The House of Representatives has mandated its Standing Committees on Federal Character; and Banking and Currency to investigate the recent recruitment exercise carried out by the Central Bank of Nigeria (CBN) for violating Federal Character Principles.
Hon. Aliyu Madaki (APC, Kano), who moved the motion said the recruitment exercise employed about 909 people which has since then drawn negative reactions over the way it was conducted.
He alleged that top officials in government and the elites had their relations employed by the apex bank at the time the said recruitment was carried out.
“It lacks federal character, justice as stated in the constitution, “he said.
He recalled that when Nigerians got wind of the exercise ,the apex bank came out to deny the claims.
The Bank of Industry (BoI) has formally launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youths with loans to start businesses.
The Minister for Industry, Trade and Investment, Dr Okechukwu Enelamah, said that his ministry would partner all agencies of government to create new jobs.
He said that the ‘YES’ project of BoI was part of the Federal Government’s youths employment scheme, stressing that about 36,000 jobs would be created annually through ‘YES’.
Mr Waheed Olagunju, the acting Managing Director of BoI, said that a participant under the scheme could access up to N10 million loan with single digit interest rate and repayable over three to five years, noting that an applicant must present NYSC or higher education certificate as collateral to qualify for the loan with two external guarantors.
He said that the bank was partnering 11 consultants across the country for the first phase of the project.
Ibinabo Fiberesima, a former beauty queen and star actress is still battling with court case. Yesterday, she was unable to secure bail from court due to incompetent application. She was convicted by a Court of Appeal in Lagos on March 11.
Justice UI Ndukwe-Anyanwu,the three man-panel, said that the appellant failed to attach copies of the judgment that was delivered by the court which affirmed the five years jail sentence imposed on her.
The application however, could not be heard as the court observed that the appellant failed to attach copies of the judgment of the court as exhibit thereby rendering the whole application incompetent. Justice UI Ndukwe-Anyanwu, said the only option left was to strike out the application or adjourn it till further date for hearing.The court subsequently adjourned the matter till April 7 for hearing.
Osun State Governor, Ogbeni Rauf Aregbesola has expressed his determination to complete all projects his administration embarked upon despite the drastic reduction in revenue allocation to the state from the federation account.
The Permanent Secretary, Ministry of Works, Mr. Nurudeen Adeagbo, who is also the chairman of the Osun Project Monitoring Committee (OSPMC), explained that 225kilometers rural road projects in Iwo and Ilesa regions of the state were inspected.
Adeagbo said no fewer than nine roads in Iwo, as well as six roads in Ilesa region were inspected during the inspection tour.
He commended the governor for allowing the World Bank to partner with Osun Rural Access and Mobility Project (O’RAMP), in the development of the rural roads.
Alhaji Aliko Dangote, has partnered the Bank of Industry (BoI) and the Kaduna and Kebbi State Governments to acquire a majority stake in Peugeot Automobile Nigeria (PAN) Limited.
The Kaduna State Governor, Nasir el-Rufai, said “We have submitted bids for the car maker … with Aliko Dangote on board together with BoI, Kebbi and Kaduna States… We are confident our bid will sail through,” reported Reuters on Thursday.
Peugeot is a joint venture between ASD Motors and the French automaker, with a long history in Nigeria, the anticipated hub of automotive assembling on the Africa continent.
El-Rufai said Kaduna and Kebbi, along with BoI and Dangote, had submitted bids for the stake which the Asset Management Corporation of Nigeria (AMCON) is looking to sell.
Niger State Government has involved a private firm to drive the implementation of the Treasury Single Account (TSA) in the state even as the government signed a Memorandum of Understanding ( MoU) that will oblige payment of N45 million to the firm.
The Commissioner for Finance, Niger State, Alhaji Balarabe Ibrahim stated that making TSA operational in the state was a landmark achievement for the government and that the government was desirous of making it work for the good of the state, adding that the engagement of the private firm, Globalinfo Swift was to select gateway for the implementation of TSA in the state and leverage on areas of competence of the firm in information and communication technology (ICT) required for the implementation of the programme.
According to him, the time frame for the firm to operate and put the state on the right track for hitch- free implementation was three months while the engagement will cost the government N45 million.
The Permanent Secretary, Ministry of Finance, Alhaji Zakeri Abubakar, said it was contained in the MoU that the firm would organise training programmes for the personnel of the state to master the platform that will automate the TSA saying that “Niger State shall nominate and release its employees to be part of project team to drive this project”
The Members of the Ekiti State House of Assembly have called on the Department of the State Security Service (DSS) to obey a court order and release their members who they said were “illegally” arrested and detained.
Some of the lawmakers on Thursday in Abuja submitted a petition against the DSS at the National Human Rights Commission, Chairman, House committee on health, Hon. Samuel Omotosho said the arrest and detention of members without charging them to court was a breach of their fundamental human rights. He also added that the family members dont know their whereabouts and they are extremely worried. He also stated that they dont know if they are dead or not. That is the answers that they are all looking for.
Omotosho also said ,the Ekiti State High Court gave an order for the release of the detained members on Friday, March 11 but that the DSS refused to comply.He said this is the 14th day these people have been detained and they havent heard from them. In the petition, they accused the federal government of plans to arrest and intimidate lawmakers in the state because they were an opposition party.
Omotosho Plead to the Rights Commission to step into the matter and fight for the rights of the detained members as “the issue has left the rest of us in the house traumatized.”
Representing the Executive Secretary of the Commission, Prof Bem Angwe, Deputy Director of Investigation, Mr Lambert Okpara said the petition would be looked into and proper investigation into the matter would commence
President Muhammadu Buhari has said that his administration would vigorously implement policies that would revive Nigeria’s agricultural sector and reposition it as the mainstay of the national economy.
He further said his administration would evolve and implement policies that will help Nigeria become self-sufficient in food production because continued importation of food could expose the country to more external shocks.
A statement by his spokesman, Femi Adesina, quoted the President as noting that the unbridled importation of food also contributes to the depletion of the country’s foreign reserves and deprives citizens of job opportunities.
‘Therefore, we must produce what we eat. We don’t have unlimited resources to continue the importation of food items that can be produced locally”.
The management of the University of Ilorin has described as unnecessary the criticism over deadline for payment of tuition fee in the University.
Mr. Kunle Akogun, the Head of its Corporate Affairs Unit, in a press statement said the University decried the attempt by some people to whip up sentiment over a policy of the institution.
According to Mr. Akogun, he said the University’s commitment to rules and regulations was one of the secrets behind its academic excellence, stable calendar and zero-vice status, for which it has become the toast of admission seekers and parents for the past 15 years.
He also added,“For the avoidance of doubt, the University of Ilorin, known for its strict adherence to rules of good administration, has a well-laid down academic calendar, which it follows very strictly and all our students and staff have keyed-in into this culture qnd also at the beginning of every semester, the deadlines for the school fees are set.
He also added that the portal can not be open for ever, and it had to be closed for the last time with the approach of the semester examinations.
The University management sympathises with the few students who, for one reason or the other, could not pay their fees within the permissible time-frame. But the laid-down rule must take its course if we are to avoid a descent into anomie.
He concluded by saying, “we are trying to build an ideal society where rules and regulations would be strictly applied and obeyed to foster the great nation of our dream”.
Akwa Ibom State governor Udom Emmanuel has promised that his quest to make Ibaka Deep Sea-Port a reality will be achieved in no distant time. He reiterated his administration’s resolve to industrialize Akwa Ibom State.
According to the commissioner, the site for Ibom Industrial City, was expanded to 14,400 hectares during Akpabio’s administration to accommodate the Ibom Deep Seaport, export processing zones, gas processing zones, industrial and commercial ports, residential areas and commercial zones.
He explained that the state government has acquired license for a free trade zone which is part of the building blocks for an industrial city, adding that the survey plan and Environmental Impact Assessment (EIA) has been carried out together with the bio-metric survey, perimeter survey, topography survey, aerial surveys, wave studies, and other parameters needed to give way for the next phase of the project.
The Rotary International PolioPlus Committee and its partners have announced readiness to begin the second round of the 2016 National Immunisation Days which is slated to run between Saturday, 19th March and Tuesday 22nd March. The exercise will take place in all states of the federation including the Federal Capital Territory, FCT.
Chairman of the Rotary International Nigeria National PolioPlus committee, Dr. Abdulrahman Olatunji Funso, hinted that over 20,000 staff have been recruited for the exercise in Lagos State alone. He said plans had been in top gear to ensure a hitch-free exercise adding that exercises such as this is not carried out without careful planning.
Funsho disclosed that the staff have been divided into teams which include a consultant; a vaccinator; town announcer as well as a traditional leader.
“Every vaccination team has four people. You have a supervisor who also takes the record of how many children they immunised, there is the vaccinator as well as the town announcer.
And then you have a traditional leader that usually goes with the team.”, the Consultant Cardiologist stated.
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Nigerian Stock Exchange, NSE, on Thursday, March 17, reversed a three day downward trajectory with a marginal increase of 0.08 per cent.
The All-Share Index jumped by 21.55 points to close at 25,679.03 points from 25,657.48 points achieved on Wednesday.
Likewise, market capitalisation which opened at N8.83 trillion rose by N8 billion to close at N8.83 trillion.
Nigerian Breweries recorded the highest price gain to lead the gainers’ table, appreciating by N3.95 to close at N100 per share.
Dangote Cement followed with N1 gain to close at N165 per share, while NAHCO garnered 9k to close at N4 per share.
UBA inched 7k to close at N3.67 per share, while Fidelity Bank appreciated by 5k to close at N1.23 per share.
Conversely, Guinness topped the losers’ chart, dropping by N1.51 to close at N107.99 per share.
Breakdown of the losers showed that PZ Industries lost 96k to close at N24.04 per share, while ETI dipped 45k to close at N15 per share.
Berger Paints shed 41k to close at N9.01 per share and National Salt dropped 40k to close at N7.60 per share.
Also, the volume of shares traded closed higher with an exchange of 6.87 billion shares valued at N7.68 billion transacted in 3,632 deals.
NAN reports that this was against 4.34 billion shares worth N4.69 billion traded in 4,125 deals on Wednesday.
Wema Bank was investors’ delight with a total of 6.67 billion shares worth N6 billion.
It was trailed by FBN Holdings which accounted for 44.67 million shares valued at N161.82 million, while Zenith Bank sold 31.74 million shares worth N391. 97million.
UBA exchanged 21.62 million shares valued N77.27 million while Access Bank traded 18.79 million shares worth N79.27 million. (NAN)
The United Bank for Africa, UBA, has forecasted loan growth of 10 to 15 per cent for 2016, reversing a 3.3 percent decline last year, it said on Thursday, March 18.
The top tier lender had originally forecast loan growth last year of five to eight per cent but that did not materialise. Loans grew 14 percent in 2014, the bank said.
“Because of uncertainty in the macro-environment we decided to be very cautious in the growth of risk assets,”Reuters quoted the bank’s Chief Executive Officer, Phillips Oduoza, who is due to retire by July to have said, explaining the drop in loans last year.
“For this year we see a positive outlook but we will continue in our conservative approach to risk creation.”
While commenting on the bank’s 2015 results released recently, Oduoza had explained that the 2015 profit was a new high, saying it reflected the hard work and discipline of our Board, Management and Staff in creating value for all stakeholders.
“We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution.”
He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year.
“We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders,” he assured. Speaking in the same vein, the Group Chief Finance Officer (GCFO) of the bank, Mr. Ugo Nwaghodoh, had expressed satisfaction at the performance of the bank’s Africa operations, particularly in synergy extraction and pursuit of scale economics to achieve market share and earnings target
Elizade Nigeria Limited said it was set to kick off assembling of JAC brand of vehicles in the country.
The Managing Director of the company, Demola Ade-Ojo, said this in Lagos at the launch of an auto centre exclusively meant to market the JAC brand of vehicles.
He said the company had already secured the support of the JAC management to ensure the smooth commencement and success of the assembly operations. According to him, as part of the preparation for the project, his company had submitted an application to the National Automotive Design and Development Council and was expecting to be granted an auto manufacturer status.
The automobile investor said that the new venture was being undertaking with the Elizade Autoland name in partnership with a Chinese auto manufacturer, JAC Motors.
He revealed that the new auto centre worth over $2m (about N394), saying it was meant to provide an easy sale and a hassle- free maintenance arrangement for the JAC vehicles.
He said it took Elizade three years before the official launch because the firm had to subject the JAC brand to numerous tests to ensure it would not be a disappointment to Nigerians willing to use it for everyday vehicular needs
Group Managing Director, Vitafoam Nigeria Plc, Taiwo Adeniyi, has attributed the drop in the company’s profit recorded in the financial year ended December 31, 2015 to tough operating environment.
Adeniyi, who assured the shareholders of higher value, expressed concern about the effects of forex scarcity and imported raw materials on the production of foams in Nigeria.
Vitafoam’s profit before tax fell by 24 per cent to N534 million, from N709 million, while profit after tax recorded a higher decline of 42 per cent to be at N249 million, down from N435 million in 2014.
It recorded a growth of 8.8 per cent in revenue, rising from N16.713 billion to N17.185 billion, while gross profit rose marginally by 0.7 per cent to N5.433 billion, from N5.395 billion in 2014.
PricewaterhouseCoopers, PwC, on Thursday, March 18, projected that the Nigerian economy could leap through the world rankings to top 10 in 2050 with projected Gross Domestic Product, GDP, of $$6.4 trillion, surpassing Germany, the United Kingdom, France and Saudi Arabia.
Partner and Chief Economist, PwC Nigeria, Andrew Nevin, who disclosed Disclosing this at the Lagos Chamber of Commerce and Industry, LCCI-PwC organized stakeholders forum on the state of the economy, tagged “Nigeria: Looking beyond oil,” said Nigeria was the largest economy in Africa and 22nd globally.
He said to achieve this ranking, however, diversification from the economic over dependence on crude oil was required.
“Nigeria’s intrinsic potentialities lie beyond oil; harnessing these potentialities has become an imperative, given the expectations of lower for longer oil prices. Based on recent trends, our report reviews the impact of low oil prices on key economic indicators and the real sector through an industry survey,” he said.
However, he said the transition to a non-oil economy would not be an easy task. He said based on a 2016 PwC interview of foreign companies across Nigeria, four concerns stood out as challenges with the business environment: corruption, inadequate infrastructure, low skill levels, and macroeconomic uncertainty.
“Our survey highlights the exchange rate as one of the top challenges facing industries in recent times. Capital controls, FX rationing, and restrictions on the importation of certain items are measures the CBN has implemented to preserve the foreign reserves and maintain currency stability,” he stated.
He noted that Nigeria needed to ensure sustainable fiscal management that was resilient to global oil price cycles.
The Managing Director of Lagos Deep Offshore Logistics base, LADOL, Amy Jadesimi, has reeled out plans to attract $5billion investments into the country in the Lagos Free Trade Zone.
Jadesimi, who spoke on Thursday, March 18, in Abuja at the sixth African Petroleum Congress and Exhibition (CAPE VI) organised by the African Petroleum Producers Association (APPA), said, given the spate of growth at the zone, “the success of LADOL has attracted new investors to Nigeria who are partnering with credible Nigerian investors leading to the creation of dozens of similar facilities.”
In her paper, titled, “Driving Economic Growth through Local Private Sector Investments in Nigeria,” she said in 2010 alone, 130 oil rigs were towed from Wes Africa across the Indian Ocean to the Far East for repairs, adding, “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria thereby saving the country avoidable capital flight.”
At the event, President Muhammadu Buhari identified the unique contribution of LADOL as one of the strategic investments in the country that currently drives the nation’s economy.
Represented by Vice President Yemi Osinbajo (SAN), the President identified LADOL, which has invested over $600million in private investment, as one of the companies that is currently adding the most value to the Nigerian economy through its ingenious investments.
The LADOL/SHI project referred to as Egina Floating Production Storage and Offloading (FPSO) platform and valued at $3.8billion is said to be first of its kind to be built in sub-Saharan Africa.
