₦airaland Forum

Despite the steady decline in the inflation rate over the past 18 months, leading manufacturers quoted in the Nigerian Stock Exchange, NSE, which operate across sectors have recorded significant upsurge of 20.2 percent in their operating expenses, OPEX, in the first half of 2018, HI’18. The figure rose to N233.9 billion from N194.6 billion recorded in H1’17.

The firms numbering 36, operated on short term borrowings amount to over N101 billion during the period, just about 1.8 percent up from N99.2 billion in 2017. Given the political uncertainty which is likely to fuel an upsurge in inflation, market analysts and stakeholders in the Nigerian capital market have cautioned companies to be cautious and prudent in their expenditure as the country moves into the 2019 election, stressing that election will spike costs without a corresponding increase in turnover and margins, thereby reducing profitability at the end of the financial year 2018 and thus affect shareholders’ return on investment. They further admonished that companies should weigh the cost of borrowing from banks and the capital market to be able to take prudent decision with regards to borrowing to run the companies. Sectoral Review of Expenses Meanwhile, Financial Vanguard’s review of the HI’18 of the 36 companies’ performance show that manufacturing companies in the Industrial Goods sector recorded the highest expenses in absolute term with N116.9 billion in HI’18, up by 19.4 percent from N97.978 billion in H1’17. A review of the sector’s performance shows that out of the 12 companies captured in the study, Dangote Cement recorded N86.863 billion, representing an increase of 19.3 percent from N 72.840 billion in HI’17. It was followed by Lafarge which expenses stood at N22.725 billion, indicating an increase of 24.9 percent from N18.194 billion in HI’17, while Vitafoam Nigeria recorded N 2.021 billion, representing an increase 1.1 percent from N1.999 billion in H1’17. Consumer Goods sector came second on the sectoral chart, recording N87.7 billion, representing a growth of 23.6 percent from N70.9 billion in HI’17. A review of the sector shows that out of the 10 companies captured in the study, Nigerian Breweries, recorded N24.323 billion, which represents 9.2 percent growth from N 22.269 billion in H1’17. Nestle Nigeria came second recording N 23.425 billion, indicating 8.2 percent growth from N21.644 billion in H1’17. International Breweries occupied the third position recording N16.352 billion, representing a growth of 265.6 percent from N4.473 billion in H1’17. The Conglomerates sector took the third position on sectoral performance, recording N15.733 billion, an upsurge of 20.1 percent from N13.1 billion in H1’17. Out of the six companies captured in the sector, Transnational Corporation of Nigeria, Transcorp led the chart with N7.617 billion, representing 34.5percent growth from N5.664 billion in HI’17. It was followed by UACN which recorded N5.657 billion, representing a growth of 8.7 percent from N 5.205 billion in H1’17, while AG Leventis recorded N1.749 billion, representing an increase of 10.8 percent from N 1.579 billion in H1’17. The Agriculture sector occupied the fourth position on sectoral chart, recording N7.454 billion, representing a growth of 13.5percent from N6.565 billion in H1’17. A review of the sector’s performance shows that out of the three companies captured in the study, Okomu Oil Palm recorded the highest expenses with N4.174 billion, representing a growth of 28.1 percent from N 3.258 billion in H1’17. It was followed by Presco , recording N3.011 billion, dropping by -0.1 percent from N 3.014 billion in H1’17, while Livestock Feeds recorded N0.269 billion, representing a decline of -8.2 percent from N 0.293 billion recorded in H1’17. Health Care sector occupied the fifth position on the sectotal chart, recording N6.087 billion, an upsurge of 1.2 percent from N6.015 billion recorded in H1’17. Bank borrowings On the bank borrowings the companies in the Industrial Goods sector dominated with N78.6 billion, representing an increase of 2.9 percent from N76.4 billion recorded in H1’17. Further analysis of the sector shows that Meyer Plc led the borrowing chart with N28.930 billion, increasing by 5.4 percent from N27.453 billion in H1’17. It was followed by Lafarge recording N 23.716 billion, representing an increase of 105.7 percent from N11.532 billion in H1’17, while Dangote Cement occupied the third position recording N 18.565 billion, representing a drop of -23.9 percent from N 24.404 billion in H1’17. The Consumer Goods sector came second in the sectoral borrowing chart, recording N11.639 billion, representing a drop by 1.1 percent from N11.768 billion in H1’17. A review of the sector shows that International Breweries led borrowing recording N 7.132 billion, an increase of 210.2 percent from N2.299 billion recorded in H1’17. It was followed by Nigerian Breweries recording N 1.835 billion, representing a decline of -48.1percent from N 3.535 billion in H1’17, while Dangote Flour Mills came third recording N 1.719 billion, representing a drop of -7.3 percent from N 1.855 billion in H1’17. The Conglomerates sector occupied the third position on sectoral borrowing chart, recording N8.989 billion, indicating a drop of -5.3 percent from N9.493 billion in H1’17. Topping the sector on the chart was Transcorp recording N 5.403 billion, representing a growth of 8.3 percent from N 4.989 billion in H1’17. It was followed by UACN recording N2.412 billion, representing a decline of -31.2 percent from N 3.507 billion in H1’17, while Scoa Nigeria came third recording N0.597 billion, representing an increase of 14.1 percent from N 0.523 billion in H1’17. Analysts /Stakeholders Reactions Reacting, the Head of Research & Investment, FSL Securities Limited, Mr. Victor Chiazor, said: “ The direct implication of rising expenses to any firm will be that the firm may see its profitability reduce especially when the firms’ expenses are growing faster than its revenue base. Most firms have seen expenses rise as a result of increased competition and general increase in the cost of doing business. There has been a general rise in the cost of selling and distribution of products, a rise in the cost of running campaigns and innovations as well as a rise in brand marketing all in a bid to increase sales volume. While some companies have immediately benefited from increased brand awareness by growing their sales volumes, some companies have not had similar successes and it may take a few more quarters for them to reap the reward and this would directly impact the profitability of such companies.” Continuing, he said: “When rising expenses affects the profitability of a number of firms, it sends negative signals to investors especially for firms listed on the Exchange as both local and foreign investors may decide to exit their holdings in those firms to safer stocks or totally pull out of the market for fear of losing their investments and this would have a negative effect on the economy as currency outflows may increase if foreign investors fail to see any other viable investment options.” While reacting to the inflationary trend in the country as it affects companies’ performance, he said: “We don’t believe the rate of inflation significantly impacted on any of these firms under the current period compared to the corresponding period of 2017. Finance cost has been a major drag on earnings for most of the companies as the high cost of borrowing has continued to exert negative pressure on the profits of these firms. Except for the companies that have been able to raise capital in the form of equity in a bid to reduce their interest expense, most companies are also projecting a reduction in interest rate in the near term and as such instead of raising long term funds at significantly high interest rates, most have decided to raise short term funds to support their business obligation, while they await the era of a lower interest rate regime which should reduce their interest payment obligations and improve profitability given that most policy parameters suggest a possibility of lower interest rate in the short term provided that other factors or circumstances remain the same. “The CBN (Central Bank Of Nigeria) in its last MPC meeting stated that it would support good companies who come out to raise funding through CP’s (Commercial Papers) with single digit interest rate in a bid to reduce the high borrowing rate in the country and we advise firms to look in that direction for funding at decent rates that would not be harmful to their businesses.” Commenting as well, Managing Director, APT Securities & Funds Limited, Mallam Garba Kurfi, said : “ What is happening in the market is very unusual especially when the exchange rate is stable, the price of crude oil is high, the inflation is coming down , the Treasury bill and FGN Bonds rates are crashing yet the capital market is still going down. We lost to date almost one percent per week. Probably, investors are reacting to the political uncertainty in the country.” The spokesperson for Independent Shareholders Association of Nigeria, ISAN, Mr Moses Igbrude said: “Expenses are incurred in companies operation in order to create values, so an increase generally depends on the rates of activities within a period of time. Does this increase brought about a corresponding increase in turnover? Or is the reverse the case.? If such increase brings value along with it then stakeholders will be better off and if not them they will be worst of. Then, the question will be; why should management increase expenses without creating a corresponding value? My advice to companies is to try their best to control and manage their cost in order to survive in this present harsh economic environment with high uncertainties and inflation. Certainly, an increase in expenses without corresponding in value will surely have serious impact on companies and economic.” Commenting on finance cost, he said: “Finance cost is huge and a serious problem affecting companies and the country economic growth. An economy where interest rates are high as 23 percent to 30 percent, compounded with government policies inconsistent is limiting business growth in the country. My sincere advice to companies is to be very prudent and cautious in their business decisions as it relates to borrowings so that banks will not take over our companies because of bad debts. Where it is so critical they should try the capital market for cheaper funds.” In his reaction as well, Chairman, Concerned Shareholders Association of Nigeria, Mr Segun Owolabi said; “The rising expenses by these firms without a corresponding increase in turnover and profitability is not good for the shareholders who expect maximum returns on their investment. Companies should device means of reducing their expenditure on things that will not increase in turnover. There is some inevitable expenditure and there are some that evitable. So management should also cost benefit analysis when embarking on huge expenditure. Although, there is some expenditure that will bring benefit in the long run, so such expenses can also be considered.” On finance cost, he said: “We do tell the companies not to rely much on banks’ borrowing because of the high cost involved. When companies and using short term loan to finance medium term or long term expenditure, it is not good. It is a mismatch of funding. The capital market is the best option to consider when you need to finance medium or long term expenditure. In your report, I think the firms only increase their finance cost marginally which still better than when it is on the high side. Furthermore, companies should begin to use their internally generated revenue to finance most of their expenses as we have seen in some companies that have not recorded any finance cost so far in the period under review.”

http://www.akelicious.net/2018/08/hi18-manufacturing-firms-incur-more.html

The National Broadcasting Commission (NBC) has said that the fine imposed on Jay FM, Jos, was due to its continuous airing of vulgar and indecent music lyrics, in spite of verbal and written warnings to the station.

The Head, Public Affairs of NBC, Mrs Maimuna Jimada, gave the explanation in a statement in Abuja on Friday. Jimada quoted the Director-General of the commission, Malam Is’haq Kawu as saying that the commission had been very proactive and responsive in its efforts at regulating the broadcast industry, especially as regards ensuring the citizens’ right to quality broadcasting. “The attention of the NBC has been drawn to comments and observations in the media space regarding the fine imposed on Jay FM Jos for continuous airing of vulgar and indecent music lyrics in spite of verbal and written warnings to the station. “The Act establishing the NBC empowered the commission, to among other mandates in Section 2.1(h), to “establish and disseminate a National Broadcasting Code and set standards with regard to the content and quality of materials for broadcast. “This, the commission has done and because of the revolutionary nature of broadcasting, the Nigeria Broadcasting Code is reviewed every four years in a stakeholders’ participatory process. “Information about the review of the code is disseminated widely and participation is open to all relevant and interested members of the public. “Consequently, the code is a document which has the input of a wide variety of stakeholders. “ In addition, the code is available on the NBC website and media pages and at our various offices located across the country,’’ he explained. According to him, by Industry standards, broadcast stations are mandated by law, to adhere strictly to the dictates of the code and where they falter, the commission initiates the sanction process. The director-general explained that all actions of the commission were strictly informed by and carried out according to the dictates of the law and the Nigeria Broadcasting Code. Kawu, therefore, enjoined all artistes to produce broadcast versions of their works to enable broadcast stations to use them without contravening the provisions of the Nigeria Broadcasting Code. “In addition, the Nigerian artiste has a responsibility to the country. Today, popular songs of leading Nigerian musicians garner millions of views on YouTube. “This indicates the level of influence they exert upon the young people who make up the majority of our country’s population. We believe our artistes should offer a positive influence on this young population. “Broadcasting is a creative medium characterised by professionalism, choice and innovation to serve the interest of the general public. “And it is expected to influence society positively by setting the agenda for the social, cultural, economic, political and technological development of the nation for the public good.’’ He assured Nigerians that the commission would continue to execute its responsibilities without fear or favour and would apply the relevant sanctions on erring stations whenever they violate the code. (NAN)

http://www.akelicious.net/2018/08/why-nbc-sanctioned-jay-fm-jos-kawu.html

An ex-Acting Governor of Adamawa State and political ally of former Vice-President Atiku Abubakar, Ambassador James Barka, has denied dumping the All Progressives Congress for the Peoples Democratic Party.

He said it was true that the Adamawa State chapter of the PDP paid him a courtesy visit at his residence in Yola during which they implored him to rejoin the party, but that he did not promise to join the party.


Barka in a statement in Abuja on Friday said he had no plan to go back to the PDP which he left in 2014 while he was the Nigerian Ambassador to Malaysia.

He said, “Of a truth, some members of the PDP, led by the chairman, paid me a courtesy visit to seek my return to my former party, I told them I’m a bonafide member of the APC. I’m not contemplating leaving the APC. However, I would consult, and there is no any reason to join my former party.

“I said I would get back to them when I’m through with my consultations. To me, it was just a simple political statement. Now that the press has reported it, I would make a statement categorically that I’m a member of the APC and all my followers should remain as such.”

Meanwhile, a social responsibility consultant, Ben Egberi has declared interest in contesting for the Presidency in 2019, noting that country needed a competent leader to turn the economy around.

The 44-year-old man, who is contesting under the PDP, said he had the innovative ideas and strategies to develop the nation and move her forward.

“What Nigeria needs at this point is the person with the energy, intellectual ability and capacity to stimulate development in the country and I believe I embody this. We need something as different from President (Muhammadu) Buhari as day is from night,” Egberi said.

http://www.akelicious.net/2018/08/atikus-political-ally-denies-defecting.html

The United Nations On Friday lamented that conflicts, mainly from Boko Haram terror activities and killings by herdsmen, have claimed at least 26,000 lives in North-east of Nigeria, while battles globally had displaced over 65 million persons.

The UN Nigeria Representative, Mr. Edward Kallon, disclosed this in Maiduguri, Borno State, while marking this year’s World Humanitarian Day (WHD).


Kallon noted that in the North-east, civilians continued to bear the brunt of the conflict that led to widespread forced displacement, abuse and violations of international humanitarian and human rights law.
According to him, women, men and children face grave humanitarian rights violations, including sexual and gender-based violence on a daily basis.

He further disclosed that in the insurgency affected region, thousands of women and girls had been abducted, while children continued to be used on regular basis as so called “suicide” bombers.

“Thousands of families have been forced to flee their villages and communities in Borno, Adamawa and Yobe states. Aid and medical workers, who care for people affected by the violence, suffer the consequences of insecurity.
“Three aid workers were killed and three abducted in March this year in Rann; an aid worker was killed in Ngala in May. A member of National Emergency Management Agency (NEMA) was killed in Damasak just last week,” he lamented.

He noted that a vast majority of humanitarians working to provide life-saving aid to people in need were Nigerians and condemned the killings and abduction of aid workers, urging parties to the conflict to allow humanitarian workers discharge their duties as it would facilitate their access to people in need, and in line with International Humanitarian Law.

He also pressed for the release of abducted aid workers.
“I call on Nigerian leaders to do everything in their power to protect the people caught up in conflict. Together, we stand with the Government of Nigeria, in solidarity with civilians in conflict, and with the humanitarian workers who risk their lives to help them,” he declared.
According to him, civilians in conflict zones continue to be killed and maimed, deliberately or indiscriminately, thereby forcing a large number of people to flee from their homes.

The UN Nigeria Representative said: “This year’s commemoration marks the 15th Anniversary of the attack on the United Nations in Baghdad, Iraq, during which 22 of our colleagues were killed.
“Since that tragedy, which led to this day’s designation as WHD; over 4,000 humanitarian workers have been killed, injured, detained or kidnapped.”

He said that the WHD; was to express solidarity with people affected by humanitarian crises and pay tribute to workers that helped victims of conflict and violence.
On devastations of conflicts, he said: “Children are recruited by armed groups and used to fight, while women are also abused and humiliated.”

He observed that though humanitarian workers deliver aid and medical workers provide for people in need, they were however; targeted or treated as threats.
Governor Kashim Shettima said that 1.5 million people had been displaced by the nine-year insurgency.
He said out of the displaced people, 164,000 had returned to their liberated communities in Mobbar, Dikwa, Gwoza, Ngala, Konduga, Bama, Damboa, Mafa and Askira/Uba councils.

He said that Abadam and Marte council areas were not secured enough for IDPs return to their communities.
According to him, the two council areas were vulnerable to insurgents that were recently pushed to the Lake Chad Islands by the military.

http://www.akelicious.net/2018/08/boko-haram-herders-kill-26000-in-north.html

The Independent National Electoral Commission has extended the Voters’ registration exercise by two weeks.

The exercise which was supposed to end on August 17th will now last till August 31st.

http://www.akelicious.net/2018/08/breaking-inec-extends-voters.html

Nigeria risks losing a pile of money spent on international consultants, organising public hearings and thousands of hours work on the Petroleum Industry Bills (PIB) as the race for 2019 elections takes the shine away from important legislations that will stop an estimated $15billion annual investment loss to the economy. According to Nigeria’s legislative practice

Full report at http://www.akelicious.net/2018/08/time-running-out-for-petroleum-industry.html

The Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company Plc have signed five agreements to develop a gas production project aimed at delivering about 3.4 billion standard cubic feet of gas per day (bscfd) by 2020, a statement from the corporation has disclosed.

The statement explained that the new gas project was part of efforts by the NNPC to bridge the projected medium-term gas supply gap expected in Nigeria by 2020.

NNPC Group General Manager, Public Affairs, Mr. Ndu Ughamadu, said in the statement that the project called Assa North and Ohaji South (ANOH) gas development scheme was one of the Seven Critical Gas Development Projects (7CGDP) that would boost gas production and infrastructure development in the country.


The statement quoted NNPC Group Managing Director, Dr. Maikanti Baru, as saying that a special purpose vehicle known as ANOH Gas Processing Company (AGPC) was being promoted by both parties to develop, build, operate and maintain the ANOH gas processing plant, with an initial capacity of 300 million standard cubic feet per day (mmscf/d) of gas in Imo State.
According to him, NNPC would do everything possible to ensure that the project was successfully delivered on schedule within budget and to specification.

He stated that the project was designed as a world-class gas processing plant with the capacity to deliver up to 3.4 bscf of gas daily.

“Following the execution of Heads of Terms (HoT) by the Nigerian Gas Processing and Transportation Company (NGPTC) on behalf of the NNPC, Seplat and AGPC on December 19, 2017, the steering committee for the AGPC project has provided the leadership and broad guidance for the development and finalisation of the various commercial agreements required to underpin the project,” Baru said in the statement.

Similarly, the statement quoted the Chief Executive Officer of Seplat, Mr. Austin Avuru, to have described the ANOH gas processing plant as a landmark project which captures the essence of the gas infrastructure development initiative of the federal government.

Avuru expressed confidence that the AGPC would deliver on the project within the next 18 months and achieve its objective of being a key gas supplier to both the domestic and export market.

According to the statement, the MoU signed in this regards included the AGPC shareholders agreement among AGPC, NGPTC and Seplat; AGPC share subscription agreement between AGPC, NGPTC and Seplat; Wet Gas Sales and Purchase Agreement between NNPC, Seplat and AGPC; Gas Sale and Purchase Agreement between AGPC and Nigerian Gas Marketing Company (NGMC), and Gas Marketing Agreement between AGPC and NGMC.

http://www.akelicious.net/2018/08/nnpc-partners-seplat-to-deliver-34bcf.html

Polling booths are henceforth to be position in a way to make it difficult for people to see how voters cast their votes during elections, a Resident Electoral Commissioner (REC) announced in Awka on Monday.

Dr Nkwachukwu Orji, the REC in charge of Anambra, who made the disclosure in an interview with the News Agency of Nigeria (NAN) said that the measure was to make it impossible for anyone to know who a voter voted for.

The measure comes against the backdrop of massive vote-buying reported in recent elections in the country, including the governorship election in Ekiti, which analysts said, was characterised by vote-buying.

“The commission is considering re-arranging the way polling booths are positioned during elections to make it difficult for anybody to see the place a voter voted,’’ Orji said.

He described vote-buying as another big threat to democracy that needed everyone to join hands with INEC to eradicate.

“INEC cannot check the problem of vote buying alone. It is a crime that security agents, members of the public who collect the money and politicians who buy the votes must come together to tackle.’’

The INEC chief also called on eligible persons who were yet to register in the on-going continuous voter registration in Anambra to do so before the Aug. 17 deadline.

He noted that the registration would not be extended beyond Aug.17, pointing out that “from today we have 1,985 days to the general elections’’.

Orji said that on Aug.17, INEC would issue notice of election, indicating that the 2019 general election was good to go and that party primaries would follow between this month and next month.

“In Anambra State, the registration is now taking place from Sunday to Saturday, beginning from 9 a.m. to 5 p.m. daily and our officials are in all the 21 Local Government Areas.

“We have functional machines, enough manpower and materials for the exercise and we encourage all eligible persons to take advantage of this opportunity to register.’’

Orji, who also stressed the importance of enlightenment and voter education to successful elections, appealed to the media to do more in educating Nigerians on electoral activities, ahead of the elections.

On uncollected PVCs, he said that INEC did not have too many uncollected Permanent Voters Cards in Anambra but advised those yet to pick theirs to come up and collect them.

“We intend to photocopy the uncollected PVCs in our custody and paste it for public viewing and after that send buck SMS to the owners because we want everybody to have his or her PVC before the elections,’’ Orji said.

https://www.akelicious.net/2018/08/vote-buying-inec-to-reposition-polling.html

The Emir of Kano, Alhaji Muhammad Sanusi II, has attributed the low attention given to education in north Nigeria as reason for the poverty in the region.


Sanusi, a former governor of the Central Bank of Nigeria, CBN, made this disclosure while delivering a paper entitled: “Youth, Security and National Development in Nigeria,” at the International Youth, Graduation and Annual Lecture of the Vocational Centre in Katsina, yesterday.

He noted that about one million children were roaming the streets of Kano as beggars unlike their peers in the western part of the country.


The royal father noted that Nigeria can achieve its human development goals when citizens have access to education.

He said, “There are less than 500,000 pupils in public primary schools in Lagos State and almost three million in Kano State with an estimated one million roaming the streets as beggars. This means that most parents in Lagos State sponsor their children.

“As many people as possible must be given access to education if we are to achieve our human development goals and reduce the security challenges we are facing. One of the easiest ways is to absorb the millions of Quranic School pupils into the formal system.”


He also urged government to invest more in agriculture as the highest employer of labour.

“There is urgent need to have clear policy towards this direction; we cannot afford half measures of intervention,” Sanusi said.

https://www.akelicious.net/2018/08/why-theres-poverty-in-northern-nigeria.html

APC in disarray as Buhari asks Oshimole to resign. Buhari in a telephone called Oshimole after discussion with the APC hierarchy asked Oshimoe to tender his resignation letter to save the party from total collapse.

Reports quoting party insiders said the president was visibly angry with the gale of defection hitting the All Progressives Congress APC, across the country. He was said to have lashed out at the party Chairman for his inefficiency to control the situation.

The president was said to be disappointed with the party chairman especially on the national assembly saga which had drawn international condemnation and disgrace to the country and his government.

The final straw was the embarrassing new revelations of over 589,000 members of APC announcing the withdrawal of their membership of the party and defecting to the opposition party PDP. It is also said that the president is still contemplating withdrawing from contesting the 2019 presidential election

Full details at http://www.akelicious.net/2018/08/breaking-buhari-asks-oshimole-to-resign.html

Gombe Police Command says it has arrested 116 suspects for various crimes so far in 2018.

Shina Olukolu, Gombe Commissioner of Police, said this in Gombe on Saturday.

Olukolu said: “Between January and July 2018, the command has arrested 116 suspects for various crimes in the state. All the suspects have been charged to court with 99 suspects convicted while 17 are awaiting trials.”

The Commissioner of Police said several weapons were also recovered from the suspects.

He said: “We recovered one gun, two locally made pistols, 250 cutlasses, 255 knives, 48 bow and arrows, 20 axes, 33 swords and three cartridges.

“Other items recovered include one fabricated master key, four motorcycles, two fake receipt booklets, six handsets, one Lenovo laptop, two handset chargers and one power bank.”


Olukolu said the proactive measures of Gombe police command against crimes in all parts of the state were yielding the expected positive results.

According to him, the command has initiated strategies aimed at nipping crimes in the bud through a monitoring network system that feeds the command with the needed information to arrest criminals anywhere in the state.

He said: “With our strong monitoring network system, we have been able to get the necessary information to detect different crimes in the state. This has given the command the successes that have recorded so far.”

He emphasised that the successes recorded so far in 2018 was a result of the synergy between the police, other security agencies and the peace loving people of Gombe.

Olukolu appealed to the citizens of the state to always provide useful information to allow the police serve the public better.

http://www.akelicious.net/2018/08/police-arrest-116-suspects-for-various.html

Former Peoples Democratic Party, PDP, National Caretaker Committee Chairman, Ahmed Makarfi has insisted that the level of corruption under the All Progressives Congress, APC-led administration was worst than PDP’s 16 years.

The former governor of Kaduna State and a presidential aspirant said the current level of corruption will not be known until APC leaves power.

Speaking with PDP leaders in Enugu, he claimed that the anti-graft war was weak under President Muhammadu Buhari’s administration because it has been politicised.


Makarfi said, “By the time APC is kicked out in 2019, you will know that the corruption in the system now is even worse now than in PDP’s 16 years. It is usually difficult to investigate a government in power.
“But, I must tell you clearly that this government is corrupt. They keep saying PDP is corrupt, yet we established EFCC, ICPC etc, which showed our readiness to fight corruption from the beginning.”

http://www.akelicious.net/2018/08/corruption-under-buhari-govt-worse-than.html

Senate President Bukola Saraki has reacted to the recent call by the National Chairman of the All Progressive Congress, Adam’s Oshiomhole, that he should resign or face impeachment saying a million Adams Oshiomhole cannot remove him from office.

In a statement issued on Friday by his Media Adviser, Yusuph Olaniyonu, Saraki also accused Oshiomhole of being ignorant of parliamentary rules as it relates to election and removal of principal officers like the Senate President.

The statement said a million Adams Oshiomhole cannot remove Saraki as Senate President.
“His illegal plots, can only feed his insatiable ego and keep him awake at nights. But it will remain an exercise in futility.”
The 14-paragraph statement read:
“It is rather surprising that Mr. Adams Oshiomhole is behaving like a rain-beaten chicken, crying all over the place about Dr. Abubakar Bukola Saraki, as if the Senate President is the apparition haunting his life and the sinking ship that he captains.
“Having decided not to join the pigs in rolling in the dirt; we would not like to be involved in any meaningless exchange with the demagogue now in charge of APC. However, because he claimed that he was reacting to the issues raised by the Senate President during his World Press Conference, we thought it necessary to give the APC chairman some attention.

“Alas, we found that instead of addressing any issue raised by the Senate President, his press conference merely showcased his obsession and those of his sponsors with Saraki’s removal, which he did without any decorum befitting of his age or his awarded office. He brimmed with hate, hurled abuses, threw tantrums, told lies, huffed, puffed. In the end, he said nothing.
“It is indeed amazing that the same Oshiomhole, who is now describing Saraki as a politician of no consequence was the same one who only a few months ago was crawling all over the place pleading for Saraki’s support to become chairman. We are sure that those who took him to Saraki several times to plead his case must now be thoroughly embarrassed by his reckless and uncouth manner.

” By his conduct and utterances, Oshiomhole, who accused Saraki of not acting in national interest needs to do more to convince Nigerians that his desperate desire to become party chairman is not simply to feed his over-sized ego.
“The position of Oshiomhole and his cohorts in the APC that the Senate President must resign is a mere wishful thinking. They will continue to dream about their planned removal of the Senate President. They will need 73 Senators to lawfully remove Dr. Saraki and they will never get that in the present eight Senate.

” The argument of APC that the Senate President must come from a majority party; that the Senate Presidency is their crown and National Assembly is their palace is only supported by ignorance and dangerous delusion. First, the issue of which party is in the majority will only be resolved when the Senate resume. Two, Section 50 (1) (a) of the constitution is clear that any Senator can be elected as Senate President. If the only thing left of the APC change agenda is to change the Senate President we can only wish them goodluck.

“Perhaps, Mr. Oshiomhole needs to be better educated about our parliamentary history when he stated that “For the first time in parliamentary history in Nigeria, we had a situation where the APC had majority of Senators and went on to elect a PDP as Deputy Senate President”. Where is Mr. Oshiomhole when Senator John Wash Pam of the Nigerian People’s Party (NPP) became Deputy Senate President in the Second Republic even when the National Party of Nigeria (NPN) had the majority. The same thing happened in the House of Representatives when NPP’s Rt. Hon. Edwin Umeh Ezeoke was elected Speaker in an NPN majority House. But then, it would require a level of education to understand these things.

“What hypocrisy! To think that this same APC were jubilating when Rt. Hon. Aminu Tambuwal retained his position after he defected from the PDP and still retained his seat, even when his new party was in the minority. These are people whose standards of morality are infinitely elastic.

“We are sure the remaining APC Senators need to do a lot of work to bring Oshiomhole up to speed about parliamentary practice. His ignorance are too clear in his comments about how the Senate was adjourned on July 24, 2018, the distribution of committee chairmanship in the Senate and the difference between the post of Senate President and Minority Leader.

” He has made so much song and dance about Mr. Godswill Akpabio resigning as Senate Minority Leader when he left the PDP to join APC. For this, Akpabio has become his hero and a symbol of honour. He obviously does not understand that the post of Minority Leader is a strictly party affair. And the PDP simply decided who to give it as it is not even a position that was mentioned in the constitution. Whereas, the Senate President position is a constitutional creation, which required majority votes of all the members. Again, we don’t expect people whose only experience in politics is at the provincial levels to understand this. No wonder they are talking of crowns and inheritance.

“The fair distribution of the Committee chairmanship is one of the stabilizing factors in the 8th Senate and has helped it in achieving more than all its predecessors.
“We need to inform this divisive element who now leads APC that if he wants to know why the 2018 budget was delayed, he should ask the heads of the MDAs. We reckon that should be easy for him since he is now their ‘headmaster’, moving around with canes to whip ministers into line.

“Oshiomhole once again demonstrated his lack of sense of history by talking of Buhari winning more votes in Kwara than Saraki. We are sure President Buhari himself will disagree with the APC chairman. We invite the APC chairman to look at the figures of votes secured by the President in 2003, 2007, 2011 and 2015 to know that the difference is clear, like a commercial advert stated.”

http://www.akelicious.net/2018/08/a-million-oshiomhole-cant-remove-me.html

Former military governor of Kaduna State, Col Abubakar Dangiwa Umar (rtd), has called on the Federal Government to subject the sacked Director-General, Department, State Security (DSS), Alhaji Lawal Daura, to further interrogations.

Noting that Daura’s sack was long overdue and not unexpected, Umar, in a press statement Friday, tasked government to seek further clarifications on the motives behind his actions and explanations on what he tagged his “crazy maneuvers.”


According to Umar, “In the interest of our democracy, in order to guard against unexpected threats and conspiracies, the action taken by the acting president must not stop halfway. The government should seek to discover the motives as well as the explanation for some of those crazy maneuvers, many of which simply beggars belief.”

Highlighting areas where urgent clarifications are required, he said they include: “Where and in what condition are all the assets handed over to Lawal Daura by the immediate past DG, DSS, Mr. Ita Ekpenyong? What are the reasons why Lawal Daura deployed DSS operatives and prevented EFCC personnel from searching the residences of former D-G, DSS, Mr Ekpenyong and former DG, NIA, Mr Oke?

“What is the explanation for the raid on the farm belonging to Ibrahim Magu, Chairman, EFCC, which raid led to loss of lives? Was it not true that Lawal Daura moved to seize and appropriate over forty three million US dollars NIA funds if he was not prevented from doing so by the National Security Adviser?

“Why did Lawal Daura continuously and in blatant defiance of the president send false reports to the Nigerian Senate that frustrated the confirmation of Ibrahim Magu as substantive Chairman of the EFCC? Why did he continue to ignore court orders allowing several people detained by him to be released on bail?”

Umar said though Daura’s summary dismissal came as a big surprise to many people as it contradicted the world order, but that the former DSS DG deserved the action taken against him by the acting president.

“In the last three years, Lawal Daura had marched from one audacious act of impunity to another; had rudely defied the president, had routinely ignored court orders and seemed all but successful in carving out, for himself, a government within a government in Nigeria.

“There was hardly any observer of the turbulent Nigerian political scene over the last several years who still believed that Lawal Daura was subject to any laws not to speak of official code of behavior.

“But on Thursday, the 7th of August, 2018, Acting President, Professor Yemi Osinbajo signed a terse, two paragraph letter telling Lawal Daura that he has been dismissed from office. Not only that, Professor Osinbajo also ordered Lawal Daura be arrested and remanded in police custody.

“Given all the distress created by the actions of Lawal Daura and those caused through his refusal to act, the decision to sack him did not come a moment too soon,” he maintained.

http://www.akelicious.net/2018/08/umar-fg-must-unravel-dauras-motives-in.html

The pervasive electronic banking fraud in the banking sector is leaving in its wake losses and crisis of confidence in the financial industry, according to investigation by Nigeria CommunicationsWeek.

In fact, some of the most significant risks to banks are self-serving or criminal acts carried out by some insiders; and when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.
But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.
For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.
The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

How it Works
Fraudsters send message to customer’s phone claiming that the customer made a mistake while filling his or her account opening forms with a bank.
Armed with customer data, they usually follow up with a call asking if the customer got a text and if the customer registered his or her BVN with the bank.
The fraudster will now reel out your personal biodata and ask the customer to confirm the details.
If the customer is cooperative, the fraudster will send him or her a text with a code and ask him or her to have his or her ATM card close.
Once, they get your digits on your ATM, the customer’s fund is good as gone.
Investigations showed that a group of bank employees are helping these fraudsters with information about account owners and potential targets.

Only recently, the Nigeria Deposit Insurance Corporation (NDIC) decried the increase in fraud cases attributed to internal abuse by staff of banks.
Curiously, most of the fraud were internet, ATM-related.
Earlier, the Central Bank Nigeria (CBN) Financial Stability Report (FSR) had revealed that the value of fraudulent activities in the Nigerian banking sector rose to N5.52 billion at the end of the 2017 financial year, while the value of 2016 fraud was N4.12 billion.
As punishment, the proposal by Jones Onyereri, chairman of the House of Representatives’ committee on banking and currency, for a fine of N20 million per day for infractions like insider abuse should be revisited.

http://www.akelicious.net/2018/08/banks-customers-lose-fortunes-as.html

Thirteen insurance companies are qualified to operate in the Tier 1 category as their capital bases exceed the regulatory limits set by the National Insurance Commission of Nigeria (NAICOM).
Experts are of the view that the introduction of the new rules will enable firms take on more risk and reposition them to compete at the global competitive arena. It will be recalled that the commission recently introduced a 3-tier based recapitalisation for the insurance industry.
That means composite insurance companies that are now interested to play in the Tier 1 category are expected to increase their capitalisation from N5 billion to N15 billion, while those interested in the same tier but operating life business are required to recapitalize from N2 billion to N6 billion. Non-life insurers planning to play in this tier are expected to improve capitalisation from N3 billion to N9 billion.
According to an August 8 report released by investment house Chapel Hill Denham, titled “Risk-based Capital: Mergers and Acquisition inevitable” thirteen insurance companies qualify to operate in all the Composite, Life, and Non-Life Insurance business under the Tier 1 category. The investment firm used the latest financial statement of firms- half year 2018- to extract their shareholders’ fund.
According to the report, Leadyway Assurance Company Limited, with a shareholders’ fund of N55.30 billion and solvency margin of 369 percent and AXA Mansard Insurance Plc with shareholders’ fund of N17.51 billion and solvency margin of 117 percent, can operate in the Tier I composite insurance segment.
Firms that qualify to operate in the Tier 1 non-life insurance business are Zenith Insurance Limited with shareholders’ fund of N23.47 billion and solvency margin of 261 percent, Leadway Assurance with shareholders’ fund of N22.58 billion solvency ratio (251); Linkage Assurance Plc with shareholders fund of N20.44 billion, solvency margin (227 percent); Custodian and Allied Plc with shareholders’ fund of N17.46 billion, solvency margin (194 pecent); Wapic Insurance Plc with shareholders’ fund of N15.24 billion, solvency margin (169 percent).
Others that can participate in the segment are: Nicon Insurance Limited with a shareholders’ fund of N14.59 billion, solvency margin (162 percent), AXA Mansard with shareholders’ fund of N14.20 billion solvency ratio (158 percent), Veritas Kapital Assurance Plc with shareholders’ fund of N10.90 billion, solvency margin (121 percent); NEM Insurance Plc with shareholders’ fund of N10.73 billion, solvency margin 119 (percent); and Universal Insurance Plc with shareholders’ fund of N10.41 billion and solvency margin of (116 percent).
Three firms qualify to operate in the Tier 1 Life Insurance business: Leadway with shareholders’ fund of N24.47 billion and solvency margin of 408 percent; FBN Insurance Limited with shareholders’ fund of N10.57 billion, solvency margin of (176 percent); Aiico Life Insurance Plc with shareholders’ fund of N7.34 billion, solvency margin (122 percent), and Mutual Benefit Life Assurance Limited with shareholders’ fund of N7.01 billion and solvency margin (117 percent).
Leadway Assurance, the largest insurer by premium, asset, and total equity qualifies to operate in Composite, Non-Life, and Life Insurance business.

Analysts at Chapel Hill Denham are of the view that the new solvency capital base is positive and they expect it to enhance specialization.

The new solvency requirement has elements of intervention levels and actions by NAICOM, according to the report.

“There are four broad indicators for capital top up requirements for insurers. Going forward, insurers with solvency less than or equal to 130 percent will be regarded by NAICO M as well run on all financial and non financial indicators within acceptable range,” said analysts at Chapel hill in the report.

Insurers that have their solvency margin below 130 percent but greater than or equal to 120 will be required to come up with business strategy to sustain the solvency level, five years cash flow projection and other plans drive by management and NAICOM.
“Insurers with solvency below 120 percent, but greater than 100 percent will be regarded as having acceptable status, but with deteriorating indicators and will be required to inject additional capital to enhance capital base,” the analysts summed.
That means firms like NEM Insurance and Universal Assurance will have to shore up their capital if they are to sustain the Tier 1 status.
Mohammed Kari, commissioner for insurance NAICOM said that the recapitalization is desirable as interest rates and inflation rates have gone up while insurers have been on the same capital base for 10 years.
Analysts are of the view that the latest rules could spur mergers and acquisition in the industry as the country continues to lag South Africa and Kenya in terms of insurance penetration and contribution to the economy.
For instance, Insurance industry premium income of N370 billion is less than one percent of nominal GDP size of 114.90 trillion while industry penetration is 0.32 percent for a population of 200 million.

http://www.akelicious.net/2018/08/13-insurers-qualify-to-operate-in.html

Hon. Abiodun Olasupo, representing Iseyin/Itesiwaju/Kajola/Iwajowa federal constituency, has stated that members of his Unity Forum in the Oyo State Chapter of All Progressives Congress (APC) were forced to defect to the African Democratic Congress (ADC).

Olasupo, Chairman of the House of Representatives Committee on Legislative Compliance, said this at Iwere-Ile in Iwajowa Local Government Area of Oyo State at a town hall meeting with constituents.

The group had accused Governor Abiola Ajimobi of disrespect for party supremacy.

“Democracy is about tyranny of the majority. There won’t be a strong political party when the interest of minority overrides that of the majority”, NAN quoted him as saying.
“As long as there is no strong political party, there won’t be a stable government and without a stable government, there won’t be the much-desired development.
“When the tenets of a political party do not give power to the people to elect who leads them, then free exit is guaranteed.

“People will have to move to another party where they are warmly welcomed and where internal democracy is much sacrosanct.
“We defected to ADC where we found an abode. This is an abode where party supremacy and internal democracy is highly valued.
“In this party, the tyranny of majority works and the minority have their say”, he said.
The lawmaker also condemned the siege laid to the National Assembly by the DSS operatives, describing it as sad in a democracy.

http://www.akelicious.net/2018/08/why-we-dumped-apc-for-adc-rep-olasupo.html

Acting President Yemi Osinbajo is sure that President Muhammadu Buhari will defeat other presidential candidates next year to continue his administration’s change agenda.

Prof. Osinbajo spoke yesterday at the Township Stadium in Ikot Ekpene, Akwa Ibom State, while receiving Senator Godswill Akpabio, who defected from the main opposition Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).

The Acting President, who was represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha; declared that treasury looters would no longer be allowed to return to power.

At the rally witnessed by a mammoth crowd of APC members and supporters of the ruling party were Asiwaju Bola Tinubu; National Chairman Adams Oshiomhole; Senate Leader Ahmed Lawan, who led over 35 senators to the event, Edo State Governor Godwin Obaseki; the Niger Delta Development Commission (NDDC) Managing Director Nsima Ekere, a governorship aspirant in Akwa Ibom state; and Senior Special Assistant to the President on National Assembly Matters (Senate) Senator Ita Enang, among other leaders of APC.


Many members of the National Assembly, Akwa Ibom House of Assembly, State Working Committee (SWC) of PDP, former commissioners in the state and many elders of PDP across the three senatorial districts of Akwa Ibom State joined Akpabio in the APC.

Oshiomhole also announced the former governor of Akwa Ibom State (Akpabio) as the new leader of APC in the state.

The teeming members of APC and their supporters started arriving at the stadium from 7 a.m., for the event slated for 10 a.m. It kicked off over four hours behind schedule, with Akpabio arriving at the stadium, in company with his wife, Ekaete, at 2:20 p.m. Other leaders of the party arrived later.

Just as the rally was going on at the township stadium, PDP stakeholders in Akwa Ibom Northwest Senatorial District kicked against the defection.

Addressing PDP supporters yesterday in Ikot Ekpene, the PDP’s political leader of the senatorial district, Senator Emmanuel Ibok-essien, claimed that Akpabio did not consult them before taking the decision to dump the PDP for APC.

Ibok-essien, who was the Deputy Director-General of Akpabio’s 2015 senatorial campaign organisation, stated that people of the area would not support Akpabio’s re-election into the Senate in 2019, calling on the people of the senatorial district and the state to support the re-election of Governor Udom Emmanuel and other PDP candidates in next year’s elections.


The Acting President said: “I came here to thank the people of Akwa Ibom State for the remarkable show of solidarity that you have exhibited today (yesterday). I came here to dispense this goodwill from the President and the Acting President for the show of solidarity and to tell you that the government of President Muhammadu Buhari loves the people of Akwa Ibom State. I have come here to share with you the thrust of this government and to give you some basic facts that will help you make up your minds as to the direction Akwa Ibom has decided to go in 2019.

“When this government came on board and as President Muhammadu Buhari constituted his cabinet, you will be shocked to find that there are 36 ministers; 18 of these ministers are Christians, 18 are Muslims. Out of the 18 Christians, nine are Catholics. In addition to that, the Secretary to the Government of the Federation is a Christian, the Head of Service of the Federation is a Christian, the Vice-President is a Christian, the Governor of the Central Bank is a Christian.

“When we met with the Conference of Catholic Bishops, I told them that if there is anybody that owns this government, the Catholics have nothing really to complain, because they have nine ministers, in addition to the chairman of the party, the Governor of the Central Bank; they also have the Chief Justice of Nigeria.

“People of Akwa Ibom State, I know that this is electioneering year, a lot of people will be going around offering their services to you. I have worked with all the candidates of the PDP. I know them personally. They are my friends. I do not have anything against them. If I have my way, I will ask the Independent National Electoral Commission (INEC) to allow all of them compete, but I can assure you that all of them will be defeated by President Buhari in 2019, because all of them are from the Northern part of the country.

“In 2007, we barely got two million votes all over the nation. I can tell you that President Buhari has won consistently in their states. Is it Sokoto, is it Kano, is it Jigawa, is it Gombe, is it Adamawa? Where else? Buhari is the only candidate that can give you 10 million votes as head start. Why do you have to invest and engage a candidate that can just generate 300,000 votes in his state? It is a totally wasteful exercise.”

He spoke about the administration’s achievement, saying:

“I recommend the government of the APC to you, because it has delivered on all planks. We are growing the economy, your railways are coming on board. Work is being provided through the social intervention programme, security is being improved, in spite of the challenges and with Akwa Ibom coming on board, under the able leadership of Senator Godswill Akpabio, things will change and turn around for the better for the Niger Delta region.”


Prof. Osinbajo also lauded the people of Akwa Ibom State for the massive support, pleading with them to be ambassadors of the change, as they returned to their various homes and communities, thereby setting the foundation for the growth of democracy.

The Acting President also thanked Akpabio for his exemplary leadership, the uncommon transformation of Akwa Ibom State and his decision to turn around the fortunes of the Niger Delta region, adding that the entire Southsouth zone will be taken over by the APC.

To Oshiomhole, the sea heads at the stadium, the energy of the youth, their sheer determination, as evidenced by the fact that they had been waiting since morning, it was certain that they would have the change they desire. He described Akpabio as an “uncommon transformer”, for pulling the mammoth crowd.

Oshiomhole said: “Today (yesterday) is historic in the life of our party (APC). For too long, when I was governor of Edo State, even now my successor, Godwin Obaseki, we have always said that in the whole of the Southsouth, it is only in Edo State that APC has a governor. We are determined to find other states in the Southsouth to join forces with Edo State to sustain the changes that Nigeria badly requires.

“There are people who are giving the impression that Akwa Ibom State belongs to them, but today, with what my eyes have seen (mammoth crowd), in February next year, the great people of Akwa Ibom State will effect a change, under the leadership of a man of honour, Akpabio, who did what other people failed to do, by saying enough of the umbrella that has been badly shattered by terrible political weather, after misruling Nigeria for 16 years.

“What other people are afraid to do, Akpabio did it after deep reflection and he listened to the yearnings of his people, by sacrificing the title of Minority Leader of the Senate to join the APC. Akpabio did what Senator Bukola Saraki is unable to do and he has shown that the people of the Southsouth zone can be different, where it matters. We can stand up and be counted.

“I know that with your (Akpabio’s membership of our great party (APC), we will benefit from your uncommon transformational qualities that you demonstrated while you were the governor of this great state. You (Akpabio) are an uncommon defector. There are ordinary defectors, who want to move, but they want to steal the crown. We have an uncommon rally in Ikot Ekpene.

“Akwa Ibom people are united that in 2019, under the leadership and guidance of Akpabio, this state will join the states of progressive governance.

http://www.akelicious.net/2018/08/no-pdp-aspirants-cant-defeat-buhari-in.html

The Peoples Democratic Party (PDP) has charged President Muhammadu Buhari to immediately “order the unfreezing of the official accounts of Akwa-Ibom and Benue states illegally blocked” by the Economic and Financial Crimes Commission (EFCC), as such is a “direct attack on innocent Nigerians in those states.”

Akelicious reported earlier on Wednesday that the state government’s account has been frozen by the anti-graft agency.

But, the Benue State Governor, Samuel Orton described EFCC’s action as political “witch-hunt.”


Reacting, PDP described the freezing as “illegal, unconstitutional, overtly wicked and cannot be justified under any guise within the clear dictates and contemplation of our laws and practice as a nation.”
The opposition party rejected the action of the Federal Government and counselled the “Buhari Presidency not to hide under the EFCC to unleash punishment and hardship on the people in states perceived to be averse to his 2019 re-election bid.”
In a statement by its spokesperson, Kola Ologbondiyan, PDP said, “illegally blocking the flow of funds to these states, the All Progressives Congress (APC)-led Federal Government has ostensibly commenced a reprehensible design of using economic deprivation as a political tool to arm-twist governors and states to support President
Buhari’s re-election in 2019.

“The APC has been seeking ways to subjugate Nigerians, for which it has now resorted to subjecting millions of compatriots already impoverished by the misrule of the Buhari administration, to face more hardship by seizing funds legally belonging to them.
“Nigerians are all aware that no section of our constitution or any law in Nigeria for that matter confers any agency of the Federal Government
with powers to interfere or put any restrictions on funds belonging or accruable to states as federating units of our nation.
“Apart from its State Assembly, no other government body or institution has the powers of appropriation or restrictions on any funds belonging to the state.
“The PDP therefore urges all Nigerians to stand up and resist this dangerous trend introduced by the desperate APC to subjugate Nigerians, for which Akwa-Ibom and Benue states are now being used to test the will of the people in this direction.”

http://www.akelicious.net/2018/08/pdp-attacks-buhari-as-efcc-freezes.html

Duet Private Equity Limited (DPEL), a principal investor in emerging and frontier markets, has announced the acquisition of a majority stake in AJEAST Nigeria Limited.

DPEL, last week said it is investing in excess of $50million into the transaction, a significant share of which is allocated as growth capital. Proceeds of the investment will be used to accelerate in select international territories, facilitate the launch of new products and brands, and increase AJEAST’s production capacity and volume.

AJEAST is the sub-Saharan Africa subsidiary of AJE Group, a leading multinational non-alcoholic beverage manufacturer, makers of Big Cola, Big Orange, and a host of others.With the new investment, AJEAST will further intensify its focus on targeting a young demography of growing socio-economic segments, capturing both the significant advance of middle-income households, as well as the demographic dividend of the region’s expansive youth base.

The transaction marks DPEL’s 6th investment in the fast moving consumer goods (FMCG) sector in sub-Sahara Africa, and its 1st in Nigeria, and will support AJEAST in further consolidating market share, as well as catalysing further expansion across the continent.CIO DPEL and Co-Founder at Duet Group, Henry Gabay, said: “At Duet we strongly believe in the African consumer growth story. As the number of middle-income households in Nigeria and select West-African markets keeps expanding, and more consumers are entering the formal economy through urbanisation, the demand for products such as BIG Cola will grow exponentially.”He added that the acquisition of AJEAST is a follow-up to previous investments in the beverage sector across Africa, saying: “We are excited to be able to leverage our experience in partnership with a prominent multinational like AJE Group.”
Managing Director, DPEL, Manish Rungta, said: “We are delighted to work together with AJE Group to continue the footprint expansion of brands like BIG Cola in African markets. With its value proposition, AJEAST is uniquely positioned to capture market share in the rapidly expanding segment of affordable, high quality consumer goods.”
Applauding the new partnership, Chairman, AJE Group, Angel Añaños, noted that “AJE’s history dates to 1988, and through our innovative approach and passion we became a leading player in Latin-America and Asia markets.”With plans to accelerate into the next phase of growth in Africa, Ananos said the company sought a partner that has the local platform and sector expertise to support AJE ambitions. “We are confident that our longstanding experience will help replicate the successes we have had in our markets, and look forward to a fruitful partnership with Duet,” he added.
Also commenting, Country Managing Director, AJEAST, Theo Williams, said: “I am extremely excited about this partnership with a like-minded ally such as Duet; we believe we can steer this venture into new heights. We are committed to offering the highest quality products that are a viable alternative at an affordable price. Together, we will grow to our full potential, and take up our rightful position as a valued contributor to the beverage industry on the African continent.”
The Company was officially launched in Nigeria, in September 2015, with a brand new state-of–the-art factory near Lagos, and has gained significant market share in the carbonated beverage segment.

http://www.akelicious.net/2018/08/duet-invests-50million-in-ajeast-nigeria_79.html

Twin brothers, Taiwo and Kehinde Akintade, 34, and six others, were yesterday arraigned before a Lagos Magistrate’s Court, sitting at Igbosere, over alleged diversion of cashew nuts worth N31,788,000,040. The twins were arraigned alongside Jelili Elo, 35; Adeshina Sikiru, 32; Sadiq Morufu; Femi Adegboyega, 27; Dada Ishola, 32, and Mohammed Yunusa, 28. The defendants, who are facing two count charges of conspiracy and unlawful diversion, were docked before Chief Magistrate Afolashade Botoku. The prosecuting counsel, Morufu Animashaun, told the court that the defendants committed the offences on March 20, at Isolo area of the state, where they were working for the complainant, Mr. Jamiu Oke. He said: “Upon discovery of the missing nuts, the complainant wrote a petition to the Commissioner in Charge of FCIID, Mr. Hamed Mogaji, who ordered investigation into the petition. “At the completion of the investigation, all the defendants were found culpable of the alleged offences and were subsequently brought before the court on the two-count charge.” Animashaun said the offence is contrary to and punishable under Sections 411 and 287(5) of the Criminal Laws of Lagos State of Nigeria, 2015. However, the defendants pleaded not guilty to the charges preferred against them by the Police. Following their plea of not guilty, their lawyer, Mr. M. A. Popoola, urged the court to admit them to bail in the most liberal terms, adding that his clients have responsible sureties, and that they would not jump bail. The prosecutor, in his response, said granting bail to defendants is at court’s discretion. He, however, stated that if the court is mindful of admitting bail to the defendants, it should be with the terms that will ensure the attendance of the defendants in court for their trial. Ruling on the submissions of the parties, Chief Magistrate Botoku admitted bail to defendants in the sum of N2 million each, with two responsible sureties each in like sum. Botoku ordered that the sureties show evidence of three years tax payment to the Lagos State Government, and have their residences and means of livelihood verified by the prosecutor. While adjourning the matter till September 4 for trial, she ordered that the defendants be remanded in prison custody, pending the fulfillment of their bail terms.

http://www.akelicious.net/2018/08/twin-brothers-6-others-docked-over.html

The African Development Bank through its Technologies for African Agricultural Transformation (TAAT) programme is targeting to increase aquaculture production in Africa by five million tonnes by 2025.

Dr Chrysantus Akem, the TAAT Programme Coordinator, said this at a workshop organised for focal countries under the TAAT programme in Abuja on Monday.

Akem said that TAAT programme, an initiative of the AfDB under the `Feed Africa,’ was targeting to increase inland water fish to enable Africa become self sufficient in fish production.


He noted that the priority of the programme was also to enlarge the production of cassava, rice, wheat, orange fleshed potatoes, maize, beans, sorghum and millet, livestock and small ruminants.

According to him, AfDB initiated the programme with 120 million dollars hoping to use it as start up money to tap into 700 million dollars that the World Bank has made available in its African Agricultural Transformation Programme.

“TAAT was conceived to make sure that the Feed Africa is carried forward, to bring together a number of value chains to see how to transform agriculture across Africa.

“AfDB realised that there are a lot of technologies but they are either in shelves or in publications and Africa continues to import, spending more than 35 billion dollars just on food crops, most of which it can produce.

“AfDB took the lead in reviewing all available technologies to see how to transform agriculture in Africa.

“Bill and Melinda Gates have made available more than 230 million dollars through AGRA to also support the programme.

“This is a 10-year-programme which started in 2015 and will end in 2025,’’ he said.

Alhaji Muazu Mohammed, the Director of Fisheries, Federal Ministry of Agriculture and Rural Development, said that the country’s annual national demand for fish stood at 3.5 million tonnes.

Mohammed, represented by Mr Pwaspo Istifanus, the Deputy Director, Aquaculture in the ministry, said the country’s total production was 1.1 million tonnes with a deficit of 2.4 million tonnes.

He said that fisheries contributed about 4.5 per cent to the Gross Domestic Product and employed an estimated 10 million citizens in both primary and secondary operations.

The director listed some challenges affecting aquaculture development in the country to include high cost of good quality fish feed and inadequate genetic improvement and diversification of over 200 indigenous culturable fish species.

Dr James Apochi, the National Project Coordinator, West Africa Agricultural Productivity Programme (WAAPP), said the programme had developed no fewer than 11 technologies that had increased fish production in the country.

“We want to upscale our technologies, introduce regional markets that will go beyond Nigeria,’’ he said.

Prof. Bernadette Fregene, the Compact Leader of the programme, listed the implementers of TAAT to include WorldFish, IITA, universities, seed companies and fish feed millers.

Some participants and fish stakeholders who came from Ghana, Cameroon and Benin Republic, appealed to the programme to find lasting solution to the high cost of fish feeds.

http://www.akelicious.net/2018/08/afdb-to-increase-fish-production-others.html

Press Statement

Group Blasts Akwa Ibom Governor, Calls Him Ingrate

We read the statement attributed to the ungrateful governor of Akwa Ibom State, Mr. Udom Emmanuel against uncommon Senator Godswill Akpabio with great shock and bewilderment.

We had waited long for the ungrateful governor to denounce the story credited to him as saying uncommon Senator Godswill Akpabio is a greedy, arrogant and egocentric fellow but such was not forthcoming.

Therefore, we are forced to remind the oracle of the tree it was calved out from because it seems the oracle is going beyond it's boundaries.

Let it be noted that the ungrateful Governor Udom Emmanuel was an obscure man who couldn't have become anything even in his Local Government in Akwa Ibom State until Akpabio singlehandedly made him governor.

He is a man who is too disconnected from the political realities of Akwa Ibom State until uncommon Senator Akpabio dusted him up and used all his connections, resources and influences as then Chairman of the PDP Governors Forum to make him governor of the state against all odds and barriers.

But little did the uncommon Senator knew that the illiterate jurat was an ungrateful and deceitful fellow who will never appreciate his kind and generous gestures not even when he made unnecessary enemies because of the ingrate.

At worst, we never expected the ungrateful governor to castigate his political benefactor in the public forum with denigrating words let alone calling him a greedy, arrogant and egocentric man. May our gentle kindness never bring troubles to us, Amen.

Meanwhile, following the planned defection of the uncommon Senator to the All Progressives Congress this week, the ungrateful governor has assembled a well funded propaganda machneries in connivance with the media apparachiks of the PDP to scandals, demonise and fabricate fake, spurious and unfounded stories against Chief Akpabio but we are never afraid of that as we are equally up to the task.

Therefore, we appeal to Nigerians to ignore whatever lies the ungrateful governor and his lying machines would ditch out to them in the form of news reports or opinion articles.

We also appeal to the good people of Akwa Ibom State to support the new political move of uncommon Senator Godswill Akpabio as he forges new frontiers for the betterment of the state and the entire South-South region.

On our part, we will stop at nothing but making sure that the ungrateful governor becomes a one term governor of Akwa Ibom State.

http://www.akelicious.net/2018/08/group-blasts-akwa-ibom-governor-calls.html

Former President Olusegun Obasanjo has said that until Nigerians, especially the political class, begin to do things differently from the past, the country will remain what it is today.

Obasanjo, who spoke yesterday when former Governor of Sokoto State, Attahiru Bafarawa, paid him a courtesy visit at the Olusegun Obasanjo Presidential Library (OOPL) in Abeokuta, said it was regrettable that despite all its potentials, Nigeria “today” is not a country that any right thinking citizen could be proud of.

He said: “If we don’t act together as expected, Nigeria will not be what it should be, come 2019.”


Bafarawa, who was accompanied by his presidential campaign team, said he came to inform Obasanjo of his ambition and also ask for his blessings.

The former governor, who stated that the political situation in the country is in a confused state because politics has become an all-comers affairs, said: “Unfortunately, we, in Nigeria, are unfortunate to play democracy the way we are playing it, because 90 per cent of the players are not politicians.

The mistake we are making in politics is that you cannot be a Ph.D. holder without passing through a primary school.”

Meanwhile, Obasanjo, who noted that diligence, humility and love for the country are some of the attributes he would love to see in a Nigerian president, said no amount of intimidation or threat would make him stop speaking when he notices that things are not going in the right direction in the country.

“If we keep on doing the same thing, the same way, the result will not be different.

We must do things differently to get different results from the past and I believe we can do things differently.

“The situation of Nigeria today is not the one any right-thinking Nigerian should applaud. And my own strong belief is that Nigeria deserves better than we have now. And we can get better than what we have.”

http://www.akelicious.net/2018/08/we-must-act-together-to-get-things.html

United Bank for Africa (UBA), Pan-African Financial Institution and developers of Leo- the UBA’s chat banker, has launched in pilot mode on WhatsApp and will be fully available to customers by September 1.

UBA is once again asserting itself as a pace setter, moving in leaps and bounds in unchartered territory, just after clinching the Euromoney awards as the Best Digital Bank in Africa,

With Leo now on WhatsApp, customers who are lovers of the app will be able to open new accounts, check their balances on the go and carry out basic banking services.


Speaking about the launch of Leo on WhatsApp, Kennedy Uzoka, group managing director, said: “Our customers are at the heart of our business and we as a bank, are never relenting in matching our words with equal action.

In today’s fast paced world with demands for quick responses, our aim is to make banking seamless and effortless for our millions of existing and potential customers.”

Also speaking on the launch of Leo on WhatsApp, Mr Austine Abolusoro, group head of UBA’s Online Banking, stated ‘United Bank for Africa is a technology-driven institution with vast knowledge in the business that we do and Leo, being a tested dependable and intelligent personality, will replicate on WhatsApp, the success it has experienced on the Facebook Messenger platform.

It is a solution that is from the customer’s standpoint, easy to use by anyone regardless of your demography.’

http://www.akelicious.net/2018/08/ubas-leo-launches-on-whatsapp.html

The Central Bank of Nigeria (CBN) has set a five-year timeline for banks to keep physical cheque presented to them by customers after which the instrument may be disposed.

This is contained in the Nigerian Bankers’ Clearing System (NBCS) Rules released yesterday by the apex bank. The policy is in line with the CBN’s exercise of the powers conferred on it under Sections 2(d), 33 (1)(b) and 47(2) of the CBN Act 2007 — to promote a sound financial system, issue guidelines, facilitate the development of an efficient and effective payments system.

The NBCS Rules, which took effect immediately, said any licensed bank that is not a member of the NBCS may enter into an agency agreement with any member – bank for the purpose of accepting cheques and other instruments drawn on it and for collecting cheques drawn on other banks.

A member bank may be penalised by suspension from participating in clearing for such periods as shall be determined by the CBN for non-attendance of two consecutive meetings of the Committee, without a satisfactory reason communicated in writing within five working days before or after any scheduled meeting.


Eligible financial instruments for clearing purposes are paper-based payment instruments, such as cheques, managers cheques, drafts , dividend/interest warrants, debit/credit notes, bankers payments.

Paper-based Payment Instruments deposited by the customer at any member bank shall be deemed paid by 10pm of the next working day (T+1) except where it is returned by the paying bank, a special caution or an extension of value date request has been received from the paying bank.

A settlement bank shall maintain strict confidentiality in respect of any confidential information made available to it pursuant to their settlement agency agreement and may not disclose same except with the express permission of the Non-Settlement Bank or as may be lawfully required.

Also, Settlement Bank shall not use any information provided by Non-Settlement Bank for any purpose other than as permitted or required under the Agency Agreement.

http://www.akelicious.net/2018/08/cbn-sets-five-year-timeline-on-cheque.html

Shareholders of Oando Nigeria Plc have unanimously applauded the management team for restoring market confidence by maintaining a track record of growth over the last 18 months, culminating to N8.5 billion profit-after-tax for 2017.

According to a statement by the company, the shareholders urged the management to avoid distractions and intent to destroy the company’s reputation and erosion of shareholder value.

Specifically, a shareholder, Adebayo Adetunji Adeleke commended management for transforming Oando from a downstream company to a dollar earning upstream focused business.


“The profit declared in H1 2018 has given us hope, I am optimistic that with hard work the company will continue in this stead. I want to commend Oando on the impact of our Corporate Social Responsibility activities, we are touching lives, hundreds of thousands of lives and these same people are praying for the company therefore we will not go down.”

Another shareholder of the company, Tunde Badmus said: “Oando has survived all odds and is still strong. I am confident the journey of the company will lead to victory for all. I commend the management for being prompt to respond to issues concerning the business operations. We pledge to continue to support you.”
The president of Ibadan Zone Shareholders Association, Sola Abodurin said: “I thank the Board of Directors for the efforts they’ve made to face challenges. About two years ago, if you looked at our debt profile, you’d wonder how the company would survive. But today, we’ve not only survived, we have drastically reduced our debt by over 50 per cent.

“ I appreciate the Board for the restructuring initiatives put in place when oil prices fell to keep the company going. If there are other initiatives you can embark on to keep the company growing from success to success, I urge you to take them on. Thank you for giving hope to the hopeless with the adoption of schools across Nigeria and the various CSR projects you’ve embarked on.”

An analysis of Oando’s financials shows that the company’s turnover grew by 11 per cent to N297.3 billion from N267 billion (H1 2017); gross profit increased by 53 per cent to N51 billion compared to N33.4 billion (H1 2017); and profit-after-tax increased by 86 per cent to N8.5 billion compared to N4.6 billion (H1 2017). In its upstream business, Oando recorded a net profit of N27.1 billion ($75.2 million) compared with N16.3 billion ($53.2 million) in the comparative period of H1 2017.

According to the company’s statement, the increase in net income between the quarters was primarily due to higher revenues as a result of a general increase in the price of oil and gas commodities.

“Oando picked up on the industry recovery witnessed in 2017. Brent prices averaged $69.87 per barrel, resulting in a 38 per cent increase in realized crude selling price compared to the same period in 2017. Oando’s performance was further buoyed by sale price increases of 19 per cent for NGL and 13 per cent for natural gas deliveries.

“All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors, the directors were authorised to fix the auditors remuneration; appointment of Alhaji Bukar Goni Aji and Muntari Zubairu to the board of directors; election of audit committee members, and approval of the remuneration of non-executive directors.

In his closing remarks, the Group Chief Executive Officer, Oando Plc, Wale Tinubu, assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.

“We are pleased that your Company has shown resilience during the difficult times and is now on track for sustained growth. We will continue to evolve in the energy space to ensure that even when today’s energy products become less attractive.

“ We have already made the investment for tomorrow. The interest of you, our esteemed shareholders, is paramount to us and we remain focused on growing profitability to ensure adequate returns accrue to you.”

http://www.akelicious.net/2018/08/shareholders-reiterate-confidence-in.html

The Central Bank of Nigeria (CBN) on Tuesday made available the sum of $210 million to meet customers’ requests in various segments of the foreign exchange market.

The CBN in its quest to meet customers’ needs in the various segments of the market offered $100 million to authorised dealers in the wholesale segment of the market while the SMEs segment got the sum of $55 million.


According to figures from the Bank, customers requesting forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The CBN had last Friday, following the earlier take-off of its intervention in the sale of forex in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail secondary market intervention sales.

This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market yesterday.

http://www.akelicious.net/2018/08/cbn-injects-fresh-210m-into-forex-market.html

The Former Vice President Atiku abubakar has reacted to the defection of Senate President Bukola Saraki to the Peoples Democratic Party (PDP)


Akelicious reported that Saraki on Tuesday announced his defection.

Saraki said “I wish to inform Nigerians that, after extensive consultations, I have decided to take my leave of the All Progressives Congress (APC).”


Speaking on the development, Atiku expressed joy over Saraki’s defection.

According to him ”What the APC did to Senator Saraki is what they have also done to Nigeria as a nation. They have degraded our democracy and our economy.”

He further called on the senate President to join PDP.


“I received the news that the Senate President, Senator @bukolasaraki, has resigned from the All Progressives Congress, with great joy.

“I therefore not only welcome @bukolasaraki’s resignation from the APC, I also urge him to go one step further and join the only party capable of enshrining genuine democracy in Nigeria as well as lasting economic progress.

“I urge Senator Saraki to join our great party, the @OfficialPDPNig. May God bless Nigeria and may God bless the PDP,” Atiku tweeted.

http://www.akelicious.net/2018/07/what-apc-did-to-saraki-atiku-reacts-to.html

Total E&P Nigeria Limited has put the value of its total investment in the Nigerian economy in the last five years at $10 billion.

The Executive General Manager, CSR, Mr. Vincent Nnadi, said this at the Total Business Sustenance for New Entrepreneurs Graduation ceremony that took place in Abuja.

Nnadi, in an interview, disclosed that the oil and gas conglomerate was also planning projects worth $16 billion and plans to use mostly local skills and talents in order to continue its fight against unemployment.


“We have for the first time recorded a high level of local content on this project and 77 per cent of it is fabricated in Nigeria,” Nnadi explained.

“It is a very large contribution to the economy and will be using local expertise.

“We have a very strong cooperative social responsibility.

“We have to support our society to progress by helping to solve some of the societal problem. One of these major problems is the issue of unemployment.”

On the skills acquisition training in conjunction with Toncia Energy Consulting and Professional Services Limited, Nnadi said the company would be monitoring the trainees to ensure smooth transitioning from training to practice.

“This is the second level of skills training we are doing. The first level was basic skill acquisition.

“We mentor them and will expose them backing them up with microfinance.

“We are also working with some banks to financially support some of the best business plans and even creating market opportunities for them.

“We will continue to monitor them along with Toncia Energy to make sure they are actually practicing what they have studied.”

One of the trainees of the program, Christiana Titus, expressed her gratitude to Total.

http://www.akelicious.net/2018/07/total-we-have-injected-10bn-into.html

Aisha Buhari and Mrs Osibanjo
The Muhammadu Buhari-led federal government has appointed several aides for the “Offices of the Wife of the President” and that of the Vice President’s wife, despite his promise to scrap the offices.

Buhari, in an interview he granted to Weekly Trust in December 2014, had said he would not have an office of the first lady should he emerge as president. He gave as his reason the fact that such office is not provided for in the constitution, and suggested that the Ministry for Women Affairs should be allowed to play its role unhindered.

Aisha Buhari, following this statement, also gave her word that she would abide by whatever the constitution stipulates, and said she would perform her traditional duties only as the wife of the president.

It’s arguable these assurances contributed in no small measure to the All Progressives Congress’s victory at the polls in the year that followed — especially given the unpopular record of Patience Jonathan, the erstwhile first lady.

However, more than three years into the administration, The ICIR can confirm that, though linguistically the office of the first lady has been abolished, the federal government has spent taxpayers’ money to sustain, as called, offices of the wives of the president and vice president.

EIGHT SPECIAL ASSISTANTS, TWO PERSONAL PHYSICIANS

A publication by the Office of the Secretary to the Government of the Federation (OSGF), which listed crucial appointments made by the administration, included seven special advisers, 48 senior special assistants, 47 special assistants, and 16 personal assistants.

Out of these 118 advisers and assistants, ten have been in the exclusive service of the wives of the president and the vice president.

Appointed on June 1, 2015, were Abiodun Adelowo, Personal Physician to the Wife of the Vice President; Tayo Basirat Fakorede, Special Assistant on Special Duties to the Office of the Wife of the Vice President; Susan Chagwa, Special Assistant on Household & Social Events to the Office of the Wife of the Vice President; Koko Iyamu, Special Assistant on Administration to the Office of the Wife of the Vice President; and Mosope Olasebikan, Special Assistant on Media & ICT to the Office of the Wife of the Vice President.

The following month, on July 2, 2015, Hajo Sani was appointed as Senior Special Assistant on Administration to the Office of the Wife of the President; Mohammed Kamal Abdulrahman was appointed as Personal Physician to the Wife of the President; and Hadi Uba was appointed as Special Assistant on Administration II to the Office of the Wife of the President.

After two years, on May 24, 2017, two additional appointments were made: Omolayo Akinfala was appointed Special Assistant on Protocol to the wife of the President, and Fadi Rose Audu became Special Assistant on Domestic Matters to the wife of the President.

Out of all ten political appointees, one, Susan Chagwa, was stated by the OSGF to have resigned from office. The date of resignation was not recorded, and it is not stated whether or not she has been replaced.

VIOLATION OF CAMPAIGN PROMISE

The remuneration package laid down by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) provides for special assistants and personal assistants to various office holders, such as the president, vice president, and ministers.

The document, however, fails to specify exactly how much goes to these assistants; rather it states that the figure will be provided, “tbp”.

However, it is conceivable that the ten special assistants to the wives of the president and vice president earn as much as special advisers, therefore by the end of July, 2018, N4.4 billion will have gone to them as basic monthly salaries and allowances.

APPOINTMENTS SHROUDED IN SECRECY

While the presidency has announced the appointments of some special assistants and publicly organised swearing-in ceremonies for others, the appointments of aides to the wives of the president and vice president on different days have evidently been kept secret.

The appointment of Hajo Sani, Senior Special Assistant on Administration to the Wife of the President, found its way into public knowledge only because the University of Maiduguri Class of ’78 placed an advert in the newspaper to congratulate her. And this happened a month and two weeks after the appointment was made.

NOT MUCH HAS CHANGED

In January, 2015, when Aisha Buhari stated the activities she would be inclined to perform as traditional duties of a president’s wife, she mentioned receiving guests, visiting orphanages, helping the less privileged, malnourished children and so on. However, since her husband assumed position as the country’s number one citizen, she has gone on to do much more.

In August, 2015, Punch reported [though the web page is no longer available] that the president’s wife has been operating from the Office of the First Lady located inside the Presidential Villa, Abuja. The paper further reported that asides the title preference, nothing significant has changed from the previous administration. Just as under her predecessor, Aisha’s office is occupied by staff members, aides, security details and protocol officials, attached to her.

Her office has also organised several events, including a thank-you dinner in honour of APC women and youth, children’s day celebration, eid-el-fitri children’s party, national workshop on war against abuse, and, in conjunction with a UK-based private firm, a seminar on protocol, etiquette and security for wives of state governors.

Leaked invitation cards to some of these events and lecterns used by Aisha in the past to deliver speeches have on them an official seal for the “wife of the president, federal republic of Nigeria”.

OFFICE OF FIRST LADY UNCONSTITUTIONAL

The ICIR went through the 1999 Constitution of the Federal Republic of Nigeria to confirm if truly there is no statutory office for either the first lady or the wife of the president. In all 320 sections of the law and the schedules that follow, there is no single mention of the words ‘wife’ and ‘lady’.

Femi Falana, Senior Advocate of Nigeria and human rights activist, has also confirmed this. “The post of the First Lady is not a creation of the constitution,” he said, in an interview.

“In other words, there is no mention or reference to the post in the constitution or any other statute in the land. So, the question of assigning responsibilities to the office does not arise. In the first and second republics, there was no office of the First Lady.

“Even under successive military regimes up to the Muhammadu Buhari/Tunde Idiagbon era, the post was unknown. It was under the Gen. Ibrahim Babangida junta that the wife of the military president created the post, albeit illegally. There was no decree to back it up.”

Source: https://www.premiumtimesng.com/news/headlines/277980-buhari-ignores-own-promise-appoints-10-aides-for-office-of-wife-of-president-vp.html

The National Bureau of Statistics (NBS) has said the average price paid by consumers for premium motor spirit (petrol) dropped to N148.1 in June 2018 from N150.2 in May this year.

The drop represented a decrease of -1.5% year-on-year and -1.4% month-on-month in 2018.

The bureau in its Premium Motor Spirit (Petrol) Price Watch (June 2018), reported that Borno State had the highest average price of premium motor spirit of N162.17 followed by Kebbi (N158.24) and Sokoto (N154.20).

NBS added that Lagos had the lowest average price of premium motor spirit of (N144.90), followed by Abuja (N144.50) and Oyo state (N144.30).

The statistics office noted further that the average price per litre paid by consumers for National Household Kerosene decreased by -0.22% month-onmonth and -2.64% year-on-year to N279.67 in June 2018 from N280.29 in May 2018.

“States with the highest average price per litre of kerosene were Abuja (N319.44), Yobe (N309.52) and Enugu (N309.17). States with the lowest average price per litre of kerosene were Kogi (N243.52), Borno (N235.01) and Abia (N226.67).

Similarly, average price per gallon paid by consumers for National Household Kerosene increased by 2.10% month-on-month and 0.93% year-on-year to N1004.29 in June 2018 from N983.67 in May 2018.


“States with the highest average price per gallon of kerosene were Adamawa (N1175.00), Jigawa (N1147.50) & Kano (N1103.08). States with the lowest average price per litre of kerosene were Oyo (N903.33), Delta (N891.92) and Rivers (N890.74).

The report stated that the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -1.80% month-on-month and -8.17% year-on-year to N2,034.93 in June from N2,072.24 in May this year.

“States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,500.06), Borno (N2,465.33) and Gombe (N2,360.95).

States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Abuja (N1,795.00), Kaduna (N1,716.67) and Ebonyi (N1,699.66).

NBS also stated that the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.46% month-on-month and -4.38% year-on-year to N4,278.95 in June from N4,298.72 in May 2018.

“States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Benue (N4,900.21), Kaduna (N4,750.00) and Cross River (N4,650.00).

“States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Oyo (N3,831.94), Ogun (N3,809.09) and Lagos(N3,613.04).

http://www.akelicious.net/2018/07/nbs-average-petrol-price-drops-to-n148.html