Senate Okays Data Price Hike, Says NCC Acted In National Interest

The Nigerian Communications Commission (NCC) has acted in national interest on the issue of data price increase, the Senate Committee on Communications has said.

The Committee, which visited the NCC headquarters in Abuja on Tuesday as part of it oversight functions, said Nigerians should see the commission as being on their side on the issue of data price increase.


Senator Solomon Olamilekan (Lagos West) who spoke on behalf of the committee members, said the NCC had taken some commendable steps to sanitize the telecom industry and the data price hike was one of them.


He noted the roles played by the leadership of the NCC under Professor Umar Danbatta, especially the commission’s handling of the MTN’s 1.04 trillion naira fine and the recent outcry over the planned increase on data tariff, saying the NCC did not disappoint Nigerians.

“Each time we invited the leadership of the agency to the National Assembly, they honoured our invitation and responded to our inquiries, particularly during the MTN issue, and of recent the data price floor. They have acted in national interests and Nigerians see NCC as being on their side” Olamikan, who is the vice chairman of the Senate Committee on Communications, said.


He urged the NCC to make details of its 2017 budget available on time to enable members go through and approve to avoid the delay occasioned by the 2016 budget.


He said the 8-point agenda unfolded by Professor Danbatta on assumption of office has turned around the telecom industry, urging him to build on the achievement in the years ahead.


However, while receiving members of the Committee, the Commission’s Executive Vice Chairman, Professor Danbatta, said unless the issues regarding the data price floor are resolved, it remains a whirlwind that would not do anybody any good.


Members of the Committee are Senator Gilbert Nnaji as Chairman, and Senator Adeola Olamilekan as Vice Chairman. Others are Senators Abu Ibrahim, Joshua Dariye, Eyinnaya Aberibe, Isa Misau and Abiodun Olujimi.

Source:

 http://www.dailytrust.com.ng/news/general/senate-okays-data-price-hike-says-ncc-acted-in-national-interest/175850.html#kuj8MVXQQeLPtSx4.99

Niger Delta Avengers Blow Up Chevron's Escravos Export Pipeline

A militant group, the Niger Delta Avengers (NDA), has claimed responsibility for the blowing up of Chevron's Escravos Export Pipeline at Escravos Offshore. A statement by the group, signed by Major General Mudoch Agbinigbo, said the pipeline attack took place at about 3:45 am on Tuesday and was carried out by its Strike Team 06.

The group similarly announced that the attack was executed as a further warning to international oil companies that there should be no repairs to damaged pipelines pending negotiations and dialogue with the people of the Niger Delta.

"Any attempt to use dialogue to distract us so as to allow the free flow of our oil will halt the dialogue process," the group threatened.

Source:
http://saharareporters.com/2016/10/25/niger-delta-avengers-blow-chevrons-escravos-export-pipeline

MMM Nigeria: Ponzi Scheme, Robbing Peter To Pay Paul? TheGuardian - Business

With the current high rate of unemployment, job losses and pressing financial needs in the country, it is not surprising that the youth are embracing questionable get rich quick schemes and opportunities.

For instance, the number of Nigerians that now patronise the popular lottery games is on the increase. Some youths are also deeply involved in sport betting through such platforms as Nairabet, Merrybet and Bet9ja, among others.

It is against this backdrop that the MMM Federal Republic of Nigeria made a grand entrance into the Nigerian investment market in 2016. MMM stands for Mavrodi Mondial Moneybox and takes its name from its founders, Sergei Panteleevich Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova.


The outfit was established in 1989 by these three Russian nationals, and promises its clients 30 per cent return on investment (ROI) for money put into the system for 30 days. The scheme prides itself as a mutual aid fund through which recruited members contribute money to assist others. The founders claimed they are not into banking, online business, investment company or a multi level marketing (MLM) programme. The scheme structure, however, indicates otherwise.
For instance, members can have multi-level structures under them and receive bonus from each donation of every participant in their structures.

The company has been able to persuade many Nigerians to buy into its idea. Many Nigerian big online Business coaches and entrepreneurs with vast subscriber base are encouraging their followers to key in to the MMM opportunity. Thus, some Nigerians have invested millions of Naira into this scheme and are enjoying their newfound wealth.

This reporter has seen screenshots of money many claimed to have earned from the scheme. According to one such subscriber, Babajide Abayomi, MMM ensures a level playing ground for all. And with it, people don’t have to be under the yoke of the banking system, which demands that huge interest be paid on loans. He said MMM is real and safe.

However, the question some have asked is: How long would it take to sustain the profits? Many still remember vividly the mad days of the Wonder banks in the early 2000s. Then, many lost their hard-earned money to the likes of Pennywise and such other scammers.

To really grasp the risk involved in investing in this type of scheme, a study of the founders’ backgrounds provides good insights into the viability of their outfit.

According to Wikileak, the online information library, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes in the 1990s. By different estimates, between five and 40 million people lost up to $10b. The website said the exact figures of money lost are not known, even to the founders. The site described Sergie Mavrodi as a Russian criminal and a former deputy of the State Duma in Russia. According to it, he is the founder of the МММ series of pyramid schemes. Wikileak reported that in 2007, Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110m rubles ($4.3m).

Wikileak reported: “In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding, “It is a Unclad scheme, nothing more … People interact with each other and give each other money. For no reason!” Mavrodi said his goal for launching MMM-2011 is to destroy the current financial system, which he considers unfair, and form something new to take its place.

“In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid. He has also launched MMM in China. He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America.

“In 2015, MMM began operating in South Africa with the same business model as MMM-2011, claiming a “30 percent per month” returns through a “social financial network.”

“The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.”

In January 2016, the Chinese government banned MMM on the ground that it is a pyramid scheme, (Ponzi scheme), and not registered in the country. Earlier this year, the scheme crashed in South Africa. MMM Global only gave South Africans the bad news with a post on its website saying: “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to be able to pay 100 percent per month.” Also recently, the scheme collapsed in Zimbabwe.


One of the victims, Mrs. Rosemary Mawonde was quoted by Breaking Times, saying: “We never thought the scheme would end this way, as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”
What then is a Ponzi scheme? The scheme (also a Ponzi game or a Ponzi) is an investment operation, where the operator, an individual or organisation pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate investments. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.

Initially, the promoter would pay out high returns to attract more investors, and to lure current investors into putting in additional money. Other investors would begin to participate, leading to a cascade effect. The “return” to the initial investors is paid out of the investments of new entrants, and not out of profits.

Often, the high returns encourage investors to leave their money in the scheme, with the result that the promoter does not have to pay out very much to investors; he simply has to send them statements showing how much they have earned. This maintains a semblance that the scheme is an investment with high returns.

The Securities and Exchange Commission has warned the public about the activities of the scheme on August 30 of this year. According to its website, SEC said: “The attention of the Securities and Exchange Commission, Nigeria (SEC) has been drawn to the activities of an online investment scheme, tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30 percent.

“The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model, hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, the Commission does not register its operation.

“The general public is hereby advised to distance itself from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”

Managing Partner, Two-Edge Partners Global Limited, Olajide Alex-Oni said such scheme is usually targeted at the extremely poor, greedy and desperate people of the society.

He said: “The get rich quick scheme usually comes out looking so attractive to the populace, but like what is, it is robbing Peter to pay Paul!

“When a company encourages existing investors to invite other potential investors by rewarding them with money from these new comers, then what do you call that? Such a model is not sustainable and is a highly risky investment, because once the flow of investors and their funds stop flowing into the scheme, the investors will most definitely suffer unimaginable losses.”


Speaking on MMM operations, he said a number of countries around the world have banned this scheme and Nigeria should equally do the same. He said since SEC has warned Nigerians on the activity of this group, it is, therefore, illegal to invest in them, because their model is a typical pyramid scheme. He explained that the scheme was not licensed to operate in Nigeria, noting that its operations are online based, which can crash or get closed down unannounced. He said it’s designed to attract huge traffic and promises unconventional high returns on investment.
Speaking further, Alex-Oni warned: “People have to be careful of such schemes, because they claim to be foreign investor driven with amazing success stories, thus the attraction for the ignorant. The ignorant in this case are usually aware of the risk involved, but the greed in them let them take such risk with the hope to exit before the scheme crashes.

“It is also quite sad that in some extreme cases, some investors actually commit their entire life savings into these kinds of ponzi schemes. People should learn to get creative and innovative through hard work and smart thinking and start creating values and ideas that money will chase. That way, you may start small, but you will think big to grow big the proper way. A warning is enough for the wise.”

Source

:http://m.guardian.ng/business-services/mmm-nigeria-ponzi-scheme-robbing-peter-to-pay-paul/

Youth Corpers Get CBN Loan Worth N3million Each

The Central Bank of Nigeria (CBN) in partnership with Heritage Bank Plc has disbursed a total of N93 million to 310 young entrepreneurs in the country under the Youth Entrepreneurship Development Programme (YEDP) of the apex bank.

The disbursement of funds worth N3 million each to serving and ex-Corps members, was carried out in collaboration with the National Youth Service Corps (NYSC), at a ceremony which took place on Thursday in Abuja.

Speaking at the event, the CBN Governor, Mr Godwin Emefiele, represented by the Deputy Governor (Corporate Services}, Alhaji Sulieman Barau, said that the programme was to ensure that the creative energies of the over 64 million Nigerian youths are harnessed to stimulate growth, address restiveness and promote economic development.



He said that the programme was open to 18 to 35 years-old serving corps members, graduates or artisans.

The Managing Director of Heritage Bank, Mr Ifie Sekibo, urged the CBN to expand the programme to accommodate more qualified youth entrepreneurs.

Quoting from the National Bureau of Statistics, Sekibo, who was represented by the bank’s Executive Director, Corporate Banking, Mrs Mary Akpobome, said there were about 64 million unemployed youths in the country.

Sekibo said the bank currently has over 7,000 business proposals, thus it will require additional funding to cater for the needs of Nigerians.

He added that about N3 billion has been set aside at the initial stage for the programme which is why each participant is getting N3 million each, as the pilot programme is for a thousand people.

In his reaction, the NYSC Director-General, Brig. Gen. Sulaiman Kazaure, thanked the CBN for supporting efforts to empower the youths.

Kazaure noted that the launch of the YEDP would, among other things, create room for increasing the number of beneficiaries of the entrepreneurship training and venture prize competition to make meaningful impact.

The DG urged the beneficiaries of the programme to remain focused and ensure that the loans are paid back to enable other Corps members benefit from the facility.

Source: http://www.ngschoolz.com/nysc-members-gets-cbn-loan/

To End Recession By December, See Dangote's Advice to FG!

Aliko Dangote has recommended remedy to the current recession plaguing the country.

In an interview with CNBC Africa, the billionaire said: “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.

In Dangote exact words, he advised ...

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”

He further spoke about the Nations reserves....

“You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

“Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.”

Dangote the Business mogul futher stated that..

 if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

“Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation.

“To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles.

“If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

Written By Osinubi Martin Abidemi (OMA).

for omaconomy.blogspot.com

Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters

Nigeria will not increase its gasoline prices, President Muhammadu Buhari told his oil minister and state oil firm head, summoned to his villa last week, sources at the compound said.

Oil Minister Emmanuel Ibe Kachikwu, the head of state oil firm NNPC Maikanti Baru and the entire government have stepped up efforts to keep fuel flowing into Nigeria without repeating the price increase of May and risking civil unrest.

Shortly before the meeting former Nigerian National Petroleum Corporation (NNPC) bosses had said such an increase may be needed.

A steep devaluation of the naira currency has made sales of petrol at government capped prices unprofitable, marketers say. Months of unrest in the Delta region has also cut Nigeria’s oil output and left as little as half the crude available that it needs to swap for refined motor fuel from trading companies.

“Gasoline is the top priority” for NNPC, said one oil industry source who, like many in Abuja was meeting daily with officials in the oil company. The company, and government, the source said, “will do whatever they can” to stop shortages and keep prices stable.

In a statement last week, NNPC’s Petroleum Products Pricing Regulatory Agency, which oversees downstream regulations, said there was “no basis” for price increase fears, and assured the nation of “uninterrupted supply and distribution.”

Nigeria has four oil refineries, but none of them have been able to run consistently enough to provide Africa’s most populous nation with enough gasoline and diesel - despite its historic position as Africa’s largest oil producer, pumping around two million barrels per day.

That is, before unrest cut output by around a third earlier this year.

Available, affordable gasoline is crucial to the government’s credibility. Shortages bring the nation to a halt, leading to days-long queues for fuel and power cuts at small businesses that rely on generators to withstand frequent power outages.

Nigerian unions have already threatened to take to the streets if prices rise further, as consumers face inflation that is at an 11-year high of 17 percent.

The Independent Petroleum Marketers Association of Nigeria, which represents small and medium fuel sellers, is, however, calling for higher prices. It argues that the current state cap of 145 naira per litre is far too low, given the devaluation.

The currency fell to 420 per dollar on the parallel market last month, compared with the rate of 285 that the government was using when it set the cap.

Gasoline is imported into Nigeria by NNPC and independent importers, with each usually providing half the total needed, but the government said it has been providing some 90 percent in recent months. (Reuters).

Source:

http://www.dailytrust.com.ng/news/business/buhari-rejects-marketers-call-on-petrol-price-hike--source/162462.html

Recession: FG Summons Emergency Session Over Economy

The federal government, as part of efforts towards reflating the country’s economy and pulling it out of recession, has summoned an economic session to brainstorm on the issue.

President Muhammadu Buhari, his vice, Prof Yemi Osinbajo as well as ministers and heads of relevant federal ministries, departments and agencies (MDAs) will today converge on Abuja for a one-day retreat to discuss steps to salvage the receding economy.

The Nigerian Bureau of Statistics (NBS) had in August, reported that the nation’s economy had slid into recession for the first time in more than 20 years, as it announced a further contraction in the second quarter of the year. According to the NBS, Gross Domestic Product (GDP) contracted by 2.06 percent after shrinking 0.36 in the first quarter.

This has generated anxiety among Nigerians home and abroad, who have urged the current administration of President Buhari to urgently search for ways out of the economic woes confronting the country.

LEADERSHIP recalls that president of the Senate, Dr Abubakar Bukola Saraki, on Tuesday, said that on resumption next week, the Senate would investigate the cause of the country’s receding economy and also pass emergency pieces of legislation to tackle it. He said the time for identifying the cause of the economic recession and those responsible for it was over and that all political leaders should start working together to find a solution.

Saraki also disclosed that the Red Chamber will make “tough” recommendations to President Buhari on the matter.

The minister of budget and national planning, Senator Udoma Udo Udoma, yesterday disclosed that the economic summit will also provide the forum for government to present and discuss priority areas of the 2017 budget and realign the priority areas of the MDAs with national growth and development objectives.

“The key objective of the retreat is to discuss the 2017 budget as well as discuss steps being taken to get the economy out of recession,” the minister said.

Spokesperson of the minister, Akpandem James, quoted the minister as saying that the meeting was part of a scheduled arrangement to fine-tune and set the right parameters for the 2017 budget.

“It (the meeting) will provide an opportunity to discuss the framework of the 2017 budget, the key priorities and the deliverables of the budget,” he explained.

“The retreat is expected to deliver improved understanding of the measures being taken to get the country out of recession, improve synergy among the various ministries for enhanced implementation of planning and budget, and enhance knowledge of how to develop 2017 budget, which is effectively linked with the medium term plan.

“The meeting will also review prioritised projects and programmes of ministries to fit into the 2017-2019 MTSS, 2017-2020 Medium Term Plan and 2017 Budget, and improved understanding on budget ceiling for MDAs for 2017 Budget,” he said.

Akpandem said President Buhari and Vice President Yemi Osinbajo would participate in the meeting, while private sector facilitators and some experts on economics are also expected to provide perspectives during the technical sessions.

He said the retreat became necessary as years of the country’s growth and development had been impeded by mismatch between planned targets and budgetary outcomes at the national and sectoral levels, due to the lack of synergy between the various federal MDAs.

Seek experts’ advice – Emir Sanusi

Meanwhile, the Emir of Kano, Muhammad Sanusi II, has called on the federal government to seek the advice of experts on economics in tackling the current economic crisis in the country.

Sanusi gave the advice during the traditional Sallah Durbar (Hawan Nasarawa) at Government House, Kano.

He said consulting the experts would help in bringing about proper solution to the crisis and reducing the hardship people are currently facing in the country.

The emir, a former governor of the Central Bank of Nigeria (CBN), also urged wealthy Nigerians to support the less-privileged in the society in order to alleviate their sufferings.

He also urged the people of Kano to remain law-abiding and be their brother’s keeper irrespective of religion or ethnic background, for all Nigerians to continue to pray for economic growth and development of the country.

The royal father appealed to the state government to empower the people with economic skills that would make them self-reliant.

Also, an economist and managing director of Financial Derivatives Company Ltd, Mr Bismarck Rewane, said that in order for the country to come out of recession, the federal government needs to borrow and sell assets to raise funds that would be injected into the economy.

Speaking on the current state of the nation’s economy, Rewane said the government must, first and foremost, inject money into the system.

According to him, since there is a fall in oil revenue, the government has to increase the deficit plan for 2016.

“The government must inject funds into the system and the executive is fully engaged because they know they cannot hide; they have to deal with the problem,’’ he said.

Similarly, the immediate past finance minister, Ngozi Okonjo-Iweala, also urged the present administration to look inwards for solutions to the current economic crisis in the country.

“The solutions to the country’s economic decline could still be found in the country,” she said in an interview on Aljazeera programme, The Stream.

Source:

http://leadership.ng/news/cover-stories/550649/fg-summons-emergency-session-over-economy

What! You wont Believe the Minister Of State For Agriculture said a "Bag Of Rice May Sell For N40,000 By December " Beat That!

Senator Heineken Lokpobiri The Minister of State for Agriculture and Rural Development, has said that Nigeria spends about $22bn a year on importation of food.

The Minister of State made this known on Saturday at a town hall meeting in Yenagoa, Bayelsa State.

He said the development had led to the astronomical rise in price of rice and other commodities, stressing that if Nigerians failed to produce some of the items being imported, before December the price of rice would skyrocket to N40,000 a bag.

He said there was a projection that by 2050, Nigeria’s population would be 450 million, wondering what would happen then if the people could not feed themselves now.

In His Exact words, it was reported Lokpobiri said, “For your information, we spend about $22bn a year importing food into Nigeria. We know how many more dollars … and that is why you see the price of rice going up.

“Price of rice was N12,000 some months ago, but it is now about N26,000 and if we don’t start producing, by December it could be N40,000.

“Rice matures in three months. So, this is a wake up call for Bayelsa people to take the four farms we have seriously. The federal government has four farms in the state in our records. The average land you see in Bayelsa can grow rice, so the colonial masters were not wrong in their assessment when they said Niger Delta could feed not only Nigeria but the entire West Africa sub-region.

“Unfortunately, agriculture till today, is not a priority of the Niger Delta as far as the state governments are concerned because of oil.”

He said the states in the Niger Delta had yet to give priority to agriculture the way the North-West states such as Kebbi, Jigawa, Kano as well as other states like Lagos, Ebonyi, Anambra, have prioritised it.

Vandalism: Nigeria loses 79 million barrels of crude

The attacks  on Forcados export line by militants in the Niger Delta have left a total of 79 million barrels of crude oil shut in since February, causing oil firms and the nation a huge loss of revenue.

The Forcados export terminal was shut down after Shell Petroleum Development Company of Nigeria Limited declared force majeure – a legal clause that allows it to stop shipments without breaching contracts – on February 21.

Militants had a week earlier blown up a pipeline feeding the Forcados export terminal, knocking out at least 250,000 barrels per day. Since then, the terminal has not come back on stream.

The Nigerian National Petroleum Corporation, in its latest monthly report, said crude oil production in Nigeria plummeted to 1.69 million bpd in May, following uptick in pipeline vandalism in the volatile Niger-Delta region.

The NNPC said, “The subsisting force majeure at Forcados terminal means that about 380,000 bopd remains shut-in. Cargoes were deferred until repairs are completed.

“Also, the nation has lost over 1,500 megawatts to the damage at Forcados, which accounted for 40 per cent to 50 per cent of gas production.”

The corporation noted that force majeure was declared on May 10 for repair work on Nembe Creek Trunk Line and the resultant shut-in of about 275,000bopd, adding that other far-reaching incidents included production shut-in at Usan, Que Iboe and Brass terminals.

It is still uncertain when the Forcados pipeline will come back on stream, although one of the companies hard hit by the shutdown expects the force majeure to be lifted later this month.

Seven Energy, an integrated gas company in the South-East with upstream oil and gas interests in the region, said it lifted no oil from the Mining Leases 4, 38 and 41 during the first half of the year due to the shutdown of the Forcados terminal and the declaration of force majeure by Shell from mid-February.

“Current expectations are that the force majeure will be lifted late in the third quarter of 2016,” the company said.

On Wednesday, global credit rating agency, Fitch Rating, downgraded Seven Energy International Limited’s Issuer Default Rating to ‘CC’ from ‘B-’. It also downgraded the senior secured rating of the Seven Energy Finance Limited to ‘C’ from ‘CCC’.

Fitch noted that the company’s oil business in Nigeria had been hampered by security issues, leading to the prolonged shutdown at the Forcados oil terminal, and the weak financial position of the Nigerian Petroleum Development Company.

The International Energy Agency had in April estimated that Nigeria could lose an estimated revenue of $1bn (N197bn) by May, when repairs of the Forcados terminal were expected to be completed.

The IEA said, “The Forcados terminal in Delta State, one of Nigeria’s biggest terminals, was scheduled to load 250,000 barrels of crude per day. At $40 per barrel, Nigeria stands to lose an estimated $1bn between February, when force majeure was declared, and May, when repairs were expected to be completed.”

The militant group, Niger Delta Avengers, has claimed most of the strikes, which continued even during a one-month ceasefire announced by the government in June. Other groups have also claimed some of the attacks.

The groups have primarily targeted pipelines belonging to oil majors such as Shell, ENI and Chevron, the NNPC, and Nigerian company Aiteo.

Former group managing directors of the NNPC had at the end of a meeting with the current GMD of the corporation, Dr. Maikanti Baru, and the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the attacks were putting the nation’s oil industry at risk of total collapse.

“If the current situation remains unchecked, it could lead to the crippling of the corporation and the nation’s oil and gas sector, the mainstay of the Nigerian economy,” the NNPC reported to have said in a statement.

They urged the corporation and the government to implement necessary reforms in order to prevent the nation’s oil and gas industry from being brought to a grinding halt.

The Chief Executive Officer, Seven Energy, Phillip Ihenacho, said, “The macro-environment in Nigeria and the ongoing issues within our industry present our company with an extremely challenging environment. So far, during 2016, we have received no revenue from our interests in OML 4, 38 and 41 as a result of the shutdown of the Forcados terminal.”

Source:

http://punchng.com/vandalism-nigeria-loses-79-million-barrels-crude/

Recession Will End Soon, Atiku Assures

Former Vice President and Chieftain of the All Progressives Congress (APC), Atiku Abubakar has urged Nigerians not to despair or lose hope in the country as the current economic recession will soon give way to economic prosperity.

According to Atiku, while it might take some time to get out of the current situation, so much need to be done to achieve economic prosperity since a lot of things were left undone for too long by the nation’s past leaders.

In a Sallah message released by his media office in Abuja, Atiku said Nigerians, particularly the Muslim umma must learn to be their brothers keepers.

While congratulating Muslims on the celebration of the festival of Eid el-Kabir celebration, Atiku urged them to use the opportunity to reflect on the situation in the country and support themselves.

He said Nigerians should celebrate like other people in the world in spite of the economic situation facing the country, assuring them that this storm will pass away.

He said the Sallah celebration calls for sober reflection, prayers, cooperation and the display of solidarity among Nigerians so that no one feels left out.

He called on Nigerians to continue to work hard, persevere and pray for the success of the policies and measures being put in place by the APC government of President Muhammadu Buhari to restore the nation’s economy to good health and improve the lives of the people.

Source:

http://thenationonlineng.net/recession-will-end-soon-atiku-assures/

Aisha Buhari Flagsoff Program To Train Women On Income Generating Skills

Mrs Aisha Buhari through Future Assured collaborates with the National Directorate of Employment. She flagged off a program to train women on income generating skills which will empower them with jobs.

Source:

http://www.newshelm.com/2016/09/photos-aisha-buhari-flags-off-program.html

The Exit Of Shipping Firms From Nigeria

— 10th September 2016

With the Nigerian economy in recession, the spiralling negative effects have already begun to impact on the operations of key sectors of the economy. One of the sub-sectors that is at the receiving end of the current economic downturn is the shipping business.

Groaning under intense hardship as a result of government policies and global economic problems, the news from the Maritime sub-sector is not heartening, as over 20 shipping firms were reported to have exited the nation’s shores. Consequently, no fewer than 3,000 dockworkers have been laid off by various shipping companies, terminal operators and logistics firms. This is largely due to lack of poor import policies recently introduced by the Federal Government. According to the Dockworkers Union of Nigeria (DUN), the massive retrenchment in the sub-sector was due to the Federal Government inability to meet its joint venture obligation with the international oil companies which are major partners with the marine logistic companies.

The shipping lines exited our shores because of growing losses resulting from declining traffic volumes and recent government import policy.

It will be recalled that the Federal Government last year placed restriction on the importation of about 41 items due to Foreign Exchange scarcity. But, government defended its action and promised to encourage domestic production of some of the goods that could be produced locally. However, the shipping firms are complaining that the ban has adversely affected their operations. Therefore, they are asking that the restriction be lifted or else it will encourage smuggling, diversion of ships to neighbouring countries, leaving our ports virtually empty and general loss of revenue to government.

We urge the government and the relevant agencies in the maritime sub-sector to take a detailed analysis of the complaints that have resulted in the exit of the shipping firms with a view to restore the smooth operations of the maritime industry.

While it is necessary to restrict the importation of goods that can be manufactured locally and save scarce forex, the significance of the maritime sector of which shipping operators play a vital role should not be ignored. Statistics show that since this year, the number of goods imported into the country has shrunk by over 30 percent. This is because the shipping lines are reportedly shifting base to other West African countries in response to government new policy.

Government should review some of the policies as it affects the shipping operations in our shores.

There is need to meet the joint venture obligations with the international oil companies, which are major partners in the sector.

Government should not allow the shipping sub-sector to lag behind in the global sector.

Our country is vastly endowed with coastlines and navigable inland waterways, and strategically placed on the Atlantic Coast of West Africa. And 76 percent of shipping business that takes place in the whole of West Africa is reportedly done in Nigeria. That means that Nigeria should remain a key player in West Africa.

Therefore, government should do everything to contain the exit of shipping firms in our shores and save the jobs of millions of workers. According to Financial Intelligence that monitors the maritime sub-sector, despite Nigeria’s large export of crude and import of over 100 million tons of general cargo, no Nigerian flagship is currently plying international routes.

Also, statistics from the Nigerian Ports Authority (NPA) on ship calls to the country reveal that between 2009 and 2012, Nigeria’s tonnage has grown from 82m tons to over 150m with an estimated freight payment of rising from $4.1bn to above $7.5bn annually. But the participation of Nigerians remains almost zero.

Although the exit of foreign shipping firms may be the opportunity our local shipping firms may be waiting for, we doubt if they have the capacity and competency now to fill the void without harming an already bleeding economy with its other adverse consequences. Government should swiftly intervene and arrest a similar experience that saw the exit of some airlines to neighbouring countries.

Source:

http://sunnewsonline.com/the-exit-of-shipping-firms-from-nigeria/

Amancio Ortega Overtakes Bill Gates As The Richest Man In The World

Amancio Ortega, the Spanish retail genius who started Zara, passed Microsoft cofounder Bill Gates to become the richest man in the world on Wednesday. Shares of Ortega’s business Inditex, parent company to Zara, Massimo Dutti and Pull&Bear, ticked up 2.5% Wednesday, boosting his personal fortune by $1.7 billion. That lifted Ortega’s net worth from $77.8 billion to $79.5 billion. Gates is worth an estimated $78.5 billion.

The son of a railway worker from La Coruña, Spain, Ortega is as reclusive as he is rich. He started his career as a store clerk in his hometown before opening his own business. Beginning with less than $100, he and his wife Rosalia Mera began making lingerie, pajamas and nightgowns in their living room.

In 1975, the couple (who eventually divorced) decided to open a store named Zara. Eight years later, Ortega had expanded to nine locations around Spain. In 1984, he opened a 10,000 square foot logistics hub.

Unlike most retailers, Inditex hardly relies on advertising. Ortega has instead devoted most of his resources into turning his company into the most efficient retailing operation in the world. When companies like Gap and H&M were taking five months to design, make, distribute and sell new products in the early 2000s, Zara was doing it in three weeks. That meant Ortega’s companies could keep up with the whims of shoppers much more easily than its competitors — and also had to spend less on warehousing.

Ortega took the business public in 2001 and debuted on the Forbes billionaires list the same year, with a net worth of $6.6 billion. By then, Gates was already the richest man in the world, with a fortune of $58.7 billion.

From 2001 to 2002, as most billionaires struggled to hold onto their riches amid the dot-com crash, Ortega gained an additional $2.5 billion and became the world’s 25th-richest man. He repeated the trick seven years later, when the world plunged into crisis. From 2009 to 2013, while the Spanish economy was reeling, Ortega personally gained $39 billion.

Ortega briefly took the title of world’s richest man for the first time in October 2015, when Inditex shares hit an all-time high and boosted Ortega’s net worth to $80 billion. But the stock quickly dipped, and Gates once again claimed the throne. The two billionaires will likely continue to exchange the title as the stock prices of their holdings continue to bounce up and down.

Gates has donated nearly $31 billion in stock and cash to his foundation over his lifetime. If the Microsoft cofounder were not such a prolific philanthropist, neither Ortega nor anyone else on Earth would be anywhere close to as rich as Gates.

Source: 

www.forbes.com/sites/danalexander/2016/09/08/amancio-ortega-richest-bill-gates-world-spain-inditex-microsoft-zara/#789c1e5c264d

Workers Block Road In Kaduna With Refuse Dump Over Owed Salaries

Yesterday, the popular Barnawa road in Kaduna state was blocked with refuse dump in protest for non payment of employees. According to reports, governor Nasir Elrufai has not paid the workers he employed to evacuate the refuse dump in Kaduna and in protest to that, the employees poured the wastes on the road and blocked from using the road.

See photos below

Source:

http://www.metronaija.com/2016/09/photos-workers-block-major-road-in.html

Engineers To Begin Work At Mambilla Hydro-power Project

Chinese engineers visited the site of the Mambilla hydro-power project station

They are expected to begin work after they submitted work plan to the federal government

This is expected to boost electricity supply in the country.

Source:

http://www.ajayiwrites.com/2016/09/engineers-to-begin-work-at-mambilla.html

Lagos Donates Land To German Firm Investing $75m In Lagos

Lagos State Governor, Mr. Akinwunmi Ambode on Thursday demonstrated his commitment to attract foreign investors into the State by approving land for the establishment of a training centre in Lagos where architects, civil engineers and craftsmen will be trained on modern trends and technologies in the construction sector.

Governor Ambode, who gave the approval when he received a delegation from The Knauf Group, which is a German firm currently establishing a $75miilion building/construction tools manufacturing factory in Lagos, said the approval for the land became imperative in view of the need to encourage investors to continue to invest in Lagos.

The Knauf Group is one of the world’s leading manufacturers of modern insulation materials, dry lining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.

The delegation was led by a member of the Management Committee of the firm, Isabel Knauf and Consular General of German Embassy in Lagos, Mr. Ingo Herbert.

Governor Ambode, who recalled the last time Herbert visited the Lagos House about eleven months ago, said his administration has remained focused to the promise of upholding judicial and security sector reforms, as well as creating a friendly environment for investment to thrive.

He said the massive investment by The Knauf Group in Lagos was a pointer to the fact that investors were still willing to invest in Nigeria despite the economic recession, and that the country will come out of the economic doldrums even stronger.

“I must commend the German government and The Knauf Group for showing something important to all Nigerians that beyond the economic recession, their total believe in our economy is unshaken because it is not enough for any investor to come into an area where they have never invested before and months after, the parameters for investment are not really looking good, but you stuck in there and beyond the fact that you have gone to procure land, you also have an established office within the last eleven months and you are already pumping in money into what you want to do.

“This is a great pointer to the fact that you believe in the Lagos economy and also believe in the future of Nigeria and I like to encourage other investors to emulate what your firm and government is doing in Lagos and as they show interest, we will not hesitate to give them the necessary support,” the Governor said.

Governor Ambode said The Knauf Group specifically deserved to be commended for not just investing in Nigeria, but also bringing the German vocational expertise on an area of construction that was hitherto not in existence in Nigeria into Lagos.

Besides, the Governor said he was excited about the fact that the firm was not just establishing a factory here in Lagos, but also a training centre where Nigerians will be trained, adding that he would stop at nothing to encourage investors such as The Knauf Group.

Earlier, Isabel Knauf said the team was at the Lagos House to brief Governor Ambode on the progress made so far since the project started in September 2015.

She said the firm has 23 training centres all over the world training about 14,000 people annually, and that they would like to build the same training centre in Lagos where architects, civil engineers and craftsmen would be trained on how to technically install their products.

She said upon completion of the factory, the firm would create 25,000 direct employment, adding that the training centre will cost about two million Euros to establish, while at least 800 Nigerians will be trained annually in the first phase.

Knauf, however, solicited the support of the State Government in land space for the training centre and permit issues, a request which was instantly granted by the Governor.

Source:

 http://akinwunmiambode.com/lagos-state-government-donates-land-to-german-firm-investing-75m-in-lagos/

Femi Adesina: My Salary Was Cut By One-third, I Go Hungry Too

Femi Adesina, special adviser to President Muhammadu Buhari on media and publicity, has disclosed that took a pay cut to join the current administration.

Appealing to Nigerians not to lose hope in the government, the former managing director of The Sun Newspaper said he is not immune from the hardship in the land.

He attributed the economic crisis to mismanagement on the part of previous administrations, but said very soon, the people would have course to rejoice.

The presidential aide said his principal had not forgotten the promises he made during the campaign period.

Adesina said this in an article entitled: ‘After Ye Have Suffered A While’. It was published on the backpage of The Sun.

“Here comes the preacher. What does he want to tell us? Doesn’t he know that we are hungry, and the din of hunger makes one deaf to reason? The rumble in our tummies, as the worms compete for the little food left there, will surely be louder than what anybody can say now. True? Not exactly. Come, let us reason together,” he wrote.

“Father Ejike Mbaka, that fearless priest of the Catholic church, gave an illustration recently, which I believe was not revealed to him by flesh and blood. There is hunger in the land, with people severely famished. And there is ululation, loud enough to deafen the deaf all over again, and wake the dead from his eternal sleep. The wailers are wailing so loud, as if Bob Marley had resurrected with his band, the Wailing Wailers. But hear Fr. Mbaka: somebody came, looted your kitchen, carried away all the food.

“He did not even leave you crumbs to console yourself with. And then comes another person, trying to replenish your pantry, trying to restock your kitchen. And then you begin to shout; we are hungry o, we are hungry o, to the point of distracting and discouraging the new man. Who should you rather wail and rage against? The man that looted your kitchen, of course.

“That is the exact similitude of the position of Nigeria. There is hunger, lack, and deprivation in the land. But is it a death knell? Not when the kitchen is being restocked, and we will soon feed till we want no more.

“I am on a national assignment that has cut my legitimate annual income by one third, so when there is hunger in the land, I go hungry too. Well, almost. When people talk of lack of money, I penny-pinch, too.

“Well, almost. Let nobody think those in government are insulated from what is happening in the country. At least, those who have truly come to serve. But those precious promises hold true any day. ‘In the days of famine, my people shall be satisfied.’ ‘The young lion may lack, and suffer hunger, but those that trust in the Lord shall not suffer any good thing."

Source:

https://www.thecable.ng/femi-adesina-income-cut-one-third-go-hungry

Apapa Customs Generates A Record N35bn In August

The Apapa Command of Nigeria Customs Service (NCS) announced a record monthly revenue of N34,923,757,810.77 in August.

The revenue was about N8 billion higher than N27 billion generated in July, and it is the highest monthly reported revenue by any customs command in the country in the last 10 years.

According to Willy Egbudin, a customs area controller of the command,“A remarkable feature of this is that it was made at a time the ports were said to be having low volume of trade and shipping companies reported to be leaving the country in the face of some trade restrictions and high exchange rate regime.”

However, he said the increase was a result of increased supervision, closer monitoring and regular outreach to importers and agents, “on the need to comply while issuing demand notices for infractions like under-declaration detected.”

He further stated that “We have persistently urged officers of the command to continually work to redouble their efforts in maximum revenue collection, speed in legitimate trade facilitation and uncompromising enforcement of all customs laws.”

”The Comptroller General’s directives are very clear on matters affecting our duties. We must not in any way act outside the law or encourage people to do so. Importers and agents who violate the law will face the full wrath of it and I can assure you all that I will not spare any customs officer collaborator. Any attempt to shortchange the government under my watch here will not be treated with kid gloves” the Controller warned recently.”


Source:
http://investorsking.com/apapa-customs-generates-a-record-n35bn-in-august/

Fuel Price Hike Can't Be Stopped: IPMAN

The much speculation of possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may not be considered mere, as the Independent Petroleum Marketers Association of Nigeria, IPMAN, Thursday warned of threat to product availability in the country, as it is gripped with series of challenges confronting the petroleum sector.

This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May.

But, other operators have argued that the price of petrol is driven by laws of economies, which cannot be altered for a long time, and as such is expected to increase giving the current challenges of FOREX and others.

Speaking to Vanguard, National President, IPMAN, Mr. Chinedu Okoronkwo, stated that flexible way to assessing FOREX has been given rather than black market dependence for the purpose of importing critical items to the country.

He said, “But I will advice for total deregulation. The price moderation, which is the cap placed is not healthy for the petroleum industry to grow.

“There are people who have the FOREX to bring product and sell. By so doing, FOREX will crash. But when the industry is over protected like ours, the current challenges will be unending. The market force should drive the price.”

He stressed that, “If the refineries are working to a good capacity like 70 percent, the product will not be less than N130 per litre. We should focus on making the refineries work. Because by the time you keep on importing, FOREX challenges will keep on re-occurring and there would no head way.

Source:

www.vanguardngr.com/2016/09/hike-in-petrol-price-is-inevitable-ipman-others/

Only 5% Of N500bn Social Intervention Funds Released – Rep

Three months to the end of the fiscal year, Chairman, House of Representatives Committee on Poverty Aleviation, Mohammed Ali Wudil, said the Federal Government has only released N20bn or about five per cent of the N500bn budgeted as social intervention programme in 2016.

The lawmaker spoke yesterday at a Civil Society Organisation, CSO’s engagement on monitoring

Federal Government’s Social Protection and Sustainable Development Goals, SDGs.

According to him, lawmakers are engaging the executives to speed up actions on the programme to ensure that citizens, who are supposed to benefit from it are not left to continue to suffer.

He expressed concern that the year would wind down in about four months without achieving any meaningful impact on the lives of the poor.

Wudil said over eight million Nigerians were expected to benefit from the N500bn social intervention, adding that apart from the social intervention, jobs would also be created by infrastructural projects that would be restored and the new ones that would soon be taking off.

“The huge budget of N500bn remained idle amid increasing socio-economic pressures on the would-be beneficiaries.

“Definitely, the office of the Special Adviser, Social Investments in the Presidency is facing challenges rolling out plans for the implementation.

“The huge amount that was allocated to the office needs to be justified, particularly now that poverty has gone so high in the country,” he said.

In her presentation, Special Adviser to President Muhammadu Buhari on Social Investment, Mrs. Maryam Uwais, who outlined different Special Intervention Projects of the Federal Government, said it is designed for delivery under five sections.

These include the N-power, designed to help young Nigerians acquire and develop life-long skills to become solution providers in their communities and to become players in the domestic and global markets.

There is home grown school feeding for primary school children through locally sourced foods within the country; direct cash transfer of N5,000 monthly to targeted poor and vulnerable households, targeting one million people.

She also listed enterprises and empowerment program, involving financial inclusion and access to credit for market women, artisans, youths and farmers as well as STEM bursary program.

Also, Head Partnership and Local Rights Program, ActionAid, Suwaiba Jubrin, said the civil society is engaging the government to ensure that the program implementation is actualised. She observed that it was laudable for the present administration to invite the CSOs to participate in holding the government accountable for the project via monitoring and evaluations.

She lamented economic growth over the years in the country which has been bedeviled by inequality, increasing poverty and rising unemployment.

“Nigeria’s capacity to generate revenue to support pro-poor development has remained extremely limited,” she said.

Sourec:

http://www.newsflashng.com/5-n500bn-social-intervention-funds-released-rep/

9 Buhari's Ministers Nigerians think Are 'incompetent'

After President Buhari finally appointed his 36 ministers to oversee vital the sectors of the country, Nigerians expressed their dissatisfaction with the people the president picked, being that he took six months to screen and appoint them..

Ten months since the ministers were sworn-in, mixed reactions have continued to trail their performances.

Nigerians have continued to express their dissatisfaction towards the ministers as some sectors of the country are yet to witness commendable development.

1. Sports minister (Solomon Dalung) 

Since the sports minister, Solomon Dalung, was sworn in, he seems to have been in the news for the wrong reasons. His critics, especially sports lovers, have blamed him for the crisis in the Nigeria Football Federation (NFF) which contributed to the inability of the Super Eagles to qualify for the 2017 African Cup of Nations.

The minister came under attack recently when the Nigeria U-23 football team was stranded in Atlanta, and almost missed their first match against Japan , arriving only five hours before the kickoff. It got worse when the minister made a blunder and referred to the USA as the ‘United States of Nigeria ’, sparking series of reactions on social media.

2. Finance minister (Kemi Adeosun)

Kemi Adeosun, who hails from Ogun state, has been criticized for lacking the handle the affairs relating to the nation’s economy. She has been criticized on several occasions. In February, Nigerians came for her when she made a mathematical blunder saying the addition of 16 billion and 6 billion would amount to N24billion, instead of N22billion.

Recently, the minister received some serious bashing from compatriots after she reportedly said ‘recession is just a word’. She has been called ‘incompetent’ a number of times by some Nigerians who now want Ngozi Okonjo-Iweala back .

3. Minister of solid minerals (Kayode Fayemi)

Kayode Fayemi has been criticized for not making adequate income for the country from the sector, as against the valuables embedded in the sector. Nigeria is richly endowed with a variety of solid minerals of various categories ranging from precious metals to various precious stones and industrial minerals.

According to the Nigerian Extractive Industries and Transparency Initiative (NEITI), there are about 40 different kinds of solid minerals and precious metals buried in Nigerian soil waiting to be exploited. The minister is yet to show Nigerians that he is capable of handling the position, despite confirming the discovery of nickel .

4. Minister of budget and national planning (Udoma Udo Udoma)

Some days ago, Senator Dino Melaye said Minister Udoma Udo Udoma was not competent for the office.

“ Now, you bring a lawyer to become Minister of National Planning. That to me, is giving carpentry job to a tailor, he will never succeed ,” he said.

The senator maintained that the Ministry of Budget and Planning needs somebody that is not only intellectually mobile in public finance but in development economics and even strategic development.

5. Minister of women affairs (Aisha Alhassan)

Aisha Alhassan, fondly called ‘Mama Taraba’ is yet to prove to Nigerians that she is the woman for the job. The minister, who contested for the Taraba state governorship election but failed, has disappeared from the spotlight since her appointment.

6. Minister of power, housing and works (Babatunde Raji Fashola) 

Many have said the ministries given to Babatunde Fashola were too much for him to manage. On several occasions, Fashola has been called minister of darkness as power has not improved since his appointment.

Many have said he is not competent enough for the job but Fashola has asked anybody who has a problem with his position to go and complain to President Muhammadu Buhari.

7. Minister of labour and employment (Chris Ngige)

Some youths in the country have criticized Chris Ngige for his inability to fix a profitable minimum wage. Instead of the government creating employment for the unemployed, many are losing their jobs on a daily basis.

8. Minister of foreign affairs (Geoffrey Onyeama)

Many had expected Geoffrey Onyeama to wield in his international expertise into Buhari’s agenda, but 10 months since he was appointed, Nigeria is yet to have a focused foreign policy agenda. He is yet to convince Nigerians that he is the right man for the job.

9. Minister of Communication (Adebayo Shittu) 

Adebayo Shittu is yet to prove to Nigerians that he is the best hand for the job. He recently came up with a proposal to impose a 10 per cent tax on phone calls, text messages, data and more, which according to him, would help enhance telecommunication services in the country.

Source:

 https://www.naij.com/960104-9-buharis-ministers-nigerians-think-incompetent-sacked.html