Gwarzo’s Suspension: I cannot be blackmailed – Adeosun

The Minister of Finance, Kemi Adeosun, says her decision to suspend the embattled Director General of the Securities and Exchange Commission, Mounir Gwarzo, followed his attempt to blackmail her over the ongoing probe of Oando Plc.

Speaking to journalists on Friday in Abuja, Mrs. Adeosun said ahead of his suspension, Mr. Gwarzo threatened to leak information to the media.

She said the “threat of blackmail” only strengthened her resolve to punish the DG.
“Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail. 

The copy of the memo in the possession of the Minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press. It was this threat of blackmail that strengthened the resolve of the Minister to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry to proceed with its probe,” Mrs. Adeosun said in a statement.

She denied that the SEC boss was suspended due to his refusal to stop the forensic audit of Oando Plc, saying the allegation was “misleading and mischievous.”

Oil workers threaten to shut down the economy from Dec. 18

Barely 24 hours after oil workers under the aegis of the Independent Petroleum Marketers Association of Nigeria, Lagos State Chapter, suspended the plan to withdraw their services, the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to embark on a nationwide strike.

Last week, IPMAN, Lagos Chapter, accused the Nigerian National Petroleum Corporation of under-supplying its members with petrol, threatening that its members in Lagos and parts of Ogun State might be forced to shut their filling stations by December 11.

PENGASSAN said in a statement that the issuance of a seven-day ultimatum to the Federal Government would culminate in the shutting down of all oil and gas installations, including disruptions to fuel supply and distribution across the country effective December 18, 2017.

The union accused some indigenous oil and gas companies and marginal field operators of unfair labour practices but only disclosed the name of one company in its statement.

It said one of the resolutions in the communiqué issued at the end of its National Executive Council meeting of October 13, 2017 held in Uyo, Akwa Ibom State, was the condemnation of indigenous oil and gas companies and marginal field operators.

PENGASSAN said the oil companies were condemned because of “their anti-labour posture and practices, including the termination of the employment of any worker who has indicated willingness to belong to the union.

“Those who are threatened and compelled to disown the union are then treated as slave workers within their own country,” the union added.

But the union did not say when the termination of employment was carried out and how many workers were laid off.

PENGASSAN claimed that it had explored all options without getting the necessary understanding, adding that relevant authorities of government had failed to caution the recalcitrant organisations, especially Neconde.

It said it would embark on the nationwide strike on December 18 if the Federal Government failed to direct the companies to “recall our sacked members as the only option to address this injustice and lawlessness.”


PENGASSAN appealed to all Nigerians to show understanding and to use the window of the notice to stockpile adequate quantity of Premium Motor Spirit and other petroleum products that would last them during the upcoming festive period as the strike would be indefinite.

FG says some smuggled foreign rice in Nigeria are poisonous

The Federal Government has declared that all foreign brands of rice in the country at the moment were smuggled, adding that some of them were poisonous.

According to the government, recent tests conducted by the Federal Ministry of Agriculture and Rural Development showed that most imported rice and poultry products were poisonous, as the commodities had been stored for several months before being shipped to Nigeria and neighbouring countries.

It also stated that the different varieties of rice currently consumed in Nigeria were smuggled based on submissions by the Consumer Protection Council that it had not seen any ‘Form M’ for rice importation since the beginning of this year.

An ‘e-Form M’, as it is popularly called, is a mandatory documentation process put in place by the Federal Government through the Federal Ministry of Finance and the Central Bank of Nigeria to monitor goods that are imported into the country as well as enable collection of import duties where applicable.

Speaking in Abuja at a stakeholders’ engagement programme on how to stop the importation and smuggling of frozen poultry and rice into the country, the Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, noted that it was the duty of the government to protect citizens against any form of harm.

Oil edges up on Chinese demand, but weekly losses loom

Oil prices edged up on Friday, helped by rising Chinese crude demand and threats of a strike in Africa’s largest oil exporter.

But prices were still on track for their largest weekly loss since early October amid concerns that rising U.S. production would undermine OPEC-led supply cuts aimed at curbing a glut.

By 1039 GMT, Brent crude was up 39 cents at $62.59 a barrel, but still heading for a weekly slide of 1.8 percent.

U.S. West Texas Intermediate (WTI) crude was at $56.07 a barrel, up 38 cents from their last settlement. The contract was on track for a 2.2 percent loss on the week.

China’s crude oil imports rose to 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday.

Booming demand will push China ahead of the United States as the world’s biggest crude importer this year.

U.S. investment bank Jefferies forecast 2018 global oil demand growth of 1.5 million bpd, driven by almost 10 percent demand growth in China.

Abuse naira, get locked up, CBN warns

The Central Bank of Nigeria on Friday has warned Nigerians against abusing the naira notes.

The apex bank said that anyone caught abusing the naira would be prosecuted and if convicted the person risked six months in jail fine of N50, 000.

An official of the Currency Operation Department of the CBN in Abuja, Mr. Samuel Shuaibu, disclosed this in Calabar, Cross River State, during the commencement of a ‘CBN Fair’ to sensitise campaign for residents in the state on the appropriate use of the naira.

The fair had the theme: Promoting Financial Stability and Economic Development.

Shuaibu said that the abuse of the naira was not in line with the CBN’s policy, adding that offenders would henceforth be arrested and prosecuted.

According to him, the awareness programme was aimed at sensitising the public on the need to accord respect to naira, online transfer system, how to identify fake currency notes, how to approach the CBN for complaints amongst others.

NIPOST..Going...going...!

The federal government has finalized plans to sell of the Nigerian Postal Service (NIPOST).

Adebayo Shittu, minister of communication, disclosed this while inaugurating the committee saddled with commercialization of Nipost in Abuja on Thursday, December 7.

This follows plans to also let go federal assets like the Tafawa Balewa Square (TBS), the National Arts Theatre and some selected power plants under the National Integrated Power Projects (NIPP) are part of the key national assets the federal government had concluded plans to sell.

According to the Minister, the purpose of the proposed sale is to generate sufficient revenue to finance the country’s annual budgets for the next three years (2018-2020).

FG announces job vacancies available at Federal Civil Service

For those who have been waiting for vacancies into the Federal Civil Service Commission, well the time is now to apply as the federal government has announced nationwide openings into Ministries Departments and Agencies (MDAs) - Nigerians who hold either OND, HND or BA/BSc can apply on the Federal Civil Service Commission's website -

The application is free and completed forms should be submitted not later than six (6) weeks after announcement.

FCSC in a statement said the location for the vacancies includes Abia, Abuja, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Lagos, Nassarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, Yobe, Zamfara Job Field Administration / Secretarial General.

The statement reads in part: “The Federal Civil Service Commission (FCSC) wishes to announce vacancies in the following MDAs: (i) Federal Ministry of Information; (ii) Federal Ministry of Environment; (iii) Federal Ministry of Justice; (iv) Federal Ministry of Trade and Investments; and (v) Bureau of Public Procurement. Job Type: Full Time Qualification: OND, HND, BA/BSc.

How to Apply: Qualified Applicants can access Application Forms on-line on FCSC Website:www.fedcivilservice.gov.ng. 

Collect FCSC Forms from Chairmen of the States Civil Service Commissions in the following geo-political zones: (a) North-West (Kaduna); (b) North-East (Yola); (c) North-Central & Federal Capital Territory (FCT), Mabushi (Abuja); (d) South-East (Owerri); (e) South-South (Port Harcourt); (f) South-West (Ibadan). FCSC Headquarters, 4 Abidjan Street, Wuse Zone 3, Abuja. For avoidance of doubt, the application form is free.

Completed Application Forms must be submitted where collected on or not later than six (6) Weeks from the date of this publication.

All application forms should be submitted in a sealed envelope clearly stating the Ministry, the post applied for and addressed to the: Hon. Chairman, Federal Civil Service Commission,4 Abidjan Street, Wuse Zone 3, Abuja.

OAGF Begins Final Mop-Up for Police, Paramilitary Agencies

The Accountant-General of the federation Ahmed Idris, says the Office would commence Final Mop-up exercise for the Paramilitary Officers who missed the Verification and Biometric Data Capture exercise conducted recently at the Agencies.

Recall that the federal government initiated Integrated Payroll and Personnel Information System (IPPIS) in 2007 to improve the effectiveness and efficiency of payroll administration for its MDAs.

Speaking to newsmen in Abuja, on the exercise which commences from 11th of December, Idris listed the states involved to include Lagos/Ogun, Kaduna, Bauchi, Imo, Edo, Kebbi, Niger & FCT.

He said the importance of the IPPIS cannot be over-emphasized, urging affected personnel to avail themselves the opportunity as this is the FINAL Mop-up exercise for them.

Fitch cuts Nigeria's 2017 GDP growth forecast to 1 pct

Fitch has cut its 2017 economic growth forecast for Nigeria to 1 percent from 1.5 percent, the ratings agency said on Friday.

Nigeria returned to growth in the second quarter of 2017 after shrinking by 1.5 pct in 2016 but the recovery has been fragile because oil revenues remain depressed and hard currency is short.

Speaking at a Fitch event in London, Jermaine Leonard, a director for sovereigns, added that although Nigeria’s 2018 budget had an oil production target of 2.3 million barrels per day (bpd), the Fitch forecast was just above 2 million bpd.

Partly this was linked to a potential flare up in violence in the Niger Delta as elections approach in 2019, he said.

Fitch currently rates Nigeria at B+ with a negative outlook, which reflected the fact that there were still a lot of elements which could take it down, said Leonard. “But at this point we are cautiously optimistic,” he said.

The country is moving ahead with plans to borrow $5.5 billion from foreign investors aiming to plug a large gap in Nigeria’s finances that stem in part from the global fall in oil prices.

Equity markets are also buoyant, having hit three-year highs this week for 2017 gains of around 45 percent

Oil marketers meet NNPC, others seek to resume petrol importation

The three major oil marketers associations in Nigeria, Tuesday met with the Nigerian National Petroleum Corporation (NNPC), Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA), and expressed their willingness to resume importation of petroleum products, especially petrol.

It was learnt in Abuja that the marketers – Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPMA), and Independent Petroleum Marketers Association of Nigeria (IPMAN), were present at the meeting which held at the NNPC headquarters.

As reported, the NNPC has for several months remained the major importer of petrol into the country because of the inability of oil marketers to access foreign exchange at affordable rates to import the commodity.

The corporation in its December 2016 financial and operations report stated that in spite of the liberalisation of the downstream sector and government’s intervention to ease marketers’ access to foreign exchange for products importation, it remained the major importer of petroleum products.
But to supplement products’ importation and lessen the burden on the NNPC for unhindered supplies, the paper learnt that the oil marketers associations met with the corporation and other relevant government agencies to iron out issues that pertain to their operations.

Some of the marketers who attended the meeting told THISDAY that they met to impress it on the corporation that it was important they, especially MOMAN and DAPMA restart products importation to curtail possible resurgence of products scarcity and distribution challenges.

One of the marketers who is a member of MOMAN said that members of the association had been distributing products they lifted from the NNPC, but that it was time they resumed importation.
While pleading for anonymity, he stated that the meeting lasted several hours and in two batches between the major marketers and IPMAN which has now reconciled their lingering leadership troubles.

Nigeria Commodity Exchange: Lead Capital Consortium Emerges as Bidder for Advisory Services

Lead Capital Consortium has emerged the preferred bidder for Advisory services on the Nigeria Commodity Exchange (NCX) with a score of 83.1 percent having beaten PWC and United Capital Consortia which scored 61.4 percent and 58.3 percent to emerge second and third positions respectively.

At the close of  the opening of the financial and technical proposals submitted by prospective advisers for NCX  held by the Bureau of Public Enterprises (BPE) on Thursday, March 2, 2017, Lead Capital also submitted a financial bid of  Seventy-Six Million, Three Hundred and Four Thousand, Five Hundred Naira (N76,304,500) only to emerge the preferred bidder.

However, its emergence is subject to the approval of the National Council on Privatisation (NCP) Steering Committee  on the revitilisation of the NCX and the Chairman of the NCP, Professor Yemi Osinbajo (SAN).

Acting Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akpotaire who was chairman of the occasion declared that the Federal Government’s desire to revamp the nation’s economy hinged on a well structured commodity exchange which is a catalyst for enhancing the effective and efficient marketing and distribution of agricultural and other  commodities.

He noted that an efficient commodity exchange would serve as a good platform for trading in produce, encourage warehouse receipts systems as a veritable source of cash flows to farmers and other market dealers, thus allowing for competitive and more profitable trade and exchange as opposed to the current status under which off-takers enjoy the larger chunk of market profitability.

Recession: Again, CBN pumps in $100m into forex market

The Central Bank of Nigeria (CBN) has another sum of $100 million into the inter-bank foreign exchange market.

The CBN Acting Director of Corporate Communications, Mr. Isaac Okorafor, who confirmed this to journalists in Abuja, said that the move was aimed to fund the commercial banks with enough forex to cater for the request of customers to meet Personal Travelling Allowance (PTA), Basic Travelling Allowance (BTA), medicals and tuition fees.

This latest injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to $1.138 billion for both forwards and invisibles.

Market analysts have observed that the CBN action will further compound the problems of currency speculators who are yet to recover from the sudden appreciation of the Naira.

In the words of former economic adviser to the President and Minister, National Planning Commission, Prof Ode Ojowu, “It appears this time around, the CBN has decided to become smarter than the market manipulators, by putting on its cap of authority to look beneath the market forces”

Analysts have also commended the efforts of the CBN in ensuring the continuous appreciation of the Naira. This, they aver, is the outcome of sound policy and effective communication strategy, which has witnessed increased dollar supply to the market.

The CBN, in February 2017, changed its forex supply rule to guarantee supply to both small and the big end-users. The policy has restored stability and bolstered market confidence which has ultimately boosted the value of the Naira.

Helicopter operations set to boom on Lagos, Kaduna, Abuja routes

Helicopter service operators in the country are set for a boom time on account of the temporary closure of the Nnamdi Azikiwe International Airport (NAIA), Abuja, for its runway repair.

The operators, who are deploying both charter and shuttle service helicopters for different categories of people and pockets, on various routes inwards Abuja, are expecting to make it big with the traffic.

It was learnt from some marketing agents that the shuttle service, which is open to all air travellers, now ranges between N100, 000 to N200, 000 per head, depending on the boarding location and time of booking.

A direct helicopter shuttle service from Lagos to Abuja now goes for between N150, 000 to N200, 000 per head, depending on the operator of choice. Similar flight on Kaduna-Abuja or Minna-Abuja route costs between N50, 000 to N100, 000, depending on airline and time of booking.

Charter services, designated for the corporate bodies and the very rich are priced in millions of naira.

An online marketer said it was not the case that the prices were inflated since all operators were hoping to attract as many patronages as possible within the six-week window.
The Managing Director of Omni-Blu Aviation, Capt. Sunny Adegbuyi, said at least two helicopters have been deployed for the operations. One will run four chartered operations daily on Lagos-Abuja route, while the other is dedicated to shuttle services on Kaduna-Abuja route.

Bristow Helicopters (Nigeria), on its part, said it would continue to offer its Lagos-Abuja fixed-wing charter service via Minna Airport during the closure of the runway at Abuja Airport.

To complement Federal Government efforts to ease commuters’ burden, the Nigerian Railway Corporation (NRC) has released a new timetable for Abuja-Kaduna-Abuja train.
A statement by the commission revealed that the first up train would be departing Idu station, Abuja by 0600hrs signaling the commencement of six trips per day.
The statement also disclosed that two coaches were reserved strictly for airport passengers on both up and down direction while only one SP coach and SPA coach would be for existing passengers.

It also revealed that the train would not stop at Jere and Rijana stations, saying that the directive takes immediate effect and must be strictly complied with.
As part of fall-outs of the closure of the Abuja airport, the Indonesian Embassy has announced a cut down on air travels for the six-week period.

Fed govt unveils economic recovery plan, to raise VAT on luxury items

The Federal Government of Nigeria has finally released the Economic Recovery and Growth Plan, which raised the Value Added Tax rate on luxury items from the current five per cent to 15 per cent.
Through the increase in VAT rate on luxury items, which the document stated would commence in 2018, as well as improvement in Companies Income Tax, a total of N350bn is being projected to be generated annually.

The new plan comes after months of extensive consultation with stakeholders from both the private and public sectors of the economy.

The administration of former President Goodluck Jonathan had in 2014, while unveiling its austerity measures, identified some items that were to be taxed as luxury goods to include champagne, alcoholic beverages, private jets, luxury cars based on engine capacity, and yachts.

The President Muhammadu Buhari-led government said it would increase non-oil tax revenues by improving tax compliance and broadening the tax net by employing appropriate technology and tightening the tax code, as well as introducing tax on luxury items and other indirect taxes to capture a greater share of the non-formal economy.

It also announced plans to undertake major reforms in the budgeting for state-owned enterprises, which would include legislative amendments of the laws establishing many of the SOEs.
The government, according to the document, is targeting real Gross Domestic Product of N81.38tn by 2020.

The document, the content of which is expected to take the country out of recession, was released by the Ministry of Budget and National Planning and contains the economic blueprint of the government for the three-year period, 2017 to 2020.

FG to open up airports to private investment – Minister

The Federal Government says it would open up its airports to private investment.

This was disclosed by the Minister of Aviation, Hadi Sirika.

Speaking at a press conference in Abuja, Sirika says, “all government-owned airports will be offered to investors who have “the wherewithal, the know-how, the technology, the capacity, the ability, the finance to put up huge fantastic edifices as airports with everything including hotels, just the way you see them abroad.”
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 The minister, however, did not specify when the government airports would be opened to investment, or provide any other details, Reuters reports.

Abuja’s airport is set to close for six weeks for repairs on the runway, after it had become so damaged that international carriers were pulling their services or warning they may soon have to.

Margaret Ekpo International Airport wins ‘Best Airport Cleanliness 2016’

The Margaret Ekpo International Airport, Calabar, Cross State has clinched the “Best Airport Cleanliness award” for the year 2016 amongst the airports nationwide as well as among all airports managed by the Federal Airports Authority of Nigeria.

At the award ceremony, the organizers of the event, the Nigeria Aviation Awards, acknowledged the vital role played by MEIA leadership in turning the terminal around among its contemporaries nationwide.

The Chief Executive Officer for NIGAV, Fortune Idu, said: “The airport has maintained consistency over the years, and with the coming of the new Manager, Mr. Ayodele Sunday, has led to even better performance in management of resources, in term of cleanliness.”

MEIA under the leadership of Ayodele has led the drive towards maintaining international standard hygienic practices both within and outside the airport premises and has proven that it can outperform other airports even with other big contender in the category.

Meanwhile, the airport had won the best “Domestic Airport” award in the year 2015, showing that the current best performance in cleanliness is not a flux.

The Airport Manager, Ayodele, who received the award, thanked the organizers and promised not to rest on his oars, he assured airport users of greater service improvement in all areas of operations.

He disclosed that new airlines are already positioned to start operations into the airports before the end of the first quarter of the year 2017.

With the addition of new airlines, Calabar route will indeed become the tourist paradise nationwide.