporation (NNPC).
Ahmed in a statement yesterday, noted that the decision was influenced mainly by the inability of some oil marketers to meet previous import allocation quota due to difficulty in accessing foreign exchange.
Throwing more light on the issue, he said, “We gave 78 per cent of the import allocation to NNPC because we are sure that it can source for foreign exchange through crude oil sales to finance its importation. If we go back to recent historic trends, especially in the last six months, you will discover that most marketers have had difficulty in raising Letters of Credit due to lack of forex.”
Ahmed who dismissed insinuation that the import allocation was skewed to ease out marketers and to engender NNPC monopoly, explained that even the foreign exchange requirement for the 22 per cent import allocation to other oil marketers will be covered by both the NNPC and the Central Bank of Nigeria (CBN), in order to ensure their performance.
He maintained that “The whole idea is to give whatever possible support to the marketers in order to enable optimum service delivery, while ensuring stability in the system.”
