₦airaland Forum

By Dipo Olowookere

The 2017 budget has been finally passed by the Senate, report just reaching Business Post from Abuja indicates. The Senate, coming out of a closed-door session, announced the passage of the budget after over four months.

The 2017 appropriation bill was submitted to a joint session of the National Assembly in 2016 by President Muhammadu Buhari.

With the passage of the budget on Thursday, May 11, 2017 (today), the executive would be required to go through it before assenting to it.
Details later.

www.businesspost.ng/2017/05/11/breaking-senate-finally-passes-2017-budget/

By Dipo Olowookere

Reports reaching Business Post from Abuja indicates that the National Assembly (NASS) has approved the sum of N125 billion to itself in the 2017 budget it is yet to pass.

A breakdown of the document posted by the Senate on its official Facebook page on Thursday afternoon showed that N12.9 billion was allocated for the management of the NASS for the 2017 financial year.

The summary of the proposed 2017 Budget of the Nigerian National Assembly showed that the Senate plans to spend N31.4 billion during the year, while the House of Representatives is proposing to use N49.1 billion.

Furthermore, the sum of N2.4 billion was earmarked for NASS Service Commission, while a total of N9.6 billion was allotted to cater for legislative aides.

Also, the sum of N118.9 million was allocated to cater for PAC-Senate, while N142.7 million is for PAC House.

For the General Services of the NASS, the sum of N12.6 billion was proposed for use, while the sum of N4.4 billion is for NASS Legislative Institute and N391.4 million for service-wide vote.

www.businesspost.ng/2017/05/11/breaking-national-assembly-allots-n125b-self-2017-budget/

By Dipo Olowookere

A new Atlas released on Friday by the UN Environment and African Development Bank at the World Economic Forum in Durban, South Africa has revealed that going by the current trends, it will take Africa until 2080 to achieve full access to electricity.

The new Atlas shows energy potential of Africa and opportunities for investment to meet Africa’s energy needs.

It said energy consumption in Africa is the lowest in the world, and per capita consumption has barely changed since 2000, noting that the current energy production in Africa was insufficient to meet demand.

The Atlas showed that Africa is richly endowed with energy resources, both renewable and non-renewable, but the poorest African households spend 20 times more per unit of energy than wealthy households when connected to the grid.

About a third of the total African population still lacks access to electricity and 53 percent of the population depends on biomass for cooking, space heating and drying.

A kettle boiled twice by a family in the United Kingdom uses five times as much electricity as a Malian uses in a year.

It remarked that investments in green energy infrastructure can bolster Africa’s economic development and bring it closer to achieving the Sustainable Development Goals.

Prepared in cooperation with the Environment Pulse Institute, United States Geological Survey and George Mason University, the Atlas consolidates the information on the energy landscape in Africa.

It provides information in the form of detailed ‘before and after’ images, charts, maps and other satellite data from 54 countries through visuals detailing the challenges and opportunities in providing Africa’s population with access to reliable, affordable and modern energy services.

“The Atlas makes a strong case that investments in green energy infrastructure can bolster Africa’s economic development and bring it closer to achieving the Sustainable Development Goals. It is therefore an important policy guide for African governments as they strive to catalyze national development by making use of their energy resources,” said Juliette Biao Koudenoukpo, Director and Regional Representative, UN Environment, Africa Office.

The Atlas shows both the potential and the fragility of the continent’s energy resources which are at the heart of Africa’s socio-economic development.

It also highlights some success stories of sustainable energy development around the continent, but it also puts the spotlight on major environmental challenges associated with energy infrastructure development.

Reserves of coal, natural gas and oil represent 3.6 percent, 7.5 percent and 7.6 percent of global reserves respectively.

A growing population, sustained industrialization and rising urbanization mean that energy demand in Africa is increasing. Only an insignificant fraction of the existing energy potential has been tapped into—leaving the continent lagging behind in the production and manufacturing sectors due to low and unreliable access to energy.

Main findings and key concerns in the Atlas

Africa has the world’s lowest per capita energy consumption: with 16 percent of the world’s population (1.18 billion people out of 7.35 billion) it consumes about 3.3 percent of global primary energy.

Of all energy sources, Africa consumes most oil (42 percent of its total energy consumption) followed by gas (28 percent), coal (22 percent), hydro (6 percent), renewable energy (1 percent) and nuclear (1 percent).

South Africa is the world’s seventh largest coal producer and accounts for 94 percent of Africa’s coal production.

Africa’s renewable energy resources are diverse, unevenly distributed and enormous in quantity — almost unlimited solar potential (10 TW), abundant hydro (350 GW), wind (110 GW) and geothermal energy sources (15 GW).

Nearly 60 percent of refrigerators used in health clinics in Africa have unreliable electricity, compromising the safe storage of vaccines and medicines; half of vaccines are ruined due to lack of refrigeration.

Energy from biomass accounts for more than 30 percent of the energy consumed in Africa and more than 80 per cent in many sub-Saharan African countries. Indoor pollution from biomass cooking — a task usually carried out by women — will soon kill more people than malaria and HIV/AIDS combined.

Sub-Saharan Africa has undiscovered, but technically recoverable, energy resources estimated at about 115.34 billion barrels of oil and 21.05 trillion cubic metres of gas.

More women than men suffer from energy poverty.

http://www.businesspost.ng/2017/05/05/africa-achieve-full-access-electricity-2080-report/

By Modupe Gbadeyanka

Heeding several calls by the Federal Government, Nigerians and experts in the financial institutions in the country, the Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) exercise to microfinance banks.

This was disclosed in a circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions Supervision Department, Mrs Tokunbo Martins.

The apex bank gave July 31, 2017 as deadline for this exercise, warning that any account not linked with the BVN would be “shall not be allowed to make withdrawals.”

In the circular titled ‘Letter to all Other Financial Institution (OFIs): Bank Verification Number (BVN) enrolment for customers,’ the CBN explained that the move became necessary because of the “absence of a unique identifier in the Nigerian banking industry,” describing this as a “major challenge inhibiting the effectiveness of the Know Your Customer (KYC) principle.”

“To address this challenge and complement the existing means of identification of customers, which include: the Driver’s License; the International Passport; the National Identity Card; and the Permanent Voter’s Card; the CBN, in collaboration with the Bankers’ Committee, launched the Bank Verification Number (BVN) Project in February 2014.

“The BVN is expected to also minimize the incidence of fraud and money laundering in the financial system, as well as enhance financial inclusion.

“The implementation of the BVN initiative, which started with the customers of Deposit Money Banks (DMBs), has been very successful.

“However, to avoid a broken identification link in the banking system, it has become necessary to extend the BVN enrolment to the customers of Other Financial Institutions (OFIs) especially as some OFIs are located in the rural areas of the country, and have customers that may not have enrolled with the DMBs.”

OFIs include microfinance banks, Primary Mortgage Institutions (PMI) and others.

CBN pointed out that the “BVN enrolment will support the achievement of the zero default credit targets set for the Participating Financial Institutions (PFIs) in the Micro Small and Medium Enterprises Development Fund (MSMEDF).”

It added that this exercise will “open opportunities for credit to millions of Nigerians without a standard means of identification.”

In the circular, the banking industry watchdog said OFIs are required to enrol their customers on or before July 31, 2017; conspicuously display notices sensitizing customers on BVN in the banking hall; ensure that all new customers have BVN; and forward to the Director, Other Financial Institutions Supervision Department schedule of customer accounts with BVN on August 7, 2017.

“Effective August 1, 2017, all customers without BVN linked to their account shall not be allowed to make withdrawals from those accounts,” Mrs Martins said.

She emphasised that the CBN “will monitor compliance with the requirements of this circular, and defaulters will be appropriately sanctioned,” warning them to be “guided accordingly.”

You would recall that recently, the Minister of Finance, Mrs Kemi Adeosun, had in a correspondence to the CBN Governor, Mr Godwin Emefiele, noted that the introduction of the BVN has immensely improved the integrity of the Federal Government payroll, from which more than 50,000 ghost workers had been detected.

However, the Minister lamented that operating bank accounts in MFBs without requirement for BVN had left a huge loophole for those who hide and launder proceeds of crime to escape detection by law enforcement agencies.

According to her, “Our ongoing efforts to verify the integrity of Federal Government personnel costs and purge the system of fraud and error has made extensive use of the BVN as a means of identifying recipients of multiple salaries, and salaries paid into accounts with names that differ from those held on our payroll records.

“The success of this effort has to date yielded the removal of over 50,000 payroll entries.”

Source: www.businesspost.ng/2017/04/24/breaking-cbn-extends-bvn-microfinance-banks-gives-july-31-deadline/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has disclosed that from May 1, 2017, banks operating in the country can now charge N50 monthly from customers using the Naira debit/credit cards as maintenance fee.

The CBN made this disclosure in a circular titled ‘Guide to Charges by Banks and Other Financial Institutions in Nigeria 2017’ with reference number FPR/DIR/GEN/CIR/06/017.

In the circular released on Friday and signed by its Director of Financial Policy & Regulation Department, Mr Kevin Amugo, the banking industry regulator said banks can also charge $20 or its equivalent for similar service on foreign currency denominated debit/credit cards.

Mr Amugo, in the circular obtained by Business Post, explained that the Guide to Bank Charges issued in 2013 sought to reflect developments in the financial market, provide clarity on the banking terms, and reduce ambiguity in loan transactions.

However, he said the need to address the absence of a tariff regime for other financial institutions in Nigeria, enhance transparency in the operations of the guide, and align the provisions to current realities, have necessitated further review of the guide as clamoured by a broad spectrum of stakeholders.

“The review was expanded to incorporate the concerns of both operators and users of financial services in Nigeria.

“The reviewed guide provides for charges on various products and services than banks, other financial institutions and mobile payment operators offer to their customers.

“Banks, other financial institutions and mobile payments operators are required to present any other product, service and/or charge not covered by the guide to the Central Bank of Nigeria (CBN) for prior written approval.

“The guide to is hereby issued and takes from May 1, 2017. It replaces Guide to Bank Charges that came into effect on April 2013,” Mr Amugo said.

He said for electronic funds transfer, the CBN has approved N50 fee for transaction below N10 million, same with transactions above N10 million.

The apex bank also retained the N65 for ATM transactions after the third withdrawal within the same month on other banks’ ATM.

It also said banks should not charge more than N1000 (one-off) for ATM debit/credit card issuance, same rate for replacement and renewal.

Concerning transaction alerts, banks should not charge “not more than N4/SMS. (Fees on alerts are restricted to only customer-induced transactions),” warning that “all associated notifications relating to a particular transaction should be consolidated into a single SMS alert.”

It explained that “where a customer opts not to receive SMS alert, the customer should issue an indemnity (for losses that may arise as a result) to the bank.”

The CBN said for Current Account Maintenance Fee (CAMF), such can be “negotiable subject to a maximum of N1 per mille.”

It explained that this is applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.

However, the CAMF is not applicable to Savings Accounts.

The circular said for Savings Account, the interest rate would be a minimum of 30 percent (MPR p.a.), but not applicable if a customer makes more than four withdrawals in a month.

For the full guideline, read http://www.businesspost.ng/2017/04/21/banks-charge-n50-monthly-atm-card-users-may-1/

By Modupe Gbadeyanka

A special window for investors, exporters and end-users to easily access the foreign exchange market has been established by the Central Bank of Nigeria (CBN).

This, the apex bank explains, is aimed at deepening the forex market and accommodates all forex obligations.

The CBN further said the purpose of this window is to “boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.”

Under the new regime, transactions allowed are all invisibles, excluding international airlines ticket sales' remittances; loan repayments; loan interest payments; dividends/income remittances; capital repatriation; and management services fees.

Others are consultancy fees, software subscription fees, technology transfer agreements, personal home remittances and any such other eligible invisible transactions including 'miscellaneous payments' as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.

According to the CBN, the supply of foreign currency to the “window shall be through portfolio investors, exporters, authorised dealers and other parties with foreign currency to exchange to Naira.

“The CBN shall also be a market participant at this Window to promote liquidity and professional market conduct.”

The apex bank explained that due to the slow progress made by corporates in on-boarding the FMDQ Thomson Reuters FX Trading & Auction Systems, participants at this window shall trade via telephone until appreciable progress is made with the FX Trading Systems On-boarding process.

“Authorised Dealers are therefore advised to promote market transparency by encouraging their corporate clients to on-board to ensure the activities of the Window are operated on the FX Trading Systems.

“Participants are advised to ensure that all trade conversations are recorded and auditable.

“Consequently, to provide price discovery to the market, FMDQ OTC Securities Exchange (FMDQ) shall be charged with polling buying and selling rates and other relevant information from the major participants in the market to provide participants with the requisite price discovery, and the CBN with the indicative market depth until the market migrates to the FX Trading Systems.

“Therefore, FMDQ shall publish on its website (wvw.fmdqotc.com) market rates and any other relevant information twice daily (Indicative Opening Mid-Rate at 9am and Indicative Closing Mid-Rate at 4am),” the bankers’ bank said in a statement on Friday and signed by the Director of Financial Markets Department, Mr Alvan Ikoku.

It stressed that the exchange rates of the transactions in the window shall be as agreed between authorised dealers and their counterparties (i.e. willing buyer and willing seller basis).

“The CBN reserves the right to intervene as a buyer or seller, as it deems fit, in the Window.

“Authorised Dealers may hold positions subject to their respective Foreign Currency Trading Position Limits (FCTPL).

“Authorised Dealers shall not exceed their respective FCTPL without the approval of the CBN. Compliance with the FCTPL shall be strictly monitored by the CBN.

“Where an Authorised Dealer has a foreign currency trading position in excess of its limit, it is expected that such excess shall be defeased during trading hours. The Authorised Dealer shall offer the funds to the CBN or to another Authorised Dealer but with the prior express approval of the CBN.

“Where such funds are sold to other Authorised Dealers, the purchased funds shall only be sold by the buying Authorised Dealer to its customers. An attestation of this compliance must be provided by the buying Authorised Dealer to the selling Authorised Dealer.

“The funds purchased cannot be held in position overnight by the buying Authorised Dealer or sold to another Authorised Dealer.

“Information on transactions between Authorised Dealers shall be reported to the CBN on a daily basis,” the CBN said further.

It added that, “Authorised Dealers shall render daily returns (hard and soft copy, in a format to be communicated by the CBN) of all transactions in this market to the Directors, Financial Markets and Banking Supervision Departments, Central Bank of Nigeria.”

http://www.businesspost.ng/2017/04/21/cbn-sets-investors-exporters-forex-window/

By Adeniyi Ogunfowoke

When it comes to doing business in Nigeria, it is believed that the Igbos of eastern Nigeria are number one.

You cannot compete with them. You find them in every good business from retail to shipping, hotel, hospitality, import and export. They are always there. As in their adrenalin for doing business is out of this world.

From the old to the young ones, they blessed with natural business acumen and they have hugely taken advantage of it to create wealth for themselves.

In line with this, Jumia Travel, the leading online travel agency identifies 5 reasons why Igbo have strong business spirit.

They are will to travel to do business

You should envy the ingenuity and knack for business by the Igbos. Where other Nigerian tribes can never go, you will find the Igbos there. They are on ground fearlessly and painstakingly doing their business. They blend and embrace the culture that you begin to think they are one of them. This is not restricted to the borders of Nigeria.

They don’t struggle with hands on experience

Igbos don’t need or struggle with hands on experience to start a business. They are already set up for success because they haves uncles, aunties, and seniors who are doing business. Hence, they can ease in without stress. They only need to discuss with their significant other that they want to work with them.

They are patient and willing to learn

Despite the fact that they don’t struggle with hands-on experience, they still take time out to learn the tricks of the business they desire to do. You will be shocked that they wait as much as 2 years to learn the business. This is why they are very good entrepreneurs and business men/women.

They love what they do

The Igbos love what they do that is why you find them everywhere. From Yaba to Oyinbo and Ladipo, you find them there. They love what they do and it is also a way for them to survive.

They are natural businessmen and women

You can’t argue with this, the Igbos are blessed with excellent and awesome business men and women.

Adeniyi Ogunfowoke is a PR Associate at Jumia Travel

www.businesspost.ng/2017/03/29/5-reasons-igbos-strong-business-acumen/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305.

This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor.

Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained.

On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par.

‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that is our aim as stressed by the Governor (Mr Godwin Emefiele),’ the CBN spokesman said on the show when asked if the apex bank would further bring down the exchange rate from the present N360 it directed banks to sell.

Since the CBN introduced a new forex policy, the Dollar has been on a free fall against the Naira at the market.

When the apex bank came up with the new policy in February, it ordered banks not to sell above N375 per Dollar, but because the Naira was selling at the parallel market at about N390, the CBN, few days ago, further brought down the rate to N360.

As at the time of filing this report on Wednesday morning, the Dollar at the black market was N375.

http://www.businesspost.ng/2017/03/29/well-push-dollar-to-n305-cbn-boasts/

By Modupe Gbadeyanka

The popular Nokia 3310 mobile phone has made a stunning comeback into the market 17 years after it was originally launched.
The iconic 3310 was relaunched on Sunday at the MWC 2017 and comes with new and updated features.

According to our correspondent, the new Nokia 3310, which will officially hit market from second quarter of 2017, comes with a handful of modern tweaks and it is clearly a direct descendant of the 2000 version.

The new model is with an enlarged 2.4-inch 320 x 240 colour screen and significantly slimmer frame particularly welcome changes. It is 12.8mm thick and weighs 79.6g, as opposed to 22mm and 133g of the previous version.
READ AIT to Acquire KUKA Systems Aerospace North America

It was observed that the new model is available in glossy red and yellow colour options, as well as the familiar grey and dark blue matte schemes.

Nokia has altered the phone’s main keys too. The large blue button has been ditched, along with the ‘C’ and arrows buttons. Replacing these is a square-shaped central keypad, flanked by large ‘call’ and ‘end call’ buttons.

The new rights owners to the Nokia brand, HMD Global, explained that it decided to bring back the Nokia 3310 to reward loyal Nokia phone fans and make a statement that rich heritage, innovation and modern design can go hand-in-hand.
READ Toshiba Promotes Move to Hydrogen Economy

The handset comes with a basic 2-megapixel camera at the back well as an LED flash that can be used as a torch.

It has 22 hours of talk-time and a month of standby time between charges and runs Nokia Series 30+, which will enable users surf the web via the Opera Mini browser and an extremely limited 2.5G connection.

http://www.businesspost.ng/2017/02/27/iconic-nokia-3310-relaunched-with-30-day-battery-life/

By Modupe Gbadeyanka

The Naira continued its further recovery run on Thursday afternoon when it exchanged at N500 to the Dollar at the parallel market.
About two weeks ago, the local currency first reached the N500 per Dollar mark before climbing to N522 this week, on Monday to be precise.

This forced the Central Bank of Nigeria (CBN) to release a new foreign exchange policy, which seems to have been working wonders.

Business Post correspondent reports that Naira opened at N505 against the Dollar this morning, but gained N5 to trade at N500 this afternoon.

Also, the Pound Sterling was exchanged for N600 compared with N620 it was traded this morning, while the Euro went for N510 in contrast to N520 it was exchanged on Thursday morning.

However, the Naira remained unchanged at the interbank segment of the market at N305.25k, while the Pound Sterling went for N378.75k and N321.58k to the Euro.

www.businesspost.ng/2017/02/23/breaking-naira-makes-gain-returns-n500/

By Modupe Gbadeyanka

The office of an alleged illegal capital market operator, Tine God Networks Limited, has been sealed by the Securities and Exchange Commission (SEC)

According to a statement issued by management of the capital market regulator, it took this step following complaints from some investors.
It was gathered that Tine God Networks Limited claims to be an investment company that engages in business development in commercial sectors of the economy and also issues bonds to raise funds for its investment activities.

But upon investigations, it was discovered that the firm does not have the required licence to carry out these duties or registered by the Nigerian government.

Consequently, SEC swooped in to protest investments of unsuspecting investors and sealed off the company.
In the statement issued by SEC, it disclosed that the company does not have a “tangible business model” and therefore described it as a “Ponzi scheme where returns are paid from other people’s invested sum.”

In view of this, depositors have been advised to “submit documentary details of their investments with the company to the commission’s Lagos Zonal Office and Port Harcourt Zonal office on or before May 15, 2017 to facilitate refund of their funds.”

While SEC’s Lagos office is at 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, Victoria Island, that of Port Harcourt is located on 31 Woji road, GRA Phase 2.

www.businesspost.ng/2017/02/23/sec-seals-tine-god-networks-limited-office/

By Modupe Gbadeyanka

A research carried out by FBNQuest Research has predicted that Nigeria’s economy will leave recession this year and grow by 2 percent.

However, it pointed out that there would be another devaluation of the Naira in 2017.

In June 2016, the Central Bank of Nigeria (CBN) floated the Naira in a bid to give the local currency strength at the foreign exchange market. But this seems not to have worked because the Naira has lost over N150 against the Dollar since then.

At the moment, the Naira is N516 to $1 at the parallel market compared with about N342 it was sold in June 2016.

In the report titled ‘2017 Outlook So much to do; so little time,’ it was noted that the fiscal stimulus for this will be the main driver, supported by a recovery in oil production and selective private investment.

“Beyond our forecast horizon, household consumption will recover, leading to an acceleration in growth,” part of the report said.

According to FBNQuest Research, “The 2017 budget proposals are still more expansionary than the previous year’s, set a heady target for capital releases and maintain the level of personnel costs. If the FGN is able to hit its revenue targets and implement its proposals, we will see a sizeable fiscal stimulus. We could have the rare bonus of a relatively fast passage of the budget.”

It described the 2017 budget proposals as “ambitious”, noting that it contains aggregate spending of N7.30 trillion including unprecedented capital releases of N2.24 trillion, aggregate revenues of N4.94 trillion and a mouth-watering FGN deficit of N2.36 trillion.

The report identified these as “hefty increases on the 2016 budget and even larger increases on the likely outturn for 2016. “

It said one change for the better is that the FGN has produced more realistic projections for non-oil revenue collection, and assumed that the oil economy will generate more revenue than the non-oil.

Kindly read concluding part here: http://www.businesspost.ng/2017/02/19/nigeria-quit-recession-2017-devalue-naira-fbnquest-research/

By Dipo Olowookere
The weakening of the Naira continued on Thursday when it closed at N516 against the Dollar at the parallel market.
The local currency had opened for the day at N510 per Dollar on Thursday morning and remained stable till afternoon before plunging to the new all-time low of N516 to the Dollar in the evening.

Since the beginning of this week, the Naira has continued to hit new all-time lows.

On Monday, the Nigerian currency hit a new low of N506 from N503 it traded last Friday, while on Tuesday, it closed at N507 and on Wednesday, it finished at N510 to the Dollar.

Also at the parallel market today, the Naira was exchanged for N630 to the Pound Sterling from N625 it traded yesterday, while the Euro was sold for N538 compared with N530 it went for on Wednesday.

However at the official interbank segment of the market, the Naira was traded at N305.50k to the Dollar, while the Pound Sterling was sold for N381.84k and the Euro for N324.87k.

Business Post reports that the Naira has continued to be under pressure due to shortage in the supply of Dollar in the foreign exchange market.

www.businesspost.ng/2017/02/16/naira-hits-fresh-low-n516-per-dollar/

By Modupe Gbadeyanka

The free fall of Naira at the foreign exchange market entered another fresh climax in the afternoon of Wednesday, February 15, 2017.

Business Post reports that the local currency moved from N507 per Dollar it opened this morning to N510 in the afternoon.

Last week, the Naira first hit the N500 mark from N498 to the Dollar, before finishing the week at N503 per Dollar.

Also as at the time of writing this report, the British Pound Sterling is being exchanged at N625 from N620 it opened on Wednesday morning, while the Euro is traded at N535 in contrast to N532 it opened.

http://www.businesspost.ng/2017/02/15/breaking-naira-crashes-n510-per-dollar/

By Dipo Olowookere

The Nigerian currency, Naira, on Thursday, February 9, 2017, crashed to an all-time low of N503 to the Dollar at the parallel market.
On Monday, February 6, 2017, Business Post exclusively reported that the lingering forex crisis may push the Naira above N500 before the end of this week, at least by N1 to N2.

Read our story here: Forex Crisis: Naira May Go Above N500 Per Dollar This Week www.businesspost.ng/2017/02/06/forex-crisis-naira-may-go-n500-per-dollar-week/

True to our exclusive story, the Naira, at the parallel market this afternoon, was exchanged at the rate of N503 per Dollar.

Also, the British Pound Sterling went for N615 at the same market segment, while the Euro was traded for N530.

www.businesspost.ng/2017/02/09/naira-crashes-time-low-n503-dollar/
Since the present administration took over power in May 2015, the Nigerian currency has been on steady fall.

The demand for foreign exchange has skyrocketed, while the supply has been very low.

The government, through the Central Bank of Nigeria (CBN), in a bid to save the Naira, has come up with different policies, which have not solved the problems.

Last June, the government floated the Naira, leaving market forces to determine the exchange rate.

However, months later, the Nigerian government unleashed officials of the Department of State Services (DSS) on operators of forex at the parallel market, with arrests made in various cities in the country, further causing scarcity of Dollar, and weakening the local currency more.

By Modupe Gbadeyanka

The Nigerian local currency exchanged at N500 to the Dollar on the parallel market on Monday morning, Business Post reports.

This comes amid the scarcity of Dollar in the foreign exchange market in Nigeria.

According to report filed in by our correspondent, some forex operators interviewed in Lagos expressed fears that the Dollar may beyond N500 before the week of this week, possibly by N1 or N2.

One of the operators at the Olugbede Model Market in Egbeda area of the state, who simply identified himself as Mr Adamu, informed our correspondent that there seems no end to the crisis rocking the foreign exchange market in the country.

Though he said the clampdown on them by operatives of the Department of State Services (DSS) has subsided, however, most black market operators of forex were still cautious of security officials.

Business Post gathered that as at 11:23am on Monday, the Dollar was still being traded at N500, while the Pound Sterling went for N616 and the Euro for N530, same rate they all closed last Friday at the parallel market.

Also, the Naira remained stable at the interbank window exchanging at N305.25 to a Dollar, while at the Bureaux De Change (BDC) segment of the market on Monday, the Naira is being exchanged for N400 per Dollar.

The Central Bank of Nigeria (CBN has taken steps to strengthen the local currency, but it seems the Naira is being consumed by many pressures.

http://www.businesspost.ng/2017/02/06/forex-crisis-naira-may-go-n500-per-dollar-week/

By Modupe Gbadeyanka

A latest report released by FSDH Research has predicted a rise in Nigeria’s inflation rate for the month of January.

In its inflation watch released on Thursday, FSDH stated that it expects the “January 2017 inflation rate (year-on-year) to increase further to 18.64 percent from 18.55 percent recorded in the month of December 2016.”

Explaining reason for the expected rise, the report said it is due to “increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the Naira.”

It further noted that the “increase in the price of diesel which is predominantly used in production of goods and services will also contribute to the rising inflation rate.”

The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of January 2017 on February 15, 2017 based on data calendar on its website.

According to the monthly Food Price Index (FPI) released by the Food and Agriculture Organization (FAO) this week, the Index averaged 173.8 points, 2.15 percent higher than the revised value for December 2016, and 16.41 percent higher than the January 2016 figure.

At its current level, the Index has reached its highest value since February 2015.

Last month’s increase reflected sharp increases in the prices of sugar, cereals and vegetable oils. The Sugar Price Index rebounded sharply by 9.9 percent in January on the heels of reports of low production conditions in the main sugar producing regions of Brazil, India and Thailand.

The FAO Cereal Price Index increased by 3.37 percent from the previous month and represents a six-month high. The increase recorded was due to the rise in the prices of wheat, maize and rice, with wheat reflecting the highest increase amid concerns over unfavourable weather conditions.

The FAO Vegetable Oil Price Index was up 1.82 percent, driven by palm oil prices, reflecting concerns over supply tightness in Southeast Asia.

The FAO Dairy Index appreciated marginally by 0.20 percent from December 2016, prices of dairy products remained relatively stable across the board. The FAO Meat Price Index was marginally down by 0.06 percent.

According to the analysis of FSDH, the value of the Naira depreciated at both the inter-bank and the parallel market.

The value of the Naira lost marginally by 0.08 percent at the inter-bank market to close at $/N305.25 while it lost 2.09 percent at the parallel market to close at $/N491 at the end of January.

The depreciation recorded in the foreign exchange rate particularly in the parallel market between the two months and higher prices in the international market put further pressure on domestic prices in January 2017.

The prices of food items that FSDH Research monitored in January 2016 moved in varying directions. The prices of garri and tomatoes were up by 7.14 percent and 2.78 percent respectively; meanwhile, the prices of palm oil and fish were down by 7.14 percent and 2.08 percent respectively.

The prices of most other food items remained unchanged. The movement in the prices of food items during the month resulted in a 0.96 percent increase in the Food and Non-Alcoholic Index to 219.72 points, while it increases in the prices of Housing, Water, Electricity, Gas &Other Fuels divisions between December 2016 and January 2017.

http://www.businesspost.ng/2017/02/04/january-inflation-hit-18-64-amid-rising-food-costs-fsdh/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has reacted to reports alleging irregularities in the rates at which foreign exchange was obtained by some individuals and companies from different Deposit Money Banks (DMBs) under its new [60:40] Foreign Exchange Policy, which prioritises FOREX sales to manufacturers, agriculture, plant and machinery, critical raw materials, among others.

In a statement issued by its spokesman, Mr Isaac Okorafor, the bank emphasised that it “neither allocates foreign exchange nor does it deal directly with bank customers.”

The apex bank further stressed that it “does not fix FOREX rates for transactions by individuals or companies.”

“In line with our principle of transparency, we directed DMBs to forward to us evidence of FOREX sale to end users and to advertise same in national dailies,” it added.

The apex disclosed that, “Since the introduction of the new FOREX Policy in 2016, we have published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency.

“We have recently observed, however, that some DMBs forwarded inaccurate data, which were erroneously published and gave a wrong impression of disparate rates.

“The DMBs involved in providing inaccurate data have since been issued queries accordingly. Some have returned a response indicating that some of the figures were related to formatting errors, which do not affect the true rates of the affected transactions,” it said.

The CBN said as the constitutionally authorized industry regulator mandated to manage the FOREX market, maintain external reserves and to safeguard the international value of the legal tender currency, it wishes to state unequivocally that it has a duty to perform and would not indulge in acts capable of discrediting the FOREX market.

“We therefore wish to reiterate that the sale of FOREX under the new policy is most transparent and it is not intended to benefit any individual or corporate body in anyway.

“While we appreciate the concerns of stakeholders, we urge all concerned to verify information on matters relating to the Bank and use our available channels to lodge their complaints,” the statement said.

http://www.businesspost.ng/2017/02/01/new-forex-policy-transparent-cbn/

By Dipo Olowookere
One of the leading banks in Africa, the United Bank for Africa (UBA) Plc, last Friday, launched the maiden edition of its Campus Ambassador Programme with the induction of the first 15 brand ambassadors.
A statement issued by the bank’s spokesman, Mr Ramon Nasir, explained that the 15 successful candidates were selected from among 200 students across tertiary institutions in Nigeria through a rigorous screening exercise in line with set criteria.

The colourful inauguration ceremony was held at the UBA house in Lagos with the Deputy Managing Director of the firm, Mr Victor Osadolor, and other senior management staff in attendance.

Speaking, Mr Osadolor said, “UBA is pleased to have you all on board as valuable Ambassadors who will help us propagate our goodwill messages, ethos, values and what we stand for as a bank, across your institutions."

He noted that the goal is to give students a platform to demonstrate leadership as well as build and instil the brand ethos into the consciousness of the youths.

According to Mr Osadolor, UBA is a bank with strong affiliation to youths, evident in the Bank's scholarship and grants schemes through the UBA Foundation National Essay Competition among other educational initiatives.

"Two hundred of you went through the process and 15 of you came out tops, which proves that you are leadings lights, energetic and enterprising with great potentials which is exactly what we want to explore.

“The values you bring on board will help us support this process and we do hope as you learn and internalize what we stand for, you will all be good ambassadors and represent us well as admirable leaders others can look up to, propagating our message even beyond the 12 months period of your assignment as UBA ambassadors,” Mr Osadolor said.

Also speaking, the Head, Student Banking of UBA Plc, Mr Tomiwa Sotiloye, said UBA, being a top financial institution with presence across Africa, is one the ambassadors should be proud of, especially in the discharge of their duties of spreading the institution’s ethos. He charged them to be good leaders and positive influencers who should stand out by ensuring the bank’s reputation soars high in their respective campuses.

The 15 ambassadors, who are A-list students in their various institutions, include Orji Somtochukwu Philippa a 300 Level Medical student of Abia State University, Uturu. She is currently a UBA Scholar after winning the UBA Foundation National Essay Competition in 2011. Phillipa is a Member of the Campus Press Student Authors’ Association (CAPSAA) and a Founder of ‘The Fe-clinical Group’ for Female pre-clinical medical students, ABSU. Ahmad Mustapha is a 400 Level, Quantity Surveying student at the Ahmadu Bello University, Zaria. He is a Social Media Enthusiast, Writer and an avid reader. Odunewu Oluwasegun, from the University of Lagos is a 300 level student of the Department of Radiography, University of Lagos. He is into writing and blogging.

Others are Jennifer Nev, Ahmadu Bello University, Zaria; Tagbo Ijeoma, Federal University Of Technology, Owerri, Imo State; Onyedikachukwu Edeh, Babcock University; Fadaini Asalewa, Obafemi Awolowo University; Barakat Tiamiyu, Obafemi Awolowo University; Queen Jaja, Rivers State University Of Science and Technology; Ihechi Opara, University of Ibadan; Chisom Anastatia Nwaezuoke, University of Ibadan, Ukododeta Nyerhovwo Maxwell, University of Abuja; Odunewu Oluwasegun, College of Medicine, University of Lagos, Vivian Nneka Nwajiaku, University of Lagos; Chukwuemeka Orukwowu, University of Portharcourt and Kachikwu Stephen, University of Portharcourt.

During their one year renewable tenure based on active participation, the ambassadors are expected to develop different initiatives that will be sponsored by the Bank and execute various objectives of the bank over the period. They will also serve as a bridge between the bank, the students and the school authorities.

The selected ambassadors will form a preferred pool for recruitment consideration upon graduation.

The UBA Campus Ambassador Programme is an initiative to identify young emerging leaders among students of tertiary institutions and give them a unique and highly rewarding learning experience.

www.businesspost.ng/2017/01/31/uba-boosts-brand-affiliation-unveils-15-campus-ambassadors/

By Modupe Gbadeyanka

The nation’s parlous energy situation took the centre stage on Monday in Asaba as stakeholders lamented the massive power outages in Delta State, particularly Sapele.

They also agreed on eight – hour daily uninterrupted power supply for Sapele.

Speaker of the Delta State House of Assembly, Mr Monday Igbuya, described the electricity situation in Sapele as unbearable and oppressive.

Mr Igbuya spoke on the recent protest in Sapele.

He gave his view on the drop in electricity supply in the country and its effects on people and organizations during.

His comments follow a recent protest concerning the worsening electricity situation in Sapele and the failure of the Benin Electricity Distribution Company (BEDC) to provide uninterrupted power supply in Sapele.

Mr Igbuya criticised the tales out of BEDC, the deluge of excuses of non-performance and the shifting of responsibilities to the consumers and other partners.

He said the high monthly bills did not reflect the epileptic power supply.

The Speaker, while calling for an end to the epileptic power supply in Sapele, decried the ever- spiralling cost of diesel needed to power alternative source of electricity.

“What can the good people of Sapele do with epileptic power supply? The situation has killed small and medium scale ventures. It has also increased unemployment and social tension,” he said.

He urged BEDC to stop illegal collections by providing prepaid meters.

“Sapele people will pay their electricity bills,” he said.

Residents of Sapele in December protested the poor electricity supply to the area by BEDC. They not only condemned the three hour electricity supply a day but lamented that many companies had shut down because of poor power supply.

http://www.businesspost.ng/2017/01/31/sapele-residents-wont-pay-electricity-bills-unless-speaker/

By Modupe Gbadeyanka

It is no doubt that agricultural production in Nigeria is faced with inherent and myriad of risks and prominent among them are input supply, price of inputs, agricultural yield, project prices and production risks due to effects of climate change or natural disasters.

It is important to note that the agricultural production risks always affect farmers and agribusiness in different ways, thereby affecting agricultural production and threatening food security in the country.

Agricultural insurance is the protection of farmers against the risks of natural disasters, pests and diseases in exchange for regular premium payments proportion to the likelihood and cost of risk involved.

Not many may know that in order to address agricultural production risks, the Federal Government of Nigeria established the Nigerian Agricultural Insurance Scheme, managed by Nigerian Agricultural Insurance Corporation (NAIC), to provide protection to farmers on the effect of natural hazards.

The scheme was launched on December 15, 1987, as part of its efforts to enhance and sustain food production in Nigeria in realization of the fact that most efforts to promote food production have not yielded much results, due largely to incidence of incremental weather conditions and the effects of natural hazards like floods, drought, pests, diseases, fire etc.

NAIC was established and incorporated by Act No. 37 of 1993 to operationalize the Nigerian Agricultural Insurance Scheme with the following key objectives:

* Provide financial support to farmers where losses to crops and livestock arise from natural hazards;

* Induce the provision of credit by financial institutions, as the insurance serves as an added collateral;

* Promote and enhance agricultural production by giving farmers confidence to accept new and modern innovations and inputs;

* Eliminate or minimize the need for Government to provide ad-hoc assistance to farmers during agricultural disasters.

Agricultural Items Covered by NAIC

The Scheme provide cover to all crops, livestock and tangible fixed assets like farm buildings, machinery, equipment, agricultural produce activities, warehousing and other Agro-processing activities.

Summary of items covered by NAIC include:

(a) Subsidized Crop – maize, rice, millet, yam, mixed crop, cassava, sorghum, vegetables, irish potato, sweet potato, soya beans, cowpea, pumpkin, melon, groundnut, sesame, wheat, peanut, coco yam, pepper, garlic etc.

(b) Subsidized Livestock – cattle, sheep, goat, poultry, fishery, pig, apiary, snailery, grass cutter, rabbitry etc.

(c) Commercial crop – cocoa, rubber, oil palm, horticulture, plantain, sugarcane, jatropha, ginger, cotton, tea, coffee, gum Arabic, pineapple, kolanut, tree crops etc.

(d) Commercial Livestock – dogs, horses, camel, donkeys, pets, zoo animals etc.

(e) Multi-Peril Cover (MPC) – combined trading, agroc-processing, storage rksks, ware-house activities etc.

(f) Tangible Fixed Assets – farm buildings, machinery, equipment, motor vehicles, fishing nets, outboard engines, fishing boats etc.

(g) Farmers, Farm Labour/Employees and their dependants.

(h) General Business – Motor vehicle, Fire and Special Perils, Burglary, Group Personal Accident, Money Insurance, Plant-All-Risks, Machinery Breakdown etc.

Perils Under Cover

The perils covered under the agricultural sub-sector are as follows:

(a) Subsidized Crops – The perils covered are comprehensive in nature and include fire, lightning, windstorm, flood, drought, pests and diseases.

Kindly read concluding part here: http://www.businesspost.ng/2017/01/27/how-to-insure-your-agricultural-projects-in-nigeria/

By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) has expressed dismay at campaigns allegedly being sponsored by those it called “self-centred individuals” aimed at discrediting its foreign exchange policies.

The apex bank, in a statement issued by its spokesman, Mr Isaac Okorafor, on Friday, lamented that it has “observed with great concern the continued and unwarranted attack” on its policies by a group of Nigerians.

According to the CBN, the real interests of these people “are anything near altruistic but rather self-serving and unpatriotic.”

The statement noted that the bank finds it curious that certain interests have “remained persistent in their move to misinform the larger public, with the intention of discrediting genuine efforts at managing the economy, thereby creating public distrust and panic within the financial system.”

However, the apex bank maintained that nothing will make it change these policies.

According to the CBN, intelligence reports at its disposal reveal the “involvement of some unpatriotic elements funding the push to have the CBN and the Federal Government reverse its FOREX policy, which is aimed at conserving foreign exchange, stimulating agriculture and manufacturing and also promoting exports.”

“The present economic challenges that we face have been worsened by our past practice of frittering away huge earnings made from oil sales, over the years.

“As we have explained severally, our decisions on FOREX management are prompted by the challenge posed by the level of depletion of the country’s reserves, arising from issues such as a drastic reduction in oil earnings, speculative attacks and round tripping,” the CBN explained.

“It is pertinent to note that pressures on the country’s foreign reserves have persisted due to a huge fall in the monthly foreign earnings, which fell from over $3.2 billion sometime in 2013 to below $500 million per month sometime in 2016, when the demand for the US dollar, particularly by importers, continued to rise considerably.

“In spite of the challenges and the basic economic fact that countries earn dollars from international trade, we have ensured we meet the genuine demand of importers to pay for eligible imports and other transactions within available resources.

“Furthermore, the Bank has continued to ensure that there is liquidity and transparency in the FOREX market.

“For the avoidance of doubt, the Central Bank of Nigeria (CBN) continues to:

Ensure that inflation remains within manageable limits;
Intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment;
iii. Promote export-driven industrialisation;

Provide access to credit to farmers and small scale entrepreneurs at single digit rates, to create wealth;
Protect the interest of Bank customers in Nigeria; and above all,
Ensure that the masses of our country’s low income earners are protected from the vagaries of high naira depreciation.
“Despite our positive efforts, some persons and groups have chosen to play to the gallery by focusing on negativity that does the country no good.

“Nevertheless, in line with our mandate and working with the fiscal authorities, we will continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the Naira.

“While leaving our doors open for genuine partnership with all our stakeholders, we will only take economic decisions that will impact positively on the lives of all Nigerians,” the statement said.

The apex bank urged “all concerned to be more patriotic and contribute to the soundness of the Nigerian economy; rather than engage in acts capable of undermining the efforts being made at moving the country out of the current economic situation.”

http://www.businesspost.ng/2017/01/27/unpatriotic-persons-pushing-forex-policy-reversal-cbn/

**Death in President’s Family in 2017

**God Will Use Tinubu to Restore Nigeria

By Dipo Olowookere
Senior Pastor of Mountain of Liberation and Miracle Ministry (aka) Liberation Ministry, Mr Chris Okafor, has warned Nigerians to stay away from the popular Ponzi scheme called MMM.
The cleric, in his 2017 predictions, described MMM as “satanic” and not from God, stressing further that it is a “design for mark 666.”

In his other predictions, Prophet Okafor urged Nigerians to pray for a former military president and minister against death.

He also said President Muhammadu Buhari is not the one to lead Nigeria to its Promised Land, but someone to prepare the way for the ‘Messiah.”

The man of God further said he saw “death in family of the President.”

He also said “God will use (Mr Bola) Tinubu to restore Nigeria but he must be prayerful against conspiracy against his life spiritually and physically.”

On the Anambra election, Prophet Okafor said Mr Ifeanyi Ubah will take over from Governor Willie Obiano after his second term in office, but “must pray against conspiracy.”

Below are summary of his predictions:

* Death Of Former Military Head Of State.

* Major fire disaster in homes and market places.

* Death in family of the president.

* Osinbajo will not be impeached but will likely not be Buhari's running mate.

* The church will be seriously persecuted all over the world beyond what it is currently going through but will have upper hand.

* Another major party would be formed that will wrestle power from the present government.

*Buhari is not the Messiah but to prepare the way for the Messiah.

* MMM is not of God but a design for mark 666.

* Ifeanyi Ubah will take over from the present governor Obiano of Anambra state after his second (2nd) term but he must pray against conspiracy.

* God will use Tinubu to restore Nigeria but he must be prayerful against conspiracy against his life spiritually and physically.

* The football and entertainment industry should pray against death on some major faces.

*Death of present and former minister(s) to be averted through prayers.

* A former leader of PDP to die.

* A popular man behind the pulpit to die.

*A major leader in Africa to die (in the mode of a President.)

* The economic situation will improve in Nigeria through divine intervention.

* There will be a serious attempt to Islamise Nigeria but the Lord says it will not come to pass.

*Boko Haram is going to regroup and will become deadlier but they will be stopped.

*There will be major restoration to a lot of people that have given up and families will be liberated from their strong enemies.

*A former Governor of Akwa Ibom waving goodbye but will be averted through prayers.

*A major country in Europe should pray against the death of a powerful leader.

*Nigeria's glory days in sports will return, especially in football.

*An opposition party will likely take over power in South Africa. There is going to be a lot of political crises.

*A lot of finance houses/banks and their directors will go through a lot of crises and humiliations.

*Major oil dealers will face a lot of persecution.

*I see a major monarch waving goodbye.

*We have to pray against the outbreak of major airborne disease.

*There will be a major shakeup in the military and the police.

*There would be great improvement and discoveries in the power sector.

www.businesspost.ng/2017/01/17/mmm-satanic-link-mark-666-prophet-okafor/

By Adeniyi Ogunfowoke

An important and viable avenue for businesses to generate capital/funds is via bank loans. Today in Nigeria, the measures for granting loans have been tightened due to the recession. So, it is naturally difficult to get loans from banks if you are not a Dangote or Otedola.

This doesn’t mean banks don’t grant loans at all. You just need to satisfy their requirements. Besides this, there are other reasons why your bank loan application may be denied. Jumia Travel shares some of them.

You have too many debts

Banks will always scrutinize your books no matter how much you want as a loan. If you have too many debts, your loan application will definitely be rejected. This is because your debt profile will continue to rise and at the end, you will be unable to settle the debts.

Your Collateral can’t suffice

The collateral must be at par with the loan. In other words, in case you fail to pay back your loan, your collateral which may be a land or a house should be a perfect replacement when the bank eventually sells it off.

Irregular cash flow

If your cash flow is irregular, it is a recipe for loan rejection. Your business must have a steady amount it’s earning every month. This is to ensure the smooth running of the business as well as ensure that you repay the loan.

No watertight business plan

Your business plan is the key that opens the door for you to attract investors and ultimately get a bank loan. This is when your business is still at the idea stage. Your bank will no doubt ask for your business plan and if it is not detailed, it is likely to be rejected.

Your business is a startup

Even with the agitation for banks to support startups as well as small and medium scale enterprise, they will arguably not because it is a risk they are unwilling to take. This is because they are uncertain about the prosperity of the business. They prefer to grant to well-established businesses with solid corporate governance. If the bank agrees to grant the loan, the startup may be unable to meet the requirements. Alternatively, you can approach the Bank of Industry for a loan.

http://www.businesspost.ng/2017/01/17/5-reasons-bank-loan-application-may-denied/

By Nojeem Adetuberu

There is an urgent need to examine the activities of certain Non-Governmental Organisations (NGOs), considering the abundant declarations they make and the demands placed on corporate organisations and the government recently.
These NGOs claim to thrive on protecting human rights but in actual sense the rights of every individual is not represented in their drive for relevance. Notably, their drive for safer environments in Nigeria is lopsided.

Rather than striving to ensure the rights of all individuals, civil society organizations, often, promote their own interest, misinform the Nigerian populace and gratuitously lobby for the enactment of unenforceable laws that are detrimental to the existence of legitimate organisations.

In recent years, the tobacco industry has been the subject of unjust attacks by anti-tobacco lobby groups. While it is pertinent to state that tobacco consumption poses a grave health risk, it is worthy of note that every consenting adult (18 and above) Nigerian has a right to consume legal tobacco products.

The tobacco control drive by the anti-tobacco groups could be a noble cause.

However, it is sometimes tainted with rascality and overzealousness. Often times, there is a lack of focus and gross misrepresentation of facts. Some concerns are deliberately left out in their agitations such as the illegal peddlers that hawk unregistered tobacco products, drug abuse of licensed medicinal products, and smuggling of unregistered products, among others.

The anti-tobacco lobby has not directed its energy towards highlighting societal ills and plagues but is quick to blame the legal tobacco industry for all manner of societal ills.

Apart from the commitment of legal tobacco industry to paying taxes and corporate social responsibility, they often abide by the rules and regulations of the countries where their businesses are domiciled. Most of these firms have also realised the need for environmental safety in the society.

The World Health Organisation (WHO)- Framework Convention on Tobacco Control (FCTC), in recent years, has been sensitizing the world to the menace of illicit trade in tobacco. Unfortunately, in Nigeria, where the criminal activity seems to have resurged, these lobby groups appear to be too busy to be concerned about it.

Their preoccupation has been solely focused on maligning the legitimate tobacco industry, forgetting that if the legal industry is destroyed, the vacuum created by it will be occupied by the illegal hawks in the business.

Another point worthy of note is that these NGOs have strong financial backings from international organisations.

Moreover, the fact that their source of funding is often shrouded in secrecy raises questions about their integrity and the sincerity of their cause. This is coupled with the fact that some of their leaders have been known to live ostentatious lifestyles oiled by proceeds from their anti-tobacco campaign.

Their motive is not usually humanitarian but only guided by pecuniary gains. How can we as Nigerians give room for these individuals to influence government’s decisions on tobacco?

Perhaps, there is no better time to provide guidelines through corporate governance for the Not-For-Profit Organisations than now, when a lot of the activities of the NGOs are quite opaque.

Also, they seek to subvert the rules in a bid to push through their demands and agitations, while pretending to be advocating for human rights.

It is worrisome that these NGOs act as valets to their sponsors in the West in a bid to cripple the activities of the legal tobacco industry.

In their public advocacy drive, they introduce cases of human rights and wrongly communicate the essence of human rights in order to mask their real intentions. They intend to control both the demand and supply side of the tobacco industry without understanding the dynamics of the Nigerian economy.

It is even quite disturbing that some government officials, who are supposed to be fully aware of issues, unknowingly pledge support for the cause to clamp down on the legitimate tobacco industry, whenever the anti-tobacco lobby take their campaigns to the corridors of power.

Understandably, such misguided statements are borne out of political expediency rather than sound reasoning. The government functionaries also fail to verify such assertions and realize that smoking, like every other habit, cannot be regulated through aggressive taxes on tobacco but rather through effective public sensitization on the dangers inherent in the act.

Let us imagine that the legal tobacco industry goes into oblivion. This will automatically create a market for illicit tobacco because closing down legitimate tobacco producers in Nigeria does not automatically translate to people stopping to smoke.

If these NGOs successfully destroy the legal tobacco industry, the government and the economy will be the biggest losers as there will be no formal tobacco firm to be regulated and generate revenue from.

This, apart from impeding smokers’ rights, will not put an end to smoking but would merely precipitate recourse to illicit tobacco products most likely coming from the countries of the sponsors of the NGOs.

The government will have to devote more resources to combat the booming illicit trade with a consequential increase in security breach of the country.

Adetuberu wrote from Lagos.

http://www.businesspost.ng/2017/01/16/tobacco-regulation-ngos-human-rights-issues/

**To Turn Yaba to Main Tech Hub

By Modupe Gbadeyanka

Lagos State Governor, Mr Akinwunmi Ambode, on Wednesday sought the support of traders at the popular auto spare parts market in Ladipo, Mushin.

Speaking at the market where he was received by hundreds of traders amidst pump and pageantry, Governor Ambode said from next month, his administration will commence construction of Alhaji Akinwunmi Street and Ladipo Street, as well as Obagun Avenue, off Fatai Atere Road.

He also said that a multi-layer car park will be constructed to address the chaos in the area in terms of parking of vehicles, but solicited the cooperation of the traders and residents of the area, saying that government would organize a stakeholders’ meeting to discuss modalities for the construction.

Also on Wednesday, Mr Ambode said plans were going on to transform the Sabo Industrial Estate in Yaba area of the state to a technology hub and another Silicon Valley where new set of entrepreneurs and innovators would be raised to address the challenges confronting the nation in the Information and Communication Technology (ICT) sector.

Silicon Valley, which is in San Francisco Bay Area of California, United States, is home to many of the world's largest high-tech corporations and thousands of startup companies.

Governor Ambode, who spoke during an extensive inspection tour across the state, said government will actualize the plan of transforming Sabo to the new hub for technology in 2017 and assist the already established technology incubators in the area to achieve their full potentials.

Some of the technology outfits visited in the area by the Governor included Ardela, IDEA and CC Hub, among others.

Mr Ambode, who was joined on the inspection by top government functionaries and former Minister of Communications and Technology, Mrs Omobola Johnson, said government was desirous of assisting entrepreneurs in the ICT sector to become good startups, adding that his administration would explore all the available initiatives in that regard.

He said to start with, entrepreneurs in the sector would be allowed to access the N25 billion Employment Trust Fund (ETF), which is an initiative of his administration, to grow their businesses, as well as other interventions from the State’s Ministry of Wealth Creation and Employment.

He said: “I decided to come here just for me to feel the state of things and to learn about your challenges. Our government is seriously committed to assisting entrepreneurs like the ones here to be able to be good startups.

“I want to also say that we will use our Employment Trust Fund to support this concept here."

The Governor said one of the factors considered when government was setting up the ETF was the need to set up incubators, but with the progress made in that regard by the private sector, government would now only build on the existing technology incubators.

"All we need to do is to now send people here and also support by way of infrastructure to scale up this place and others like this that can help in churning out more people.

"Our aim is to create enabling environment for our youth to thrive, to be more creative and enterprising. We so much believe in innovation and creativity. We strongly believe that youths are the ones that can take us out of this economic recession and the truth is that we must create enabling environment for our youths to optimally utilize their talents.

"You can recall that throughout my campaign, I promised to use tourism, hospitality and entertainment to create employment and jobs for our youths. This is the fundamental basis our government is built upon.

“The whole idea is that these young ones here should not just leave this place and go back to where they started from. I think that value chain is what we as government must tap into and then we would be able to move this nation forward. I believe strongly that the youths are the future of this country and we need to pay greater attention to everything that they are doing and I also believe strongly that technology is the key that we are going to use to grow this economy,” he said.

The Governor said government would explore the possibility of addressing the power challenges confronting the area, especially by linking the estate to the Mainland Independent Power Project.

In her remarks, the former Minister commended the initiative of Governor Ambode on the plan to scale up the industrial park in Sabo, saying that the development signalled a new beginning for the technology sector.

http://www.businesspost.ng/2017/01/13/ambode-begs-ladipo-traders-support/

By Dipo Olowookere

On Wednesday, January 11, 2017, the Redeemed Christian Church of God (RCCG) commenced its annual New Year fast for the year 2017.
This is expected to hold for 40 days and elapse on Sunday, February 19, 2017.

As it is with the annual ritual, members are enjoined to pray with some prayer points released by the church’s General Overseer, Pastor Enoch Adejare Adeboye.

The fast will start daily from 12 midnight to terminate at 6pm, while prayers would be held two times at morning devotion and 5pm at the churches.

However, for those who want to observe the fast for day and night without breaking, they will only do it for 20 days.

There are over 665 prayer points for the duration of the 40-day fast.

Below are the prayer points for each of the days:

DAY 1

Intense praise and worship

Thank God for being God. Gen 17:1

Thank God for Daddy and Mummy G.O and for what God is doing through them. Ps. 124

Thank God for creating this beautiful world. Gen 1:1-31

Thank God for being our help in ages past. 121:1-8

Thank God for this year 2017 and for all the promises of God that are in it

Thank God for making 2017 a year of surprise

Let us thank for not allowing civil war to tear apart our country

Let us thank God for not allowing hunger and famine in our country.

Let us bless the name of Jehovah God for his protection last year. Ps 124:1-end

Let us thank God for the manifestation of Signs and Wonders since the establishment of RCCG.

DAY 2

Intense praise and worship

Let us bless the name of the Lord for the obedience of Late Pa. Josiah Akindayomi and Pastor E.A. Adeboye, to the voice of the God who called them.

Let us bless the name of the LORD for the new move that brought in the new National Overseer in Nigeria

Let us Bless the name of our Lord Jesus Christ for the growth of Christianity in our country

Thank God for His mercy that is renewed upon us every morning. Ps 136:1

Let us thank God for the progress made so far in RCCG. Ps127:1-2

Let us thank God for the Men of honour inspired by the Holy Spirit to move RCCG forward

Thank God for preserving our lives. Ps 23:1-4

Thank God for the peace of God that is reigning in your country. Ps 23:2

Thank God for the glory of God that is manifesting all over the world. Ps 24:1

Thank God for the gospel of our Lord Jesus Christ that is penetrating the unreached part of the world. Mk 16:16-18

DAY 3

Intense praise and worship

Thank God for genuine men of God and their ministerial assignments in RCCG. Mk . 16: 16-18

Thank for fighting for your country against destruction and terrorists. Ps 91:1-3

Thank God for blessing your country and making her triumphant over her enemies of progress. Ps 124

Thank God for giving your country victory over civil war. Ps 91

Thank God for His good hands that is upon RCCG. Neh. 2: 8

Thank God for blessing this generation with Daddy and Mummy G.O. Gen 12: 2-3

Thank God for blessing RCCG in every aspect of life. Rom. 9:15-16

Thank God for Great expansions in RCCG. Eccl. 9:11

Thank God for all the Holy Ghost Services, Holy Ghost Congresses and National conventions. Ps.127:1

Thank God for being good to us in RCCG.ps 124:1-8

DAY 4

Intense praise and worship

Father give us the grace to please you in all that we do in this year 2017

Father give us the grace to wake up and win souls, attend House Fellowships, Digging deep , Sunday Services and other church programs regularly in this year, 2017

Father, help us to be faithful in honouring you with our first fruit, giving our tithes and offering regularly throughout this New Year 2017

Father arise, and show yourself mighty on our behalf and on the behalf of our , parishes and family members

Father arise and help me to stir up the giant in me

Father help me to recover all the lost grounds in this New Year 2017

Father help me to forever be relevant and never become a man of yesterday. 1Sam 16:1

Father have mercy on me and reverse every irreversible in my life this year. Ezek. 37:1-12

Father, you are the help of the helpless, help us to be united and help RCCG to forever be relevant

Thank God for His mercy on RCCG. Rom. 9: 15-16

Thank God for not allowing the enemy to have none of his ways on RCCG Ps. 124

Thank God for His awesome moves in RCCG. Ps 136

Thank God for what He has done for you and every individual in RCCG. Ps 138

Thank God for the family of Daddy and Mummy G.O and for His mercy on them Exod. 33:19

Let us thank God for His new move in raising a New Army of vibrant youths in RCCG . Isa. 43: 18 -19

Let us ask God to scatter every wrong foundation that can mar the strength of the New Army of vibrant youths in RCCG

Let us ask God to uproot every tree he has not planted among the youths in RCCG

Let us pray that God will strengthen the weak among the right standing youths in RCCG. Isa 40: 29-31

Let us pray for a fully armoured Army of vibrant youths in RCCG 6: 10-17

Day 5

Intense praise and worship

Father give us the grace to please you in all that we do in this year 2017

Father give us the grace to wake up and win souls, attend House Fellowships, Digging deep , Sunday Services and other church programs regularly in this year, 2017

Father, help us to be faithful in honouring you with our first fruit, giving our tithes and offering regularly throughout this New Year 2017

Father arise, and show yourself mighty on our behalf and on the behalf of our , parishes and family members

Father arise and help me to stir up the giant in me

Father help me to recover all the lost grounds in this New Year 2017

Father help me to forever be relevant and never become a man of yesterday. 1Sam 16:1

Father have mercy on me and reverse every irreversible in my life this year. Ezek. 37:1-12

Father, you are the help of the helpless, help us to be united and help RCCG to forever be relevant

Let us ask to be merciful on us in 2017

Father , arise and favour us in with pleasant surprises in 2017

Father have mercy on us and don’t allow us to do anything that will make us to experience negative surprise in 2017. Rom. 6:1

Let us ask God for a militant Army of vibrant youths in RCCG who know whom they are in Christ. I Corinth.10:1-6

Let us ask God for a highly disciplined Army of vibrant youths in RCCG . II Tim. 2:3-5

Let us ask God for the Army of vibrant youths in RCCG that will finish strong I Corinth 9: 24 – 29

Let us ask God for the Army of vibrant youths in RCCG that will deal with companions according to knowledge I Pet 3: 7-13

Let us ask God for the Army of vibrant youths in RCCG that walk in the spirit. Gal. 5:13-16

Let us pray to God for the Army of vibrant youths in RCCG that will learn from the example of the past. I Corinth 10: 1-6.

Kindly get for other days here: http://www.businesspost.ng/2017/01/12/prayer-points-for-rccg-2017-40-day-fast/

By Dipo Olowookere

Minister of State for Aviation, Mr Hadi Sirika, has explained that work on the runway of the Nnamdi Azikiwe International Airport in Abuja will take six months to complete, but stressed that the airport would only be closed for six weeks.

Mr Sirika made this clarification while addressing the Senate on Thursday.

The Minister explained that the Abuja runway was constructed in 1982 and has only a lifespan of 14 years, indicating that it has already exceeded its usage.

He warned that to continue to operate the airport would be unsafe and unreasonable as there is a daily occurrence of incidents.

According to him, the Port Harcourt Airport in Rivers State was shut down for over two years because the maintenance was not done on time.

Mr Sirika noted that every flight plan has an alternate landing route and that Kaduna has always been an alternative for Abuja.

He gave an instance when a plane landed on January 8, 2017 and ruined its tyre. He said at the moment, the plane can no longer fly.

The Minister stressed that the President Muhammadu Buhari administration is concerned about safety and will not take any chances to make thing work well.

When asked by the Senate President, Mr Bukola Saraki, on the status of preparation of the Kaduna Airport to serve as alternative, the Aviation Minister said government will provide military, police and helicopter patrols and upgrade clinics along the Abuja/Kaduna airport route.

He further said train services and executive bus services would be provided.

According to him, few years ago, as a member of the National Assembly himself, he wrote a letter to all 469 members on the need for a second runway.

The Deputy Senate President, Mr Ike Ekweremadu, asked if it was possible to extend the runway in Abuja to allow planes to continue to land and take off. He further asked if there were plans now to construct another runway at the Abuja Airport.

In his submission, Senator Barnabas Gemade said, “Julius Berger is not helping the nation at all, this has become a reoccurring problem in major areas they handle.”

He pointed out that if the airport must be closed, it should not exceed two weeks, insisting that the Kaduna Airport does not do international flight, saying the implication is that flight tickets would become more expensive.

But the Aviation Minister assured that local engineers and indigenous companies would be engaged so as to put the money back into our economy.

http://www.businesspost.ng/2017/01/12/abuja-runway-repairs-to-take-6-months-not-6-weeks-minister/

**Praises Nigerian Breweries

By Dipo Olowookere

The statutory body vested with the responsibility of standardising and regulating the quality of all products in Nigeria, the Standard Organisation of Nigeria (SON), has debunked claims of a fake Amstel Malta in circulation.
Addressing newsmen in Lagos on Thursday, a Deputy Director at SON, Mr Fred Akingbesote, emphasised that there was no fake Amstel Malta in the market.

Mr Akingbesote confirmed that the NIS logo on Amstel Malta was the highest mark of quality from SON and commended the management of Nigerian Breweries Plc, makers of the Amstel Malta, for its commitment to the highest quality standard.

He stated that Nigerian Breweries is one of the first companies to adopt the new NIS logo which was launched in September 2015.

The Deputy Director, who represented the Director General of the organisation at the media parley, explained to journalists that Nigerian Breweries have met all SON safety and quality requirements and have complied with all requirements of the new National Industrial Standard (NIS) logo.

Mr Akingbesote maintained that the people behind the defamation were just playing on the intelligence of Nigerians.

“We have a website (www.son.gov.ng) which contains all information on our standards and quality regulations. Every Nigerian who has doubts about any product certified by SON should crosscheck the facts,” he said.

Also speaking on the occasion, Corporate Affairs Adviser of Nigerian Breweries Plc, Mr Kufre Ekanem, explained that the Amstel Malta was one of the first brands to comply with SON directives.

He added that the brand revised its packaging in line with the guidelines and approval of National Agency for Food, Drug Administration and Control (NAFDAC) and in compliance with the new mandatory NIS quality logo from the SON

“In the normal course of product and packaging renovation, old packaging and the new introduction co-exist in the market until the old one dries out. In view of the 12-month shelf life, we currently have Amstel Malta with both the old and new packaging in some parts of the market,” Mr Ekanem said.

He maintained that Nigerian Breweries is a world class multinational company that has operated in Nigeria for over 70 years and that the quality of its brands has been one of the key success factors of the company across these decades.

“Every pack of Amstel Malta is produced to the highest quality-control standards of Nigerian Breweries,” he noted.

He also said before the company rebranded Amstel Malta in 2016, it got the necessary approvals from the relevant agencies.

Mr Ekanem assured consumers that every pack of Amstel Malta contains the same premium quality malt drink that they have come to love.

He informed that the company has reported the defamation attempt to the police and remains grateful that the police authorities are investigating the case further.

It would be recalled that in August 2016, Amstel Malta, the premium, low sugar formulated malt drink from the stable of Nigerian Breweries, launched a new credential campaign WhyAddMore.

Shortly after the campaign, a picture went viral that a fake version of the Amstel Malta was in circulation.

This was because the new packaging wore the new NIS logo while the old packaging had the old NIS logo of SON.

http://www.businesspost.ng/2017/01/12/son-clears-air-fake-amstel-malta-rumour/

By Modupe Gbadeyanka

A total of about 8,000 accredited poor Nigerians from the selected 12 Local Government Areas of Osun State will benefit in the conditional cash transfer of the Federal Government.

The disbursement of the N5000 monthly stipend, which is currently on-going in some states of the federation, has started in the state.

The Unit Head for the cash transfer in Osun State, Mrs Adeola Oyebamiji, said during the disbursement exercise of the December and January months’ stipend in Ife north local government Secretariat that subsequent payment would be made via bank transfer to all beneficiaries.

Mrs Oyebamiji said the aim of the scheme was to reduce poverty among the most vulnerable Nigerians.

Some beneficiaries of the conditional cash transfer appreciated the gesture of the Federal Government and assured judicious use of the money.

The Federal Government had listed Osun State among the nine pilot states for the scheme.

http://www.businesspost.ng/2017/01/11/8000-poor-osun-citizens-get-fgs-n5000-stipend/