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Seplat Takes Over Operatorship of OML 53 And OML 55

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today announces that the Supreme Court of Nigeria has delivered its judgement in favour of Seplat and Chevron Nigeria Limited (“CNL”) in a litigation brought against both parties by Brittania-U Nigeria Limited (“Brittania-U) that had to date prevented the full transfer to Seplat of a 40.00% working interest in OML 53 and effective 22.5% working interest in OML 55 (held through 56.25% ownership of the share capital of Belemaoil Producing Limited) that the Company had acquired from CNL in February 2015.

“We are naturally very pleased with today’s ruling, not least because it means we are now free to deploy our proven operating expertise to realise the significant reserve, production and value potential these blocks hold.  To give an idea of scale, we estimate these blocks to hold recoverable volumes of around 200 million barrels of oil equivalent net to Seplat, a material volume by any standard and one which has now been unlocked for us,” said Austin Avuru, Seplat’s Chief Executive Officer.  “OML 53 fits neatly within our strategy of securing, commercialising and monetising natural gas in the Niger Delta to supply the rapidly growing domestic market and will further reinforce our position as a preeminent supplier of gas in Nigeria.  OML 55 provides us with a number of attractive opportunities to boost oil and gas output, and is consistent with our strategy of prioritising assets that offer near-term production growth, cash-flow and reserve replacement potential in the onshore and shallow water offshore areas of Nigeria,” he added.

Background

On 5 February 2015 the Company announced that it had acquired a 40.00% working interest in OML 53 from CNL.  Simultaneously the Company also announced that it had concluded negotiations to purchase 56.25% of the share capital of Belemaoil Producing Limited (“Belemaoil”), a Nigerian special purpose vehicle that had completed the acquisition of a 40.00% interest in the producing OML 55, also from CNL.  Seplat’s effective working interest in OML 55 as a result of the acquisition is 22.50%.  NNPC holds the remaining 60.00% interest in both OML 53 and OML 55 and, pursuant to the Joint Operating Model, Seplat was designated operator of OML 53 and OML 55 (together the “Assets”).

However, the full completion and transfer of these assets and operatorship was hindered by a litigation brought against CNL and Seplat by Brittania-U, one of the counter bidders that also sought to acquire the assets from CNL and contested the outcome of the sales process.  The litigation reached the Supreme Court, the apex court in Nigeria, following an appeal brought by Brittania-U against the judgment of the Court of Appeal in Nigeria. The Court of Appeal decision delivered on 20 June 2014 set aside the ruling of the lower court which had extended an ex-parte order of interim injunction obtained by Brittania-U at the commencement of the action.  Brittannia-U had also sought the order of the Supreme Court for an interlocutory injunction restraining CNL and Seplat from proceeding with the sale and transfer of the Assets, until the determination of the appeal by the Supreme Court.

The Supreme Court has today delivered its judgement and ruled in favour of CNL and Seplat.  This ruling allows CNL to conclude the full transfer and operatorship of the Assets to Seplat with immediate effect.

OML 53

OML 53 covers an area of approximately 1,585km2 and is located onshore in the north eastern Niger Delta.  The block contains the large undeveloped Ohaji South gas and condensate field, the development of which will be co-ordinated with the Shell Petroleum Development Company of Nigeria (“SPDC”) operated Assa North field on adjacent OML 21, together referred to as the ANOS project.  The expectation is that future gas production from the ANOS project will supply the domestic market, for which significant work on commercialisation terms and development concepts has already been undertaken.   The block also holds the Jisike oil field, located in the north western area of the block, which is currently the only producing field on OML 53.   Gross production from Jisike in 2015 averaged 1,715 bopd (686 bopd on a 40.00% working interest basis).  Existing infrastructure Jisike comprises flow-lines, phase one separation facilities and a flow station with a design capacity of 12,000 bopd and 8 MMscfd.  Oil production is then sent for further processing at the nearby Izombe facilities on OML 124 from where it is exported via pipeline to the Brass oil terminal.  There is also shallow oil development potential at Ohaji South that could be pursued as a separate standalone project in the near term.

The Company estimates net recoverable hydrocarbon volumes attributable to its 40.00% working interest to be approximately 51 MMbbls of oil and condensate and 611 Bscf of gas (total 151 MMboe).

OML 55

OML 55 covers an area of approximately 840km2 and is located in the swamp to shallow water offshore areas in the south eastern Niger Delta.  The block contains five producing fields (Robertkiri, Inda, Belema North, Idama and Jokka).  The majority of production on the block is from the Robertkiri, Idama and Inda fields.  The Robertkiri field is located in swamp at a water depth of five metres and has a production platform and utility platform installed.  Production capacity at the Robertkiri facilities is 20,000 bpd and 10 MMscfd.  Production facilities at the Idama field comprise a jack-up mobile offshore production unit (“MOPU”) and riser platform that have a capacity of 30,000 bpd of total fluids and 34 MMscfd.  The Jokka field is produced through a manifold tied-back to the Idama facilities.  Production facilities at the Inda field comprise a MOPU with a capacity of 30,000 bpd of total liquids and 34 MMscfd.  Overall, the infrastructure on OML 55 comprises four flow-stations, a network of flow-lines and two eight-inch pipelines that connect to third party operated infrastructure.  The Belema field is unitised with OML 25 and is produced via a flow-station on that block.  All produced liquids from OML 55 are delivered via third party infrastructure to the Bonny terminal for processing and shipping.  In addition to the oil potential on the block there is also an opportunity to develop the significant gas resources that have also been identified. Gross production from OML 55 in 2015 averaged 7,746 bopd (1,743 bopd on a 22.50% effective working interest basis).

The Company estimates net recoverable hydrocarbon volumes attributable to its 22.50% effective working interest to be approximately 20 MMbbls of oil and condensate and 156 Bscf of gas (total 46 MMboe).

Kebbi Hospital to Sensitize Staff on Outbreak of Lassa Fever

The Sir Yahaya Memorial Hospital in Birnin Kebbi, Kebbi state, has organised a sensitisation workshop on prevention and treatment of infectious diseases including Lassa fever.

According to the hospital’s Director, Dr Jafar Augie, the workshop was developed to sensitise and enlighten the medical personnel on preventive and curative measures against outbreak of diseases.

 He also said that the hospital has increased its efforts to enlighten citizens through Radio jingles so as to curtail the outbreak of diseases.
Augie added that it was necessary for health institutions to adopt proactive measures on how to curb outbreak of diseases that the public would be aware and implement.

He applauded the state government for providing logistical support available to the hospital for the treatment of patients.

Fake Navy Commander Arrested over Theft of Cars Worth N13.9 Million

A 39-year-old self-professed Navy Commander, Adekanla Ayodele, has been accused of stealing five vehicles worth N13.9 million.

The accused who duped his victims, Mr. Iredodia Obazee and Mr. Usman Muda under the guise of been a Navy Commander, was said to have worn the naval uniform with the badge of a Commander and in the company of some accomplices. They reportedly obtained the five Toyota Sport Utility Vehicles, SUVs from the owners sometime in December, 2012.

The victims reported to the police and Ayodele was later arrested.
Following his arraignment on Thursday before an Igbosere Magistrates’ Court in Lagos, the prosecuting officer, Inspector Stephen Molo, told the court that the defendant, who resides in the Ajah area of Lagos, and others who are still at large unlawfully obtained the vehicles.

The self-acclaimed Commander was arraigned on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and impersonation.

The prosecutor listed the vehicles to include: One unregistered Toyota Highlander Jeep (2004 model), one unregistered Toyota RAV4 Jeep (2008 model), two unregistered Nissan Pathfinder Jeeps (2005 model); and one unregistered Toyota Tundra Jeep (2002 model) all valued at N13.9 million.

Ayodele, however, denied the charges, saying that he was just a businessman.
In her ruling, the Magistrate A. O. Sholadoye granted the accused N500, 000 bail with two sureties in the like sum, one of whom must be a senior military officer.

Sholadoye adjourned the case to March 22 for further hearing.

Senator Melaye Accuses Obasanjo of Exposing Lawmakers To Corruption

A letter written to the leadership of the National Assembly by a former Nigerian President, Olusegun Obasanjo, is raising dust in the country, as a Federal Lawmaker, Senator Dino Melaye, is accusing the former President of exposing the National Assembly to corruption.

In his statement, Senator Dino described Mr Obasajo’s action through the letter as a ‘misplacement of anger’.

Part of the letter reads;

“I have tremendous respect for the former President, but if the truth must be told, Obasanjo’s letter to the 8th National Assembly on the issue of corruption, introduced by himself to the 4th Assembly, was uncalled for, moreso, when the 8th Assembly and in particular, the 8th Senate, has nothing to do with corruption,” the lawmaker claimed.

He added that though he was against corruption anywhere in Nigeria, he would not support accusations based on anger and vindictiveness.

Senator Melaye further alleged that the government of former President Obasanjo exposed the National Assembly to corruption and easy money and expressed hopes that the letter the former President sent to the National Assembly was not in an attempt to cover up and distract attention from the Halliburton and Siemens corruption allegations.

Former President Olusegun Obasanjo had written to the National Assembly criticising the lawmakers of being insensitive by planning to buy cars for themselves despite the harsh economic situation in Nigeria.

President Obasanjo in the letter also urged lawmakers to be transparent in their finances by publishing their recurrent expenditure and opening their books to an external auditor from 1999 till date.

MKO Abiola Airport Will Rank Best in Nigeria After Completion – Contractor

The consultant engineer to the Osun State ‎government on the MKO airport project, Wemimo Adebajo, has said that the airport when completed, will rank among airports with the longest runways in Nigeria.

Adebajo, during an inspection tour of facilities at the airport with journalists, stated that the present site of the MKO Abiola Airport was the first place where aviation activities took place in the whole of West Africa.

The consultant, speaking on the level of work at the airport noted that government, having spent N2.7 billion out of the revised total N11billion cost of the project, put the level of work done so far at could 25 per cent.

He noted that the West African Frontier Force was lifted from the Ido-Osun aerodrome, the present site of the MKO international Airport project during the world war II, hence the conscious effort by the state to make it the best in Nigeria if not in Africa.

He told journalists that the tour of the facilities became necessary so that journalists would be adequately informed about the magnitude of the work done so far and to be in a position where they could adequately educate members of the public in the light of the hash, but uninformed criticism from the opposition in the state.

He however said there is still more to be done, I believe the airport is good for the state. The main delay right now is a question of funding and the state is seeking ways on how to make it available.

Ghana Bemoans Low Gas Suppy from Nigeria

The Ghanaian government has bemoaned the inadequate supply of liquefied natural gas it is getting from Nigeria through the West African Gas Pipeline (WAPG) scheme.

Chief Executive Officer, Ghana National Petroleum Corporation (GNPC), Alexander Koffi-Mensah Mould, who decried the under-utilisation of multi-billion dollar pipeline, which supplies a paltry 50 million scfpd to the country, out its 460 million scfpd capacity, said the country would discuss with the Nigerian National Petroleum Corporation (NNPC) on the issue.

He also disclosed that his country is presently working on a new Liquefied Natural Gas (LNG) plant with a capacity to produce 500 million scfpd and expected to be completed by the end of this year.

Mensah said that the ineffective utilisation of ample gas resources in Nigeria is affecting both country, hence, hindering industrial growth.

“Country like Nigeria has enough gas to produce electricity for the whole of West Africa,” he said.

Minister Advocates Agricultural Production As Alternative to Crude Oil

The minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said that the federal government is seeking the support of states in its efforts to improve agricultural production in the country.

The minister said this during his meeting with members of the Cotton Ginners Association of Nigeria led by the President, Alhaji Salmanu Abdullahi in his office recently.

According to the minister, the call for support on state governments had become necessary as more investments and innovations would be needed to reposition the country’s agricultural sector as an alternative to crude oil.

Ogbeh who expressed displeasure at the tragedy that had befallen cotton production in the country noted that tree crops like cocoa, palm oil and rubber among others had hitherto formed major players in the economic growth of Nigeria. He said the yield of 300 kg of cotton per hectare is very low; stressing that, the use of biotechnology would be introduced to improve agricultural production in the country.

He stated that the present administration would make agricultural practices an all year round operation with the provision of improved irrigation facilities in all states of the federation.

The president lamented that as a result of the decline in cotton production in the country, only 10 out of the 52 ginneries installed by the association were operational and produced below their installed capacities of 20- 30 per cent, saying some African countries solely depended on cotton production to sustain their foreign exchange.

POWER & ENERGY JOBS | Ikeja Electricity Distribution Company (IKEDC) Fresh Graduate & Exp. Job Recruitment 2016

Ikeja Electricity Distribution Plc, Nigeria’s largest power distribution network, came into existence on November 1st, 2013 following the handover of the defunct Power Holding Company Of Nigeria (PHCN) to NEDC/ KEPCO Consortium under the privatization scheme of the Federal Government.

The consortium has the Korean Electric Power Corporation (KEPCO) which generates about 84,000MW in capacity and has a global efficiency record of a maximum down time period of slightly above three minutes annually as technical partners.

This partnership has positioned IE to effectively drive its commitment to deliver efficient and sustainable power supply through investments in new technology, infrastructure upgrade and human capital development.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MANUFACTURING JOBS | Graduate Zonal Sales Executive at May & Baker Nigeria Plc

May & Baker Nigeria Plc – We are committed to applying our resources and science to improve the quality of life. We provide quality and affordable medicines, food and beverages to those who need them.

We are recruiting to fill the position below:

Job Title: Zonal Sales Executive

Location: Lagos

Job Descriptions

  • Reporting to the Field Sales Manager, the incumbent will be expected to promote, sell and redistribute the company’s products to distributors and retailers to achieve agreed sales targets.

Job Requirements

  • Candidates must possess an HND/B.Sc in any discipline with at least one (1) year field sales experience.
  • Experience in the FMCG industry and certification from a Sales and Marketing programme will be an added advantage.
  • The incumbent must also possess excellent interpersonal and persuasive skills.

Remuneration
Attractive and negotiable.

Application Closing Date
4th February, 2016.

Method of Application
Interested and qualified candidates should:
Click here to apply online
Or
send their CV’s to: careers@may-baker.com

Dangote Cement Plc Fresh Job Recruitment (7 Positions) – UPDATED

Dangote Cement P.L.C. is the biggest quoted company in West Africa and the only Nigerian company listed among Forbes Global 2000 Companies. The Company currently has several cement production plants in Nigeria in addition to presence in 14 other African countries. To consolidate its current strategic expansion drive and as part of our growing vision.

We are recruiting to fill the positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

REAL ESTATE & CONSTRUCTION JOBS | Stag Engineering Nigeria Limited Fresh Job Recruitment (4 Positions)

Stag Engineering Nigeria Limited is a leading wholly Nigerian owned engineering firm in Nigeria. The company has over 40 years’ experience in providing expert engineering services and mercantile power to discerning clients in Nigeria and West Africa. At present it delivers over 1,000MW of mercantile power to these clients. The company has recently expanded into the marine and will be expanding its expertise to railway solutions in 2013.

We are recruiting to fill the following vacant positions in our Regional Offices:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

On the Internet, You Can Cook Up a Storm…Literally

Nigeria

Quite recently I spent a day with a friend who termed himself a Foodie. Now if you’re like me, you are probably hearing this word for the first time.  The word “foodie” refers to a person who has an avid interest in food or one who has an ardent or refined interest in food. While I’d normally shrug off the idea that a person without any culinary training could know so much about food as to qualify himself a “foodie”, the level of knowledge displayed by this individual proved his claim true. So I dared to ask the question: “how come you know so much about food”. The answer? The Internet.

I thought I’d look into it, and share a few tips (maybe in the process I might also add a few new titles to my name). Here’s what I found.

Gourmet-meals-delivered-Fusilli

There are more people eating online…

Chefs have been recording and sharing recipes since Roman times when, in the late fourth century, the Apicius was compiled for use in the kitchen. Through the centuries, documenting and distributing cooking techniques has evolved from print, to broadcast, to online video sites like YouTube where thriving epicurean communities have emerged.

On YouTube for instance, there is a vibrant community sharing recipes, exchanging techniques and updating the culinary landscape. Professional and everyday chefs are taking their place in the spotlight by showcasing their talent and passion for food. Many of these progressive people turn a video camera on themselves while they cook in their home kitchens and, through their YouTube videos, share their recipes with the world. Others from across the globe try these dishes, comment on them via text and response videos, and even offer their own suggestions.

At all times, YouTube offers a single place to turn to for every kind of recipe imaginable, from quick chocolate chip cookies to an impressive jollof rice and moi moi (with 7 lives). Parents coming home from work may not have time to whip up a three course dinner, but they can go to YouTube to watch a short video and get advice from other parents who have tips for making speedy meals. Meanwhile, those who are interested in gourmet can find easy-to-follow videos featuring elaborate and elegant fare.

Many chefs and caterers have also created videos with their favorite recipes.  Video is a great way to learn about cooking cuisines from around the world, because you can see what the required ingredients and cooking tools look like before you go the store.

Sometimes, money is not an object

Why splurge on an expensive or exotic dinner when you can cook the same for cheaper at home using ingredients you can handpick? Via online video, you can find detailed instructions and visual demonstrations that will allow you to cook complex dishes or transport yourself to another continent. For example, spice lovers will be amazed at the amount of traditional Indian food recipes that can be found online!

We have lots of examples of challenging recipes and some countries, like Spain, the UK and even Nigeria have local examples of YouTube cooks that are constantly sharing ideas on how to prepare expensive recipes using home-sourced, everyday ingredients.

Everything starts with a search, even the best meals

For most people today, the first step to innovation is a web search. And this is also true in the case of cooking.

It’s really quite simple: type in the search bar a couple of the ingredients that you have at hand, along with the word “recipes.”  Your search results will include a variety of recipe suggestions using those ingredients.

Other search tips include:

– try ingredients in plural and singular: [avocado apple] gives different results than [avocados apples]

– if you want to exclude an ingredient because you don’t like it or are allergic to it, put a minus sign in front of the word: [bacon salad -avocado]

– if you prefer a certain cooking style or technique, like “broiling” or “sauteeing, ” add that to your search query.  You could also narrow down your results with terms like “vegetarian” or “diabetic.”

– don’t enter too many terms, or you might narrow down your results too much.  Part of the fun is sifting through the search results and discovering new cooking-related sites.

The great thing about web search applications like the Google app is that they are available on your mobile phone – useful on those many occasions when you’re already at the market and you realize you have no idea what’s for dinner or you’re tired of your usual Tuesday basics.   If you see a particular type of meat on sale, or you finally find that type of fish you’ve always wanted to try, you can look up a recipe and easily go pick up additional ingredients.

You can also have a look at the Play store or the Apple App Store for cooking and recipe apps that you can browse while in traffic.

Abuja Local Farmers Plead for FG Support on Land Acquisition

Rural farmers in the federal capital territory (FCT) have pleaded with the federal government for land allocations to enable them embark on massive production of food.

The farmers made the demand recently in Abuja, during an Avian Influenza (AI) sensitisation campaign and interactive session with rural farmers in Jikwoyi Phase 4, Karu local government area of the FCT, organised by the African Centre for Food, Agriculture and Sustainable Development AFRI-CASD

The farmers, among other challenges, bitterly complained on non-availability of land as a major constraint to farmers in the FCT.

Former Deputy Director Pest Control at the Ministry of Agriculture, Mr Joseph Olorunda who  Spoke on behalf of the farmers, affirmed that, to embark on a large scale farming, which will be beneficial to the country, there is need for the government to support farmers on acquisition of land for this purpose.

According to him, most of the land used for farming in the nation’s capital is either on lease or borrowed.

Earlier, the executive director, Afri-CASD, Mr Bamidele Adanikin, expressed dissatisfactions over the challenges often faced by Nigerian farmers despite the importance of Agriculture to reviving the country’s economy.

He explained that not only are farmers at the mercy of buyers of farm produces, but are often faced with post-harvest losses in terms of perishable produces.

Adanikin stressed the need for the establishment of agriculture commodity marketing board by the government, so as to reward the labour of farmers.

While speaking on the FG’s free meal scheme for schools, the Executive Director, urged the Federal Government to develop a policy that will ensure that food commodities are gotten directly from local farmers.

He said, food commodities such as Rice, Garri, Fishes among others should be purchased directly from local farmers rather than importing these from other countries.

Over 7,000 Unregistered Private Schools Operating in Lagos – Deputy Governor

library

The Lagos State Deputy Governor, Dr Idiat Adebule, on Thursday has decried the high number of private schools operating illegally in the state, saying that over 7,000 private schools in the state were not registered with the ministry of education and as such they were operating illegally.

Adebule spoke at the Stakeholders’ Meeting with Proprietors and Owners of Private Schools organised by the Office of Education Quality Assurance of the Lagos State Ministry of Education.

“Statistics show that we have over 11, 000 private schools in the state, but only 4, 000 are registered with the ministry of education, meaning that many are operating illegally.

“Many private schools do not employ qualified teachers and school administrators and at the end, students’ outcome and performances will be negatively affected.

“Right now, we are dealing with the cases of 25 schools sanctioned by WAEC for malpractices. This is not good at all as it affects the state in terms of national rating.

“I urge school owners to stop cutting corners for the sake of making money and protect the integrity of the education sector, ” she said.

Adebule said the government would sanction and shut down any private school that did not comply with laws and regulation of the state’s education sector.

The deputy governor said that the government would commence census of private schools in the state and intensify regulation to ensure that required standards were upheld.

She also promised to meet with the tax authority to review levies, dues and taxes, to make operations easier for proprietors.

 

60,000 Children Infected with TB Annually in Nigeria

A Non-Governmental Organization, Partnership Nigeria, has disclosed that children account for about 10% of the 600,000 cases of tuberculosis recorded annually in Nigeria, with Nigeria ranked third amongst countries with the highest rate of Tuberculosis infections.

WHO states that Tuberculosis is the most common cause of death in person living with HIV.

Stop Tuberculosis Partnership Nigeria, is an affiliate of the Global Stop TB Partnership, Geneva, dedicated to ending the scourge of tuberculosis in Nigeria.

The partnership comprises parliamentarians, multilateral and bilateral organisations, development partners, private sector among others.

House Of Reps Begins Hearing on Failed $470 Million CCTV Contract

The House of Representatives on Thursday began hearing on the failed contract for the installation of CCTV cameras in Abuja and Lagos.

Former Managing Director of the Nigeria Communication Satellite Ltd, Engineer Ahmed Rufai, who gave testimony at the hearing, blamed the Federal Government for the failure of the $470 million National Public Security Communication Project.

Some of the agencies present at the hearing denied having any knowledge of the project or being involved in it.

The Chairman of the House committee investigating the CCTV contract, Ahmed Yerima, and the Chief Whip of the House, Garba Alhassan, spoke on the focus of the investigation.

According to report, the House had investigated the issue before in the 7th Assembly without coming out with a verdict.

The committee, however, gave the assurance that they would complete their own investigation as speedily as possible to ensure the project helps address the country’s security challenges.

No Going Back on Implementation of New Electricity Tariffs – NERC

Acting Chairman of the Nigerian Electricity Regulatory Commission, Dr. Anthony Akah, has insisted that the new tariff plans for electricity consumers across the country will take effect on Monday, saying that the new tariff structure will enable the power distribution, generation and transmission companies to acquire needed infrastructure.

Akah said the absence of  cost-reflective tariffs had impeded the electricity companies from acquiring the necessary infrastructure, adding that there wouldn’t be an excuse for not delivering with the new tariffs made available.

He added that the new Multi-Year Order would allow the generating, transmission and distribution companies to provide the needed infrastructure for higher generation and supply of electricity to meet the needs of consumers.

Also all premises must be metered and consumers who subscribe to specific metering models must be supplied meters within 60 days after which they would not be disconnected or charged on estimation if a meter was not supplied.

The Chairman added that the Power Consumer Assistance Fund had been would cater for the electricity needs of the less-privileged in the country, adding that the visit was part of the establishment of a coordinated approach to creating public awareness ahead of the February 1 implementation date of the new MYTO.

Buhari Rejects Devaluation, Says ‘I Won’t Kill The Naira’

President Muhammadu Buhari has said that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira.

Speaking at an interactive meeting with Nigerians living in Kenya, President Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation would only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy.

The President added that he had no intention of bringing further hardship on the country’s poor who, he said, have suffered enough already.

Likening devaluing the Naira to having it “killed”, President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.

The President also rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs), saying that the Bureau de Change business had become a scam and a drain on the economy.

“We had just 74 of the bureaux in 2005, now they have grown to about 2, 800,” President Buhari noted.

He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.

“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure.

“We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” President Buhari told the gathering.

The President reaffirmed his conviction that about a third of petroleum subsidy payments under the previous administration was bogus.

“They just stamped papers and collected our foreign exchange,” he said.

The President appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they are facing as a result of new foreign exchange measures.

He said that he was optimistic that the Nigerian economy would stabilize soon with the efficient implementation of measures and policies that have been introduced by his administration.

Millions of Naira Lost in Lagos Sawmill Inferno

Tragedy struck in the early hours of Thursday morning as fire gutted parts of the Ketu Sawmill in Lagos South West Nigeria.

Although no life was lost in the inferno, but machinery worth millions of naira were destroyed in the fire.

It is believed that excessive current from the circuit breakers may be the cause of the fire, which has been put under control by men of the Lagos State Fire Service

“FG to Boost Tax Collection by 20 Per Cent” – Budget Minister

The federal government plans to increase tax collection by 20 per cent in order to fund the deficit in the 2016 budget, Minister of Budget and Planning Udoma Udo Udoma said on Thursday, January 28.

Udoma, who stressed that the government does not want to increase the suffering of Nigerians, he said that the government will increase corporate tax and Value Added Tax (VAT) collections.

The Minister, spoke with State House reporters after the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo.

He was accompanied by Governors Akinwunmi Ambode (Lagos) Willy Obiano (Anambra) and Badaru Abubakar (Jigawa).

Ambode said Edo State Governor Adams Oshiomhole gave an update to the Council on NEC’s Ad-Hoc Committee on the management of the Excess Crude Account and payment into the Federation Account.

According to him, the Ad-hoc Committee submitted a memo for approval on its findings which included 81 government revenue generating agencies identified for forensic auditing while 18 core revenue generating agencies like the NNPC to be audited by KPMG, an international audit firm.

He said that other revenue generating agencies would also be forensically audited by SIAO, a local auditing firm. Council, he said, approved engaging of the forensic auditors.

Udoma said: “We expect about 20% increase in VAT collection, which is conservative in terms of our revenue projections. We are expecting much more than that. Occasionally we try to be conservative.

“With reference to the budget, one thing we are determined not to do is to cut any of those capital projects, because we need them to stimulate the economy. We are going to work with the National Assembly, to see how we can get savings.

“One of the areas we are looking at is our cash call elements. The minister of state for petroleum (Ibe Kachikwu) is looking at how we can cut our cash call elements which is about N1trillion by innovative financing.

“So he is discussing with some oil companies and looking for some innovative financing which might pick up some of the financing so that we reduce our financial output and contribution by the federal government.

“That will be a major saving which can be used to plug the gap particularly with falling oil prices. In addition some of the capital projects, the various ministers for infrastructure are looking at how we can get private sector funding for some of them.

 

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