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