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| Politics › Re: FG To Sink Fresh N915bn Loan Into Power Sector by AnonymousIP: 1:56am On Oct 19, 2019 |
Islie:
° Borrowing not yielding results – Experts, DisCos
° Nigeria’s external debt rises to N25.7trn
By Zakariyya Adaramola, Simon Echewofun & Latifat Opoola
Despite spending N1.5trillion on the country’s power sector in the last two years, the Federal Government yesterday said it is in the process of investing a fresh $3 billion (N915bn) World Bank loan into the sector.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this during an interview with journalists on the sidelines of the World Bank/International Monetary Fund (IMF) meetings holding in Washington DC, United States.
Vice President Yemi Osinbajo had in September said the federal government invested about N1.5 trillion in intervention fund in the Nigeria’s power sector in the last two years.
Osinbajo said this at a power sector roundtable hosted by Mainstream Energy Solutions Limited (MESL) at its Kainji Hydropower Plant in Niger State last month.
The Vice President, who was represented by the Minister of Power, Sale Mamman, said “the Federal Executive Council (FEC) approved the third round of intervention funding for the sector, with a total of about N1.5 trillion in the last two years.
But yesterday in Washington DC, the Finance Minister said she would be holding further discussions with the management of the World Bank to explain how the fresh $3.5bn loan it is seeking would be disbursed for the country’s power project.
She said based on the plan of the Federal Government for the power sector, the loan would be used for the development of transmission and distribution networks to enhance the delivery of electricity.
The minister also said the loan would be used in addressing some of the challenges that the country is currently facing in the power sector.
She said, “There is a proposed $2.5bn to $3bn facility for the power sector development programme in Nigeria and this will include development of the transmission and distribution networks as well as removing the challenges that we currently have now in the electricity sector.
“We are going to have a full meeting to discuss the power sector recovery programme and back home we have been working a great deal with the World Bank to design how this programme will be implemented.
“So we have an opportunity now to have a direct meeting with the leadership of the bank and to tell them the plan we have and how much we need from one to five years.”
The minister disclosed that the government would be disbursing the $3bn facility in two tranches of $1.5bn each.
When asked to comment on concerns being raised by the IMF about Nigeria’s debt which stands at N25.7tn, the finance minister said, ‘‘Nigeria does not have a debt problem.’’
She said what the government needed to do is to increase its revenue-generating capacity in order to boost the revenue to about 50 per cent of Gross Domestic Product.
She said with Nigeria’s current revenue to GDP ratio standing at just 19 per cent, its underperformance is significantly straining the government’s ability to service its debt obligation.
The minister said, “Nigeria does not have a debt problem. What we have is a revenue problem.
“Our revenue to GDP is still one of the lowest among countries that are comparable to us. It’s about 19 per cent of GDP and what the World Bank and IMF recommended is about 50 per cent of GDP for countries that are our size. We are not there yet. What we have is a revenue problem.
“The underperformance of our revenue is causing a significant strain in our ability to service debt and to service government day-to-day recurrent expenditure and that is why all the work we are doing at the ministry of finance is concentrating on driving the increase in revenue.’’
FG got N1.2trn for power sector projects between 2015 and now
An analysis by Daily Trust has shown that the federal government took steps to borrow $3.311 billion (about N900bn) externally since 2015 to finance power sector projects.
The analysis of external funding for the Transmission Company of Nigeria (TCN) being the sole public utility in the power sector value chain indicates that the Company sought loans and grants to raise the transmission wheeling capacity from 8,100 megawatts (MW) to 20,000MW.
TCN is obtaining $1.661bn (N601.3bn) multilateral loans from five agencies which it said, it is using for the procurement and installation of projects under its Transmission Rehabilitation and Expansion Programme (TREP).
The breakdown of the fund obtained by this paper indicates that the World Bank is the highest donor with $486m for a fresh Nigeria Electricity Transmission Project (NETAP), and $27m for transmission project tagged, North Core.
The African Development Bank (AfDB) gave $410m loan for transmission expansion projects; the French Development Agency -AFD and European Union (EU) gave $330m for the northern corridor transmission project.
While the Japanese International Corporation Agency pegged $238m for Lagos/Ogun transmission project, AFD gave another N170m for the Abuja transmission ring scheme.
Between 2017 and 2018, the federal government collected a $1 billion (about N362bn) Performance Based Loan from the World Bank to fix the power sector in what it called the Power Sector Recovery Programme (PSRP).
The World Bank is also processing another $350 million (N127bn) loan for the Rural Electrification Agency (REA).
The Central Bank of Nigeria (CBN) in May also announced the disbursement of N120.2bn to different electricity distribution companies (DISCOs), power generating companies (GENCOs), service providers and gas companies, in order to address the liquidity and funding challenges facing the power sector.
Power firms express dissatisfaction
But the power Distribution Companies (DisCos) had recently reacted to the borrowing by TCN which it said is not yielding results in the sector.
In a statement by the Executive Director, Research and Advocacy of the Association of Nigerian Electricity Distributors (ANED), Chief Sunday Oduntan said even with the TCN multilateral funding, its poor equipment caused over 100 electricity grid collapses since privatization in 2013, and nine collapses this year.
ANED said TCN analogue system caused 5,311 interface disruptions in a single DisCo within 18 days of September 2019 and that it was despite the $1.6 billion investment TCN said it has made.
The DisCos which said they have invested $1.4 billion in their networks, said despite TCN saying it is implementing a Transmission Rehabilitation Expansion Programme (TREP) with the $1.6bn fund, “the reality is otherwise. TCN finds it difficult to move away from analogue-based and informal communications systems and frequent explosions and burnings of transmission sub-stations and transformers.”
Nigeria records rise in public debt to N25.7trn
Meanwhile, Nigeria’s total public debt rose to N25.7 trillion as at June 2019, indicating an increase of about N754billion since the Debt Management Office last report in March earlier in the year.
The document also showed that the CBN exchange rate of N306.40/$ was used in converting the figure.
The document further indicated that FG accounted for the biggest external debt stock in the country with about N7.01 trillion while states and the FCT accounted for N1.3 trillion.
The Federal Government also accounts for the biggest domestic debt, accounting for N13.4 trillion, out of the N17.3 trillion, while states and FCT accounted for N3.9 trillion.
This indicates that the federal government debt stood at N20.4 trillion out of the N25.7 trillion while the states and the FCT accounted for the remaining N5.3trillion.
The country recorded total debt stock of N24.9 trillion as at March 31 2019 while at December 2018 its debt stock was N24.3 trillion.
Experts react
Experts have expressed concern over the country’s high debt profile, worrying that the accruing loans may cost the country in the long run.
Professor of Development Economics, University of Abuja, Professor Sarah Anyanwu, said the burden of servicing these debts is huge.
She noted that not all borrowings should be considered good and that government should borrow externally only for projects with guaranteed return on investment that will be able to pay back the loans.
“It is not the borrowing that is the problem it is the usage of the money. The problem is not taking loans and incurring debt either internal or external, the problem in Nigeria is diversion of the loans to other purposes. If the loans are used for the purposes that they have been stated for then there won’t be a problem. The important thing is that there must be accountability and it must be used judiciously,” she said.
She also called for revalue orientation for management and usage of the FG loans and not for government officials to believe it is their birth right.
Also speaking from the same department, Professor Mohammed Yelwa expressed worry over the consistent increase in the debt stock, saying the implication is that the country will get to a point that its revenue will no longer be able service its debt.
https://www.dailytrust.com.ng/fg-to-sink-fresh-n915bn-loan-into-power-sector.html
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| Business › Re: Biography Of Taiwo Afolabi, SIFAX Group CEO, Owner Of Shipping Company, Others by AnonymousIP: 1:51am On Oct 19, 2019 |
eternityk:
Meet Nigerian Who Owns The Biggest Shipping Company In Nigeria
Dr. Taiwo Olayinka Afolabi, the Chief Executive Officer (CEO) of SIFAX Group, a multinational conglomerate, was born in Ondo to the family of Chief & Chief (Mrs.) Samson Afolabi. A native of Idokunusi Ijebu in the Ijebu East Local Government Area of Ogun State, he started his educational pursuit at Ansar Ud Deen Primary School, Ondo and thereafter, proceeded to Baptist Grammar School, Ibadan, where he obtained his West African School Certificate (WASC).
His quest to attain high level of academic excellence and leadership in advocacy led him to the University of Lagos, where he obtained the degree in Law. He became a member of the noble profession when he was called to the Nigerian Bar by the Body of Benchers on Wednesday, November 4, 2009. He later obtained a Masters degree in International Law and Diplomacy from the same university.
He began his professional career with a shipping company, Nigerian Express Agencies Limited, where he distinguished himself and rose to become the Head of Operations. With the zeal of entrepreneurship burning in him, he left the company in 1988 to establish what has now turned to a big conglomerate, SIFAX Group, a business interest with diverse investments in Maritime, Aviation, Haulage, Logistics, Oil & Gas and Hospitality, among others.
From a little beginning, the company, which started as a freight forwarding agency in Lagos, Nigeria, currently operates across the world with presence in the United States, United Kingdom, Ghana, South Africa, Holland, Belgium, Morocco, Spain and Djibouti, among others.
Some of the Group’s subsidiaries include Ports and Cargo Handling Services Limited, concessionaire and operator of the Terminal C, Tin Can Island Ports, Apapa Lagos; SIFAX Off Dock Limited, a bonded terminal operator; SIFAX Stevedoring Limited; SIFAX Oil and Gas Limited; SIFAX Haulage & Logistics Limited; SIFAX Logistics & Marine Services Limited; Skypower Aviation Handling Company Limited, an aviation ground handling company and SIFAX Shipping Limited.
With about three decades of rich entrepreneurial experience, Dr. Taiwo Afolabi, through the dint of hardwork, foresight, resilience, vision and knack for excellence, has emerged not only as one of the leading business icons in Nigeria, but also reckoned with across the world.
No doubt his wealth of experience, organizational prudence and business ingenuity have remained invaluable assets to SIFAX Group, which has become a leading player in the Nigerian economy. The company, alongside its subsidiaries, has generated both direct and indirect employment for thousands of eligible Nigerians.
Afolabi is a seasoned maritime consultant and a Fellow of many professional bodies including Nigerian Institute of Financial Management (NIFM), Institute of Freight Forwarders of Nigeria (IFFN) and the Chartered Institute of Arbitrators of Nigeria.
He has attended several maritime and aviation-related trainings both locally and internationally on port operations, aviation ground handling operations and management.
Due to his rich experience, Afolabi is a sought-after speaker and facilitator at various industry conferences and mentoring programmes.
Aside being renowned for his business acumen, Dr. Taiwo Afolabi has also established a reputation as a public-spirited individual. His philanthropic philosophy has driven him to give hope and support to many public causes. The major focus of this philanthropic initiative is education, where many schools, from primary to tertiary level have received immense support and assistance.
Few of these interventions include a 1,000 capacity lecture theatre at Ladoke Akintola University, Ogbomosho and an 18-seater Toyota Hiace bus donated to the medical students association of the Obafemi Awolowo University, Ile-Ife, Osun State.
As a mark of recognition of his outstanding achievements and invaluable contributions to nation building, he has been conferred with various honorary doctorate degrees by four universities, including Ladoke Akintola University, Ogbomosho, Oyo state, Cornerstone University and Theological Seminary, Jerusalem, Israel and USA, European-American University, Dominica and Commonwealth University, Belize.
Dr. Taiwo Afolabi is also a recipient of over thirty individual awards from diverse organizations. The latest of these awards being the 2014 Business Person of the Year which was conferred on him by one of Nigeria’s leading newspapers, Daily Sun.
The Federal Government has also recognized the great contributions of this Ogun-state born business icon. He is a recipient of the Member of the Order of Niger (MON).
The accolades are not restricted to Nigeria alone. He is also the Honorary Consul-General of the Republic of Djibouti in Nigeria.
He is a member of the Institute of Directors Nigeria; Ikoyi Club 1938; IBB Golf Club, Abuja; the Building Committee of the Nigerian-British Chamber of Commerce and Industry, amongst many others.
Dr. Taiwo Afolabi is a sports lover, who enjoys watching and playing football. He is happily married with children.
Source: http://sifaxgroup.com/about-us/the-ceo/biography/
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| Education › Re: UNIBEN Suspends Three Students Over Protest — CAMPUS GIST by AnonymousIP: 1:43am On Oct 19, 2019 |
BleedingPen:
Management of the University of Benin, Benin City, Edo State, has suspended some students over alleged involvement in a peaceful demonstration.
Those affected are the Mayors and Mayoress of halls of residence, including that of Hall 5 and Keystone hostels. All the three persons are undergraduate students.
CAMPUS GIST reliably gathered that the said protest was led by postgraduate students in first semester. The school is currently in second semester.
The protesters were said to have demonstrated to the official residence of the vice-chancellor, otherwise known as VC lodge, in protest against non-availability of power.
It was gathered that the hostels lacked electricity and water for over three days during exam period, forcing the students to take to protests.
Their suspension was announced by the university Registrar, Mrs O. A. Oshodin, in a private letter exclusively obtained by CAMPUS GIST on Friday.
“You will recall your alleged involvement in a case of unlawful protest and at an unholy hour”, she said in the letter obtained by our UNIBEN correspondent.
“The Vice Chancellor, in exercise of the powers conferred on him by Section 17 (b), (c), and (d) of Edict No. 3 of 1975, and as amended by Decree No. 20 of 1975, has directed that you be suspended from all academic activities forthwith until you before the Security Department for clearance.
“Accordingly, you are hereby suspended from your Faculty and the University until get clearance from the Security Department”, added Mrs Oshodin.
Efforts to reach the Registrar for comment proved abortive, even as calls placed to the known phone lines of the university spokesman, Michael Osasuyi, went unanswered.
But an official of the school who would not like to be mentioned, said the university took the decision because the VC was disturbed from sleep at such “ungodly hour.”
On why the affected persons were suspended even when they are not directly involved, the official said the suspended persons were expected to have managed the situation.
“They failed in their duties as halls’ mayors and mayoress, respectively”, he said, adding, “they are expected to handle any of such cases from escalating especially at such ungodly hour.”
One of the affected persons who craved anonymity, told CAMPUS GIST that he was shocked to hear about his suspension from his hostel porter.
“The protest was led by postgraduate students [last semester] because they had no light in their hostels for over three days”, he said.
“Nobody even heard about it except for members of the Committee on Hostel Matters. Even myself, I wasn't aware not until my attention was drawn after the protest had begun.
“It was a peaceful demonstration, though the protest was taken to the VC’s lodge which is a normal thing in the university. Sadly, management accused us of spearheading the protest”, said the hall mayor.
This is not the first time UNIBEN will be suspending her students over demonstrations. In February, 2018 four union members were expelled from the school over a protest against an increment in tuition fee.
The expelled students were accused of staging a students’ demonstration on November 24, 2017, an action the university authorities described as intended to disrupt the institution’s 47th Founders’ Day Lecture and the 43rd Convocation Ceremony.
Those suspended include the then Student Union president, Osemudiamen Elvis; PRO, Ehiabhi Goodnews; Secretary-General, Justus Aidenagbon; Director of Socials, Innocent Ehiozua, and a renowned activist, Benjamin Majekodunmi, alias Sankara.
They were later recalled to the school following the intervention of external forces, including the university chancellor and Emir of Kano, Muhammadu Sanusi II.
http://www.campusgist.ng/exclusive-uniben-suspends-three-students-over-protest/
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https://123.com.ng/wp-content/uploads/2019/10/10413676_photogrid1571393719958_jpeg39a3bd44847d6a08943fec3e79aade0b.jpg The Guys Will Be Like ... https://123.com.ng/wp-content/uploads/2019/10/72958953_2732324583466146_5689018173093838848_n.jpg |
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| Travel › Re: Xenophobic Attacks: Travel Warning From Nigerian Government by AnonymousIP: 11:46am On Sep 04, 2019 |
 THAT IS WHERE XENOPHOBIA STARTED ...... IS WE ARE GETTING IT IN A HARSH WAY IN SOUTH AFRICA ... LET'S KNOW THAT WE ALL STARTED IT .... ONLY GOD CAN HELP US 
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| Crime › Re: Court Convicts Four Yahoo Boys In Lagos (Photos) by AnonymousIP: 10:24am On Aug 30, 2019 |
MEME CREATORS ..... MEME LOADING !!!
CHECK THE PICTURE BELOW. 
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| Business › Lottery: Man Wins N22 Billion After Playing Same Numbers For 20 Years - Pictures by AnonymousIP(op): 5:11pm On Aug 29, 2019 |
@Afro.Life (Never Give Up)For many people, waking up to the realization that you have just received some extra millions in your bank account would send them into a frenzy and dismay, to an extent you would want to go MIA. Well, one Canadian man who has been playing lottery for almost thirty years now, was in the same state when Lotto Max jackpot announced he was the winner of not millions but billions. Bon Truong of Edmonton, Canada could not believe he had won $60, 000, 002 and for 10 months, he did not claim his prize as he felt overwhelmed by the magnitude of his win. UGC Bon Truong of Edmonton, Canada could not believe he had won $60, 000, 002 (N22 billion) and for 10 months, he did not claim his prize as he felt overwhelmed by the magnitude of his win. "I started to think about what this win would mean for my family," he said. "I realized it was going to change a lot of things and I wanted to make sure we were all ready and prepared for those changes," he added. According to Truong he used the winning numbers; 2, 3, 4, 8, 9, 20, 30 and the bonus number 45 which he claimed were combination of important dates and family birthdays for nearly 30 years. As soon as he saw the winning numbers, he went to the store and had the clerk print them, just to be certain, he then took the numbers home and double checked them for hours. When he first called his wife with the news, he did not tell her that he had won the big prize. He said he kept it a secret because he had a lot of thinking to do. Truong said he has come up with a few ideas over the last few months, including paying off all of his bills, buying his family a new home, saving for their future, and a vacation in the works. “The first thing I thought was, ‘I am going to be able to pay off everything!’ and I was happy just to do that. We are also going to buy a new home and put away for our future," he said. “After those big, main things, I would like to take my family on a holiday. I am not sure where just yet; I think we will try to go everywhere!” he added. The report further showed Truong had purchased the ticket on Oct. 26, 2018, and had he not revealed himself within a year of the draw date, the ticket and the prize would have expired. Lovely! Source : https://afro.life/featured/bon-truong/cc; lalasticlala 
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| Crime › Re: Robbers Find Fufu & Soup In Lady's Handbag After Snatching It From Her (Photos) by AnonymousIP(op): 4:21pm On Aug 29, 2019*. Modified: 6:03pm On Aug 29, 2019 |
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| Crime › Robbers Find Fufu & Soup In Lady's Handbag After Snatching It From Her (Photos) by AnonymousIP(op): 4:20pm On Aug 29, 2019 |
@Afro.life- According to a social media post by the Rapid Response Squad (RRS), some petty robbers were left disappointed after snatching a lady’s bag , Read more below.
Fast and Foolish: These three guys were serial robbers who dispossessed people of their belongings on a daily basis. They were eventually caught by our men after snatching the handbag of a lady. Unknown to them, the bag contained her dinner. ��♂️#Throwbackthursday Source : https://afro.life/crime-list/unlucky-robbers-find-fufu-in-ladys-handbag-after-snatching-it-from-her-photos/ 
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| Politics › Re: Aisha Yesufu Twitter Account Reactivated - Shares Short Story by AnonymousIP(op): 12:52pm On Aug 29, 2019 |
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| Politics › Aisha Yesufu Twitter Account Reactivated - Shares Short Story by AnonymousIP(op): 12:52pm On Aug 29, 2019 |
Shared with Caption .. Thank you everyone for your voices. I have gotten a mail from
@Twitter
and I am back. I will continue to be a voice. My voice is not for myself alone but for so many others who unfortunately did not get that education that so many of us take for granted to have a voice.
THANK YOU Source: https://afro.life/featured/aisha-yesufu-twitter-account/
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Ok oooo |
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lalasticlala |
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| Christianity Etc › Onye Eze At Father Mbaka's 24th Priestly Anniversary Celebration (Photos) by AnonymousIP(op): 4:32pm On Jul 30, 2019 |
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| TV/Movies › Re: BBNaija: Tacha Looking So Dark In Throwback Photos Before She Became Slay Queen by AnonymousIP: 2:42pm On Jul 23, 2019 |
LOL ... 2012 ... Picture when she came to Visit me at AWKA , ANAMBRA STATE ...... THIS WORLD SEFF .... I INVITED HER VIA 2GO CHAT !!! ... I Know nobody will believe me .... but the memories still dey fresh , am the one that snapped that picture with my NOKIA E72 .... That time na Nokia 2700 she dey use .... |
