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EFCC to Recruit 750 More Staff in 2016

Hon. Kayode Oladele the  Chairman, House of Representatives Committee on Drugs, Narcotics and Financial Crimes, , has pledged the support of the lawmakers to ensure that the Economic and Financial Crimes Commission, EFCC, is adequately funded to enable it discharge its duties effectively.

He made the promise during the EFCC’s budget defence before the committee members on Monday.

“The funding of the EFCC remains a priority for the government and we are here to ensure that you are well-funded,” he said.
Acknowledging the important role of the anti-graft agency in executing President Muhammadu Buhari’s anti-corruption war, Oladele assured EFCC of an effective representation before the appropriation committee.

The Acting Chairman of the Commission, Ibrahim Magu, presented a budget proposal of N11,422,991,540 (Eleven Billion, Four Hundred and Twenty Two Million, Nine Hundred and Ninety One Thousand, Five Hundred and Forty Naira) to the Committee.

Magu noted that the Commission could not give a figure for its own personnel budget because “the 2016 personnel budget template designed by the Ministry of Budget and Planning only made provision for detailed nominal roll without estimate and as such, the Commission was not in a position to justify the Ministry’s proposed figure.”

The personnel cost for the agency’s 2015 budget, according to Magu, was N7,127,316,354.00 (Seven Billion, One Hundred and Twenty Seven Million, Three Hundred and Sixteen Thousand, Three Hundred and Fifty Four Naira) for a staff strength of 2,173.
He, however, told the Committee, that the Ministry of Budget and Planning fixed the 2016 personnel cost at N6,664,040,791.00 (Six Billion, Six Hundred and Sixty Four Million, Forty Thousand, Seven Hundred and Ninety One Naira) which represents a 6.5 per cent decrease or a differential of N463,275,563.00 (Four Hundred and Sixty Three Million, Two Hundred and Seventy Five Thousand, Five Hundred and Sixty Three Naira).

“It’s a figure which could hamper the work of the Commission especially because of a planned recruitment of additional 750 staff of different cadres in 2016,” he said.

He used the opportunity to request for assistance in the completion of the EFCC’s head office building, noting that it had a completion period of 43 months which was due in February 2015.

Boko Haram: Nigeria Receives $3 Million Support from Australia

In the bid to address humanitarian crisis in Nigeria, Niger, Cameroon and Chad caused by the Boko Haram insurgency, Australia said it has allocated $3m to help fight hunger in the region. Also it had allotted an additional $2.4m to existing projects to combat malnutrition in Niger, adding that its total global contribution to the World Food Programme for 2015-2016 was US $43.3m.

According to the Australian High Commission, Australia’s contribution to the WFP is being used in all four countries to assist up to 400,000 of the region’s refugees, Internally Displaced Persons and the communities hosting them to gain access to life-saving food assistance.

“Special attention is being paid to children under five, pregnant women and nursing mothers faced with malnutrition.”

Meanwhile, a logistics firm, Greater Washington Nigeria Limited has handed out foodstuffs to about 600 school children displaced by the Boko Haram insurgency at the  New Kuchingoro Internally Displaced Camp, Abuja.

Mrs. Fidelia Dickson who presented the items on behalf of the company said that the donation of foodstuffs would be a continuous process, adding that the donation was meant to show the company’s love to the children who were forced to relocate from their community by the Boko Haram insurgency and take dwelling in the Federal Capital Territory in order to survive.

Worldview Education Fair Nigeria

LASG. to upgrade schools

Worldview Education Fair Nigeria is a 1 day event being held on 23rd February 2016 at the Eko Hotel and Suites Lagos in Lagos, Nigeria. This event showcases products like provides an opportunity to improve their reach and brand awareness; marketing to a larger number of students and alongside some well-known institutions etc. in the Education & Training industry.The event provides an opportunity to improve their reach and brand awareness; marketing to a larger number of students and alongside some well-known institutions.

Date: 23 February ,2016

Venue:Eko Hotel

Adetokunbo Ademola Street
Lagos, Nigeria

CBN to Contribute N1.3 Trillion to Revive Real Sector

The Central Bank of Nigeria (CBN) has announced that it has injected over N1.3 trillion into the real sector to revive it and make it attractive for the banking industry to lend to.

According to the governor of the CBN, Godwin Emefiele, the apex bank’s desire to stimulate credit injection into the real sector does not attempt to crowd out the financial institutions in the space of credit delivery but to provide incentives that will stimulate lending at reasonable rates by banks to the real sector. He appealed to Nigerians to patronise locally made products to encourage the manufacturers to remain in business.

“I truly believe that working together, we can achieve our goals and give Nigerians the chance to live longer, better, and more fulfilled lives,” he said.

He said interventions by the bank are centred around agriculture, micro, small and medium enterprises (MSMEs) and infrastructure intervention.  Specifically, the CBN said that the interventions include the Agricultural Credit Guarantee Scheme Fund (ACGSF), the Commercial Agricultural Credit Scheme (CACS), the Agricultural Credit Support Scheme (ACSS), the N300 billion Real Sector Support Facility (RSSF), the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Small and Medium Enterprises Refinancing and Restructuring Facility (SMERRF), the N75 billion Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), the N213 billion Nigeria Electricity Market Stabilisation Fund and only recently, the Anchor Borrowers’ Programme launched by President Muhammadu Buhari.

The apex bank disclosed that it is supporting the Nigeria Export Import Bank with N50 billion export refinancing and restructuring facility as well as N500 billion as non-oil export stimulation facility.

Over 50,000 Babies Born Annually With HIV/AIDS in Nigeria – UNAIDS

According to the Secretary General and executive director of UNAIDS mission to Nigeria, Mr Michel Sidibe, a total of 58,000 babies are born annually with the AIDS virus in Nigeria and there are chances of only 50% survival for the babies who are in most cases not exposed to treatment. There are 3.2 million people living with the virus and a total of 91,400 have been tested in 32 local governments which have been accessible to the patients.

The Secretary- General stated that there is a need for Nigeria’s new generation to be born without the disease, looking for people who don’t know their status is key and Nigeria must be realistic in the fight to end the virus.

“People must be reached to end the epidemic as there is already a decline of new infection and the people dying of the disease. So far, 58,000 babies are born with the disease in Nigeria annually and there is a need for a new generation to be born without it.”

“We can’t keep treating people with medicine from abroad. Africa should be able to produce and Nigeria should be the best hub for the production ‎of drugs. We have the resources, knowledge, manpower, etc. We must be inclusive in our report and leaving no one behind in the epidemic control.”

However, the Director-General of the National Agency for the Control of AIDS, Prof John Idoko, noted that there is a need to review existing data which states that three million people are under- going treatment, as this is expected to be less, said prevalence of the virus is much lower than what is been quoted.

 

N1 Billion Fine: NAFDAC, Guinness to Settle Out of Court

Following the dispute generated by the N1bn fine imposed on Guinness Nigeria Plc by the National Agency for Food and Drug Administration and Control (NAFDAC), both parties have decided to have an out of court settlement to resolve the dispute.

The fine was imposed on Guinness as administrative charges for various clandestine violations of NAFDAC rules, regulations and enactments over a long period of time.

In respect to this, Guinness approached the Lagos State High Court sitting in Igbisere asking it to restrain NAFDAC and the attorney-general of the federation from enforcing the sanction pending the determination of the suit.

In a letter addressed to the managing director of Guinness Nigeria Plc, Peter Ndegwa, by the head, investigation and enforcement of NAFDAC, Kingsley Ejiofor, the regulatory agency had requested for the payment of the N1bn as administrative charges for infractions such as the disruption of activities carried out by the company without the authorisation and supervision of the agency.

The agency also accused Guinness of revalidating expired products without authorisation and supervision by NAFDAC, as well as failing to secure the gate of its warehouse as the raw materials used in the production of beer and non-alcoholic beverages by the firm were permanently opened to intrusion and exposure to the elements and rodents, which “invariably affect the integrity of the raw materials. Also alleged to  have maintained poor documentation record and failed to comply with conditions contained in the certificate of validation of the revalidated malt extract, which required the storage of the items in cool and dry place and elimination of exposure to sunlight.

MTN Has to Pay N780 Billion Fine – FG

The federal government of Nigeria has insisted that telecommunications giant, MTN must pay substantial part of the N780 billion fine imposed on it for subscriber identity module (SIM) registration guideline infractions before any out of court settlement could be honored.

The Minister of Communications and Technology, Adebayo Shittu, said the company violated extant laws for which it accepted responsibility and wrote a letter of apology, promising to be a responsible corporate citizen.

The minister said the government replied, asking MTN to write a letter stating why it will go down after paying the fine and attaching a statement of its account so that the government will realise the dangers the payment will constitute to its financial health.
Shittu addmited he received a call from the telco informing him that it was going sue the federal government over the fine.

According to Shittu, nobody wants MTN dead. The company violated the laws for which there are consequences, he said.

MTN was sanctioned about $5.1billion or N1.7trillion for fraudulently keeping some 5.2million pre-registered SIMs on its network “a development analysts said amounted to sabotage in view of the security challenges facing the country.”

BANKING & FINANCE JOBS | World Bank Fresh Job Recruitment 2016

The World Bank, a member of the World Bank Group, is a vital source of financial and technical assistance to developing countries around the world. Our mission is to fight poverty with passion and professionalism for lasting results and to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors.

We are recruiting to fill the following vacant positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MEDICAL & HEALTHCARE JOBS| World Health Organization (WHO) Fresh Job Recruitment (7 Positions)

World Health Organization (WHO) is the directing and coordinating authority for health within the United Nations system. It is responsible for providing leadership on global health matters, shaping the health research agenda, setting norms and standards, articulating evidence-based policy options, providing technical support to countries and monitoring and assessing health trends.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

POWER & ENERGY JOBS | Enugu Electricity Distribution Plc Graduate Trainee Program 2016

Enugu Electricity Distribution Plc (EEDC), headquartered in Enugu State, is responsible for electricity distribution in Abia, Anambra, Ebonyi, Enugu and lmo States. As part of our on-going Service and Business Processes improvement activities, we are looking to recruit exceptional individuals for the following key roles in our Head Office and District Offices within the 5 States that we cover.

We are recruiting to fill the below position:

Job Title: EEDC Graduate Trainee Program 2016

Location: Enugu

Description

  • As part of our efforts to reinvigorate our workforce for better service to our esteemed customers, we are seeking recent graduates that have completed their National Youth Service for our new Graduate Trainee Program.

Requirements

  • We require applications from graduates of Electrical and Electronics Engineering, as well as other Engineering and Physical Science disciplines.
  • Graduates from Management and Socials Science disciplines are also invited to apply.

Application Closing Date
Friday 12th February, 2016.

How to Apply
Interested and qualified candidates should send their Applications to:recruiting@enugudisco.com with the subject line – Graduate Trainee Program

Note: No hard copy submissions are allowed and only shortlisted candidates will be contacted.

BUSINESS & ECONOMY JOBS | Deloitte Nigeria 2016 Fresh Graduate Job Recruitment

Deloitte is the largest private professional services network in the world. Our reputation for providing high quality services with integrity has earned us the trust of our clients and our people. If you’re ready for a career with a dynamic organisation in an environment that fosters professional development and career advancement, you’re ready for Deloitte. With 210,000 people in over 150 countries, Deloitte member firms serve more than 80 percent of the world’s largest companies as well as large national enterprises, public institutions and successful fast-growing companies.

We are recruiting to fill the below positions:

“External Reserve Sheds $40billion in 10 Years” – CBN

The Central Bank of Nigeria, CBN, has bemoaned the about $40 billion depletion from the nation’s external reserves in 10 years due to the taste for imported goods by Nigerians.

To stop bleeding the external reserve, the CBN has urged Nigerians to begin to process raw materials so as to get more value and earn more foreign exchange.

According to the CBN governor Godwin Emefiele, “exported raw materials such as crude, wood, cocoa amongst others whose end products are later imported, are being sold cheaply and bought back at more expensive rates.”

He said the level of the external reserve will be significantly beefed up if fuel which takes up 20 per cent of Nigeria’s import bill is locally produced.

Defending the decision of the CBN to support the real sector, Emefiele said the apex bank “is convinced that the sector has sufficient employment capabilities, high growth potentials, contributes significantly in accretion to foreign reserves, expands the industrial base and diversify the growth potentials of the economy.”

Emefiele said Nigerians must, by now have been tired of hearing people talk about the potentials of Nigeria, adding that now is the time to live that dream. “ We can achieve our goals and give Nigerians the chance to live longer, better and more fulfilled lives,”he said.

To make this possible, the CBN governor urged “to Nigerians to patronise locally made products to encourage the manufacturers to remain in business, interventions by the bank are centered around agriculture, Micro, Small and Medium Enterprises (MSMEs) and Infrastructure intervention.”

The CBN governor also disclosed that in order to make the real sector attractive to the banking industry, the apex bank has injected over N1.3 trillion into the sector.

 

Nigeria Customs Service Collects N2.5billion Revenue from Detained Vessel

ship vessels

 

The Nigeria Customs Service, NCS, said it generated N2.5 billion as revenue from the owners of a vessel, MV Drago J that recently berthed at the Niger Dock terminal in Snake Island Lagos.

The aforementioned figure were charges the vessel ought to pay, but allegedly did not follow proper berthing procedures; as it sailed straight to Niger Dock terminal from overseas, instead of first stopping at a conventional port on Tin Can Island to complete inspection and other documentation formalities by the Nigerian Ports Authority (NPA), Customs, Immigration’s and other relevant government agencies.

The alleged ‘sneaking’ in of the vessel forced Customs to detain it at Niger Dock pending when it complies with due process procedures including the payment of relevant charges.

The Public Relations Officer, Tin Can Island Command of the Nigeria Customs Service, Chris Osunkwo, who confirmed the N2.5 billion payment also said the Comptroller General of Customs, Hammed Ali, has ordered the release of the vessel.

He said:“Yes I can confirm to you that we collected N2.5 billion revenue from the detained vessel, MV Drago J. It’s government’s revenue and I think they paid earlier in the week. I’m also aware the CGC has ordered the release of the vessel having complied with the directives given by government.”

“The vessel ought to have berthed at a conventional port in Tin Can Island for Customs officers, Nigerian Ports Authority officials as well as other government agencies to perform their statutory functions, after which it would be escorted to Nigerdock, but upon arrival it proceeded to berth directly at the Free Trade Zone”, another Customs source said.

 

Dangote Slashes Cement Price Again!

Giant cement manufacturer, Dangote cement has slashed the price of its cement varieties as a result of its economy of scale occasioned by the recent introduction of new production lines in Okpella Edo State and Itori in Ogun State worth nine million metric tonnes,

The company, in a statement, stated that the price cut from N1800 to N1300 was to ensure the product is affordable to all segment of users.

In the same light the company has gone a step further to train block moulders on the right mix to get quality blocks.

Speaking in Umahia, the Abia State capital during a national meeting of the National Association of Block Moulders of Nigeria (NABMON), Regional Sales Director, Dangote Cement, Johnson Olaniyi, stated that Dangote Cement considered incessant building collapse as an indictment on all sector operators hence his company’s resolve to continue the collaboration with all so as to tackle the menace.

While assuring that Dangote Cement would continue to ensure that block moulders have access to its quality cement as part of its contribution to the war against building collapse, the Sales Director further stated that the company reduced the price of its cement from N1800- N1300 to enable Nigerians have unhindered access to the product.

NNPC Spent $4.13billion on Funding JV Cash Calls in 2015

 

The monthly report on the operations and finances of the Nigerian National Petroleum Corporation, NNPC, for December 2015 has shown that the corporation spent a total of $4.13 billion on funding its cash-calls obligations in the various joint venture operations with the international oil companies operating in the nation.

The report, which was released recently in Abuja by the state-run oil corporation, also revealed that at the close of the year, the joint venture funding gulped more than 87 per cent of the total dollar proceeds it made from its export crude oil and gas trade.

NNPC currently maintains up to six joint venture agreements with different oil companies.

They include: NNPC/SHELL/ELF/AGIP with and equity ratio of 55:30:10:5; NNPC/MOBIL – 60:40; NNPC/AGIP/PHILIPS – 60:20:20; NNPC/ELF – 60:40, NNPC/CHEVRONTEXACO – 60:40, and NNPC/PANOCEAN – 60:40.

Under the JV arrangements, all parties contribute to funding oil exploration and production operations in the proportion of their JV equity holdings and receive crude oil produced earnings in the same ratio.

However, as at January 2015, the NNPC was reported to be indebted to about $5 billion in cash calls to its joint venture partners. The corporation has also faced consistent challenges meeting its funding obligation.

But following an approval for a first line charge to Federation Account as contained in 2015 budget which allowed the corporation a monthly funding of about $615.8 million to its cash call obligation, the report explained that all its crude oil and gas export receipts for the year were swept into the cash call funding pool.

The corporation noted that its finances were also affected by the slide in prices of crude oil.

“The current total export receipt dropped by more than 50 per cent following further slide in crude oil prices and additional shut-in of about 35,000bopd in Usan and Yoho Terminals.

“Other factors include none receipt of NLNG feedstock of about $74.47 million following payment slippage into New Year and 57.08 per cent drop in LPG/NGL lifting,” said the report.

It added that: “Total export crude oil and gas receipt for the period of January – December 2015 is $4.74 billion. Of the total receipts, the sum of $0.61 billion was remitted to Federation Account while the balance of $4.13 billion was used to fund the JV Cash Call for the period.

“Thus JV funding has gulped more than 87 per cent of the proceeds JV cash call is a first line charge to Federation Account and 2015 Approved Budget requires monthly funding of about $615.8m. NNPC is therefore mandated to sweep all the export receipt to JV cash call funding implying a zero remittance to Federation

Stock Market Flags Off New Week on Positive Note as Index Scoops 2.02%

Transactions on the floor of the Nigerian Stock Exchange, NSE, kick started the week on a positive note on Monday, February 7, as All Share Index appreciated by 475.23 points representing 2.02 per cent to close at 23,977.87 basis points, compared with the 0.07per cent depreciation recorded last week.

The market capitalization soared by N163 billion to close at N8.246 trillion from N8.083 trillion it opened.

Market turnover closed negative as volume declined by 65.67 per cent against 79 per cent decline recorded in the previous session.

At the close of trading for the day, FCMB Plc, Zenith Bank, FBN Holdings, Stanbic IBTC Holdings and UBA were toast of investors as they traded the share volume of 38.525 million, 29.326 million, 21.680 million, 21.215 million and 15.431 million worth N34.223 million, N371.245 million, N85.203 million, N297.009 million and N43.371 million respectively.

Market breadth closed positive as Dangote Cement Plc led 17 gainers against 22 losers topped by Mobil Nigeria, which was an improved performance when compared with previous outlook.

NPF Microfinance led the list of active stocks that recorded impressive volume spike at the end of trading.

Top on gainers’ chart was Dangote Cement Plc with a gain of N9.70 kobo to close at N134.00 kobo, followed by Nestle Nigeria Plc with N2.02 kobo to close at N705.02 kobo, Seplat Petroleum Development Company Plc with N2.00 kobo per share to close at N245.00 kobo, Unilever Nigeria Plc gained N1.50 kobo to close at N31.84 kobo and PZ Plc with N1.00 kobo to close at N21.90 kobo per share.

On the other hand Mobil Nigeria Plc topped losers chart with N2.62 kobo to close at N145.01 kobo, Conoil Plc with N2.09 kobo to close at N20.25 kobo per share and Okomu Oil Palm Plc with N1.01 kobo loss to close at N27.99 kobo per share.

 

Dangote Cement Stock Lifts Market Capitalization by N165billion

 

The massive gain recorded in the share of Dangote Cement Plc at the end of trading on Monday, February 7, pushed equity market value by N165 billion.

The gain posted by the giant cement manufacturer alone  overrode N163 billion upsurge in 16 other stocks.

At the end of trading, the market closed in the green zone as market capitalization leaped by N163 billion to close at N8.246 trillion from N8.083 trillion it opened.

Market turnover closed negative as volume declined by 65.67 per cent against 79 per cent decline recorded in the previous session.

Oyo/Osun Customs Command Nets N14.59billion

The Oyo/Osun Area Command of the Nigeria Customs Service, NCS, has raked in N14.59 billion in 2015, as it intensifies effort to expand revenue base.

The Customs Area Controller, Comptroller Tope Ogunkua, revealed this on Monday, February 7 in Ibadan when the Customs Zonal Coordinator, Zone ‘A’, Mr Eporwei Edike, visited the command’s headquarters in Ibadan.

Ogunkua, who assumed duty on Jan.11, 2016, said that what was generated in 2015 fell short of the revenue target of N21.83 billion set for the command.

The News Agency of Nigeria (NAN) quotes Ogunkua as saying that the command generated N15.20 billion in 2014.

The controller attributed the shortfall in revenue to election period, exchange rate and 41 items restricted from foreign exchange transaction by the Central Bank of Nigeria (CBN) in 2015.

NAN reports that the command generated N932.86 million in January 2016.

“Our command is basically more of enforcement than seizures. All officers of the command are focused; which gives me an assurance that we will meet up our expectations.”

“We made giant strides in the area of duty payment on second-hand vehicles as a result of aggressive enlightenment campaign organised by the management of the service, ‘’ NAN quotes Ogunkua as saying.

He said that in 2015, the command intercepted 2,786 vehicles with a Duty Paid Value (DPV) of N294.36 million, adding that it also seized 1,625 vehicles in 2014 with a DPV of N163.64 million.

 

Naira Remains Static At N310 Per Dollar At Parallel Market

The Naira on Monday, February 7, remained stable, exchanging for N310 to the dollar at the parallel market.

The local currency previously exchanged between N305 and N307 to the dollar early last week.

However, the naira closed at N197 to the dollar at the official apex bank rate.

Traders at the market were optimistic that the value of the naira would soar as soon as the Central Bank of Nigeria resumed sale of forex to the commercial banks. (NAN)

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