The Presidency on Monday explained the reason behind President Muhammadu Buhari’s foreign trips, saying that the trips were aimed at recovering funds looted from Nigeria.
The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said this while addressing State House correspondents.
Buhari will on Tuesday travel to France and Britain. He had visited Kenya and Ethiopia last week.
He said so far, Buhari had during his trips secured agreements with various countries on recovery and repatriation of stolen funds.
He also disclosed that some top security officials in the country would, in the next one week, travel to the United Arab Emirates to further actualise an agreement on recovery and repatriation of stolen funds.
“So, the President wants to make it difficult for people, even when they steal from Nigeria, there would probably be no hiding place for stolen assets,” he added.
The Coordinating Director (Domestic Taxes Group) at the Federal Inland Revenue Service (FIRS), Mr. Babatunde Ajayi has revealed that some companies involved in the crude oil exchange agreement with the Nigerian National Petroleum Corporation (NNPC), have no tax returns with the agency.
The companies, include Duke Oil and Trafigura, with Trafigura lifting about 12 million metric tons, in the swap programme and Duke Oil Global Investment refused to furnish it with requested tax inquiries.
According to the representative of Trafigura, Mr. James Juslin, the company has no tax obligations to Nigeria being an international company.
Ajayi reacted to his claim saying any company operating in the country and engaging in transactions must pay relevant taxes, irrespective of where it was registered. Following these revelations, the Hon. Zakari Mohammed led ad hoc committee asked for verification of names and location of all companies in the name of Duke oil.
The committee also mandated the FIRS to set to work by interacting with all the affected companies with a view of ensuring that all the taxes were recovered from them.
Pre-Qualification of Building Contractors for the Civil component of the Rehabilitation of Health Facilities and Centres Located in the Wards ,Local Governments and Townships of Kaduna State
The Kaduna State Government(KDSG)is desirous of carrying out rehabilitation/expansion works on Primary, Secondary and Tertiary Health Facilities and Centres in the state. This is part of the modernization and re-equipping of health facilities.
The work shall include: The rehabilitation of dilapidated components of existing health facilities or centres as well expansion of some of them to accommodate more equipment
The location of the works are: the 255 wards,23 local governments and the various townships of the state. The works shall be awarded in lots-each lot being a single facility or health centre. The list of health centres and schedule of the lots is available on www.kdsg.gov.ng.
The KDSG hereby invites building contractors to submit the listed prequalification requirements for evaluation and contractors for the stated works
SUBMISSION OF PREQUALIFICATION SUBMISSIONS
The following are the prequalification
Documents/Requirements to be met or submitted by prospective contractors:
Full name and nationality (country of registration of the company and evidence of registration)(originals may be required for sighting before any award decision is taken)
Profile of the company including copies of all registration documents.
Evidence of track record of handling and successfully completing similar projects.
Evidence of Tax Clearance Certificate for 2013 ,2014 and 2015(originals will be required for sighting and verification before any awards decisions are made)
Submission of Audited Accounts for the last three years(2013,2014 and 2015)(necessary verifications shall be carried out on any submissions made)
Certified Bank Draft of N50,000.00 made payable to KADUNA STATE GOVERNMENT for each lot applied for.Any LOT not accompanied with a N50,000 draft shall not be considered.
FURTHER INFORMATION
Prequalification Submissions must be made in three (3) copies (one original &two copies)in a sealed envelope clearly marked
“PREQUALIFICATION FOR REHABILITATION OF PRIMARY,SECONDARY AND TERTIARY HEALTH FACILITIES AND CENTRES IN KADUNA STATE.
The Submissions should be delivered not later than 15:00hrs
Nigeria time on the 17th February,2016 to the address below
The Secretary,
Kaduna State Tenders Board
10 Yakubu Gowon Way
Kaduna
Kaduna State-Nigeria
All Submissions will be opened immediately after the deadline in the above stated Office, on the closing date, in the presence of all interested firms that choose to attend.
Please note that:
-Only shortlisted firms will be invited for further consideration.
-Late submissions shall be rejected.
-This advertisement shall not be constructed as a commitment on the part of Kaduna State to contract any company nor shall it entitle any firm submitting documents to claim any indemnity.
-Kaduna State reserves the right to take final decision on any of the submissions received.
-Interested applicants may obtain further information at the address above from 8.00 am to 4.00 pm, Monday through Friday (except public holidays).
-Submission through email or fax will not be accepted.
-All submissions must be made in English Language.
The Senior Staff Association of Nigeria Universities (SSANU), says it will hold an impportant National Executive Council (NEC), meeting in Abuja on Feb. 2, to suspend its over one month old strike.
The Chairman of SSANU, University of Benin branch, Mr John Alilei said the planned suspension was prompted by the Federal Government’s decision to put the directive to sack some university staff workers on hold.
“Information reaching us is that the Federal Government has written letters to all vice-chancellors to stay action on the circular issued to sack primary school teachers in university staff schools.
“To this end, we are going to Abuja tomorrow to hold an emergency NEC meeting with a view to suspending the strike.
“The strike will be suspended on Tuesday and academic work will resume on Wednesday’’, he said.
SSANU went on strike since Dec. 24, 2015 to protest against federal government’s decision to remove the names of the university staff school workers from its pay roll.
The Minister of Power, Works and Housing, Babatunde Fashola, has urged lawmakers to include non-custodian sentences such as community service and correctional penalties as part of the sanctions in the proposed amendment of the FRSC Act 2004.
Mr Fashola, who spoke at a public hearing with the House of Representatives Committee on Road Safety on Monday, said that the amendment to prescribe stiffer penalties for traffic offences reaching up to 60,000 Naira is timely, but might not achieve deterrence as envisaged by the proposed amendment.
A former lawmaker and member of the Nigeria Labour Congress, Comrade Uchenna Ekwe, however, said that the fines should be increased to over N100,000 and should also be broken into two categories to ensure that VIP offenders were duly sanctioned.
According to the Deputy Chairman, House Committee on Road Safety, Solomon Marem, the public hearing focused on two issues – the amendment of the Road Safety Act 2004 to include penalties for certain traffic offences or increase penalties for existing ones and to ensure enforcement of conditions for establishing, registering and operating driving schools.
According to the Chief Medical Director, Dr Lawrence Ayodele, the Federal Teaching Hospital, Ido Ekiti (FETHI), discharged a female lassa fever patient from the hospital after recovery. He said that this was achieved through the determination of staff of the tertiary health institution.
A 19-year-old student of School of Nursing, owned by the institution, was diagnosed with the diseases about three weeks ago and has been receiving treatment at isolation centre of the hospital.
Dr Ayodele reprimanded the care givers who allegedly abdicated their responsibility by refusing to join the team in treating the patient, saying they will be sanctioned for alleged professional misconduct.
He also thanked the Centre for Disease Control and Prevention and the Ekiti State government for their supports. Meanwhile, the CMD awarded Mrs Adejoke Awotona and her team certificates of excellence in service to mark the breakthrough.
Ayodele who stated that the patient was discharged after a post-treatment diagnosis at the Federal Teaching Hospital, Irrua, Edo State called on the minister of Health, Prof. Isaac Adewole, to reward the experts and grant national recognition to its isolation centre.
The Lagos State Government has given illegal abattoirs two weeks within which to close down operations or face severe consequences.
This was contained in a statement signed by the state’s Commissioner for Agriculture, Mr Toyin Suarau, in Lagos on Monday.
The commissioner in the statement declared that such unauthorised abattoir would not be allowed to frustrate the resolve to monitor the quality of meat sold to members of the public.
He said that it had become very necessary to monitor the whole process of meat handling, right from the animal markets to the abattoir, and even its transportation.
The commissioner said that the riot act was part of the measures to curb the spread of unwholesome processed meat and meat products.
He added that that government had handled the distribution aspect by introducing the Eko Refrigerated Meat Van, which was being used to transport meat, rather than the former obnoxious meat transportation.
“Government will continue to close down illegal abattoirs and slaughter slabs, which are not hygienic and not in compliant with the relevant laws governing meat slaughtering in the state’,” the official said
Suarau disclosed that the two weeks ultimatum also affected operators of illegal abattoirs located within Military Cantonments and Barracks in the State, where veterinary officers are denied access.
The Nigeria Manufacturing Trade Fair featuring mPAD (Manufacturing Partnerships for African Development), hosted in Lagos, March 15 – 17, 2016 is brought to you by Spintelligent (Pty) Ltd, Clarion Events Ltd and the Manufacturers Association of Nigeria (MAN).
This is the official annual meeting place and procurement event for the 2,000 invited MAN members who are investing in new technology that will modernise their manufacturing capabilities in accordance with the Nigerian Industrial Plan Revolution (NIRP).
Nigerian Manufacturing Expo is where Nigerian manufacturers come to evaluate and purchase new manufacturing machinery.
Over 2,000 attendees are expected to attend with 100 exhibitors.
iROKO Partners Limited is a super fast growing start-up business. We are the fastest growing digital media company offering West African content globally. Our mission is to provide easier access and discovery of quality entertainment content to hundreds of millions of people on devices of their choice. We work across three continents and have offices in London, New York and Lagos.
We are recruiting to fill the position of:
Job Title: Employee Relations and Human Resources Specialist
Location: Lagos
Reports to: Global Head of HR
Profile
iROKO is on the lookout for an experienced Employee Relations Specialist based in our Lagos office.
You will be responsible for the employee wellbeing over around 100 employees and be an administrative expert with outstanding organisational skills and attention to detail.
You will ideally have experience of payroll administration and health care administration.
You will help organise and launch employee forums and Peer Group meetings and be experienced in mediation and conflict resolution.
Our ideal candidate will be enthusiastic about working in a creative, fast growing business and be able to handle a varied and challenging workload with a calm and cohesive approach and the requisite gravitas to influence and inspire confidence in your approach.
In return we will offer support for you to grow and learn in your role, benefits and the chance to be part of something truly dynamic, progressive and exciting!
Key Responsibilities
Responsible for supporting the employee needs and day to day operations of a busy office
HR Administrative support to the Head of Global HR
Ownership of payroll and benefits administration
Helping prepare proposals, reports and providing support for a new company appraisal system
Recruitment and onboarding support (and experience in interviewing candidates)
Helping put together presentations when required so must be proficient in PowerPoint
Highly numerate with excellent written and verbal communication skills
Proficiency in Microsoft Office and Database Management Skills
Able to effectively manage and plan own work priorities, responding professionally to all requests in a timely manner
Experience in processing visas for international employees
Demonstrated Behaviours:
Self-motivated and ambitious
Second to none attention to detail!
Solution oriented with a creative approach to problem solving
Focused on building strong and effective working relationships
Focused on continuous improvement and development, both personally and on behalf of the company
Able to work calmly and effectively in a fast paced environment
Takes on board feedback and is proactive in acting on flagged areas for development
Educations
A University is degree desirable but not obligatory.
Preferably a qualified member or CIPM Nigeria.
What We Look for In an iROKO Candidate:
At Iroko we passionately believe that all our employees should;
Be bold
Be customer
Be honest
Be fast
Be amazing!
We love passionate, focused, confident and ambitious people with a flexible and dynamic approach to their job.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
MediaVision Limited is Nigeria’s Leading Events Management and Sports Marketing Company with a Vision to be at the Forefront of a Self-sustaining Sports Industry in Nigeria and Africa at large. We are committed to constantly using the vehicle of sports to help our clients reach out in novel, innovative and exciting ways. Over the years, we have been able to build a strong and enduring relationship with corporate Nigeria.
We are recruiting to fill the position below:
Job Title: Graphics/Content Development/Social Media Officer
Location: Lagos
Job Descriptions
To develop visual representation for our social media campaigns
To establish and use a range of captivating visual content on our social media platforms
Develop creative designs and contents for our Newsletters
Prompt upload of event previews on the website
Instant upload of event reviews on the website
Proactively generate contents from recent company activities for uploads on the website
Regular review and overhaul of the outlook of the website
Instant on-site post on our social media channels
Strategically establish campaigns that will significantly grow fan-base
Promote our brands and products via online platforms
Qualifications and Requirements
Minimum of 3 years relevant work experience in brand management
This position is bespoke to the male gender
HND or BSc in any discipline
Applicants should be between the ages of 22-24 years
Familiarity with Standard Microsoft Office packages is a prerequisite.
Good Writing skills and graphics expertise is an added advantage.
Ability to use WordPress and Mail Chimp is an added advantage.
Mind Smith Limited – We are the world’s learning hub, where thousands of parents locate best-fit private teachers for their children across all subjects in primary and secondary school. Our teachers are trained experts in their core subjects and they have been infused with the vision to impart the world- a child at a time.
Job Title: Web Developer
Location: Lagos
Job Descriptions
We are looking to hire the service of a web developer firm/individual to help rebuild our website with the latest applications and build and launch our web application in partnership with one of Nigeria’s telecommunications networks. Treat as very urgent, if you’re interested.
Application Closing Date
10th February, 2016.
How to Apply
Interested and qualified candidates should send their applications and CV’s to:contactus@mindsmithltd.com
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.
The World Bank Country Office in Nigeria is looking for a highly organized, energized and experienced professional, capable of operating effectively in a very demanding and fast-paced environment to serve as a Research Economist in the Macro and Fiscal Management (MFM) Global Practice on a Short-Term Consultancy contract spanning one year (150 working days) and subject to extension. Nigeria has the biggest portfolio for the World Bank Group in the Africa region. In this context, the MFM Global Practice has an expanding and critical work program in helping the WBG meet development needs of the country, particularly in a dynamic and fragile environment.
We are recruiting to fill the position of:
Job Title: Senior Communications Officer
Job #: 160235 Location: Abuja, Nigeria
Job Family: Communications
Job Type: Professional & Technical
Grade: GG
Recruitment Type: Local Hire
Language Requirement: English [Essential]
Background / General Description
The World Bank’s strategy to help end extreme poverty and boost shared prosperity in Africa takes shape across an array of programs tailored to the circumstances and needs of each country. Working with governments and other partners, the Bank is supporting delivery of basic services, extending safety nets, ensuring food security, strengthening small farmers, and supporting enterprise development. Investments in human capacity and in strengthened institutions underlie development strategies.
Africa’s recently robust growth rates are slowing due to lower international prices for oil and other commodities on which a number of countries depend. Meanwhile, stability and security concerns shape the Bank’s work in eighteen countries categorized as Fragile and Conflict-affected States (FCS), where programs aim to accelerate state rebuilding and lower economic disparities among regions and groups.
Africa’s most populous country, Nigeria has enjoyed solid economic growth in recent years, but oil, which accounts for 90% of exports and 75% of consolidated budget revenues, is reeling from global price declines. And despite successful elections, security concerns from Boko Haram in the north and related problems of displacement persist. World Bank commitments in Nigeria of $1.7 billion in 2015 and $2 billion the previous year underscore the country’s strategic importance, and its role as a major economic engine in West Africa.
As Africa’s largest economy, Nigeria carries huge importance for the economic and social well-being of the entire region. Notwithstanding its status as an economic powerhouse, Nigeria is addressing virtually every challenge countries of Sub Saharan Africa are facing: conflict and recovery issues in areas subject to Boko Haram violence; institution-building and resource management; making social safety nets more inclusive and reliable; improving energy supplies for the population.
The Senior Communications Officer for the World Bank in Nigeria must have a firm grasp of this range of political, social and economic challenges and must be well positioned to lead communications interventions that support the country program.
The successful candidate must have a deep knowledge and understanding of Nigeria’s political economy and be positioned to engage leaders with media, the private sector, academia and the full panoply of stakeholders in the country.
The Senior Communications Officer will have a good understanding of reputation risk management and be responsible for supporting complex Bank-funded projects in Nigeria, and for carrying out dissemination strategies for Bank analytical work using creative tools including social media.
Candidates for the position should have a demonstrated capacity for shaping public opinion and influencing the national conversation on critical issues.
The individual should also be ready to provide strategic communications leadership and support to other countries and partners in the region when called upon.
Throughout Africa, policymakers and their international partners are recognizing the critical importance of advancing greater integration among African economies, with the Bank and other donors financing a growing portfolio of regional projects. In this context, the Senior Communications Officer in Abuja Bank Office would lead communications efforts in West Africa for regional projects and for the larger agenda of promoting regional integration.
Africa External Communications and Partnerships (AFREC) employs an extended team of professionals in World Bank Headquarters and across country offices to support the overarching goal of advancing inclusive growth in Africa. AFREC uses the full array of communications tools and methodologies to build awareness and understanding, and mobilize support for development goals. Work programs cover dissemination through traditional and online media, relationship building, analysis of political and project risks, and design of programs to manage those risks. A strategic renewal within AFREC emphasizes closer alignment with operations in the region, and coordination with the Bank’s External and Corporate Relations network, to ensure that AFREC services are critical to regional and corporate priorities, and that they employ state-of-the art communications tools to disseminate information, build understanding, and connect the Bank to a variety of actors involved in poverty reduction and development.
Recognizing that Africa’s economic and social context is rapidly changing, and that communications technologies have revolutionized the ways that information travels, AFREC is building a team of dynamic and innovative professionals prepared to use traditional and digital tools, including social media and multi-media production, to shape the debate on development priorities and trade-offs.
The Senior Communications Officer will be based in the Bank Office in Abuja, leading the communications program there, with particular attention to providing strategic communications advice to complex development projects the Bank supports in Nigeria. Given the size of the investment portfolio in Nigeria, and the country’s critical importance to the region, the Senior Communications Officer will on occasion lead teams on communications projects, and may recruit and manage consultants to work on communications work. Collaborating with AFREC professionals in the region and in Washington, DC, the Senior Communications Officer will also support corporate communications priorities, including dissemination of World Bank flagship publications, executive visits to the region, and the Bank’s Annual and Spring meetings.
As part of the larger AFREC team, the Senior Communications Officer will interact regularly with colleagues in Headquarters and in other field offices, as well as with operational teams in the Nigeria office. A willingness to share knowledge, draw on expertise and help create a supportive work environment is critical. The Senior Communications Officer will report to AFREC’s Communications Manager based in Washington, D.C.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 2 year term appointment.
Duties and Accountabilities
The Senior Communications Officer must have state-of-the-art knowledge in field of communications and public affairs, and ability to address a range of issues related to the Bank’s business and development, including taking the lead on highly visible and sensitive assignments critical to the Bank Group.
S/he leads and implements effective communications and outreach strategies to support the WBG’s corporate, internal, and operational priorities, using the full range of modern communications tools including social media, digital publishing, and multi-media production. It is critical that the communications officer be equipped to gauge risks associated with complex projects and to design and implement strategies to minimize those risks.
Strategies: Responsible for significant portions of leading the design and implementation of strategies to promote effective communications with external and internal audiences on Bank-financed operations, research products, and campaigns. Must be prepared to employ the full array of modern communications tools, including social media, to reach key audiences.
Risk management: On high-risk operations in the country, must monitor perceptions, track shifts in opinion, and respond to inquiries, while publishing and updating key facts about project goals and milestones. Must be able to interact with operations staff and project teams, organizing meetings with media and civil society as appropriate. Must be able to take the pulse of the country and advise country teams, with analyses on the political economy, especially during election years, and regular monitoring of the media.
Relationships: Must be prepared to identify opinion leaders and influential organizations in Nigeria, and guide a strategy of engagement with these various stakeholders, which might range from parliamentarians to faith-based organizations to business associations.
Must have experience mobilizing, and at times shifting opinions, around critical issues. Must have experience in advocacy work, particularly around strengthened governance, fiscal management and transparency.
Products: Responsible for planning and delivering a range of written products on the Bank’s operational goals, results and knowledge.
Must be capable of writing clearly and concisely. Outputs range from traditional press releases and Op-Eds to web features, brochures, Q&As, briefing notes, and speeches. Responsible for updating the World Bank’s internal and external websites for the country.
Events: Coordinates communications activities and events ranging from press conferences to large seminars and town hall meetings, involving external and/or internal audiences.
Representation: Must be prepared to represent the Bank before external and internal audiences, explaining WBG policies and operational goals.
Technical and advisory support: Advises Bank managers and project teams on trends, news developments, or changing circumstances in the political economy that may impact the WBG and its work. Having identified such trends, must be able to fashion strategic responses that mitigate risks.
Provides regular communication support to WBG operational teams and government implementing agencies to assure that project goals are well-explained and that affected stakeholders are engaged. Must be able to make strategic use of public opinion research.
Resource management: Employs appropriate methodologies for handling simple and complex procurement tasks and/or issues. Manages specific line items of unit budget.
Selection Criteria
Minimum Education/Experience:
Typical candidates will possess a Master’s Degree in Communications, International Relations/Public Affairs, Journalism, Political Science or related disciplines, with 10 years of experience in designing and leading communications efforts, or equivalent combination of education and experience.
Communication Strategy and Execution in International Development: Demonstrates a working proficiency to lead the planning, development, and execution of a communication strategy for moderately complex projects. Leads research efforts to identify and map project stakeholders or intended audiences; leads media and audience outreach, identifying audience needs. Independently implements communication strategies for moderately complex projects and can use feedback from evaluation tools to strengthen programs. Helps others develop this competency.
Broad Business Thinking: Capable of distilling an in-depth understanding of the long term implications of decisions, both for Nigeria and for the Bank. Involves the key players in identifying operational needs, challenges and immediate solutions. Ensures that decisions are supported by relevant stakeholders and can explain the business case for decisions.
Client Understanding and Advising: Looks at issues from the client’s perspective and advocates for clients. Works with others across the VPU to define client needs and develop the best approaches to meet them. Asks probing questions to understand unmet needs. Focuses on achieving sustainable results for clients, and proposes solutions to mitigate risks.
Content Development and Editing:
Takes full responsibility for the development of content for timely dissemination. Can ensure the development of communications products meeting WBG standards on structure, clarity, and persuasiveness.
Social Media, Information Channels, and Communication Tools:
Demonstrates mastery of current media channels and tools, including social media. Modifies communication strategies and products to leverage innovative communication tools and channels. Must have experience choosing communications tools and channels based on audience research and strategic goal-setting.
Relationship Management, Political Awareness and Diplomacy: Builds strategic relationships with critical internal and external constituencies, fostering partnerships that strengthen support for development objectives and mitigate reputational risks. Maintains and leverages high-level communication networks and contacts within key constituencies. Provides guidance to other internal WBG groups on how to best manage critical relationships.
Lead and Innovate: Contributes new insights into development challenges and fashions solutions to complex problems. Adapts as circumstances require.
Collaborate Within Teams and Across Boundaries: Appropriately involves others in decision-making and communicates with key stakeholders. Approaches conflicts as common problems to be solved. Actively seeks and considers diverse ideas and approaches, displaying a sense of mutuality and respect. Integrates WBG perspective into work.
Application Closing Date
22nd February, 2016.
How to Apply
Interested and qualified candidates should APPLY
The Central Bank of Nigeria, CBN, has stated excess liquidity permeated the banking system reasonably well in 2015.
In its half year activity report in Financial Markets Department it made available on its website at the weekend, the CBN stated liquidity was influenced by fiscal injections through Statutory Revenue Allocations (SRA), Value Added Tax (VAT), budget augmentation, Subsidy Reinvestment and Empowerment Programme (Sure-P), amongst others.
Other forms of injections included payments for Joint Venture Cash (JVC) calls to oil partners and the repayment of matured government securities to investors.
To moderate the liquidity overhang, however, CBN said it intervened through Open Market Operations at various intervals.
The report showed that 47 auctions were conducted using CBN Bills with tenors ranging from 91 to 301 days, which resulted in the aggregate mop-up of N4, 261.72 billion compared to N4, 484.93 billion in the first half of 2014.
It explained that withdrawal of liquidity from the system were through the NNPC transfer of funds to the Federation Account at the CBN for disbursement to the federating units, sale of foreign exchange and Federal Government of Nigerian (FGN) debt instruments to the public.
Other instruments used for liquidity management included the cash reserve ratio (CRR) which had 20 per cent for private sector deposits and 75.00 per cent on public sector deposits till May 19, 2015 when the Monetary Policy Committee (MPC) harmonised it at 31.00 per cent for both sector deposits.
In addition, the maintenance period was adjusted to weekly from bi-weekly. The MPR remained at 13.00 per cent with, the symmetric corridor of -/+ 200 basis points.
To aid short-term liquidity management by the deposit money banks.
The N331 billion inflows from payment of matured treasury bills halted the huge outflows experienced by the interbank money market, which led to scarcity of funds.
Findings revealed that the amount of idle cash in the market dropped from N633 billion on Monday to zero at the end of business on Tuesday as banks diverted the idle cash to participate in foreign exchange sales by the Central bank of Nigeria (CBN).
The ensuing scarcity of funds caused cost of funds to rise sharply from Tuesday to Wednesday. Data from Financial Market Dealers Quote (FMDQ) show that cost of unsecured lending rose from 0.67 percent on Monday to 7.17 percent on Tuesday and further to 8.61 percent on Wednesday. Similarly, cost of Over-night lending rose from 1.08 percent on Monday to 8.08 percent on Tuesday and further to 9.25 percent on Wednesday.
This trend was however reversed on Thursday when the market experienced inflow of N331 billion from payment of matured treasury bills. As a result, amount of idle cash in the market rose and closed the week at N462 billion. Consequently, cost of unsecured lending and Over-night lending fell sharply on Thursday and closed the week at 0.71 percent and 1.08 percent respectively.
Reflecting the improved liquidity (cash) in the market, treasury bills auction held on Friday recorded 400 percent oversubscription. Though the CBN offered N50 billion worth of secondary market bills (OMO), investors however demanded for N233.428 billion at interest rates (bid rates) ranging from 7.5 percent to 10 percent. The CBN accommodated N131.523 billion stopping at 7.6 percent.
President/Chief Executive of Dangote Group , Aliko Dangote has said the conglomerate is focusing on generating foreign exchange earnings over the next five years when all its projects are completed.
The business tycoon said this in a Pre-Convocation lecture of the Ahmadu Bello University, Zaria, at the weekend, adding that the Group will be the country’s largest forex earners after the Nigerian National Petroleum Corporation (NNPC).
Dangote listed the 650, 000 barrels per day refinery and a separate 1.2 petrochemical complex that will be completed in 2018 as one of the projects that will generate at least $6bn foreign exchange for the nation.
“In total, we are investing over $19 billion across our various businesses as we consolidate in some, grow others and venture into new fields and enterprises,” he said.
Dangote Group, he said, is furthering a new ground by investing in two 554Km, three billion square cubic feet (scf) gas offshore pipeline project.
The project which is the first indigenous owned undersea gas pipeline that will supply gas to industries and power plants, would be run from Bonny through the various gas fields and would generate 12,000MW of power.
According to him, some other investments, according to him, include a $5bn joint venture agreement with the Black Rhino Group to develop energy infrastructure in Africa.
The Nigerian Electricity Regulatory Commission, NERC, said on Monday, February 1, that the new electricity tariff regime (MYTO 2015) has the mechanism to meter all consumers within one year.
The Acting Head of the commission, Anthony Akah, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja.
Akah said:“The new tariff, besides eliminating fixed charge, has a robust mechanism to ensure that DISCOs (Distribution Companies) fully meter their consumers and eliminate ‘crazy’ billing within one year.’’
He said that the new tariff regime if allowed to work, was a realistic tariff.
Akah said the new tariff would protect consumers’ interests and allow more efficient billing system.
He said that the tariff would also fast-track the development of the nation’s economy.
Akah added that the tariff would encourage massive metering of customers and would also reduce losses suffered by power investors.
He said that the removal of fixed charge under the new tariff was in response to electricity consumers’ complaints.
Akah said that no DISCO would connect new customers without first providing them with meters.
The Federal Government has expressed it’s readiness to fund 2016 budget with proceeds from the non-oil sector of the economy.
The Minister of Budget and National Planning,Udoma Udo Udoma, said: “As we all know , these are tough times for Nigeria. It is challenging times but this can also be an opportunity to move away from dependence on oil.”
“I believe we can get there, we must look at internally generated revenue and this is what we have started doing. The 2016 budget is in fact not funded with crude oil receipt.”
The Minister in his remark during the visit of members of the Senate Committee on Planning to his office.
He said in de-emphasising proceeds from oil, the present government only set a target of N820 billion as revenue from the oil sector while it hopes to rake in N1.45 trillion from the non-oil sector and N1.51 trillion expected as independent revenue from government agencies.
Udoma, who expressed Federal Government’s readiness to make a shift from the old ways of sourcing funds for government stated that ministers of various ministries have been mandated to look inward to generate funds through public-private partnership to fund some of their infrastructural projects.
Earlier in her address, Zainab Ahmed, the Minister of State for Budget and National Planning spoke on the Ministry’s plans to update Nigeria’s Vision 2020 agenda with a view to taking account of its development priorities.
She urged members of the committee to help with the quick passage of Bill on Development Planning and Project Continuity submitted to the National Assembly two years ago as well as the National Council on Management Development (NCMD) Amendment Act which has passed second reading.
Chairman of the Senate Committee on Planning and former governor of Kano State, Rabiu Musa Kwankwaso, expressed the willingness of the Senate to collaborate with the ministry to fast track the passage of the necessary bills to enhance the growth of the Ministry.
Trading activities on the floor of the Nigerian Stock Exchange, NSE, traveled south on Monday, February 1, opening the new month on a negative note.
The NSE all share index also dipped by 89.39 points, representing 0.37% per cent loss from 23,916.15 basic points to close at 23,826.76 points compared to 1.3 per cent increase on Friday, January 29.
The market capitalization at the end of the trading dropped from N8.225 trillion to N8.194 trillion.
Market breadth closed negative as Seplat Petroleum Development Company Plc led 19 gainers against 25 losers, topped by Forte Oil Plc at the end of the trading session, which was an unimproved performance when compared with the previous outlook.
Market turnover closes positive as volume soared by 8.70 per cent against 11.6 per cent decline recorded in the previous session.
A statistical report obtained from the National Bureau of Statistics (NBS) has shown that 13 power Generation companies (Gencos) have raked in about N248billion profit between 2010 and 2014, after spending N153billion on production.
The report released over the weekend captured data from 13 Gencos that had operated during the period. They generated about 5.2billion megawatts hour (mwh), showing an estimated average of 3,500megawatts (mw) generation through the years.
The 13 Gencos comprising 12 gas-fired plants and one hydropower station (Kainji/Jebba Power) made a turnover of N265.074billion in the period that spanned four years before the privatisation and one year after.
While they expended about N153.203billion as production cost, excluding labour and other miscellaneous debts, the estimated profit made was put at N248.504billion.
The only loss incurred was from the Alaoji Genco, recording a loss of about N8.412bn due to shortage of gas as only some units were working throughout the year out of the 504mw capacity. It got a turnover of just N297.595million after it generated 32,609mhw electricity for the eight-month period.
The plant was one of the 10 small and medium gas-fired plants under the National Integrated Power Projects (NIPPs) which started operation in April 2015.
Showing the breakdown of the spending and earning, statistics indicated that Geregu I Power station, operated since 2010, had a turnover of N39.904bn, removing a production cost (without labour) of N14.658bn, the plant earned N25.246bn by 2014. It is expected to churn out 159mw daily this year.
Afam power operated within the same period and recorded a turnover of N10.685bn, less production cost of N2.864bn, it made a profit of N7.821bn.
The AES power, on its part, got a profit of N27.073bn after it has removed N19.057bn for production cost. It generated 2.041million mhw between 2010 and 2014, operation between 2010 and 2014 (in five years).
NAOS JV Independent power Plant (Agip IPP) within the same period generated 5billion mhw at a meagre cost of N256.060m. Its profit for the huge generation was N128.349million.
Another old plant, Omotosho Electric Power, spent N6.436bn on production and gained N5.834bn. It is expected to generated 254mw all through 2016.
The Olorunsogo Power started operation in January 2011. It spent N27.774bn and raked in N5.848bn as profit by 2014. It will be producing 231mw daily this year.
Ogorode Genco, one of the 10 power stations in the National Integrated Power Projects (NIPP) started operation in September 2011. It gained N9.203bn and paid N17.468bn for production.
The other NIPP plant, Omotosho Genco, started operation in May 2012. It paid N19.174bn to produce 3,344million mhw and gained N11.297bn. It is estimated to produce 226mw electricity daily in 2016.
The third NIPP, Geregu II Genco, started in May 2013. After spending N12.023bn on production, it gained N7.106bn. It should generate 213mw daily this year, which is about half of its installed capacity.
The Benin GENCO (NIPP) started operation in May 2013 and generated 1.983millon megawatts hour (mwh). While it got N9.335bn profit, it spent N8.885bn on production. Its present estimated capacity is 279mw daily output.
The fifth and youngest NIPP is the Alaoji Genco in Abia State which started operation in April 2015. It generated 32,609 mwh after spending N8.710bn on production. It recorded a loss of N8.412bn and it was estimated to produce 130mw daily this year, far lower than its 504mw installed capacity.
The Nigerian Electricity Supply Corporation (Nesco) Ltd was in operation since 2010 and generated 143.780million mwh by 2014. While it spend N1.607bn on production, it gained N1.554bn.
The only hydropower station captured in the report was the Kainji/Jebba station. The data was from the fourth quarter of 2013 when it privatised (under concession). By 2014, it has generated 3.326millon mhw of which N24.129bn was spent to produce. It however recorded N9.838bn profit and expected to contribute 367mw daily to the national grid in 2016.
