Senate rejects Buhari's $29.96bn loan request

 

The Senate has rejected the consideration of a request by President Muhammadu Buhari for a $29.9bn External Borrowing Rolling Plan over a period of three years.

The Senators said they turned down request for approval for external borrowing due to lack of documents supporting the request as referenced in the letter sent by the President to the upper house of legislature.

The Senate has rejected the consideration of a request by President Muhammadu Buhari for a $29.9bn External Borrowing Rolling Plan over a period of three years.
Read more: https://www.naij.com/1030352-updated-senate-rejects-buharis-29-96bn-loan-request.html

Electricity, fuel push inflation to 6-year high

Inflation in Nigeria has risen again to its highest level in six years, the Nigerian Bureau of Statistics (NBS) has confirmed.

The consumer price index, which measure rate of inflation in the economy, rose by 0.9 percent in April to hit its highest in 2016, following effects of electricity rates and fuel prices.

“The Headline index increased by 13.7% (year-on-year), roughly 0.9% points higher from rates recorded in March (12.8%),” NBS said in its report.

“The higher rate of increase relative to March, was reflected in faster increases across all divisions which contribute to the index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace for the third consecutive month.

“Lingering structural constraints continue to manifest spill overs in April as electricity rates, Kerosene prices, the impact of higher PMS prices and Vehicle Spare Parts were the largest contributors to the Core Sub index during the month.

“These items as well as other imported items continued to have ripple effects across many divisions that contribute to the Core. The index increased by 13.4% in March, roughly 1.2% points from rates recorded in March.”

Following a rise in inflation to 12.8 percent in April, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), hinted the bank’s plan to raise interest rates to encourage savings.

While awaiting the next monetary policy committee (MPC) meeting slated for May 24, inflation has taken another jump, which may mean a further review of the MPC decision.

The inflation report was compiled before the hike in the pump price of petrol, showing that it may spike to a new high at the end of May.

At 11.38 percent, inflation hit double digit in February, rising to 12.77 in March and 13.72 in April. At this rate, inflation may 20 percent before the end of 2016.

Nigerians brace for more fuel queues as two and half million tonnes of gasoline stuck off country’s shore

The growing fleet of tankers stuck off Nigeria unable to unload their cargoes of diesel and petrol is an even-present reminder for President Muhammadu Buhari that another fuel crisis is looming on the horizon.

At least 75 ships with two and a half million tonnes of fuel are waiting for importers in Africa’s biggest economy to find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders.

Some of the vessels arrived a month ago and their frustrated owners have almost given up hope and started to offer their fuel to buyers outside Nigeria, several traders told Reuters.

A slump in world oil prices has hammered Nigeria’s state income and because crude sales are the government’s main source of revenue the fall has caused crippling shortages of dollars within the economy that have been hurting businesses for months.

In a bid to break the impasse and head off more fuel shortages, the government raised the price cap for petrol by 67 percent, officially sanctioned importers to use the black market to find the hard currency they need to get cargoes off the ships and allowed any Nigerian company to import fuel.

Announced last week, the reforms were welcomed by some in the oil industry as badly needed steps in the right direction. The changes have largely eliminated the system of heavily subsidised fuel prices, removing one strain on Nigeria’s increasingly stretched finances.

But the so-called parallel market has struggled to cope with the demand for U.S. dollars that followed the reforms.

Nigeria consumes 45 million litres of gasoline a day, or roughly 280,000 barrels, which would require the market to provide some $18 million a day. Though importers cover about 30 percent of this, with the state oil firm covering the rest, it is still a big strain on the market for dollars.

The naira has already weakened due to the spike in demand for dollars from fuel importers. Last week, the U.S. currency fell to 324 naira on the parallel market, whereas the official exchange rate has been held firm just under 200.


“The risk is that the parallel rate will depreciate even more, giving the marketers a pretext for yet further price increases at the pump,” said Alan Cameron, an economist covering Africa with Exotix Partners.

GENERAL STRIKE

President Buhari has resisted International Monetary Fund calls to devalue the naira, though Vice President Yemi Osinbajo sparked speculation a devaluation may be on the cards when he said the central bank had to change its polices.

Nigeria has four refineries but decades of neglect mean it has to import most of its fuel, which was less of a problem when crude was at $115 a barrel and the OPEC member was the leading oil exporter in Africa ahead of Angola.

As well as the slump in crude prices, which touched a 2016 low of $27 in January and were below $48 last week, Nigeria’s output has also been hit by instability in its oil producing Delta region, further reducing the state’s dollar revenues.

Nigeria’s production dropped this month to 1.65 million barrels per day from 2.2 million and risks slumping to its lowest since 1970.

In a effort to address the looming fuel shortages, the Nigerian National Petroleum Corporation (NNPC) has begun talks with at least three international firms to swap more of its crude for gasoline, according to traders and oil executives.

Buhari set for China to sign ‘$2bn loan’

President Muhammadu Buhari will visit China on Monday to sign a loan infrastructure projects deal worth about $2 billion.

Though the exact figure for the loan is yet to be confirmed, the presidency and Chinese foreign affairs ministry confirmed the visit.

Speaking to Reuters, Femi Adesina, the president’s special adviser on media and publicity said: “I can’t tell you how much until the day the loan will be signed.”

“Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say now.”

In February, financial and government sources said the loan could be as high a $2 billion, but officials have not provided an update since then.

Nigeria has said it wants to raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as 3 trillion naira ($15 billion).

Buhari is yet to sign the 2016 budget, insisting he would have to go through the budget details – which was sent on Wednesday – ministry by ministry.

Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari would visit China from April 11-15 to sign “cooperation agreements” and attend a business forum.

When Kemi Adeosun, minister of finance, visited China in February, a Nigerian government official said, the loan deal she agreed on could be signed by President Muhammadu Buhari.

“The finance minister, in the company of the central bank governor, is scheduled to be in China sometime next week to conclude negotiations on the $2 billion loan,” the official said.

Adeosun had earlier said the country was looking for a loan with about 1.5 percent interest.

“We looked at our debt profile and we recognised that one big problem is interest rate. So, we are going to try and borrow as far as possible externally,” she said at a KPMG forum in Lagos.

“We are borrowing first of all at the cheapest rates. So, multilateral loans are the cheapest.

“If someone offers me 1.5 per cent over 20 years, I think I should take it. So, that is why we are going to the multilateral agencies first and thereafter concessional borrowing and also tap into the Eurobond market.”

Buhari receives 2016 Budget details

President Muhammadu Buhari on Thursday formally received the details of the 2016 Appropriation Bill from the National Assembly.

The Chief of Staff to the President, Abba Kyari, signed and collected the 1,800-page document on behalf of the President.

The document was handed over to Kyari by the President’s Senior Special Assistant on National Assembly Matters (Senate), Ita Enang; and the Senior Special Assistant on National Assembly Matters (House of Representatives), Samaila Kawu.

The presentation took place inside the Office of the Chief of Staff.

After the submission, Kyari led Enang and Kawu to the President’s Office where they met briefly.

The three of them emerged from the meeting a few minutes after with Enang still holding on to the document.

Enang later told State House correspondents that with the formal submission, the constitutional procedure would now follow.

He said, “The budget details has been transmitted to His Excellency, Mr. President today, the constitutional process begins thereafter.

“We have transmitted it to the Office of the President and the constitutional process of timing starts.”

Immediately after the brief interview, Enang joined Kyari and Kawu as they walked back to the Chief of Staff’s office.

The Office of the Chief of Staff which serves as interface between Buhari and ministers may be saddled with the responsibility of making the document available for the ministry-by-ministry review which the President said he would ensure is done before he signs the bill.

No more 1st class tickets for ministers, others – FG

Ministers and permanent secretaries will no longer travel with first class tickets as part of the effort to cut costs by the present administration, the Office of the Secretary to the Government of the Federation (OSGF), has said.

Others that would no longer benefit from the first class are chairmen of federal government committees, as well as chairmen and chief executives of parastatals and agencies.

A statement from the Efficiency Unit of the Federal Ministry of Finance made available to Daily Trust yesterday, said all the affected officials would now be restricted to the business class for their local and international travels as against what obtained in the past, where some government officials who should have been on business class, instead travelled first class, while many others travelled business class instead of the economy ticket.

The Efficiency Unit, which is the initiative of the current Minister of Finance, Mrs. Kemi Adeosun, set up to engender transparency and reduce government’s large expenditure in its negotiation for discounts with local and international airlines, also recommended other measures to the OSGF toward reducing government’s huge expenditure on travels.

The second recommendation bordered on the need to reduce the frequency of travels by ensuring that board and committee events, such as meetings, workshops and conferences in Nigeria are held in locations where the institutions or persons participating are domiciled.

Furthermore, such events should for the most part be held in Nigeria but where that is not possible, the prior approval of the Secretary to the Federal Government should be secured.

“In line with the present administration’s commitment to reform public expenditure, the OSGF accepted the recommendations in full and has accordingly issued a circular recently to effect the changes.

Frozen fish scarcity looms over CBN forex restriction

Frozen fish and other seafood may soon become scarce in markets across the country as a result of the Central Bank of Nigeria’s foreign exchange restrictions for the importers of the items.

Investigations by our correspondent revealed that there had been no importation of the items since February and over 80 per cent of cold rooms, especially in Lagos, had been shut, while about 75 per cent of workers in the sector had been laid off.

It was also learnt that the Federal Ministry of Agriculture had issued permits to importers to bring into the country about 520, 000 metric tonnes of fish this year.

An importer, who spoke with our correspondent on condition of anonymity, said the CBN listed fish and other seafood among items not valid for forex from the official interbank market, and requested that importers should raise funds from alternative sources.

The source said the CBN was refusing to sign the ‘Form M’ that would enable the importation of the items.

“Since February, nobody has received ‘Form M’ from the CBN; so, automatically, the allocation is useless. The industry is on the verge of collapse. Fish is not valid for forex and the CBN has also refused to approve the ‘Form M’ after we have sourced our funds from elsewhere,” the source said.

According to findings, almost every frozen fish consumed in the country presently is smuggled through the land borders, as most people, especially retailers, are currently getting their supply from Cotonou, Benin Republic.

Information obtained from the Nigerian Ports Authority’s daily shipping position indicated that between March and April 5, 2016, of all the vessels coming into the country, only one brought in frozen fish into the Lagos port complex; one in Port Harcourt and another one to the Delta port complex.

A cold room owner in the Oshodi area of Lagos, Mrs. Charity Iweala, told our correspondent that many operators in the sector had lost their jobs, while more were expected to lose theirs if the trend continued.

“The situation has worsened; cold rooms are empty and people are losing their jobs because there is no more work for them to do. I was one of the few people that got importation quota but we can’t import; no bank has opened ‘Form M’ for any fish importer for several months now,” she said.

According to Iweala, most of the fish imported into the country are sourced from the wild waters and cannot be bred locally.

It is estimated that the demand for fish in the country is about 2.6 million metric tonnes with a per capita consumption of 13.5kg, while the country currently has a total local fish production estimated to be around 600,000 metric tonnes per annum.

The immediate past Minister for Agriculture and Rural Development, Mr. Akinwumi Adesina, had at the inauguration of the Special Growth Enhancement Support programme, said the importation of fish was not a good business for the country given its huge natural resources.

8 ships laden with petrol expected to arrive Lagos ports On April 7, 2016

Eight ships laden with petrol are expected to arrive Apapa and Tin-Can Island Ports in Lagos from April 7 to April 12 to improve the supply of the commodity in the country.

The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’, – on Thursday in Lagos.

The document indicated that 25 other ships containing food items and other goods were being expected at the ports from April 7 to April 26. NPA explained that the expected ships contained buck wheat, soda ash, frozen fish, bulk sugar, general cargoes, diesel, and containers.

The document noted that a ship had arrived, waiting to berth with aviation fuel. 17 other ships are at the ports discharging general cargoes, wheat, ethanol, aviation fuel, crude palm oil, empty containers, salt, aviation fuel and

NERC begs consumers over blackout

The Nigerian Electricity Regulatory Commission on Wednesday begged Nigerians to exercise patience with the power generation and distribution companies with respect to the drop in electricity supply and the attendant blackouts being experienced nationwide.

According to NERC, the drop in power supply is due to vandalism of critical installations and heavy downpour witnessed in parts of the country recently, adding that the Federal Government was working hard to repair the vandalised gas pipelines.

The commission was, however, not specific as to when power generation and its supply would improve, but was quick to state that there was hope of tangible increase in electricity generation.

The Acting Chief Executive, NERC, Dr. Tony Akah, said these while playing host to a delegation from the International Association of Energy Economics at the headquarters of the commission in Abuja.

The country’s electricity woes worsened on Tuesday as two additional power generating plants were shut down, bringing the total number of plants not generating any megawatts of electricity to 10.

The two shut plants are Shiroro Power Station in Niger State and Sapele II in Delta State.

In his response to a question on the fall in power generation, Akah said, “On the decline in power, as you may know, part of the reasons have to do with the issue of pipeline vandalism and the heavy downpour that happened in the past.

TCN, GENCOs, DISCOs trade blames over electricity crisis

Operators in the electricity value chain – generation, transmission and distribution companies are trading blames over the current power crisis, with each blaming the other for the very poor power supply situation witnessed in the last few weeks.

TCN The crisis came to a climax, last week, when there was a complete system collapse for three hours when not even one megawatt of electricity was generated in the country.

Since the year began, there have been three systems collapse, two complete and one partial, even as there was no word of explanation or admonishment from the Ministry of Power or the Nigerian Electricity Regulatory Commission, NERC.

Whereas the Transmission Company of Nigeria, TCN, exonerated itself, saying, “we cannot transmit what has not been generated, the generation companies, GENCOs, blame the weak transmission grid for its inability to carry the quantity generated, while the distribution companies, DISCOs, admit they have had to load-shed due to poor allocations.”

Specifically, a top management staff at Egbin Power Plant, Nigeria’s biggest GENCO, who spoke in confidence, noted that what happened was “ground zero transmission and not generation”. According to him, “what was experienced last week was not a problem from our (GENCO) end but rather from the transmission company, TCN, as we had generated over 3, 766.7megawatt as at March 30.”

But a TCN source, who also pleaded anonymity, said: “The system collapse recorded on March 30, can be attributed to generation companies and not the transmission as widely speculated. “Since the first quarter of this year, we have recorded a total of three systems collapse – two complete and one partial. This is a grand improvement compared to previous years when we could have over 20 systems collapse.

For this development alone, we could say there is a great improvement from our end.” Load shedding Spokesmen for the Eko and Ikeja DISCOs, Mr Godwin Idemudia, and Mr. Felix Ofulue, after admitting to load-shedding, however, said that power supply was gradually gaining strength, even as millions of Nigerians remain in darkness.

According to Idemudia: “We are engaged in serious load-shedding because of the non-availability of energy which has to be rationed based on what we receive. We draw out a time table on how to distribute to everybody.

If we had enough, there would be no need for load shedding.” With regard to improvement in supply he said: “For the past weeks, we have received between 319 and 320 megawatts.

On a good day, we receive 450 megawatts but to make us comfortable we would need about 700 megawatts. For now, we operate on load shedding, which enables us rationalise what we received across our networks. “However, there are maximum demand meters, which are the industrial customers, who pay higher than residential.

In a good business environment the system allows that but that does not mean we would dessert the residential because they are our customers also.” But Ofulue said the situation in Ikeja, which usually receives the highest allocation, is not very encouraging, as the DISCO receives less than 300megawatt.

As a result, he argued, “since we are given this little, we do share equitably across our customers. The problem has always been from the National grid, as the power supplied to us is not enough.” Access restriction Meanwhile, at about 12:00 noon, March 30, the Nigerian System Operator, NSO, unit of the TCN, began to restrict public access to the daily output, from its official output website, www.nsong.org, which indicates power generated and the allocations to the various DISCOs.

Refineries to resume operations this month – NNPC

The Nigerian National Petroleum Corporation, NNPC, on Sunday said refineries will resume operation for local consumption this month so as to end the lingering fuel scarcity in the country.

Addressing newsmen after inspecting some petrol stations in Abuja, the Group Executive Director/ Chief Operating Officer, COO, NNPC, Downstream, Henry Ikem Obih said all the refineries were at various stages of resumption.

Obih also disclosed that NNPC had taken delivery of four vessels of refined petrol that are at various stages of distribution across the country.

“We are working extremely hard to ensure that we eliminate the queues. What we have seen today is encouraging but we are still not there. We will be there when you go into a couple of filling stations and you are able to buy fuel and drive away. Our refineries will commence refining sometime this month,” he said.

Adesina: Buhari sold his house to get his child forex

Femi Adesina, special adviser to President Muhammadu Buhari on media and publicity, says the president sold his property to access foreign exchange (forex) for his child’s education.

Adesina, who could not confirm if the president got forex from official sources or the parallel market, said one would have to ask the president himself.

Speaking in an interview with Osasu Igbinedion on The Osasu Show, Adesina said the Central Bank of Nigeria (CBN), is experiencing a paucity of forex.

Corroborating Adesina’s stance, the president himself had earlier said in an interview with Al Jazeera that it would henceforth be “tough luck” for those who are (or wish to school abroad) to access forex”.

“Those who can afford foreign education for their children can go ahead but Nigeria cannot afford to allocate foreign exchange to those who decided to train their children outside the country,” he said in March.

Asked if the president could afford the education of his children abroad, Adesina said: “You will need to ask him.”

“Don’t forget that it was in the public domain even before he became president that when one of his children needed to go abroad he had to sell his property; maybe it was his house in Lagos or somewhere,” Adesina said.

“Anybody that wants to train a child abroad must be sure that he or she can afford it. If you can afford it no problem.

“At a time like this when there is paucity of foreign exchange, what the president is simply saying is that central bank may not be able to provide forex but you can always buy your forex at the parallel market if that is what you want.”

Though the CBN has not officially banned the access to forex for education and medical bills, the president has said explicitly that the country cannot afford it.

Petrol subsidy returns, FG to pay N5.8bn in April

With the open market price of premium motor spirit (PMS) rising to N92.34, the federal government has returned to petroleum subsidy, as it insists on retaining the current price.

According to the petroleum product pricing regulation agency (PPPRA), the government will begin to pay N5.84 on every litre of petrol sold from April 1, 2016.

The template also revealed that on every metric tonne of PMS, the federal government will pay a subsidy of at least N7,824.84.

With a consumption level of at least 33 million litres per day, the federal government would pay N5.782 billion on subsidies in April alone – if the template remains unchanged.

Though the federal government never really removed subsidy, it didn’t have to pay it based on the global prices of crude oil in the first quarter of the year.

Farouk Ahmed, immediate past executive secretary of PPPRA, said in February that the FG was saving N13.81 on every litre of PMS sold.

He however added that the money made by the federal government in over-recovery would be saved for a rainy day – to pay petrol subsidy, when the prices spike again.

Assuring that the pump price of petroleum products would not be increased, PPPRA said the pump price of Kerosene, which was not affected by the new template, would also remain unchanged.

In a subsequent statement by Lanre Oladele, head, corporate services at PPPRA, the agency said: “The NNPC has 41.73 per cent of the total allocation, while the rest of the oil Marketing Companies got a total allocation of 58.27 per cent.”

The statement quoted Sotonye Iyoyo, acting executive secretary of PPPRA, that the agency would retain the retail prices of N86.00 for the NNPC and N86.50 for the other marketing companies.

It added that the pump price of Household Kerosene (HHK) would also remain unchanged from what it was in the last quarter.

“Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets,” she said.

PPPRA said it would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.

It urged depot owners to strictly adhere to the prevailing truck-out policy made by the agency, to ensure that petroleum products get to their designated retail outlets nationwide.

The agency warned against hoarding products, saying there are no plans to raise the prices.

“PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide.

“We therefore assure Nigerians of our total commitment to service delivery, in the quest to deliver on our mandate to the people of Nigeria.”

We won’t increase petrol pump price, says PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says it has no plan to increase the price of petrol in the country.

Lanre Oladele, the agency’s head of corporate services, disclosed this in a statement issued in Abuja on Sunday.

The statement said the pump price of household kerosene (HHK) would also remain unchanged from what it was in the last quarter.

“The agency will retain the retail prices of N86.00 for the NNPC, and N86.50 for the other marketing companies,” the statement read.

“Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets.”

It further added that PPPRA would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.

PPPRA appealed to depot owners to strictly adhere to the prevailing truck-out policy made by the agency, to ensure that petroleum products got to their designated retail outlets nationwide.

It warned that adequate sanctions awaited any depot-owner found to be hoarding products.

The statement added that the Nigerian National Petroleum Corporation (NNPC) would have 41.73 per cent allocation for supply of premium motor spirit (PMS) in the second quarter.

“The NNPC has 41.73 per cent of the total allocation, while the rest of the oil marketing companies got a total allocation of 58.27 per cent,” the statement read.

“PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide.

“We therefore assure Nigerians of our total commitment to service delivery, in the quest to deliver on our mandate to the people of Nigeria.”

It urged motorists to desist from panic-buying, saying PPPRA was working hard with other sister-organisations to ensure that the current supply and distribution challenges were resolved within the coming days.

Despite the agency’s statement, the current scarcity of petrol has allowed many filling stations to sell above the official petrol price to as high as N200 per litre, even in Abuja.

Source...thecable.ng

10 fuel hawkers arrested in Lagos for causing traffic

No fewer than ten suspected fuel vendors (black market sellers) were on Sunday arrested by the Lagos State Task Force on Environmental and Special Offences (Enforcement) Unit for allegedly obstructing traffic in the Oshodi and Ikeja areas of the state.

About eight jerrycans of fuel were also impounded from the suspects.

The arrested suspects who were initially arrested by the task force numbered 25, however after screening, 15 suspects, including 10 fuel hawkers, were reportedly found culpable.

Confirming the arrest, the unit’s spokesman, Adebayo Taofiq, told The Punch that the hawkers were arrested for particularly causing gridlock.

“These hawkers stay around filling stations and they cause gridlock for other road users.

“The Chairman of the task force, SP Olayinka Egebyemi, ordered that there should be vehicular sanity around all filling stations in the state.

“During our operation on Sunday, 25 miscreants, including those hawking fuel by the roadsides around filling stations were arrested. Ten were found guilty.

Source...thecable.ng

Abuja, Nigeria becomes Uber's 400th city to launch

Today, Abuja becomes the 400th city to in Uber's growing global network. With the launch of Uber (www.Uber.com), an innovative technology platform, Abuja joins the list of smart transportation hubs in Africa. Following the success of Uber in many other cities, Uber is excited to launch its ride-sharing platform to the people of Abuja.

Uber Abuja

Uber's innovative platform connects drivers with riders in real time, at the touch of a button. Whether you're going to work or going out with friends, Uber provides an affordable, safe and reliable way to get across the city. Abuja is a place where entrepreneurs are born, it is a growing city in the heart of Nigeria. This is a reason why Uber loves Abuja - its people, energy, innovation and beauty really speak for itself.

Ebi Atawodi, General Manager for Uber Lagos said:

"We're really excited to be launch Uber in Abuja. Uber gives the people of Abuja an affordable, easy and flexible choice to move around the city safely and reliably.

"For those who don't know, Uber moves around millions of global citizens every day offering affordable and reliable rides at the touch of a button. By offering a friendly and reliable complement to existing transport options, we can help improve urban mobility in Abuja, reduce traffic congestion and the environmental impact of vehicles at the same time."

So what is Uber?

Uber helps people get a ride at the push of a button - there's no waiting on the street or walking through unfamiliar neighborhoods to find a bus. It's the most convenient way to get a safe, reliable and affordable ride.

Before Getting into the Car

• No more street hails or waiting outside to find a ride. You can start the Uber app from anywhere and wait safely for your car to arrive. That means no standing on the street to hail a cab or struggling to find the nearest bus stop late at night.
  
• Trips are no longer anonymous. When a driver accepts your request, you see his or her first name, photo, and license plate number. You can also check whether others have had a good experience with him or her. In addition, the driver can see your first name and rating. You can contact the driver--and vice versa-- through the app if there is any confusion around pick-up details.

During the Ride

• Share your ETA and location. You can easily share your ride details, including the specific route and estimated time of arrival, with friends or family for extra peace of mind. They'll receive a link where they can see in real time the name and photo of the driver, their vehicle, and where you are on the map until you arrive at your destination--and they can do all of this without having to download the Uber app themselves.

After the Ride

• Feedback and ratings after every trip. After every ride, you and your drivers need to rate each other and provide feedback. Our safety team reviews this information and investigates any issues.
• 24/7 Support. If something happens in a car, whether it's a traffic accident or altercation between you and your driver, our customer support staff are ready to respond to any issues 24 hours a day, seven days a week.

• Rapid Response. We have a dedicated Incident Response Team to answer any more urgent issues. If we receive a report that a driver or rider has acted dangerously or inappropriately, we suspend their account, preventing him or her from accessing the platform while we investigate.

Behind the Scenes

• Always on the map. Accountability is one of the things that makes riders feel safe in an Uber. We use GPS to keep a record of where a driver goes during the ride, allowing us to verify that the most efficient routes are being used, which creates accountability and a strong incentive for good behavior.
• Working with law enforcement. In cases where law enforcement provides us with valid legal process, we work to get them the facts, for example by providing trip logs. Again, transparency and accountability are at the heart of the Uber experience.
• Pre-screening drivers. All drivers must undergo a screening process before they can use the Uber app.

CBN raises benchmark interest rate to 12 pct

The Central bank of Nigeria has unexpectedly raised the benchmark interest rate from 11 to 12 percent on Tuesday.

Speaking at the end of its monetary policy committee on Tuesday in Abuja, CBN Governor, Godwin Emefiele, said the bank also raised the cash reserve ratio (CRR) for commercial banks to 22.5 percent from 20 percent and it held the liquidity ratio at 30 percent.

Emefiele who added that the apex bank would keep the naira foreign exchange rate stable despite a sharp fall of the currency on the parallel market due to shortages of dollars, cited the state of the economy and rising inflation, which is above the central bank's target band of 6 to 9 percent.

The monetary policy rate was last adjusted in November 2015, when it was reduced from 13% to 11%.

FAAC: FG States, LGs share N345bn as February revenue

The Federal Ministry of Finance says  N345 billion was shared among the federal, states and local governments as revenue for February 2015.

Addressing newsmen  on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting,  Permanent Secretary, Ministry of Finance, Mahmoud Isa Dutse, said that the shared amount comprised the month’s statutory revenue of N270.5 billion.

Alhaji Dutse said also that the money shared included the N6.3 billion refunded to the federation by the Nigerian National Petroleum Corporation (NNPC).

Recall that N370.3 billion was shared to the three tiers of government as revenue for the month of January, showing an increase of N25.2 billion in revenue.

Nigerian bond yields rise after rate hike aimed at luring investors

Nigerian bond yields spiked across the curve on Wednesday after the central bank unexpectedly tightened monetary policy in an about-turn to curb inflation and attract foreign investors.

The central bank of Nigeria on Tuesday raised its benchmark rate to 12 percent from 11 percent, having cut rates only four months ago by 2 percentage points, and lifted the cash reserve ratio for commercial banks to 22.5 percent from 20 percent.

Yields on the benchmark 20-year bond rose 55 basis points (bps) to 12.7 percent while the 10-year yield climbed 45 bps to 12.65 percent. The yield on five-year paper, the most liquid maturity, gained 41 bps to 11.7 percent.

"The MPC has signalled a tightening and rates have gone up. Lenders can place their funds with the central bank at 7 percent so why buy treasury bills at lower yields?" one trader said.

On Tuesday, central bank governor, Godwin Emefiele, said extra liquidity had not translated into more lending and cited inflation, at a 3-1/2-year high of 11.4 percent last month, and well above the central bank target of 6 percent to 9 percent.

Nigeria is going through its worst economic crisis for years due to a slump in crude prices which has weakened its naira currency and slashed government revenue. Oil exports account for about 70 percent of national income.

Banks were quoting 10 percent on the interbank overnight lending market, a jump from Tuesday's 4.8 percent before the central bank rate decision. There were no deals on Wednesday.

The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, bucked two day of gains to shed 1.19 percent, as domestic funds switch to bonds, traders said.

Naira firms vs dollar in 1-mth forward as capital market indicators improve by 0.45%

Nigeria’s naira strengthened 1 percent against the dollar on Monday in the forward market after the country’s central bank raised interest rates by 100 basis points to 12 percent.

One-month dollar/naira forwards were bid at 205 after the rate rise compared to around 207 earlier

Meanwhile the market indices of the Nigerian Stock Exchange (NSE) on Tuesday appreciated further by 0.45 per cent amid price growth by some blue chips.

Naija247news reports that the All-Share Index improved by 117.37 points or 0.45 per cent to close at 26,020.32 against 25,902.95 recorded on Monday.

Similarly, the market capitalisation which opened at N8.910 trillion rose by N40 billion or 0.45 per cent to close at N8.950 trillion.

An analysis of the price movement chart indicated that Nestle led the gainers’ table, growing by N22 to close at N702 per share.

Nigerian Breweries came second with a gain of N5.20 to close at N109.20, while Guinness appreciated by N4.01 to close at N112 per share.

Unilever increased by N1.47 to close at N38.92, while UACN gained 47k to close at N20.95 per share.

Conversely, Seplat topped the laggards’ chart, dropping by N30 to close at N310 per share.

PZ trailed with a loss of N1.13 to close at N21.71 and National Salt Company of Nigeria shed 36k to close at N6.86 per share.

Zenith Bank dropped 29k to close at N12.90, while UAC Property declined by 25k to close at N4.85 per share.

Also, investors bought and sold 344.12 million shares valued at N2.46 billion achieved in 4,386 deals.

NAN reports that this was in contrast with 412.47 million shares worth N2.07 billion traded in 3,285 deals on Monday.

GT Bank was investor’s delight having accounted for 69.62 million shares worth N1.14 billion.

It was followed by Fidelity Bank with 53.32 million valued at N71.04 million, while UBA traded 32.64 million shares worth N121.14 million.

Zenith Bank sold 32.34 million shares valued at N424.99 million and Multitrex exchanged 30 million shares worth N15 million.

Nigeria raises N125 billion bonds to mature in 2020, 2026, 2036, says DMO

The Federal Government on Wednesday at an auction raised N125 billion worth of bonds to mature in 2020, 2026 and 2036, the Debt Management Office (DMO) has said.

According to DMO’s auction result obtained from its website on Friday, it sold N20 billion of 2020 paper at 11.33 per cent, lower than the 12.19 per cent auctioned in February.

It also sold N40 billion of 2026 paper at 12.09 per cent, lower than 12.39 per cent in February and N40 billion of newly issued 2036 paper at 12.40 per cent.

The summary stated that N5 billion of the 15.54 per cent February 2020 bonds and N20 billion of the 12.50 per cent January 2026 bonds were allotted on non-competitive basis.

Subscriptions from investors for the February 2020 bond, which was reopened, stood at N72.559 billion, while that of January 2026, which was also reopened, stood at N89.358 billion.

Also, subscriptions for the March 2036 bond stood at N100.529 billion.

Lagos To Transform Bus Terminal Into Tourist Attraction

The Lagos State Government on Friday said that arrangements had been concluded to transform the Tafawa Balewa Square (TBS) Bus Terminal to attract more tourists to the edifice.

The Commissioner for Transportation, Dr Dayo Mobereola, disclosed this at a stakeholders’ meeting organised by his Ministry in Lagos on Friday.

According to Mobereola, redevelopment was part of Gov. Akinwunmi Ambode’s efforts to further enhance the state’s mega-city project.

“The reason for this redevelopment is to actualise the vision of Governor Akinwunmi Ambode, in his strive to make the state a real mega-city.

“To affirm this, there are some infrastructure that are to be in place.

“TBS stands for Lagos State. It is a rallying point for us, so we want to beautify it more and make it a tourist centre.

“It is very important and imperative to make the terminal a world-class edifice, so that when anyone comes to this place, they will bow and respect the state,” Mobereola said.

The commissioner said that the purpose of the meeting was to seek the opinion of stakeholders and to carry them along.

“We need your contributions to make it better. We are just going to make the place an ultra-modern terminal for the Bus Rapid Transit (BRT) buses, taxi operators and passengers.

“What we want to do is to protect all during the rainy and hot seasons. Everyone will have its own section: Danfo drivers, BRT and taxi operators, so that passengers are not confused where to go.

“What we are doing is for the benefits of all. When it is completed, it will be enforced,’’ he said.

The Special Adviser to the Governor on Transportation, Mr Anofiu Elegushi, added that the purpose of the project was not to displace the operators.

“We are ready to receive your inputs, comments and advice. Our intention is to re-arrange. It is not an intention to take over your operations, but we need your support to move the state forward,’’ he said.

In his presentation on the project design, Mr Bolaji Bada, the Director Transportation Engineering in the ministry, said that the project would have a hightech fibre to provide shade.

Bada said, “The weight of the material is approximately one per cent of glass, which make it light enough to withstand any weather condition. It is dust and repellant-free and can serve for 40 years.

“This technology has the ability to transmit light when illuminated from above at night, so it will be spectacular, of high architecture and colourful, with a lot of land spacing for a standard terminus.’’

In his reaction, Alhaji Tajudeen Agbede, the Chairman of the National Union of Road Transport Workers (NURTW), who lauded the project, urged that the government should be cautious of disrupting people’s sources of income.

“I want to appeal that you do not displace the operators and traders when the project is eventually completed because they are of immense benefit to both passengers and their families,’’ Agbede said.

Mr Hammed Okunuga, the Chairman, Road Transport Employers’ Association (RTEAN) in Lagos Island, said “we appreciate this as we have been looking forward to it, but let it not be that you want to take over what we feed our families with.’’

A private Park-and-Ride operator at TBS, identified as Alfa Abolore, urged the government not to displace entreprenuers who have been making a living in the area.

In his response, Mobereola, said, “no stakeholder should be fearful. We will not take your source of income. We must do it together.

“We may have to relocate people that might be affected because by the time we are done with TBS, you will tell us to go and repair Obalende. Obalende is not up to standard.

“We need your support because of the inconvenience it will bring during execution.”

He added that the facility would include enhanced security and maintenance features such as Closed Circuit Television and a world-class toilet facility.

The News Agency of Nigeria (NAN) reports that stateholders at the meeting included members and executives of the NURTW and the RTEAN, traders, politicians and residents, among others.

NSE market capitalisation appreciates by N5bn

The market capitalisation of the Nigerian Stock Exchange (NSE) on Friday appreciated by N5 billion to close at N8.838 trillion.

The News Agency of Nigeria (NAN) reports that this was against the N8.833 trillion posted on Thursday.

Also, the All-Share Index which opened at 25,679.03 improved by 15.76 points or 0.06 per cent to close at 25,694.79.

An analysis of the price movement showed that Nigerian Breweries recorded the highest price gain to lead the gainers’ table, appreciating by N5 to close at N105 per share.

It was trailed by Unilever with N1.40 to close at N29.45, while Zenith Bank chalked 50k to close at N12.79 per share.

Berger Paint increased by 45k to close at N9.46, while Union Bank garnered 27k to close at N5.77 per share.

On the other hand, Seplat topped the losers’ chart shedding N20 to close at N330 per share.

Lafarge Africa came second with a loss of N3 to close at N81, while GT Bank dipped 68k to close at N15.67 per share.

ETI declined by 65k to close at N14.35 and Dangote Sugar shed 41k to close at N5.90 per share.

NAN reports that GT Bank was investors’ delight with an exchange of 46.52 million shares valued at N733.37 million.

Zenith Bank followed with 33.31 million shares worth N437.11 million, while Access Bank traded 16.37 million shares valued at N64.99 million.

UBA sold 14.69 million shares worth N53.89 million and FBN Holdings exchanged 13.73 million shares valued at N45.73 million.

In all, investors bought and sold 222.25 million shares worth N1.89 billion achieved in 3,558 deals.

NAN reports that this was in contrast with 6.87 billion shares valued at N7.68 billion traded in 3,632 deals.

Nigeria’s trade declines by 30.6

The National Bureau of Statistics on Friday released the merchandise trade figures for the 2015 fiscal period, stating that Nigeria recorded a huge decline of N7.25tn in trade from N23.49tn in 2014 to N16.42tn. It said the N7.25tn decline represents a drop of 30.6 per cent over what was recorded in the 2014 financial period. The bureau in the report a copy of which was made available to our correspondent attributed the drop to a 40.3 per cent decline in the value of exports from N16.3tn in 2014 to N9.72tn.

It, however, said that a decrease of N676.4bn or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance. The report said, “The total value of Nigeria’s merchandise trade during the fourth quarter of 2015 stood at N3.65tn or 9.2 per cent lower than the value of N4.02tn recorded in the preceding quarter. “For the 2015 calendar year, the country’s total trade was recorded at N16.42tn, amounting to N7.25tn or 30.6 per cent less than the total trade value recorded for 2014.

“This development arose largely due to sharp decline the value of exports; from N16.3tn in 2014 to N9.72tn in 2015, a decline of 40.3 per cent. “A decrease of N676.4bn or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3.03tn, N5.89tn less than the value in 2014.” The NBS in the report said the crude oil component of total trade decreased by N4.94tn or 41.6 per cent as against the level recorded in 2014. It said the country’s imports were dominated by the importation of Boilers, machinery and appliances, which accounted for N1.5tn or 23.6 per cent of the total value of imports in 2015.

Other commodities which contributed noticeably to the value of imports in 2015 were Mineral Products at N1.27tn (19 per cent), Vehicles, aircraft and associated parts at N608.5bn (9.1 per cent) and products of the chemical and allied industries at N578.9bn (8.6 per cent). In terms of imports by region, the report revealed that the country consumed goods largely from Asia with an import value of N2.8tn or 42.3 per cent. Nigeria also imported goods valued at N2.5tn or 37.3 per cent from Europe, and N871.3bn or 13 per cent from The Americas. Imports from within the continent of Africa, it added, totaled N420.4bn or 6.3 per cent, while imports from the region of ECOWAS amounted to N213.8bn.

Osun State Will Not Pay State Workers March Salaries

According to Governor Rauf Aregbesola, the government will not be able to pay the State Secretariat’s electricity bills, let alone its N2.6bn wage bill.

The Osun State government has announced that it will be unable to pay State workers their March salaries.

Osun State received only N6.23m in funding for the month of March. According to Governor Rauf Aregbesola, the government will not be able to pay the State Secretariat’s electricity bills, let alone its N2.6bn wage bill.

March’s federal allocation represents a significant decline from February’s allocation of N1.677bn. Additionally, Osun State received N19.418m and N726.1m from the exchange rate gain and value added tax, bringing the total February allocation to N2.423bn.

The reason for Osun State’s insufficient funding comes from debt obligations amounting to over N2bn. The debt payments included external debt and an irrevocable standing payment order (ISPO).

Every other state was granted a March allocation of at least N1bn, with Akwa Ibom, Delta, Lagos, and Rivers States topping the list with N8.557bn, N6.062 bn, N6.612 bn and N5.427bn, respectively.

Dangote Group sponsors 800 Nigerians to understudy refinery operations in India

Aliko Dangote, president of Dangote Group and Africa’s richest man, is sending about 800 Nigerians to India, to learn the operations of a petrochemical refinery.

The 800 Nigerians will travel to the Asian country over the next 24 months in a batch of fifties, to learn from the nation with the largest refinery in the world.

India is home to the world’s largest refinery – Jamnagar Refinery Reliance Industries, Jamnagar – which refines as much as 1.2 million barrels per day.

A source in the company confirmed the development to TheCable on Friday, adding that the first batch to be trained will leave for India on Sunday, March 20, 2016.

“About 800 will be trained in batches within 24 months. The first batch of 50 is leaving for India on Sunday,” she said.

Dangote is looking to creating employment within the Nigerian economy, rather than importing expatriates to run the first private refinery in Nigeria.

The refinery, projected to worth $9 billion, is being built to have a refining capacity of about 500,000 to 650,000 barrels per day.

“After receiving a private licence to build a refinery, Dangote has commenced the building of a 650,000 barrel per day (BPD) petroleum refinery, which will be the single largest in the world,” the conglomerate said in a statement more than a year ago.

“The refinery would have a larger capacity than all of Nigerian National Petroleum Corporation (NNPC) refineries put together.”

Dangote, who hosted Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), at the site of the refinery in January, assured Nigerians that the refinery would be ready to meet the nation’s need by 2018.

“Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be the largest exporter of Urea and Ammonia in Africa,” Dangote said in January.

“The refinery is the largest single line in Africa and it will meet our total domestic requirement and save foreign exchange. Thirty-eight per cent of CBN’s foreign exchange is spent on importation of petroleum products.

“We can serve the whole West African market. We are going to serve the whole domestic market in the next 10 years and also export. We have actually been doing this for a very long time to diversify the economy.”

Dangote to ‘acquire’ Peugeot Nigeria

Aliko Dangote, Africa’s richest man, is teaming up with the Bank of Industry (BoI) and the Kaduna and Kebbi state governments to acquire majority stake in Peugeot Automobile Nigeria (PAN) Limited.

This disclosure was made by Nasir el-Rufai, governor of Kaduna state, at the launch of the Bank of Industry youth empowerment scheme (YES).

“We have submitted bids for the car maker … with Aliko Dangote on board together with BoI, Kebbi and Kaduna state; we are confident our bid will sail through,” he was quoted by Reuters to have said.

Peugeot is a local joint venture with the French automaker, with a long history in Nigeria, the anticipated hub of automotive assembling on the Africa continent.

El-Rufai said that Kaduna and Kebbi, along with development lender Bank of Industry (BoI) and Dangote, had submitted bids for the stake which AMCON is looking to sell.

Peugeot Nigeria assembly plant located in Kaduna state has Peugeot Citroen PEUP.PA as its technical partner “with a capacity to assemble 240 cars a day”.

Though conceived in 1969, Peugeot found its roots in Nigeria only two years later, after winning a bid during the Yakubu Gowon-led government.

In November 2006, PAN was privatized in line with government’s agenda to build a stronger, more competitive and diversified economy.

ASD Motors emerged as the successful core investor and took over management of the company (Peugeot) in January 2007, with a 54.78 percent stake, making Sani Dauda, CEO of both ASD Motors and Peugeot Nigeria.

The expectation was that the privatization of PAN would create a quantum leap in performance, but that has not happened, the company confirmed.

“Following the accumulation of huge non-performing loans (NPL) indebtedness to banks, in October 2012, the Asset Management Company of Nigeria (AMCON) acquired the debts of the company and converted a portion to equity to help restructure the firm,” Peugeot had said.

The planned acquisition is expected to revamp the presence of the company in Africa’s largest economy.

Oil bounces to $40 as OPEC ‘settle’ output row

Crude oil prices bounced back on Thursday, continuing to gather support after the world’s biggest suppliers firmed up plans to meet to discuss an output freeze.

Oil producers including Gulf OPEC members support holding talks next month on a deal to keep production at current levels, even if Iran declines to participate, OPEC sources said on Wednesday.

A meeting would increase the likelihood of the first global supply deal in 15 years, settling output dispute between members and non-members of OPEC.

US crude was up 65 cents at 39.11 dollars a barrel at 0452 GMT, having earlier risen as high as 39.38 dollars.

Brent crude rose 38 cents to 40.71 dollars.

“A smaller than expected gain in inventories in the US also supported prices,” ANZ said in a morning note.

Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.

The market is also rallying after a less hawkish US monetary outlook, as the US Federal Reserve held interest rates steady and indicated two rate hikes this year instead of the four expected.

Mohammed Bin Saleh Al-Sada, Qatari oil minister, said producers from within and outside the OPEC will meet in Doha on April 17 to discuss plans for a freeze in output.

The initiative was supported by around 15 OPEC and non-OPEC producers, accounting for about 73 per cent of global oil production, the minister said.

Since the freeze was first proposed last month, prices have recovered about 50 per cent from decade-low levels.

OPEC daily basket price stood at $34.50 a barrel on Wednesday, compared with $33.69 the previous day

NUPENG: Fuel scarcity will persist without forex

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) wants the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN) to source foreign exchange for oil marketers to end the ongoing fuel scarcity.

Tokunbo Korodo, the southwest chairman of the union, stated this in an interview with NAN in Lagos.

He said that NNPC, as a sole importer of petrol, could not distribute the product nationwide.

According to Korodo, most oil marketers cannot import petrol into the country because they could not access foreign exchange. He said that most oil depots in the country depend on what NNPC pumps into their depots for distribution to tanker drivers.

Korodo said this system led to concentration of petroleum tankers in private depots and resulted to gridlocks.

According to him, the gridlock at the depots results in the drivers spending close to 10 days before getting the product.

“The only solution to the present scarcity of fuel is for the CBN to assist the oil marketers in accessing forex to commence importation of petrol,” he said.

“NNPC, which at present is the sole importer, cannot distribute nationwide but private depots, through their depots, can do it better. Getting the Forex for oil marketers will go a long way to maintain steady supply.”

Korodo said that the nation would need regular supply of petrol to filling stations to eliminate the present fuel scarcity.

He urged the NNPC to urgently  source foreign exchange for the oil marketers so that they could commence steady importation of petrol.

CBN Propose 5 New Charges On Bank Customers

A N50 charge on every cheque leaflet obtained and used at deposit money banks’ counters.

An N100-per-month maintenance charge on every debit (ATM) card. This is separate from the existing N65 charge after the third withdrawal within the same month. If the card wasn’t used in a month N50 will be deducted.

A N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.

 The CBN is also proposing a charge of a N100 on Form A, which is used by students to apply for forex on school fees, medical bills, and travel allowances.

Form M, which is predominantly used by manufacturers to import goods not on the CBN prohibition list, is proposed to henceforth cost “N1,000 in addition to maintenance fee on e-Form platform in line with CBN directive”.

CBN to give N3m each to eligible youth on empowerment programme

Central Bank of Nigeria (CBN) is to give three million naira each to empower eligible youths under the Youth Initiative Empowerment Development Programme (YIEDP), the Governor, Mr Godwin Emefiele, has said.

Emefiele made the disclosure at the launch of YIEDP in Abuja on Tuesday. He said “the programme is open to youths who are either serving in the National Youth Service Corps or those who have not spent more than five years post NYSC service. “Credit line will be made available up to three million naira to each eligible youth, thereby fixing the problem of inadequate finance often encountered by business start-ups. “And receptions that utilise the funds properly can be encouraged to migrate to the other CBN interventions wherein they access more funds.’’

Emefiele said that N210 billion had been set aside for the programme and added that the collateral for accessing the fund was simple. “It will include assets, such as academic and NYSC certificates, third party guarantees and other movable assets. “This programmes will be an equal opportunity programme across gender and geo-political zones and we have developed a robust operational framework to deliver a bias-free per-qualification and selection process.’’

He said that CBN was targeting 10,000 youths with the aim of creating one million direct jobs in productive activities within the next four years. According to Emefiele, the National Bureau of Statistics says that there are over 36.3million youths in Nigeria’s labour force out of whom 13.6 million are either underemployed or unemployed.

He noted that many talented youth in the country were constrained by seed funding which was very scarce. He explained that to address the situation, CBN in collaboration with NYSC came up with the initiative. The CBN governor commended the efforts of the Director-General of NYSC, Brig Gen Johnson Olawumi, and Mr Akinsola Akinfemiwa, Chairman, Heritage Bank for their commitment to the programme. Also, the NYSC director-general said YIEDP focused at providing world class training and start- up capital to corps members who had indicated interest in Skill Acquisition and Entrepreneurship (SAED).

Olawunmi said the initiative was designed to complement the other interventions in funding corps members’ proposals under the NYSC SAED programme. He explained that since the inception of SAED, the NYSC scheme had trained over 500,000 ex-corps members in various agro-based skills but not all were empowered due to inadequate funds.

He noted that under the new concept of YIEDP which had liberalised the lending terms, corps member entrepreneurs would enjoy unhindered access to start-up funds. He explained that corps members who intended to access the fund were expected to undergo a world class entrepreneurship development training facilitated by CBN and heritage bank. “ They will submit electronically, a bankable business plans as well as provide a reliable guarantor and their NYSC certificates will serve as collateral for beneficiaries,’’ he said.

He admonished serving corps members to take advantage of the opportunity by coming up with creative ideas and bankable business plans which could make them access the fund. In his remark, the Chairman of Heritage Bank Akinfemiwa, said the major partners to the programme were NYSC members and urged them to strive to be employers of labour and not job seekers. Akinfemiwa also urged the youths to generate good ideas as it was the only way to ensure that the money that would be given to them was properly used.

Buhari appoints Katsina gov’s Chief of Staff as SMEDAN DG

President Muhammadu Buhari, has approved the appointment of Dr. Dikko Umaru Radda, as the Director-General/Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria.

A former teacher, banker and Local Government Chairman, Radda until his new appointment, was the Chief of Staff to the Governor of Katsina State, Alhaji Aminu Bello Masari.

A terse statement issued on Monday by the Director of Press in the Office of the Secretary to the Government of the Federation, Mr. Bolaji Adebiyi, said the appointment, which takes immediate effect, was for a period of five years.

Radda graduated with a Bachelor’s Degree in Agricultural Economics and Extension from Abubakar Tafawa Balewa University, Bauchi in 1996.

He obtained two Master’s Degrees in Agricultural Extension and International Affairs and Diplomacy in addition to a Ph.D in Agricultural Extension and Rural Sociology, all from the Ahmadu Bello University, Zaria, between 1998 and 2015.

Lagos shut Lekki Gardens, orders residents out

Governor Akinwunmi Ambode during an inspection of the site of the collapsed building Lekki Gardens.

Barely 24 hours after firing top officials of the State’s building control agency, the Lagos State government on Tuesday ordered the closure of Lekki Gardens over the collapse of one of its buildings that killed 34 people.

The State governor, Akinwunmi Ambode, during a visit to the site of the accident on Tuesday, ordered that the entire estate be evacuated within 14 days, while the perimeter of the collapsed building site be completely cordoned off for security reasons.

Ambode has also ordered that integrity test be conducted on all estates owned and managed by the Lekki Worldwide Estate Limited across the state, to prevent “them from killing other people.”

The governor, who commiserated with people that lost their loved ones in the tragedy, said that he had constituted a five-man committee to examine the Urban and Regional Planning Law of the State as it affects the Lagos State Building Control Agency (LASBCA).
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The committee, headed by TPL (Dr) Moses Olubunmi Ajayi, a past President of the Nigerian Institute of Town Planners and Association of Professional Bodies of Nigeria, will also examine the operations of LASBCA and make recommendations for changes that will ensure effective service delivery.

The committee will also within four weeks recommend organisational re-structure and appropriate manpower for the effective operation of LASBCA and study the legal and operational issues affecting the functioning of the Materials Testing Laboratory.

Other members of the committee are the President of the Nigerian Institute of Structural engineers, Engr Ore Fadayomi; Arch. Yetunde O. Ajayi (Retired Permanent Secretary); General Manager Lagos State Planning Authority (LASSPA) and Secretary of Lagos State Building Control Agency (LASBCA) as Secretary of the Committee.
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Fuel: Marketers urge NNPC to increase allocation to Imo

The Chairman, Imo State branch of Association Petroleum Marketers, Chief Christopher Amadi, has called on the Nigeria National Petroleum Corporation (NNPC) to allocate more petrol products under its `special petroleum intervention quota’ to the state.

Chief Amadi, made the call in an interview with newsmen in Owerri on Monday.

He also stated low allocation being received by the State is equally given to other south-eastern states of Abia, Enugu, Ebonyi and Anambra, stressing that the low allocation had compounded petrol scarcity in the zone.

“While other states receive more than 10 million litres under the NNPC petrol intervention, no state in the south-east gets above one to two million litres, and this low allocation is the reason why petrol scarcity in the area seem different’’ Amadi noted.

He said, “if NNPC increases quantity of petrol to Imo, and other states in the south-east, marketers will sell at government control price.’’

Amadi appealed to the governors of south-east to assist petroleum marketers and look into the low allocation of petrol allocated to states in the zone.
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Most filling stations in Imo sell a litre of petrol at between N130 and N150 as against the officials pump price of N86.50.

Amadi further said that marketers are experiencing difficulties in sourcing products, “we only source products from private tank farms in Lagos, Calabar, and Port Harcourt at relatively high prices’’.

The association Chairman added that due to far distance and relatively high rate of transporting the products, marketers cannot afford to sell at the approved price of N86.50 per litre, saying “marketers in Imo are shylock minded as some people feel.’’

He therefore, called on the federal government to step up effort in reactivating all the nation’s refineries, noting “this present situation whereby Nigerians almost depend on private tank farm for the supply of petroleum products is bad.

“I also appeal to NNPC to reactivate the NNPC depots in Aba, Enugu, and Makurdi, as well as construct a depot to serve Imo state. Population of Imo state alone has doubled what it was when NNPC Aba depot was constructed to serve the old.”    
    
    
    
    

Electronic payments add $640m to Nigeria’s GDP in five years

A Visa commissioned study has revealed that electronic payments added $640 million to Nigeria’s Gross Domestic Product (GDP) between 2011 and 2015.

The study, conducted on behalf on Visa by Moody’s Analytics, across 70 countries, also disclosed that the impact of electronic payment has been highly impactful and engaging.

The study found that increased use of electronic payment products, including credit, debit and prepaid cards, added $296 billion to GDP, while raising household consumption of goods and services by an average of 0.18 per cent per year in the 70 countries.

Regionally, Visa, a global payment technology company, said African countries experienced, on average a 0.05 per cent increase in GDP due to increased card penetration, stressing that many African countries are in the early stages of developing their financial systems with appropriate infrastructure to support electronic payments.

According to it, in the coming years, the increase in the use of mobile phone technologies to make payments is expected to increase electronic payments penetration. “Increased electronic payment usage added $640,000,000 to Nigeria’s GDP from 2011 to 2015.”

Moody’s economists estimated that the equivalent to 2.6 million new jobs were created on average per year over the five-year period as a result of increased use of electronic payments. The 70 countries in the study make up almost 95 per cent of global GDP.

The study disclosed that African countries had the second lowest average number of jobs added per year from increased card usage (8,000), which is not surprising given the region’s low usage rates and developing financial infrastructure to facilitate electronic payments. Increased electronic payment usage created the equivalent to an average of 16,880 jobs in Nigeria per year between 2011 and 2015.

Chief Economist of Moody’s Analytics, Mark Zandi, said electronic payments are a major contributor to consumption, increased production, economic growth and employment creation. “Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies.”
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The report titled: “The Impact of Electronic Payments on Economic Growth”, also indicated that the electronification of payments benefited governments and contributed to a more stable and open business environment.

Additionally electronic payments helped to minimize what is commonly referred to as the grey economy — economic activity that is often cash-based and goes unreported. As a result, electronic payments provided a higher potential tax revenue base for governments, while also bringing the added benefits of lower cash handling costs, guaranteed payment to merchants and greater financial inclusion for consumers.

Commenting, Chief Executive Officer, Visa, Charlie W. Scharf, said these findings reinforce the many positive benefits that electronic payments bring to local economies all over the world.

“This research also suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation. At Visa we are partnering globally with governments, financial institutions, merchants and technology companies to develop innovative payment products and services that will accelerate electronic acceptance, grow commerce, and bring the benefits of card payments to more people everywhere”, he added.

On card penetration, the study revealed that real consumption grew at an average of 2.3 per cent from 2011 to 2015, of which 0.01 per cent is attributable to increased card penetration. This implies that card usage accounted for about 0.4 per cent of growth in consumption. It noted that since consumption growth is, on average, faster in emerging economies, those countries also have more to gain by increasing card usage.

The Visa study noted that both emerging markets and developed countries experienced gains in consumption due to higher card usage. According to it, increased card usage added 0.2 per cent to consumption in emerging markets, compared with 0.14 per cent in developed countries between 2011 and 2015.

The study observed that the corresponding figures for GDP were 0.11 per cent for emerging economies and 0.08 per cent for developed countries, and suggests that all markets, regardless of current card penetration rates, can benefit from increases in consumption due to increases in card usage.

    
    
    

Too late to devalue Naira – Zinox boss

Chairman of Zinox Group, Nigeria’s foremost integrated Information and Communication Technology (ICT) conglomerate, Mr. Leo Stan Ekeh, has lent his voice to the on-going debate over the calls for the devaluation of the local currency, noting that prevailing circumstances in the nation’s fiscal and monetary framework aligned to developments in the global oil market makes devaluation a needless venture at this material time.

Since the turn of the year, the country has had to contend with reduced government earnings from the sale of crude oil, with the current administration especially hard-hit by the dwindling prices of the commodity in the global market, prompting the Central Bank of Nigeria (CBN) to impose strict foreign exchange rules to save its reserves while battling the pressure from various quarters to devalue the naira.

Speaking at a reception organized in honour of his 60th birthday by a select group of ICT media entrepreneurs in Lagos, Ekeh noted that it was too late to devalue the naira as the move will only serve to further impoverish the masses and plunge the country into a state of hyper-inflation.

“What do you think would happen to already stretched wage earners? Would their salaries be linked to rate of inflation as is the standard globally? As I speak a lot of states cannot pay the minimum monthly salary.
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“If devaluation happened mid-last year it would have made sense and encouraged in-flows from investors but devaluing now would compound our already difficult situation and investors will only wait in anticipation of a further devaluation. It will rubbish our currency forever and strengthen the purchasing power of our trading partners,” he said.

Ekeh, who claimed that his company is one of the casualties of the current forex scarcity with increasing difficulty to meet overseas business obligations, believes Nigerians and Nigerian corporates have reasonably adjusted to the realities of the hard times with pains as most people are now prioritizing critical needs which should be the case most times. In his view, the dire situation has most importantly impacted common sense which is not too common in many Nigerians.

“It’s too late to devalue the naira at this point in time. I can see reason behind the refusal of the President to consider devaluation as it is a move that will certainly erode the buying power of the middle class and push millions of Nigeria already living below the poverty line into abject penury,” surmised Ekeh, who is also a renowned Third World Economist.
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CBN mulls new charges on ATM cards, cheques

The Central Bank of Nigeria (CBN) is proposing a N50 charge on every cheque leaflet obtained and used at the deposit money bank’s counter.

This is not the same as the collection charge on cheques, which is also proposed to be “one percent of cheque value or Naira equivalent of US $10 whichever is lower”.

The apex bank is also proposing a N100-per-month charge on every debit card (your typical ATM card) – separate from the existing N65 charge after the third withdrawal within the same month.

In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, CBN also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.

For naira dominated cards, a monthly maintenance fee of N100 was also proposed for every month a debit card is used, and a N50 charge for other months when card is used or not.

The proposal is coming only 13 days after Nigerians protested excessive bank charges, declaring a ‘No Banking Day’ on March 1, 2016.

For foreign exchange related transactions, where Form M or Form A is needed to request forex from CBN, charges that were hitherto not applicable have now been proposed.

The CBN is proposing a charge of a N100 on Form A, which is used by students to apply for forex on school fees, medical bills, and travel allowances.

Form M, which is predominantly used by manufacturers to import goods (not on the CBN prohibition list), is proposed to henceforth cost “N1,000 in addition to maintenance fee on e-Form platform in line with CBN directive”.

The central bank also added that Nigerians could send in their comments on the proposed charges, seeking clarification and notifying the bank on excluded financial institutions.

“The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013,” the circular, signed by Kevin Amugo, director financial policy and regulation department, read.

“The review, which is in line with the philosophy of periodically ensuring that the provisions of the guide accord with current realities, also seek to address complaints from customers of financial services, requests for clarification on provision of the guide and absence of a tariff regime for other financial institutions in Nigeria.

“Kindly send hard copies of your comments by March 29, 2016 to the director, financial policy and regulation department with soft copies mailed to gbcreview@cbn.gov.ng.”

Checks by TheCable revealed that deposit money banks currently charge an average of N1,500 for the issuance of a 50-page cheque book.

Fuel scarcity: Private depots complain of low stock

Owners of private petroleum products’ depots in Lagos have warned that the current fuel scarcity in the country may get worse as they have yet to receive supply from the Nigerian National Petroleum Corporation.

Our correspondent gathered that loading at some of the depots on Monday did not improve significantly, while there was no activity at the government-owned depot in Ibadan, Oyo State.

Supply to Ilorin was said to have been hampered by the row between the Independent Petroleum Marketers Association of Nigeria and the Department of Petroleum Resources.

In Lagos, many filling stations did not operate on Monday, while those that were selling petrol still had long queues of desperate motorists to contend with. On the Lagos-Ibadan Expressway, queues at Mobil and Oando filling stations spilled onto the road and caused serious gridlock.

A top official at one of the depots in Lagos, who spoke with our correspondent on condition of anonymity, said, “Majority of the depots loaded below 30 per cent of their installed capacities today (Monday) because the product was not there.

“The number of trucks that we loaded today was below 30, and this is a depot that can load about 150 trucks in a day.”

The source said that out of the eight depots that had throughput arrangement with the Nigerian National Petroleum Corporation, only Capital Oil, Folawiyo and MRS had enough stock on Monday.

“Those are the major depots that have the product. The remaining don’t have NNPC product. They have been promising us that they are bringing the product to us for the past four days, but the vessel has not come as we speak. The scarcity may get worse if nothing is done about this,” the source added.

It was gathered that Aiteo, Nipco and Ascon depots had not received the NNPC product since four days ago.

“They (NNPC) are not supplying as much as they should, but they keep promising us. When you say a whole depot is having two million litres, what can two million litres do? If we cannot get any resolution between now and this week, that means the coming Easter will even make things worse,” the source explained.

The Chairman, Nigeria Union of Petroleum and Natural Gas Workers, Lagos Zone, Alhaji Tokunbo Korodo, confirmed to our correspondent that a number of the private depots did not have enough supply from the NNPC.

“I contacted them this morning to know their level of loading today, some of them said they didn’t have enough stock and so they could not load out. But the major marketers are quite different; they loaded over the weekend. Total loaded overnight. Right now, Oando is loading every day, though they didn’t load over the weekend,” Korodo said.

He added that loading had been taking place at the Ejigbo and Mosimi depots in Lagos and Ogun states, respectively, since the weekend, but that the Ibadan depot did not load on Monday because there was no stock.

“If the level of loading over the weekend and today (Monday) is maintained, by Friday, we should be able to have shorter queues, if not total eradication of the scarcity. But the low stock in those private depots is a big challenge. So, the government should find a way to address this,” Korodo said.

NSE All-Share Index drops by 0.52% due to profit taking

Activities on the Nigerian Stock Exchange on Monday resumed for the week on a negative note as market indices dropped by 0.52 per cent due to profit taking.

The News Agency of Nigeria reports that the All-Share Index lost 134.83 points or 0.52 per cent to close at 25,853.58 against 25,988.40 achieved on Friday.

Similarly, the market capitalisation lost N46 billion to close at N8.893 trillion against N8.939 trillion following price loses by some blue chips.

An analysis of the price movement indicated that 7UP topped the losers’ chart, dropping N8.07 to close at N153.43 per share.

Nigerian Breweries came second with a loss of N3 to close at N97, while Dangote Cement shed N2 to close at N163 per share.

Lafarge Africa dropped N1.45 to close at N84.05, while Flour Mills lost 64k to close at N19.52 per share.
Conversely, Conoil led the gainers’ table growing by N1.68 to close at N18.24 per share.
Seplat followed, gaining N1 to close at N351, while UACN appreciated by 99k to close at N20.95 per share.

Zenith International Bank rose by 55k to close at N12.90, while National Salt appreciated by 37k to close at N7.87 per share.

GTBank drove the activity chart, accounting for 21.59 million shares worth N363.64 million.
Zenith Bank came second with 20.57 million shares valued at N264.29 million, while Diamond Bank traded 14.20 million shares worth N20.29 million.

Oando sold 14.193 million shares worth N77.884 million while Transcorp exchanged 13.10 million valued at N15.34 million.

In all, investors staked N1.41 billion on 174.50 million shares in 3,632 deals.
This is against 165.98 million shares worth N1.30 billion traded in 2,895 deals on Friday.

Nigeria to begin exportation of petroleum, petrochemical products in 4 years

Minister of State for Petroleum Resources Ibe Kachikwu, during a recent media brief in Abuja stated that within the next four years, Nigeria would begin to export refined petrol and petrochemical products.

Kachikwu who is also the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) explained his plans for the oil sector; he said that plans are in place to bring Dangote’s private refinery on board and majorly to co-locate new refineries within the already existing refineries in Kaduna, Warri and Port Harcourt.

Read: See what Corporation is saying about PMS scarcity on twitter

“We have advertised recently for co-located refineries and asking people to come and co-locate new refineries into our refineries’ premises so that they can share pipelines, tankages,” said stating the benefits of the plan.

The petroleum minister noted that it would take about three years to co-locate refineries and begin production; Kachikwu said that if all goes as planned, Nigeria would produce more than it needs and begin exporting.

We are working hard to see that we can complete whatever refinery upgrade we are trying to do within the next 12 to 18 months and obviously for the co-located refineries which are the new ones, targeting to see that we are able to finish within two to three years,” he said.

Adding that Dangote will come on stream between 2019 and 2020.

NNPC Did Not Remit N3.3trn To FAAC – Auditor-General

The Office of the Auditor-General of the Federation (AGF) yesterday submitted a damning 2014 audit report of all ministries, departments and agencies (MDAs) to the leadership of the National Assembly.

The submitted audit report also captures embassies and foreign missions.

The AGF, Mr Samuel Ukura, who presented a copy of the report to the clerk to the National Assembly, Alhaji Salisu Maikaswa, for both chambers, gave highlights of how monies were diverted or spent by MDAs during the period under review.

According to the AGF, the Nigeria National Petroleum Corporation (NNPC) did not remit N3,234577,666,791.35 to the Federation Account Allocation Committee (FAAC) in January 2014.

The report states that the sale of gas to Nigeria Liquefied Natural Gas (NLNG) to the tune of $235,685,861 was not paid to the federation account; rather, it was transferred to some undisclosed Escrow accounts.

“Relevant documents were not made available for verification,” AGF noted in the report.

The report also indicates that the acquisition and payment of N3,630,000,000 property was made without a Certificate of Occupancy (C of O).

According to the report, a total payment, amounting to N73,547,759,436, was made contrary to established purpose of the funds.

Other revelations of the audit report include: “The sum of N36,432,423,968.73 was released to the Office of the National Security Adviser (ONSA) for the rehabilitation and construction of dams instead of the Federal Ministry of Water Resources.

“The sum of N2,894,531250.00 was spent for the procurement of hand sanitisers for schools and critical public places.

“The sum of N31,324,952,239.87 was payment of subsidy on fertilizer and youth employment in agricultural programmes.

“The sum of N2,395,851,978.00 was payment for Group Life Assurance Premium for Armed Forces budget in 2013, but not backed. The sum of N500,000,000 was made as payment for agricultural programmes.

“These were variances with the purpose of the fund. No evidence of these lines of expenditure in the 2014 Appropriation Act,” the AGF revealed in the report.

nnpc_01Ironically also, the management of the National Assembly, headed by the Clerk, made payments of N9,514,568,222.62 without raising payment vouchers, which, according to the AGF, violated the nation’s financial rules.

In the same period under review, personal advances were granted to 112 staff of the National Assembly from recurrent votes and 50 members of staff from general service votes from July to December, 2014, for various purposes, all amounting to N1.162,009,305.00.

In the audit report, the AGF revealed how the Embassy of Nigeria in Washington DC, United States of America, realized Internally Generated Revenue (IGR) of $3,705,428 between 2012 and March 2015, but expended the whole amount on sundry expenses.

The audit report also indicted the leadership of the Nigerian Prisons Service. The AGF, in the report, said the Pay As You Earn (PAYE) tax of N2,036,758,176.75 was deducted and was said to be remitted to Federal Inland Revenue Service (FIRS), but there is no evidence of remittance and nothing was produced for audit confirmation.

At the time of filing in this report, our correspondent could not ascertain when the Clerk to the National Assembly woul forward the report to the leadership of both chambers for further consideration.

Nigeria inflation soars to 11.4% in Feb an all time high

Summary

Inflation

Headline yoy 11.38 from 9.62,

MoM 2.3 from 0.9,
12 month 9.39 from 9.13,

Core yoy 11.04 from 8.84,
 mom 2.72 from 0.84,
12month 8.73 from 8.39.

Food yoy 11.35 from 10.64,
mom 1.38 from 0.92,
12month 10.18 from 10.02.

Imported inflation
13.19pct from 11.22pc

Nigeria's annual consumer inflation rate rose 11.4 percent in February, 176 basis points higher than in January, to near a three-and-a-half year high.

The National Bureau of Statistics (NBS) in its monthly data report released in Abuja today, showed Food prices, which account for the bulk of the inflation basket, climbing by 11.3 percent in February compared with 10.6 percent the previous month.

The report added that all major food groups which contribute to the food sub-index increased at a faster pace during the month, while it expects inflation to end the year at 10.16 percent, above the central bank's target upper limit of nine percent.

Breaking: Massive Shake Up in NNPC

True to its restructuring measures, the Nigerian National Petroleum Corporation (NNPC) Friday announced a shake up in its organisation.

Following the NNPC Group General Manager, Dr. Emmanuel Ibe Kachikwu’s,announcement on Tuesday that NNPC has decided to restructure in order to put it on good footing for profitability, new appointments, redeployments and secondments into key positions have been made.

Following NNPC division into seven bodies, technocrats have been appointed as GEDs/COOs to man the new divisions.

The new unit heads are expected to resume fully by April 1st 2016.

They include: Bello Rabiu, Upstream; Henry Ikem Obih, Downstream; Anibor Kragha, Refineries; Saidu Mohammed, Gas and Power; Babatunde Adeniran, Ventures; Isiaka Abdulrazaq, Finance & Accounts while the Corporate Services division will be headed by Isa Inuwa.

Those affected by the reorganisation include former GED Exploration and Production Dr. Maikanti Badru who is now on secondement to the Ministry of Petroleum Resources as Technical Adviser Gas while Engr Nnamdi Ajulu former GED Refining and Technology is now Consultant Refinery and Infrastructure in the petroleum ministry.

In the new structure, the Group General Managers, Strategy and Execution, who will support the GEDs and COOs include: Surajdeen Afolabi, Downstream; Ugochukwu Afamefuna Vitalis, Refineries ;Yusuf Matashi, Gas and Power ; Ladipo Fagbola, Ventures; Ahmadu Sambo, Finance and Accounts; and Modupe Bammake, Corporate Services.

The Strategic Business Unit Heads are: Upstream: Roland Ewubare-MD IDSL; Downstream: Esther Nnamdi-Ogbue-MD Retail, Ahmed Farouk-MD Nigeria Petroleum Marketing and Dalhatu Makama-GGM Marine Logistics.

Refineries: Bafred Enjugu-MD PHRC, Adewale Ladenegan- MD WRPC and Idi Mukhtar-MD KRPC.
Others are: Gas & Power: Samuel Ndukwe- MD Gas & Power Investments, Mazadu Bako- MD NGMC and Babatunde Bakare-MD NGPTC.

Ventures: Danny Sokari George-GMD Properties, Saidu Abdulkadir-MD Shipping, Aliyu Sikiru- MD NETCO, Lawrencia Ndupu- MD NOFS, Rabiu Suleiman-GGM RED/Frontier Exploration Services and GGM Medicals is now Oyetunde Olubunmi Oyekan.

The former GGM Public Affairs Division, Mr. Ohi Alegbe was redeployed to the Corporate Social Responsibility (CSR) unit which will be under the GMD’s office.

President of the Nigerian Guild of Editors, Mallam Mohammed Deen Garba is now the Group General Manager, Group Public Affairs Division.

Sad as Naira ‘stuck’ at 320/$1 despite permutations

The Nigerian currency, naira, has remain uninspiring at 320 to the dollar, neither rising nor falling significantly, through the week.

The naira, which was trading between 301 and 310 at about the same time last week, depreciated at the open of business on Monday to trade at 318 to 320.

Over the past month, the naira had numerous dramatic turns, falling to 390 against the dollar, with Capital Oil chairman, Ifeanyi Ubah, saying he could recover the naira to 200 against the greenback.

The naira inspiringly rose from 390 to 310, with some trading erratically at 280 against the dollar at the parallel market.

The interbank rate however stood close to its interbank peg, trading at 197.5 to the international dollar standard.

The Central Bank of Nigeria (CBN) has said that the naira would recover as soon as the 2016 budget is passed and implementation begins.

Joseph Nnana, the deputy governor, financial system surveillance of the CBN, at a meeting of the joint appropriation committees of the national assembly, assured Nigerians that speculators would get their hands burnt.

“Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country,” he had said.
“This is part of the reasons why the naira has continued to slide against the US dollar. The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence.

“The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt.”