₦airaland Forum

The queues are as a result of sabotage. Some people rather than sell products send them into interlands where they can sell at ridiculous prices and so you are having this price distortions where people are making a lot of money, some are internal and some are external but a lot of it is marketers trying to make quick returns on their investments wrongly.

“We have asked DPR to deploy officials to ensure products are sold at the right because is only through price stabilization that these system queues will disappear.

http://www.vanguardngr.com/2016/04/fuel-scarcity-completely-ends-next-week-kachikwu/

The Ministries of Petroleum Resources, Ibe Kachikwu,speaking Wednesday, on the lingering fuel scarcity, at the State House at the end of the FEC meeting said that the queues were expected to completely disappear by the end of next week.

Kachikwu said that the unhealthy development was as a result of sabotage, he however thanked Nigerians for their patience so far.

http://www.vanguardngr.com/2016/04/fuel-scarcity-completely-ends-next-week-kachikwu/

Western officials have expressed concern about Mr Buhari’s increasingly autocratic style of government since he came to power last year.

A retired major-general, Mr Buhari, 73, previously headed a brutal military dictatorship following a coup in December 1983, which lasted until he was overthrown by another coup in 1985.

Now political opponents claim he is returning to his old dictatorial ways, abusing British aid meant to improve Nigeria’s ability to tackle Boko Haram to consolidate his hold on power.

Apart from the concerns over British aid, American officials are also angry that $2.1 billion of aid given to the Nigerian military to tackle Boko Haram has not been properly accounted for.

Mr Buhari’s claim that he is winning the war against Boko Haram - recently claimed the group no longer poses a serious threat - has been undermined by recent revelations the Nigerian authorities have tried to cover up the fact that hundreds more schoolchildren have been abducted by Boko Haram.

http://www.telegraph.co.uk/news/2016/04/12/nigeria-using-uk-aid-to-persecute-presidents-political-foes-rath/?%20

Hundreds of millions of pounds of British foreign aid given to Nigeria to help combat Boko Haram terrorists is instead being used to fund a witch-hunt against opposition politicians, it is being claimed.

Britain has committed to spending £860 million in foreign aid to Nigeria, which now boasts Africa’s largest economy, to help support the country’s efforts to crush Boko Haram terror group, which has been responsible for a spate of outrages, including the kidnapping of hundreds of Nigerian schoolgirls.

But Western officials are now raising concerns that the government of the country’s recently elected leader, President Muhammadu Buhari, is misusing the funds to persecute political opponents.

Since Mr Buhari came to power last July, a number of prominent members of the former ruling People’s Democratic Party (PDP) have been arrested and imprisoned without charge. Among those detained was the party’s official spokesperson.

• Nigeria: a nation in fear of becoming the next Rwanda

Most of the arrests have been sanctioned by the government-controlled Economic and Financial Crime Commission, which was set up to tackle corruption and receives funding from the Department for International Development.

But while Mr Buhari’s government continues to use British aid money to target his political opponents, it is proving less effective at tackling the Islamist-run Boko Haram terrorist group.

Much of the aid Britain provides to Nigeria is aimed at helping the country’s security forces to become more effective at tackling Boko Haram, which boasts of its links with Islamic State (Isil) and achieved international notoriety two years ago after kidnapping 276 schoolgirls in northern Nigeria two years ago.

It will do zero-60 in less than six seconds, will have the autopilot feature standard,

as well as have access to Tesla’s superchargers, which can charge the car in minutes instead of hours.

Bankers are CROOKS!!!!

http://nairametrics.com/gtb-uba-blows-n24-billion-on-purchase-of-private-jets/

According to information contained in the annual reports of both Guaranty Trust Bank and UBA, a total of about N24 billion was spent by both banks on private jets in the lat two years. Executives of Commercial banks like their counterparts in more advanced countries, typically acquire private jets to help facilitate their travel requirements.

According to United Bank for Africa (UBA) 2015 annual report, a total sum of N12.5 billion was recorded as cost of “other transportation equipment” which we believe is for their aircrafts. The report did not list the number of aircrafts owned by the bank. A further look into UBA’s 2014 annual reports reveals a sum of N8.5 billion was added to the bank’s classification of “other transportation equipment” suggesting that the private jet may have been acquired in 2014. Anecdotal opinions suggest that the balance N3.9 billion may also have been aircrafts acquired in prior years.

GTB on the other hand reported a total purchase cost in N8.34 billion as additional purchase of “Aircraft” in their 2015 annual report indicating that new purchases may have been made that year. The bank also reported a carrying amount of N4.2 billion being aircraft purchase cost as at 2014. This brings GTB’s total aircraft cost to about N12.5 billion, similar to what UBA is carrying on its balance sheet.

Private Jets are thought to cost about $25 million suggesting that GTB may have acquired two last year and perhaps have about 3 in their fleet. UBA may also have about 3 in their fleet. These are purely based on cost of private jets which can be found online and using the current official exchange rate.

GTB boss, Segun Agbaje in 2013 told the audience of the Nigerian Business Aviation Conference that private jets in Nigeria are worth $3.75 billion and that there are over 150 private jets owned by high networth individuals in the country. He also revealed that each category of jet costs $25m, which carries both local and international registrations. Using an exchange rate of 200, a private jet cost about N5 billion, in line with our assumptions.

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“I cannot give exact figures of how many people are dead but many people were burnt beyound recognition while many sustained third degree burns; rescue operation is going on to ensure everyone is brought out soon” An Official of the Federal Fire Service at the Calabar Airport told our reporter.

He said the source of the explosion is not known but it is speculate to be some locally made improvised device while some say it is the gas tank at the generator house that exploded. Ambulances from the University of Calabar Teaching Hospital, UCTH and General Hospital Calabar were brought in to evacuate the dead and those wounded while rescue efforts were being made to extricate those still inside.

Read more at: http://www.vanguardngr.com/2016/03/breaking-news-explosion-rocks-cbn-calabar-many-killed/

http://www.vanguardngr.com/2016/03/breaking-news-explosion-rocks-cbn-calabar-many-killed/

By Emma Una CALABAR- EIGHTEEN people were on Friday morning roasted while others sustained third degree burns in an inferno at the Central Bank of Nigeria, CBN, following an explosion at the premises of the Bank located at Calabar Road by the Millennium Park . The explosion which took place at about 11.45 am set the main edifice of the bank on fire effectively trapping many staff and visitors which occasioned for the high casualty fire.

Why take a thread of urgent importance like this to the business section without putting it on the front page. Is there something up with this moderator please I need to know?

The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market, The Nation learnt on Friday.

The naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.

According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that Naira appreciation is going to trend upwards going forward.”

So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

The source noted that it has been observed that most of the imports that were draining forex resources have since found local substitutes with attendant savings in forex and shortage of demand for the greenback, which was fuelling the pressure, this is also coming on the heels of the CBN instruction to commercial banks to publish allocation of forex to end-users, this has in recent times ensure that real sector of the economy and genuine users for education and medicals have been able to access forex at official rate.


http://thenationonlineng.net/cbn-targets-n200-parallel-market-rate/

http://www.zerohedge.com/news/2016-02-23/oil-erases-yesterdays-gains-al-naimi-says-saudi-arabia-will-not-cut-production-live-

*SAUDI ARABIA WON'T CUT OIL PRODUCTION: NAIMI

*HIGH-COST PRODUCERS MUST LOWER COSTS OR LIQUIDATE: NAIMI

They are telling high cost producers like Nigeria to cut price or liquidate, meanwhile our President is a guest in their country hoping for an oil price rise.

This comes from a live press conference from Al Naimi in Houston, Texas!!!

http://nairametrics.com/will-first-bank-shares-drop-below-n3-in-march/


Indications therefore suggest that the loss provisioning could be higher at the end of 2015 following the further drop in the price of oil. Brent Crude for example has tumbled from about $55 in October 2015 to as low as $30 in 2016.

This drop means First Bank’s exposure to the upstream end of the oil and gas segments could be further impaired. First Bank is said to have over 70% exposure to the oil and gas and Real Estate Sector which as at October 2015 had contributed to raising its non performing loans ratio to about 4.5%.

One particular oil and gas customer, Atlantic Energy is said to owe First Bank about $400 million which we believe could be impaired. The bank in its earnings update back in October had confirmed that the company had overdue interest payments which it could most likely classify if it doesn’t get paid.

If it does, the bank’s profits could be significantly impaired and could lead to a loss for the last quarter of the year.

http://nairametrics.com/will-first-bank-shares-drop-below-n3-in-march/

We need an urgent economic summit!!

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We are slowly becoming like Venezuela. I hope hyperinflation will not deal with the Nigerian economy. God help us all!!

http://www.vanguardngr.com/2015/07/if-theres-no-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/

The issue with subsidy is that government needs to block all loopholes. If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500, because there’s no VAT on petroleum products

Read more at: http://www.vanguardngr.com/2015/07/if-theres-no-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/

http://tribuneonlineng.com/naira-falls-to-record-n335-to-dollar


The naira on Friday exchanged at N335 to the dollar as the scarcity of the greenback worsened at the parallel market.

The News Agency of Nigeria (NAN) reports that the naira lost N10 to exchange at N335 to the dollar, a depreciation of three per cent.
It previously traded at N225 to the dollar.

Meanwhile, the official Central Bank of Nigeria (CBN) exchange rate remained at N197 to the dollar.

Traders at the market expressed worry at the increasing shortage of the greenback and urged the government to take immediate steps to stem the tide.

http://www.vanguardngr.com/2016/01/arms-deal-efcc-closes-in-on-obanikoros-children-over-n4-8billion/


TWO sons of former Minister of state for Defence, Senator Musiliu Obanikoro, Messr Babajide and Gbolahan Obanikoro are currently on the radar of the Economic and Financial Crimes Commission, EFCC. Sources at the anti- graft agency disclosed that N4,745,000,000.00 was traced to a company, Sylvan McNamara Limited, in which they have interest.

The money was allegedly paid in several tranches into the company’s account number: 0026223714 with Diamond bank from the Office of the National Security Adviser account with the CBN. According to the source, all the transfers were effected between June and December 2014, a period that coincided with the preparation for and conduct of the Ekiti state governorship election, which ushered in the current administration of Governor Ayodele Fayose.

For instance N200 million was transferred into Sylvan Mc Namara’s account on June 5, 2015, while N2billion was also wired into the account from the CBN/ Imprest Main account on June 16, 2015. Another transfer of N700 million hit the account on July 7, 2014, while N1billion was credited to the account on July 30, 2014. Other transfers included: N160 million on August 8, 2014; N225 million on August 22, 2014; N200 million on November 14, 2014 and N200 million on December 5, 2014.

Sources disclosed that both Gbolahan and Babajide Obanikoro, as directors of the company, were also signatories to its account until 2014 when one Olalekan Ogunseye was made the sole signatory to the account. EFCC sources disclosed that the payments to the company from the office of the National Security Adviser were made without any contract.

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There are two ranks of madame. Lower-ranking madames prowl the streets - many on la Rambla, the main tourist strip in the centre of Barcelona - constantly texting and calling their girls to check on their whereabouts. Girls are told to earn about 500 euros (£370) a night to stay in the madame's good books.

But clients, mostly tourists, may pay as little as 20 euros (£15) for sex, so this is often impossible.

After a night's work, girls return home and divide their earnings into three. One part goes to pay for the flat, the second to pay for food and the third goes to the SEC. If they are not earning enough or refuse to work, the madames may beat them.

Higher-ranking madames collect money from their subordinates to pass on to local SEC leaders known as ibakkas. Always men, the ibakkas run the whole operation. They facilitate payment through the hawala system - a form of money transfer based on trust and one that is difficult to trace.

The size of the network means those arrested will be replaced.

Ibakkas make sure that if any of their girls step out of line, their families back home are threatened. Family members have been known to be abducted and "disappeared" when girls refuse to pay their madames.

One woman, Jessica, who was trafficked to Spain in 2009, says two of her daughters, now in their early 20s, left home in Benin to escape the gang. One is in Dubai, the other in Morocco waiting to cross to Spain.

But in escaping one group of traffickers, they have put themselves in the hands of another.

"In order to pay the debt, they will be prostitutes too," says Jessica.

Tragically, this is not an isolated case.

http://www.bbc.com/news/magazine-35244148

He asks me to look at his screen. On it is a map detailing all the locations they have identified where members of the SEC operate. Cities are marked in Europe, North, West and East Africa, North and South America, the Middle East and Asia.

Eiye in Yoruba, the main language of south-western Nigeria means "bird". The group's insignia is an eagle and each city containing members is called a "nest", with the "mother nest" in Ibadan, about 100km (60 miles) north-east of Lagos.

The group uses forged documents and passports from Nigeria to fly into places like Gatwick - these need co-operation of people working in the government.

The group was started at the University of Ibadan in the 1970s, and the original intention was to make a positive contribution to society. Over time, however, many members went astray, committing violence in Nigeria and delving into crime abroad.
The group now traffics human beings and narcotics (cocaine and marijuana) and forges passports. It has also facilitated the transport of stolen crude oil into Europe.

"They are able to earn money in many ways, but we are focused on human-trafficking and the victims," says Cortes.
His second-in-command, Alex Escola, then tells me something remarkable.

"You know, one of the tappings showed us that last year, on 7 July, around 400 members of SEC met in Geneva. They had a big meeting, all together."

It was an audacious display of arrogance. In a city where many of the world's global institutions are headquartered, including numerous UN agencies, a global criminal institution held its own parallel international gathering and no-one tried to stop it.

Benin City, Nigeria, is a human-trafficking hub, and a good place to observe how the criminal operation works.

http://www.telegraph.co.uk/travel/travelnews/12101449/Man-uses-microchip-implanted-in-hand-to-pass-through-airport-security.html


A man who implanted a microchip containing his airline booking details into his hand was able to use it to pass effortlessly through security to his flight.

Andreas Sjöström, vice president of digital for technology consulting company Sogeti, had the near-field communication chip (NFC) about the size of a grain of rice injected into his hand with a syringe, before using it at Stockholm Arlanda Airport to pass through security and board his plane.

The technology has been used before to make digital payments, control a mobile phone and unlock doors, in the same way contactless payment cards work. All it requires is a scanner to link up to that is compatible with the NFC.

7. In total disregard of the difficulties that the Bank is facing in meeting its mandate of “maintaining the country’s foreign exchange reserves to safeguard the value of the Naira”, we have continued to observe that stakeholders in some of the subsectors have not been helpful in this direction. In particular, we have noted with grave concern that Bureau de Change (BDC) operators have abandoned the original objective of their establishment, which was to serve retail end users who need US$5,000 or less. Instead, they have become wholesale dealers in foreign exchange to the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN.

8. Despite the fact that Nigeria is the only country in the world where the Central Bank sells dollars directly to BDCs, operators in this segment have not reciprocated the Bank’s gesture to help maintain stability in the market. Whereas the Bank has continued to sell US Dollars at about N197 per dollar to these operators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates of as high as N250 per dollar. Given this rent-seeking behaviour, it is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere 74 in 2005 to 2,786 BDCs today. In addition, the CBN receives close to 150 new applications for BDC licenses every month.

9. Rather than help to achieve the laudable objectives for which they were licensed, the Bank has noted the following unintended outcomes:
· Avalanche of rent-seeking operators only interested in widening margins and profits from the foreign exchange market, regardless of prevailing official and interbank rates;
· Potential financing of unauthorized transactions with foreign exchange procured from the CBN;
· Gradual dollarization of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subtle subversion of cashless policy initiative; and
· Prevailing ownership of several BDCs by the same promoters in order to illegally buy foreign currencies multiple times from the CBN.

10. More disturbing, though, is the financial burden being placed on the Bank and our limited foreign exchange. The CBN sells US$60,000 to each BDC per week. This amount translates to US$167 million per week, and about US$8.6 billion per year. In order to curtail this reserve depletion, we have reduced the amount of weekly sales to US$10,000 per BDC, which translates into US$28.4 million depletion of the foreign reserve per week and US$1.476 billion per annum. This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue especially because we are also concerned that BDCs have become a conduit for illicit trade and financial flows.

11. In view of the above, the Management of the Central Bank of Nigeria has reached the following decision, which take immediate effect:

a) The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws;