12 die during ENI pipeline repairs in Bayelsa

An explosion at an Eni pipeline in Nigeria killed at least 12 people and injured three others, the Italian oil major said in a statement on Friday.

The men were part of a maintenance crew, including security and environment officials, carrying out repairs on Thursday afternoon on the Tebidaba-Clough Creek line near the town of Azuzuama in the Niger delta’s Bayelsa state.

On Friday morning, environmental activist Morris Alagoa, whose colleague had travelled to the scene, said that authorities were still combing the area for bodies.

“Four bodies were seen floating on the river today as the search continues,” Alagoa said.
Iniro Wills, state commissioner for the ministry of the environment, said that the cause was still being investigated and one of his staff was still missing.

“Three victims rescued are now at the hospital. Two were severely burnt,” Wills said.
Eni has a joint venture with Nigeria’s state oil company, the NNPC.

A statement by Mr Filipo Cotalini, a spokesman for Eni, the parent company of NAOC, on Friday in Yenagos, also confirmed that the cause of the explosion was being investigated by a team comprising officials of NAOC, representatives of the host community and the Bayelsa Ministry of Environment.

“The cause of an explosion which occurred yesterday, 9 July, late in the afternoon, at the site of the repair works of the Tebidaba-Clough Creek line, an oil pipeline in Nigeria’s onshore Niger Delta, previously damaged by acts of sabotage, was under investigation.
“The explosion resulted in the death of 12 members of the maintenance team of a local company of services, with three others also injured.

Power generation rises to 3,874.96MW

Nigeria’s power generation has recorded a new milestone by increasing from 3,655.12 Mega Watts Hour/bour (MWH/H) it recorded last week to 3,874.98 MWH/H as at yesterday.

The Presidential Taskforce on Power, which made this disclosure yesterday in its generation report, showed that power distribution has increased from 3,565.09 MWH/H to 3,773.90 MWH/H, which is far less than the country’s peak demand forecast of 12,800MW. Power supply has in the last few weeks increased significantly.

For instance, Egbin Power Plc, alone is for the first time in eight years generating above 1,000 megawatts of electricity.

The Chairman, Egbin Power Plc, Kola Adesina, attributed the achievement partly to the direct intervention of the Federal Government in its determination to resolve the power crisis, which had resulted in recent improvements in gas supply.

“This is driving the increase in power supply in the nation and boosting socio-economic development. Prior to this, we had invested heavily and had the plant ready to generate power at full capacity, but there was no gas to do so. This, is indeed, a good development for the power sector in Nigeria,” he said.

Chairman of Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, expects power generation to peak above 5,500MW in July if on-going repairs on gas supply pipelines are completed.

Meanwhile, a model framework developed by the Nigerian Electricity Regulatory Commission (NERC) to cap revenues accruable to electricity distribution companies in Nigeria’s electricity industry from estimated billing methods has revealed that the sector could lose as much as N12.532 billion from the proposed measure in one year.

The framework was contained in a concept note for the capping of monies that distribution companies (Discos) can make from customers on estimated billing methods. It showed that based on the current industry metering gap of 4,462,262, an average sum of N2,352.20 per meter could be forfeited as the yearly opportunity cost for Discos’ reluctance to provide meters to their customers.

NERC has in the proposal opted to cap the monthly billable electricity consumption for three chief tariff cadres in its tariff grouping; R2, C1 and A1 at 125 kilowatts hour per month (kWh/month), 125kWh/month and 100kwH/month respectively.

Consumers on the R2, C1 and A1 tariff groupings are either on single or three-phase connections and use their premises exclusively as a residence, factory for manufacturing goods, as well as agricultural firms, water boards, religious houses, government and teaching hospitals, government research institutes and educational establishments.

NERC’s concept note on the estimated revenue cap explained that about 7,026,573 of electricity customers on R2 tariff cadre consumes an annual average of 9,398,263,687kWh of electricity, out of which 3,770,459 are unmetered and from which N5.805 billion is estimated to be lost in a year from the cap.

From C1 which has 682,544 unmetered customers, N4.004 billion will be cut off from the cap in one year while N2.723 will be cut from A1’s 9258 unmetered customer population within the same period.

The document therefore summed the expected revenue shortfall from the capping as a result of Discos’ seeming reluctance to provide meters to their customers at N12.532 billion, saying: “This is the shortfall the industry stand to suffer due to the cap if the metering level remains the same.”
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DPR says marketers causing artificial scarcity

Department of Petroleum Resources (DPR) says the country’s long running intermitent fuel scarcities are artificial, and the handiwork of unscrupulous oil marketers and depot owners.

These groups are hoarding to create artificial scarcity and then selling petrol at N95 per litre, instead of the approved ex-depot price of N77.66, despite getting supplies from the Nigerian National Petroleum Corporation (NNPC) and also enjoying Petroleum Support Fund (PSF) subsidy, says DPR.

The oil and gas regulatory agency says the marketers are making double gains as they are paid subsidy from the PSF and yet they still arbitrarily increase the exdepot price of petrol.

As of Wednesday, some of the depots sold petrol to dealers at N95 per litre, as against the government approved price.

DPR therefore warns that the licences of offenders would be withdrawn henceforth if they do not desist from such practices, saying the actions of the depot owners who charge a premium of over N17.34 on a litre of petrol, over the officially approved price amounts to defrauding government and the public, since they all get the subsidy for the products they bring into the country.

Naira takes further bashing in market, now N240 to a dollar

Nigeria’s currency, the Naira hit fresh lows against the dollar on the parallel market on Friday, after a government liquidity injection to help cash-strapped states offset a funding crisis hit the currency, traders said.

The currency of Africa’s biggest economy fell to a new record low of 240 on the parallel market, down 2.1 percent on the day, as persistent dollar shortages continued, two traders said.

Aminu Gwadabe, president of Nigeria’s Bureau de Change association said he saw an increase in demand on Friday as individuals tried to convert their naira to dollars.

The government on Tuesday said it will pay out $2.1 billion to reduce a growing backlog of debts and restructure short-term loans owed by its states after declining oil prices cut revenues.

Before the liquidity injection, the naira has weakened steadily on the black market.
The central bank two weeks ago tightened access to dollars on the official interbank market, which analysts
say risked diverting demand to the unofficial black market, worsening investor perceptions about policy.

On the interbank market, the naira traded at 199.45 at 1037 GMT on Thursday, near central bank’s pegged rate of 196.95.

On Thursday, the bank said it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.

Lafarge applies for licence to supply Nigeria's electricity grid

Lafarge Africa said on Friday it had applied to Nigeria's energy regulator for a licence to generate 260 megawatts of electricity to supply to the country's grid.

Nigerian Electricity Regulatory Commission (NERC) is licensing so-called embedded power companies to try to end electricity shortages, one of the biggest constraints to investment and growth in Africa's largest economy.

Embedded power companies are not primarily power generating groups, but generate extra power from their operations and can sell the surplus to the grid or distribution companies.

Dangote is also in discussions with NERC to sell excess electricity generate from its cement plant to the grid, a source at the NERC told Reuters.

Dangote was not immediately available to comment.

The Federal government is reforming its power sector to try to put an end to power outages, which means many of the country's 170 million people only get power for a few hours a day.

Lafarge Africa, Finland's Wartsila and the World Bank's IFC agreed in September to build a 220 megawatt gas-fired power plant in the country to boost electricity supplies, at a cost of $400 million.

Nigeria is also in talks with Russia's state-owned Rosatom to build nuclear power plants.

NSE Introduces Pension 40 Index

The Nigerian Stock Exchange has announced the creation of a Pension 40 Index as part of key initiatives to drive market optimization.

A statement by the bourse says assured that the NSE Pension Index conforms with the requirements of the Pension industry as specified in the Pension Reform Act 2014 (as amended).

It also conforms with the Regulation on Investment of Pension Fund Assets as prepared and amended by the National Pension Commission.

According to the NSE, the new index provides tracking mechanism for Pension Fund Administrators, Fund Managers and others that Invest in accordance with the PENCOM guidelines.

The Executive Director, Business Development, NSE, Mr. Haruna Jalo-Waziri, says the Pension Index will provide investors with additional tool to make the most of Nigeria's market.

The NSE Pension Index will have the top 40 companies based on market capitalisation and liquidity.

UNPAID SALARIES: Thugs attack pensioners, activists during anti-Aregbesola protest

 

Hundreds of Osun State residents trooped out en-mass to join members of Civil Societies Coalition for Emancipation of Osun State (CSCEO) who led a protest against continuation of Mr. Rauf Aregbesola in office as the state governor.

But the peaceful rally was disrupted by thugs who attacked the protesters at Igbonna market, along Obafemi Awolowo way.

The thugs who attacked the protesters with several types of weapons, a situation which forced many of them to scamper for safety. In the process, several people particularly members on the Nigerian Union of Pensioners were brutally attacked and beaten up by the thugs.

 The rally had kicked off at Ayetoro junction of the state capital and was billed to be led through Igbonna, Olonkoro, Ajegunle, Old-Garage, Ile-Epo Olaiya, Fakunle, Ogo-Oluwa, Onward area and to the State House of Assembly’s complex at Abere.

The protesters carried placards with different inscriptions such as “Slava/Osinbajo returns our money”, “Aregbesola: Stop receiving N500m monthly as security votes”, “Osun Assembly: Treat Justice Folahanmi’s petition”, “Our demand is that Aregbesola must go”, “Treat the petition not the petitioner”, “Aregbesola has destroyed Osun State” and so on.

AAC faults Okonjo-Iweala, denies approving $2billion withdrawal from ECA By Nini Kuti on July 8, 2015 @ 6:16 am okj Click here for Nigeria's Largest Newspaper Directory The Federation Account Allocation Committee on Tuesday faulted comments credited to a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, that it approved the withdrawal of $2bn from the Excess Crude Account. The committee, in a statement issued on its behalf by Forum of Finance Commissioners in Abuja, stated that the law setting it up did not give it the power to approve withdrawals from the ECA. It will be recalled that Okonjo-Iweala had while responding to allegations made by state governors that she made withdrawals from the ECA without authorisation, said issues relating to expenditure were usually discussed at FAAC meetings attended by finance commissioners of the 36 states of the federation. In a statement issued by her spokesperson, Paul Nwabuikwu, Okonjo-Iweala had said, “The allegation by some governors that former Minister of Finance, Dr. Ngozi Okonjo-Iweala, spent $2.1bn out of the Excess Crude Account ‘without authorisation’ is false, malicious and totally without foundation. “It is curious that in their desperation to use the esteemed National Economic Council for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognised FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist. “But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings.” But reacting to the ex-minister’s comments, the committee said in its statement that Okonjo-Iweala’s expalnation “is far from the fact and is misleading.” It added, “It has come to our notice the statement credited to the former Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the Federation Account Allocation Committee approved the withdrawal from Excess Crude (Foreign) Account the sum of $2bn. This statement is far from the fact and is misleading. “We wish to state unequivocally that FAAC does not have the authority to approve withdrawals from the ECA and, therefore, could not have approved the withdrawal from the Excess Crude (Foreign) Account the sum of $2bn. “According to the law setting up FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. “If anything, FAAC, as records of its meetings indicate, had often queried the activities on the ECA, and, therefore, did not decide any withdrawal.” The statement noted that while FAAC had in December 2014 observed the withdrawal of $2bn from the ECA, the then Minister of State for Finance and Chairman of FAAC, Bashir Yuguda, had when asked during the plenary of FAAC meetings of the respective months explained that former President Goodluck Jonathan gave approval for the withdrawals to pay oil marketers’ subsidy claims. Yuguda reportedly stated that the action would be ratified by NEC. FAAC stated in the statement, “It should be noted, therefore, that FAAC did not and could not have approved nor taken the decision to withdraw the sum of $2bn from the ECA. “We would want to excuse Dr. Ngozi Okonjo Iweala on this misrepresentation because she was not in attendance during FAAC plenary and may not have been fully and adequately made abreast of every FAAC activity.” However, Okonjo-Iweala, while reacting to the finance commissioners’ statement by her media aide on Tuesday, said the approval for the withdrawal of the funds was given by former President Goodluck Jonathan. She said, “Payments made were used for petroleum subsidies for the Nigerian people and were approved by Mr. President. Therefore, there is no question of mismanaging any resources here. “For the avoidance of doubt, at no time did Dr. Okonjo-Iweala say that FAAC approved such expenditures. What she said was that all these expenditures were discussed at FAAC meetings attended by finance commissioners from the 36 states. “It is, therefore, clear that there was no misrepresentation by Dr. Okonjo-Iweala. “The question before us is: why is there such an excessive attempt to batter her name in an attempt to damage her reputation? It is clear, as I said in my previous statement, that the motive is malicious and very political, and, therefore, will not succeed. “If monies were used to pay for subsidies for the Nigerian people and duly approved, why is Okonjo-Iweala’s name being battered in this way? This persecution should stop.”

Read full story here: http://www.today.ng/news/faac-faults-okonjo-iweala-denies-approving-2billion-withdrawal-from-eca/

FAAC faults Okonjo-Iweala, denies approving $2billion withdrawal from ECA By Nini Kuti on July 8, 2015 @ 6:16 am okj Click here for Nigeria's Largest Newspaper Directory The Federation Account Allocation Committee on Tuesday faulted comments credited to a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, that it approved the withdrawal of $2bn from the Excess Crude Account. The committee, in a statement issued on its behalf by Forum of Finance Commissioners in Abuja, stated that the law setting it up did not give it the power to approve withdrawals from the ECA. It will be recalled that Okonjo-Iweala had while responding to allegations made by state governors that she made withdrawals from the ECA without authorisation, said issues relating to expenditure were usually discussed at FAAC meetings attended by finance commissioners of the 36 states of the federation. In a statement issued by her spokesperson, Paul Nwabuikwu, Okonjo-Iweala had said, “The allegation by some governors that former Minister of Finance, Dr. Ngozi Okonjo-Iweala, spent $2.1bn out of the Excess Crude Account ‘without authorisation’ is false, malicious and totally without foundation. “It is curious that in their desperation to use the esteemed National Economic Council for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognised FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist. “But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings.” But reacting to the ex-minister’s comments, the committee said in its statement that Okonjo-Iweala’s expalnation “is far from the fact and is misleading.” It added, “It has come to our notice the statement credited to the former Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the Federation Account Allocation Committee approved the withdrawal from Excess Crude (Foreign) Account the sum of $2bn. This statement is far from the fact and is misleading. “We wish to state unequivocally that FAAC does not have the authority to approve withdrawals from the ECA and, therefore, could not have approved the withdrawal from the Excess Crude (Foreign) Account the sum of $2bn. “According to the law setting up FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. “If anything, FAAC, as records of its meetings indicate, had often queried the activities on the ECA, and, therefore, did not decide any withdrawal.” The statement noted that while FAAC had in December 2014 observed the withdrawal of $2bn from the ECA, the then Minister of State for Finance and Chairman of FAAC, Bashir Yuguda, had when asked during the plenary of FAAC meetings of the respective months explained that former President Goodluck Jonathan gave approval for the withdrawals to pay oil marketers’ subsidy claims. Yuguda reportedly stated that the action would be ratified by NEC. FAAC stated in the statement, “It should be noted, therefore, that FAAC did not and could not have approved nor taken the decision to withdraw the sum of $2bn from the ECA. “We would want to excuse Dr. Ngozi Okonjo Iweala on this misrepresentation because she was not in attendance during FAAC plenary and may not have been fully and adequately made abreast of every FAAC activity.” However, Okonjo-Iweala, while reacting to the finance commissioners’ statement by her media aide on Tuesday, said the approval for the withdrawal of the funds was given by former President Goodluck Jonathan. She said, “Payments made were used for petroleum subsidies for the Nigerian people and were approved by Mr. President. Therefore, there is no question of mismanaging any resources here. “For the avoidance of doubt, at no time did Dr. Okonjo-Iweala say that FAAC approved such expenditures. What she said was that all these expenditures were discussed at FAAC meetings attended by finance commissioners from the 36 states. “It is, therefore, clear that there was no misrepresentation by Dr. Okonjo-Iweala. “The question before us is: why is there such an excessive attempt to batter her name in an attempt to damage her reputation? It is clear, as I said in my previous statement, that the motive is malicious and very political, and, therefore, will not succeed. “If monies were used to pay for subsidies for the Nigerian people and duly approved, why is Okonjo-Iweala’s name being battered in this way? This persecution should stop.”

Read full story here: http://www.today.ng/news/faac-faults-okonjo-iweala-denies-approving-2billion-withdrawal-from-eca/

Nigerian stocks fall to 3-month low as naira weakness persists

Nigerian stocks fell to a three-month low and the naira hit a new record low on the parallel market on Wednesday, as investors who were worried about a shortage of dollars on the currency market sold shares, traders said.

Nigeria's stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the sixth consecutive day as investors pulled out of equities to short-dated Treasury bills in search of yield.

Investors had hoped for a sustained rally after smooth elections in March. But markets have taken a hit from worries over the continued slide in the naira and the impact of persistently low oil prices on government finances.

The central bank of Nigeria, worried about rising inflation, has said it is in no mood to devalue the naira again, after it tightened access to hard currency for the import of a wide range of goods.

Since the central bank measures, the naira has weakened steadily on the parallel market, hitting a new record low of 233.50 to the dollar on Wednesday.

On the interbank market, it traded near the central bank's pegged rate of 196.95 naira. Investors questioned how long the bank's rate could hold there, when the currency was trading further and further away on the parallel market.

DOLLAR SHORTAGE

People were buying dollars to protect themselves against further naira weakness, said Aminu Gwadabe, president of Nigeria's Bureau de Change association.

Analysts say naira weakness would hurt consumer good firms who rely on imports of raw materials. Ebo said investors had priced in lower profits as a result.

The all-share index shed 1.19 percent on Wednesday, 10.4 percent lower than its 2015 peak, which it hit on April 2 after Muhammadu Buhari won a closely fought presidential election.

But Sub-Saharan Africa's second biggest stock market has drifted lower since as investors wait for policy direction on issues such as the naira and petroleum investment.

The index of Nigeria's top five oil stocks declined 2.65 percent on Wednesday, weighing on the all-share index. The top two decliners were Oando and UBA, each down more than 5.5 percent.

The most liquid 5-year bond yield rose to 15.01 percent on Wednesday, up from 14.20 percent two weeks ago, when the central bank introduced new rules and close to its pre-election quote of 15.5 percent in March.

Nigeria's Foreign exchange reserves begin "gradual recovery" - Emefiele

 

 Nigeria's foreign exchange reserves have begun a "gradual recovery" thanks to the central bank's management of dollar demand and the government's effort to plug leakages, central bank Governor Godwin Emefiele said on Wednesday.

Reserves stood at $31.89 billion on July 7, up from $29.1 billion at the end of June but still below $37.3 billion a year ago, Emefiele told lawmakers.

The central bank has spent around $5 billion since January defending the naira, which was hit by last year's plunge in oil prices.

With "the strong efforts of President Muhammadu Buhari ... to plug all leakages, as well as the vigilant demand management of the central bank, we have seen our foreign exchange reserves begin a gradual recovery," he said.

President Buhari has vowed to recover billions of dollars allegedly stolen by officials and restore financial "sanity" in Africa's biggest economy.

Emefiele said the bank's forex policies have led to a "significant stabilisation" in the exchange rate and an improvement in market sentiments.

On Wednesday, stocks fell to a three-month low and the most liquid 5-year bond yield rose close to March levels of 15.5 percent, as investors fretted over the impact of dollar shortages on the currency market.  

FG agrees to pay ₦159bn subsidy debt

The Federal Government has agreed to pay outstanding subsidy-related debt to oil product importers, Yakubu Suleiman, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN) said on Wednesday.

“They agreed to pay the remaining balance last week. Nothing has come yet but maybe this or next week. It’s 159 billion naira” ($800 million), Suleiman said.

He said he was present at a meeting last Thursday with the permanent secretaries of finance, oil and the state agency regulating the costly subsidy scheme for gasoline and diesel.

Nigeria, one of Africa’s top producers of crude oil, subsidises gasoline and other fuels. The country must import the bulk of the 40 million litres a day that it consumes owing to a neglected refining system.

An acute fuel shortage crippled Nigeria in April and May as fuel importers shut their depots to press their case. Importers were worried that the new government, elected in March, would not honour the debt.

The presidency did not immediately respond to a request for comment.

President Muhammadu Buhari is expected to review closely the subsidy scheme, which was revealed to have paid out over $6 billion in fraudulent claims in 2012.

Nnamani To Forfeit Properties To Federal Government

The former Enugu State Governor, Chimaroke Nnamani is to forfeit his multi-billion Naira properties to the Federal Government.

The four companies – Rainbownet Nigeria Limited, Cosmos FM, Capital City Automobile Nigeria Limited and Renaissance University Teaching Hospital were convicted by a judge of the Lagos High Court, Mohammed Yinusa, after pleading guilty to a 10-count amended charge against them by the Economic and Financial Crimes Commission (EFCC).

At the ruling, Counsel to the anti-graft agency, Kelvin Uzozie, prayed the court to make an order of final forfeiture of the companies based on their plea.

Mr. Yinusa, on reviewing the facts before him, convicted the companies and made an order of final forfeiture of their assets to the Federal Government, citing provision of the EFCC Establishment Act on final forfeiture.

All the properties are located across five states in the southeast geopolitical zone of Nigeria.

Car maker resumes assembly in Nigeria after 25 years

After a 25 year hiatus, Volkswagen AG, is set to resume building vehicles in Nigeria in a bid to foster sales growth in Africa.

The assembly plant which will be in Lagos, will have models like the Passat, Jetta and CC Sedans as well as the Amarok pickup truck, rolled out soon, Volkswagen's manufacturing partner, Stallion Group said.

Wolfsburg, Germany-based VW, Europe’s biggest car maker, confirmed the start of production without specifying planned volumes.

VW started producing its iconic Beetle in Lagos in 1975 through a partnership and later added other cars and light commercial vehicles before ceasing the operations in 1990 amid weak demand and quality woes.

Dubai-based Stallion, which is the official distributor of the German car maker’s VW, Audi, Skoda and Porsche brands in Nigeria, acquired the Lagos plant at the time.

Stallion also assembles vehicles in Nigeria for Nissan Motor Co., Hyundai Motor Co., Ashok Leyland Ltd. and CNH Industrial NV’s Iveco truck division.

Bailout: CBN demands debt profiles of states

The Central Bank of Nigeria (CBN) has has state governments to present details of their loan obligations before the end of Wednesday.

The directive was contained in a statement issued by the ministry of finance.

Godwin Emefiele, the CBN governor, issued the directive at an extra-ordinary meeting convened to share the revenue received from the Nigerian Liquefied Natural Gas (NLNG) to the three tiers of government approved by approved by President Muhammadu Buhari.

 “The CBN governor noted that the inability of most states to pay salaries was due to the huge debts hanging on their necks,” the statement read. “Emefiele observed that most states were taking short term loans for long term projects and servicing their monthly obligations to the banks hampers cash flows, thereby restricting them from payment of salaries.

 “The CBN governor also informed the states that the apex bank was willing to assist such states in restructuring the loans owed the commercial banks.” According to the statement, N359,374,355,607.60 was collected by the Federal Inland Revenue Service (FIRS) and shared among the three tiers of government.

It said the federal government was allocated N189,318,410,534.03 (52.68 per cent); the 36 states got N96,024,827,818.35 (26.72 per cent), while the 774 local governments got N74,031,117,255.16 (20.60 per cent). Emefiele informed the state governments that the federal government was worried about the inability of some of them to meet their obligations to their workers in terms of payment of monthly salaries.

OAG Clears air on amount distributed at emergency FAAC meeting

The Accountant-General of the Federation Alhaji Ahmed Idris has noted with great concern that the information in the public domain is inconsistent with the details of the amount distributed at the emergency Federation Accounts Allocation Committee meeting held on Monday 6th July 2015.

 

Consequently, it has become necessary to provide further clarificationabout the outcome of the said emergency Federation Accounts Allocation Committee meeting. 

 

-That the amount distributed was not from the excess crude account ECA but rather the accrued company income tax  (CIT) realised from the Liquefied Natural Gas ( LNG) N359,374,355, 607.60

-That the amount that was distributed was less the cost of collection 

-the Federal government got 56.68% amounting to N181,745,674,112.72

-the State governments got 26.72% amounting to N92,183,834,705.62

-local government councils got 20.60% amounting to N71,069,872,564.96.

 

 The Accountant-General of the Federation Alhaji Ahmed Idris makes this clarification in order to provide Nigerians with the correct and authentic information about the outcome of the proceedings at the Federation Accounts Allocation Committee meeting held on Monday 6th July 2015.

 

The public is invited to please note that no withdrawal was made from the Excess crude account ECA and that the current balance still remains  $2.1 billion.

5 ships laden with petroleum products arrive Lagos ports

Five ships laden with petrol and diesel have arrived Apapa and Tin-Can Island ports in Lagos waiting to berth at the oil terminals.

The Nigerian Ports Authority (NPA) stated this in its daily publication `Shipping Position’ made available to newsmen in Lagos. The document indicated that three other ships with frozen fish and bulk rice had also arrived and waiting to berth.

NPA stated that 35 ships were expected to sail into the ports from July 6 to July 18. According to the document, the contents of the expected ships are containers, general cargo, buckwheat, frozen fish, crude palm oil, bulk sugar, bulk salt. It stated that other expected ships contained used vehicles, kerosene and diesel.

20 other ships are in the ports discharging buckwheat, bulk soya, steel products, gypsum, general cargo, bulk bauxite, bulk urea, bulk rice, containers.

The document also indicated that the ships were discharging kerosene, diesel, petrol, aviation fuel and base oil.

CENTRAL BANK TO IMPROVE ON FINANCIAL INCLUSION OF NIGERIANS BY 2020

 

The Central Bank of Nigeria says it will ensure that by year 2020 over 80% of Nigerians will have access to financial services.

This was disclosed by the Director Banking and Payment systems of the CBN, Dr. Dipo Fatokun, who was represented by a deputy director Mr. Musa Jimoh, at the master class on Mobile Money, organized by Section on Business Law Committee of the NBA in Abuja. 

Dr Fatokun said that in the apex bank’s efforts to ensure that Nigerians at the grassroot have access to financial basic services, necessitated the licensing of over 23 mobile money operators across the federation. 

He assured Nigerians that the CBN is working closely with regulatory agencies and telcos to resolve challenges involved in the offering of Mobile Money services in the country.

Over Seven Hundred Billion Naira worth of transaction has been carried out via mobile phones since the introduction of mobile financial services in Nigeria.

FG to sell ₦70 billion in bonds

The Debt Management Office (DMO) plans to sell ₦70 billion ($351.85 million) worth of bonds next week, its seventh debt auction this year.

The DMO said, on Tuesday, it will issue ₦40 billion in five-year paper and N30 billion in the 20-year debt, using the Dutch Auction System on July 15.

All are the reopening of previously issued debt. Last week the debt office said it would issue between ₦180 and ₦240 billion worth of bonds in the third quarter.