₦airaland Forum

By Dipo Olowookere
Kwara State Governor, Mr Abdulfatah Ahmed, on Tuesday, January 10, 2017, directed the immediate release of first and second quarter allocation to tertiary institutions in the state, with a charge that any institution head that fails to meet revenue targets resulting in salary arrears will be changed.
Governor Ahmed, who gave the directive during a meeting with heads of government owned- tertiary institutions, explained that the revenue projection for the schools has been included in the 2017 budget proposal, and formed the basis of agreed subventions.

He noted that the heads of schools in the state must intensify efforts to market their institutions, increase student numbers and enhance their Internally Generated Revenue (IGR) to meet recurrent expenditure.

Mr Ahmed said this will ensure that they meet their part of the projected revenue, while assuring that the state government will continue to meet its obligations to the institutions in terms of provisions of subventions and infrastructures.

However, the Governor expressed confidence that the management of the institutions will meet their target and pledged the state government's continued support.

He said that institutions will soon be restructured and made self-sustaining in view of current economic realities and global trends.

Continuing, Governor Ahmed disclosed that the government will soon set up a committee to assess the infrastructural needs of the institutions, which will be funded under the Kwara State Infrastructure Development Fund (IFK).

http://www.businesspost.ng/2017/01/10/kwara-schools-heads-told-meet-revenue-targets-face-sack/

By Dipo Olowookere
Ogun State Governor, Mr Ibikunle Amosun, has once again assured the people of Ogun West Senatorial District that his administration will continue to ensure even development across the three senatorial districts of the state.
Governor Amosun gave this assurance on Monday, while receiving elders from the Yewa/Awori area of the state led by Prof. Biyi Afonja, who paid him a courtesy visit at his Oke Mosan, Abeokuta office.

Mr Amosun reassured the elders that his government was not neglecting any part of Ogun State.

He revealed within the next few weeks, contractors would be back to site and fully resume work across the length and breadth of the state.

The Governor, who assured that Ilaro - Owode, Atan - Agbara, Alapoti - Igbesa as well as Ilara - Eggua -Oja Odan roads would soon be completed, requested that all citizens should continue to pray for his administration.

Speaking earlier, Professor Afonja appreciated the Governor for the giant strides recorded so far in the state.

He equally seized the opportunity to request for more developmental projects and dividends of democracy in the Ogun West Senatorial District.

www.businesspost.ng/2017/01/09/keep-praying-amosun-begs-ogun-elders/

By Dipo Olowookere

Management of Ikeja Electric has unveiled a new bill format, which it said is aimed at providing better services to its customers.

Business Post gathered that the bill format was changed by Ikeja Electric late 2016 and has some new features.

A representative of the company, who spoke with Business Post correspondent on Friday, explained that the new bill has payment history of customers of about five months, which serves as a statement of account.

The rep noted that with this, customers can see details of what they were charged and the payments made by them without stress.

Speaking further, the company’s representative said the new bill format was done to integrate all customers on one platform for easy service delivery.

“With the new bill format, customers can also see with ease the different payment channels available to them.

“They can also see various platforms with which they can reach us,” the representative told Business Post.

It was further gathered that the new bill format has features to aid customers reconcile their consumption usage. It also comes with new account numbers, though customers’ old account numbers will also remain on the bills for ease of reconciliation.

On its website, Ikeja Electric explained that it has “also introduced the complaint redress mechanism behind the new bill to further aid customers who may need to resolve service issues.”

http://www.businesspost.ng/2017/01/06/ikeja-electric-introduces-new-bill-format/

By Modupe Gbadeyanka

The Presidency has reassured all Nigerians and foreigners of the safety of the seat of power in the country.

This followed an incident involving the accidental gun discharge in the State House on Wednesday, January 4, 2017.

In a statement issued on Thursday by the Senior Special Assistant to the President on Media & Publicity, Mr Garba Shehu, the Presidency said according to the reports received so far, the security official involved is not attached to the State House.

“Rather, he came on invitation as a witness in an ongoing investigation and was required, as is the rule, to surrender his weapon at the gates before entry.

“It was in the process of conducting the normal safety precaution as professionally required that the pistol accidentally fired,” Mr Shehu explained in the statement.

He said further that, “Unfortunately, the security operative and the lady by his side, a caterer in the State House, were hit by a pellet of the bullet. Both of them were attended to at the clinic and discharged.”

http://www.businesspost.ng/2017/01/05/accidental-discharge-presidential-villa-still-safe-presidency/

By Dipo Olowookere
A senior staff of Access Bank in Port Harcourt, Rivers State has been apprehended by police for his alleged involvement in a foiled robbery attempt on the bank.
A statement issued on Thursday by spokesman of the Nigeria Police Force, Mr Donald Awunah, disclosed that the suspect was nabbed alongside his accomplices, which included security personnel attached to the financial institution.

Mr Awunah said items recovered from the “vicious armed robbers who specialized in bank robbery [include] “two AK 47 Rifles and magazines fully loaded with Ammunition, a welding machine, two gas cylinders and iron cutters, a big chisel, cutting saw, hammer and acetylene gas power.”

Police named suspects as Mr Samuel Ndudiri, ex-Sergeant Promise Ukwuoma, Samuel Nwala, Lucky Ukwuoma and Kaale Taagabah.

It was revealed that on December 22, 2016, the five suspects mentioned above and other still at large stormed a branch of Access Bank Plc in Port Harcourt, relying on information and active involvement of one of the staff of the bank, the armed robbers successfully broke down the well-fortified security doors and barriers and took over the banking hall.

“They were almost pulling down the vault of the bank and other strong rooms in the bank with use of gas cylinder welding machine and iron cutters before the joint Police Teams of IGP’S Intelligence Response Team and Policemen from Rivers state Police Command swiftly moved in and dislodged them, thereby foiled the armed robbery attack on the Bank and made a prompt arrest of three of the suspects at the scene; namely Samuel Nwala ‘M’ 28 years, Lucky Ukwuoma ‘M’ 26 years, Kaale Taagabah ‘M’ 27 years,” the statement said.

“In the course of thorough investigation into the foiled armed robbery attack on the bank, the principal suspect who is a staff of the bank and the master mind of the armed robber attack was subsequently arrested based on the confessional statements volunteered by the last three suspects arrested at the scene.

“The arrest of the principal suspect led to the arrest of Ex SGT Promise Ukwuoma who participated actively in the armed robbery attack on the bank, the two AK 47 riffles and the ammunition were recovered from him.

“All the suspects have volunteered confessional and useful statements to the police about the various criminal roles they played in the commission of the crime,” the police said.

However, it noted that concerted efforts are being intensified to arrest other suspects still at large and bring them to justice.

Police have promised to charge the suspects to court on completion of investigation.
www.businesspost.ng/2017/01/05/access-bank-senior-staff-others-arrested-robbery/

By Modupe Gbadeyanka

No fewer than eight Assistant Comptrollers-General and 238 Deputy Comptrollers have been redeployed by the Nigeria Customs Service (NCS).

The shakeup was approved by the Comptroller-General of Customs, Mr Hameed Ibrahim Ali, in a bid to strengthen operations and reposition the service to meet the challenges of 2017.

The redeployment, which takes immediate effect, also affected spokesman of the NCS, Deputy Comptroller (DC) Wale Adeniyi, who is now posted to Apapa Customs Area Command, Lagos.

All the affected officers have been advised to report at their new Zones and Commands and also charged to ensure maximum collection of revenue and strict implementation of the fiscal policy of government.

The Comptroller-General reiterated Federal Government ban on importation of rice and vehicles through the land borders.

The Assistant Comptrollers-General affected are:

ACG Charles Edike from Zone A to Human Resource Development (HRD)
ACG Ahmed Mohammed from HRD to Zone B
ACG Aminu Dangaladima from Zone B to Enforcement
ACG Francis Dosumu from Enforcement to Zone D
ACG Augustine Chidi from Zone D to Excise, Free Trade Zone and Industrial Incentives (Ex, FTZ, & I I)
ACG Monday Abueh from Ex, FTZ, & I I to Zone A
ACG Umar Sanusi from HQ to Zone C
ACG Abdulkadir Azerema from Zone C to HQ.

http://www.businesspost.ng/2017/01/03/customs-redeploys-8-acgs-238-dcs/

By Modupe Gbadeyanka

Governor Abdulfatah Ahmed of Kwara State on Thursday presented the 2017 budget to the state’s House of Assembly.

Mr Ahmed, in his speech, noted that he plans to spend N135.26 billion in the 2017 fiscal year.

According to him, the 2017 appropriation bill christened ‘Budget of Introspection and Sustenance,’ is anchored on current economic realities and his administration’s determination to look inwards for sustained prosperity and development.

The Governor noted that his government intends to fully exploit the economic potentials of the state by tapping into all potential sources of Internally Generated Revenue (IGR) through the improvement of existing revenue line items while breaking new ground.

However, he maintained that this would be “pursued in a manner that will not inflict hardship on our people.”

Business Post correspondent reports that Mr Ahmed explained to the lawmakers that the 2017 budget is N22.68 billion higher than what was presented in the outgoing 2016 fiscal year, representing 21.2 percent increase.

He also said out of the total budget size, a total sum of N57.5 billion is earmarked for recurrent expenditure, N71 billion is for capital expenditure and a total sum of N6.8 billion is allotted for public debt service, representing 42.5 percent, 52.5 percent and 5 percent of the total budget size respectively.

Moreover, the Governor told the House of Assembly that he intends to fund the 2017 budget through the statutory revenue allocation (FAAC) estimated at N23.8 billion, VAT estimated at N7.5 billion, other sundry revenue estimated at N7.5 billion, refund from London and Paris Club Loans at N10 billion, IGR of N20.3 billion, Capital Development Fund Receipt/Aid & Grants of N52.5 billion and term loan facility from Financial Institutions estimated at N5 billion.

In his speech, the Kwara State Governor said his “commitment to bridge the infrastructure development gap in the state remains unshaken despite the present economic challenges.

“In line with this determination, the state government has devised innovative means of financing the infrastructural projects in the state through the establishment of Kwara Infrastructure Development Fund known as IF-K, in which this Honourable House graciously passed into law recently.

“The fund is sourced from the state’s IGR deduction of N500 million only on a monthly basis. This singular act will free up money for our critical infrastructure and other social related expenditure.

“In addition, we are looking at alternative financing sources for some of our projects through Public Private Partnership in the coming financial year.”

He further disclosed that the 2017 budget proposal is for the promotion of the welfare of Kwarans by enhancing infrastructure, stimulating the socio-economic environment, boosting the informal sector and, by extension, expanding job creation, noting that, “I am aware that this year has been a difficult one for individuals, families and businesses in Kwara State.”

“I am determined that despite the current challenges, and based on the proposals I am presenting today, we will be able to put food on more tables, money in more pockets and more people in employment this coming year,” Mr Ahmed assured.

He said, “The 2017 budget is generally designed to diversify the production and revenue base of the state economy to deliver inclusive growth, infrastructural development, job creation and social intervention programs for the poor and vulnerable groups.”

Mr Ahmed promised to reduce the cost of governance and be prudent in the utilization of available resources in critical areas to help his administration achieve its goals for 2017 fiscal year.

http://www.businesspost.ng/2016/12/29/2017-kwara-gov-presents-n135-3b-budget/

By Taiwo Adisa

The Central Bank of Nigeria (CBN) is to spend the sum of N3 billion to buy lunch and another N7.029 billion on other allowances for its officials at the end of the 2016 Fiscal year, the bank’s 2017 budget already approved by the Committees on Banking in the National Assembly has revealed.

The budget, submitted to the National Assembly in July, had experienced some delays in passage, but a joint committee of the Senate and House of Representatives on banking and other financial institutions had recommended the approval of a N408.8 billion budget for 2017 in 2016.

Though the Fiscal Responsibility Act 2007 mandated the CBN and other revenue making agencies to submit their budgets for appropriation by the National Assembly, the apex bank had resisted the process until President Muhammadu Buhari forwarded the budgets of the agencies to the National Assembly in July.

Under the leadership of Mr Sanusi Lamido Sanusi as CBN governor, the bank resisted the attempt to submit its budget to the National Assembly, claiming that the CBN Act indicated that its budget should be approved by the CBN Board.

But the National Assembly had insisted that while Section 6(3) of the CBN Act vested the approval of the budget on the CBN Board, Section 21(3) of the Fiscal Responsibility Act 2007 provided that the budget must be transmitted to the National Assembly for appropriation.

Details contained in the budget document also showed that the CBN expected an operating surplus of N12 billion in 2016. While it expects to spend the sum of N408.8 billion, it expects to make a total income of N420.7 billion.

The CBN, according to the approved budget, projected to make N34 billion from interests on foreign investment; the sum of N298.2 billion from interests on domestic investment; another N37 billion on interest on domestic loans and advances and the sum of N50 billion income from operational activities.

A breakdown of the expenses indicated that the apex bank would spend the sum of N80 billion on staff cost and N44 billion on administrative expenses, while operational expenses in general would cost N283.5 billion.

Besides the sum of N3 billion earmarked for lunch, the bank has also earmarked the sum of N9.4 billion for payment of 13th month bonus; another N6 billion for furniture allowance and another N7.9 billion as transportation allowances.

The document also indicated that the apex bank would spend the sum of N2.3 billion on medical allowances and the sum of N641 million as security guards expenses.

Further breakdown of the expenditure profile showed that the CBN would spend N27 billion on currency management and monetary operations ; another N150 billion on liquidity management; N50 billion as contribution to banking sector resolution; N3 billion on development expenses; N8.7 billion on strategic initiative; N40.4 billion on intervention projects and N4 billion as contingencies.

The budget document provided a list of over 60 intervention projects being undertaken by the CBN at the various universities and colleges at the cost of over N40 billion.

Intervention projects include the construction of Centre of Excellence at the University of Nigeria, Enugu Campus at the cost of N231 million; Centre of Excellence at Ahmadu Bello University, Zaria(N530.3 million);Centre of Excellence at University of Ibadan(198.5 million); Hostel Block at NIPSS, Kuru (N676 million); Auditorium building at NIPSS, Kuru (N10.7 million); Construction of Science Laboratory at Enugu State University of Science and Technology (166 million); Centre of Excellence at the University of Lagos(N950 million); Centre of Excellence at Nigerian Defence Academy, Kaduna (N872 million; Construction of Students’ Hostel at Nnamdi Azikiwe University, Nnewi Campus(N189 million);Development of Centre of Excellence at the University of Port Harcourt(N1.250 billion); provision of new facilities at Offa Grammar School, Kwara State(N2 billion); Construction of Office/lecture hall at Faculty of Arts, Environmental Sciences and Supply of equipment at the Kaduna State University, Kaduna (N404 million); projects at Administrative Staff College Badagry, Lagos(N1bn) and another project at Federal Medical Centre, Azare, Bauchi State at N800 million, among others.

The CBN also budgeted the sum of N760 million for rebuilding of Nyanya Motor Park, as well as the sum of N3.025 billion as intervention in public infrastructure in military barracks across the six geopolitical zones.

Other big-spending projects of the CBN included intervention projects in the six geopolitical zones put at N8.750 billion; intervention at the University of Abuja at N750 million; a N710 million project at Federal Treasury Academy, Orozo, FCT and another N5.7 billion project called International Convention Centre, Abuja.

http://www.businesspost.ng/2016/12/28/2017-budget-cbn-spend-n10b-lunch-others/

By Modupe Gbadeyanka

A crime prediction software has been released by Space Imaging Middle East (SIME). It is its latest predictive policing software successfully launched by the Dubai Police force.

The software, which is the first of its kind in the region, was developed in support of the UAE’s Smart Governance Initiative, and specifically designed to complement the Dubai Police force’s modernized approach to crime prevention and enhanced public safety.

Crime Prediction analyses existing intelligence and crime patterns from police databases and, using sophisticated algorithms, produces highly accurate data related to when and where crime is likely to occur next.

This intelligence in turn informs patrol teams on which districts may require additional resources in order to prevent potential criminal activity.

“SIME is incredibly honoured to have worked on this ambitious project with Dubai Police,” said Mohamad El Kadi, Managing Director of Space Imaging Middle East. “The Dubai Police Force is renowned for embracing new technologies to better serve and protect the local community, and this spirit inspired us to develop Crime Prediction.”

“This software is uniquely intelligent in its capability to accurately discern intricate patterns of criminal behavior in seemingly unconnected events and then predict the probability of reoccurrence.” said Spandan Kar, Head of SIME’s GIS Division. “We are confident that these precise analytics, when combined with the knowledge and instincts of experienced police officers, will create a formidable force to deter crime.”

http://www.businesspost.ng/2016/12/22/dubai-police-unveils-crime-prediction-software/

By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State has disclosed that the state generated more revenue in 2016 despite the economic downturn experienced by Nigeria.

At a special evening of music and camaraderie held at the Lagos House, Ikeja on Sunday, to usher in the Yuletide season, Governor Ambode showered praises on tax payers in the state for performing their civic obligations faithfully.

Mr Ambode said as at December 16, 2016, Lagos State had raked in N287 billion IGR for the year under review as against N268.2 billion generated in 2015.

Speaking at a special evening of music and camaraderie held at the Lagos House, Ikeja, to usher in the Yuletide season, Governor Ambode said the taxes paid by the people have been judiciously utilized to upgrade infrastructures and provide various services, just as he said that Lagosians deserved to be appreciated for cooperating with government in that regard.

Speaking on the significance of the event which featured performances by array of evergreen musicians and was attended by top political leaders, captains of industries, media executives, professionals in various fields, members of the diplomatic corps, among others, Governor Ambode said the state government was greatly appreciative of the contributions of the people to the growth of the state in the year under review, adding that the event was principally to appreciate them.

He said: “You wonder what it is that we are doing? We said it is an evening with the Governor but the truth is I just set this up to appreciate all of you and to say a big thank you. Yes, people have been saying that Lagos is working but Lagos is only working because of the people who are seated here.

“The tax payers are the ones giving us the little energy that we have and even though when they say Nigeria is in recession, but somehow Lagos has been able to do it and it is because people are paying their taxes.

“The truth is that the people have been carrying out their civic obligations and somehow we have been returning those obligations with the services that we have provided and you found out that this year; we have actually made more IGR than last year under a recession.

“So, somehow, we need to appreciate all the people that have made this to happen and then I look at the way I could use Arts, Entertainment, Tourism and Hospitality not only to promote the excellence that Lagos has always been known for but to provide another sector of revenue for Lagos State and I felt one of the ways to go about that was to invite our old celebrities that we seem to have forgotten and spend an evening with them,” Governor Ambode said.

The event was attended by top leaders including National Leader of All Progressives Congress (APC), Asiwaju Bola Tinubu; Governor of State of Osun, Ogbeni Rauf Aregbesola; Lagos State Deputy Governor, Dr Idiat Oluranti Adebule; Minister of Information, Culture and Tourism, Alhaji Lai Mohammed; former Governors of Osun State, Chief Bisi Akande and Senator Isiaka Adeleke; former Governor of Cross River State, Donald Duke; Majority Leader of House of Representatives, Femi Gbajabiamila; Senator representing Lagos West at the Senate and his predecessor, Solomon Adeola Olamilekan and Ganiyu Olanrewaju Solomon respectively; Speaker of Lagos State House of Assembly, Mudashiru Obasa; Managing Director of Access Bank, Mr. Herbert Wigwe; South West APC Women Leader, Chief Kemi Nelson; Iyalode of Lagos, Alhaja Binta Tinubu, among others.

Some of the legendary musicians that performed at the event include Evangelist Ebenezer Obey, Sir Victor Uwaifo, Sir Shina Peters, Lagbaja, Queen Salawa Abeni and Adewale Ayuba.

http://www.businesspost.ng/2016/12/19/lagos-made-n287b-tax-2016-ambode/

By Modupe Gbadeyanka

For a while now, promoters of a digital currency, Bitcoin, have been urging Nigerians to key into the system just like the controversial MMM Ponzi scheme.

This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens.

It also said the system may be adopted in the country if investigations give it a go-ahead.

At the 2016 Workshop for Financial Correspondents on Friday in Kaduna, Managing Director of Nigeria Deposit Insurance Commission (NDIC), Mr Umaru Ibrahim, disclosed that his commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the trending ‘bitcoin’ scheme.

“On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal bitcoin.

“We will look at its advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers.

“We will also look at what it means for money laundering, anti-corruption, crime and measurement of money /near money instrument for the economy.

“But we need a lot of education to do this and I’m calling on you (media) to educate yourselves about all of this so you can educate the public,” Mr Ibrahim said at the event themed ‘Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward.’

He explained that ‘bitcoin’ included what is being called block chain technology based products in the market, noting that a lot of Nigerians had already started patronising bitcoin.

Mr Ibrahim also said some leading central banks in Europe and the United States had adopted their own versions of bitcoins.

“Some of the central banks have also adopted it and are seriously doing everything possible to bring in the emergence of this invisible products.

“The owners do not need any central bank; they do not need any physical bank.

“If you are a subscriber, you only know yourselves and they give you a bit of the bitcoin and in some countries you can convert it to cash.

“You can make payments with it because it has been recognised and one of the famous ex-chief executive of Barclays PLC, Antony Jenkins, have joined the group’s board of directors,” he said.

http://www.businesspost.ng/2016/12/18/cbn-ndic-may-consider-digital-currency-bitcoin/

By Modupe Gbadeyanka

A new research has warned that eating undercooked chicken could trigger Guillain-Barre Syndrome (GBS) commonly called paralysis.

According to the study carried out by a Michigan State University research team, there is a common bacterium found in improperly cooked chicken causes GBS.

The latest research now published in the Journal of Autoimmunity, demonstrates how this food-borne bacterium, known as Campylobacter jejuni, triggers GBS.

“What our work has told us is that it takes a certain genetic makeup combined with a certain Campylobacter strain to cause this disease,” said Linda Mansfield, lead author and MSU College of Veterinary Medicine professor. “The concerning thing is that many of these strains are resistant to antibiotics and our work shows that treatment with some antibiotics could actually make the disease worse.”

GBS is the world’s leading cause of acute neuromuscular paralysis in humans and despite much speculation, the exact mechanisms of how this autoimmune disease develops have been widely unknown.

According to www.healthline.com, “paralysis is a loss of muscle function in part of your body. It can be temporary or permanent. The most common causes are stroke, spinal cord injury, and multiple sclerosis.”

However, the team has offered new information for a cure for the disease.

“We have successfully produced three preclinical models of GBS that represent two different forms of the syndrome seen in humans,” Mansfield said. “Our models now provide a unique opportunity to understand how your personal genetic type may make you more susceptible to certain forms of GBS.”

In the research funded by the National Institutes of Health Enterics Research Investigational Network, Mansfield said there are many other bacteria and viruses associated with GBS and her models and data could be useful in studying these suspected causes, as well as finding better treatment and prevention options.

“These models hold great potential for discovery of new treatments for this paralysis,” Mansfield said. “Many patients with GBS are critically ill and they can’t participate in clinical trials. The models we identified can help solve this.”

Those suffering from GBS can initially experience vomiting and diarrhea, but can often write the symptoms off as eating bad food. One to three weeks later, they can begin to develop weakness and tingling in the feet and legs. Gradually, paralysis can spread to the upper body and arms, and even a respirator may be needed for breathing.

“Of course new treatments would be wonderful,” she said, “but therapeutics to prevent GBS from developing in the first place would be the best strategy so that people don’t have to suffer with paralysis.”

http://www.businesspost.ng/2016/12/16/undercooked-chicken-can-cause-stroke-research/

By Modupe Gbadeyanka

Latest report released by the National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate climbed to 18.5 percent in November 2016 from 18.3 percent it recorded in October.

In an e-mailed statement on Thursday, December 15, 2016, the NBS disclosed that food inflation increased by 17.2 percent, while the average price of petrol climbed to N146.7 compared to N145.9 in October.

Business Post gathered that this is the 13th consecutive month the Nigerian inflation rate has accelerated.

This comes despite the Central Bank of Nigeria (CBN) has kept the main lending rate at a record-high to balance price pressures with supporting a slumping economy.

According to the report, the index’s rise was mainly driven by increases in the prices of imported foods, meat, bread and cereals and fish.

It was also gathered that prices increased 0.78 percent in the month.

It is expected that in 2017, things will start getting better as President Muhammadu Buhari expressed on Wednesday when he presented the 2017 budget to the National Assembly.

http://www.businesspost.ng/2016/12/15/nigerias-inflation-rate-hits-18-5/

By Dipo Olowookere

If a poll is conducted on which bank customers in Nigeria are in confused and panic mode at the moment, the result might show those with Heritage Bank in the lead.

News reports hitting the cyber space lately concerning the financial institution have not been very palatable to the ears. Even the deaf and the blind are getting worried too.

In the past months, Heritage Bank has had to run to the roof tops to allay the fears of its numerous customers that it is not in distress as being reported in some quarters.

Also, the Central Bank of Nigeria (CBN) has had to join in the ‘town crying’ that Heritage Bank is healthy and not heading to the rocks.

Some weeks ago, it was reported that Heritage Bank Plc was unable to meet customers’ immediate withdrawal requests and also wiped out all foreign currency domiciliary accounts.

It was further alleged in the report that senior management staff of the bank plunged it to crisis through embezzlement carried out by award of bogus contracts to relatives.

According to a latest report, it was alleged that Heritage Bank is presently like a ghost its management is desperately trying to give the appearance of a virile financial institution.

It was also alleged that Heritage Bank sold one of its properties on Femi Pearse Street, Victoria Island, Lagos, to attain a measure of liquidity and used the proceeds to pay the rent of the bank’s offices at Ajose Adeogun and Moshood Olugbani Streets, both on Victoria Island, Lagos.

Furthermore, the report further alleged that the bank’s management has been borrowing money to pay salaries since September 2016 and has also embarked on sacking its workers in batches so as to lessen its workforce due to its present state.

In all these, customers of the bank do not know what step to take at the moment; whether to quickly withdraw all their hard-earned money or leave it with the bank or if to believe assurances from the bank and the CBN or to reports warning them of imminent danger.

What has fuelled the dilemma more is the fact that in Nigeria, it is normal for management of banks to make things look very good until bubble bursts. Cases of banks looking very vibrant on the outside in the late 2000s, which were later sold, quickly come to mind.

It is now being feared if Heritage Bank customers won’t turn out to be like participants of MMM Nigeria, who were being assured of safety of their money by operators despite warnings from government agencies, but only to wake up this week to learn that they have been barred from withdrawing their money until 2017, dashing their hopes of a vibrant Christmas.

But in all, Heritage Bank has continued to assure its customers that it is still very healthy and that their money is in safe hands.

http://www.businesspost.ng/2016/12/15/heritage-bank-customers-panic-banks-true-state/

At least one person was feared dead while several others were wounded in a stampede at various banks in Warri, Delta State, after the promoters of the popular Mavrodi Mundial Moneybox (MMM) suspended the accounts of about 3.3 million Nigerian participants.

It was learnt that the participants in the Ponzi scheme, who heard about the announcement yesterday, rushed to their banks to verify. Investigation shows that in one of the busiest banks in Warri metropolis, an elderly man, who was expected to cash N1.5 million slumped and died when he could not cash the money.

Two other persons, who slumped in the same manner, were quickly revived by sympathisers. Scores of others sustained serious injuries as they rushed to get their hard earn money.

Bank officials refused to speak on the issue. Meanwhile, bandits were cashing in on the confusion and rowdy situation to extort money and rob customers who have continued to besiege banks.

https://newtelegraphonline.com/mmm-participant-slumps-dies-bank/

Activities on the Nigerian Stock Exchange (NSE) on Wednesday finished on a strong note with the all-share index rising by 336.48 points or 1.29 percent to end at 26,407.64 points.

Likewise, the market capitalisation improved by N115.8 billion to close at N9.086 trillion. It is important to note that this is the first time the market capitalisation is ending around N9 trillion after it slumped below N9 trillion some weeks ago.

A financial analyst in Lagos, Mr Mayowa Shode, informed Business Post that with 2017 budget presented by President Muhammadu Buhari to the National Assembly, there was hope for the Nigerian capital market to thrive.

Business Post correspondent reports that the equities market was very busy today, which also reflected in the amount spent on stocks by investors despite a drop in the volume of equities transacted at the market.

Our correspondent reports that a total of 205.4 million shares were traded in 3,275 deal valued at N4.3 billion on Wednesday compared to N2.4 billion invested on 377 million shares in 2,885 deals on Tuesday.

Market breath further closed positive as Seplat led 32 gainers against 11 losers topped by Nigerian Breweries at the end of the trading.

While Seplat went up by N25.15k to close at N400 per share, Forte Oil followed by adding N11.99k to finish at N129.10k per share.

Also, Dangote Cement chalked up N3.2k to end at N165.2k per share, GlaxoSmithKline improved by N1 to finish at N15 per share and International Breweries rose by 89k to close at N18.94k per share.

Conversely, Nigerian Breweries lost N1.96k to finish at N143.5k per share, Unilever fell by N1.14k to end at N43.84k per share, Mobil slumped by N1 to close at N299 per share, Beta Glass sank by 99k to finish at N32 per share, while Champion Breweries declined by 11k to end at N2.50k per share.

http://www.businesspost.ng/2016/12/14/stock-market-gains-n116b-as-buhari-presents-2017-budget/

By Dipo Olowookere

As members of the Senate resume for legislative duties on Tuesday (today), December 12, 2016, one of the major issues that will keep them very busy this week is the 2017 appropriation bill.

Tomorrow, President Muhammadu Buhari is expected to present the 2017 budget to a joint session of the National Assembly by 10am.

However, one thing that is still bordering observers is the position of the red chamber on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 -2019, yet to be passed.

Last week, the upper legislative chamber of the National Assembly stressed that it might not consider the 2017 budget except the MTEF was approved.

How this is solved is what still baffles many keen observers.

Perhaps, the MTEF would be passed by the lawmakers today, but one thing is certain, the Senate will receive and consider the report of its Committee on the MTEF and FSP for 2017-2019 this week and then decide whether to accept or reject it.

Also, a look at the notice paper of the Senate revealed that Senators will screen the nominee of President Buhari for the post of Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu this week.

Mr Magu is presently the acting Chairman of the anti-graft agency.

His screening has been dragging for too long. He was supposed to be screened last week, but was shifted to this week.

Other legislative activities to engage the lawmakers include the consideration of the Committee Report on the North East Development Bill, 2016 Federal Inland Revenue Service (FIRS) budget, 2016 Nigeria Customs Service Budget and the 2016 Budget Report on Postal Service of Nigeria.

On Wednesday, the Senate will inaugurate the Legislative Compliance Committee and hold public hearing on Consumer Protection Act (repeal) and to establish the Competition and Consumer Protection Commission Bill 2016 on Thursday.

http://www.businesspost.ng/2016/12/13/2017-budget-mtef-magu-screening-top-senates-agenda-week/

Excitement As Kwara Senator Rolls Out Programs For Women, Youth
http://www.businesspost.ng/2016/12/12/excitement-kwara-senator-rolls-programs-women-youth/

**Affirms Country’s B1 Rating With Stable Outlook

By Modupe Gbadeyanka

Moody's Investors Service on Friday affirmed the B1 long-term issuer rating of the government of Nigeria with a stable outlook just as it forecasts that real GDP growth will rise to 2.5 percent in 2017 and accelerate further in 2018 to 4 percent.

The global rating firm disclosed that the key drivers for these were the medium term growth prospects remain robust despite the current challenging environment, with the rebound in oil production helping to rebalance the economy over the next two years; and the government's balance sheet, which it said remains strong relative to its peers, resilient to the contractionary environment and temporarily elevated interest payments while the authorities pursue their efforts to grow non-oil taxes.

The long-term local-currency bond and deposit ceilings remain unchanged at Ba1. The long-term foreign-currency bond and deposit ceilings remain unchanged at Ba3 and B2, respectively.

Moody's said it expects Nigeria's medium term growth to remain robust, driven by the recovery in oil output and also over the near term, it expects Nigeria's economic growth and US dollar earnings to improve in 2017, supported by a recovery in oil production.

According to Moody’s, after an estimated -1.5 percent real GDP growth in 2016, it forecasts real GDP growth to rise to 2.5% in 2017 and accelerate further in 2018 to 4%. A rebound in oil production to two million barrels per day (mbpd) will, if sustained, enhance economic growth and support the US dollar supply in the economy.

It noted that Nigeria has made significant gains in terms of governance and transparency in the oil sector. Improved availability of data, progress in restructuring the Nigerian National Petroleum Company (NNPC), rising effectiveness of operations at the refineries and a readiness to tackle difficult issues with partners (such as funding issues at the Joint Ventures) speak to a material improvement in the operating environment. The Petroleum Investment Bill (PIB bill), which had been blocked for 8 years in parliament, has been reactivated with a portion of the law drafted and passed by the Senate. Moreover, militant activity in the Niger Delta is set to wane following the resumption of payments from the government, though it will remain a threat to the recovery of the economy.

Moody’s further said the economy is also likely to benefit from the more timely implementation of the 2017 budget than its predecessor and in particular from the increase in capital spending on infrastructure which that will allow.

It also said the scarcity of Dollars, worsened by the soft capital controls imposed by the Central Bank of Nigeria (CBN), is likely to continue to negatively affect important sectors of the economy especially in services and manufacturing sectors.

“We do not expect the current policy mix to significantly change over the short term but a gradual easing of restrictions is possible as foreign currency receipts improve with rising oil production,” the firm said on Friday in a statement obtained by Business Post.

In 2017 and 2018, we expect Nigeria's balance of payments to move back into surplus, supported by government external borrowings and a falling current account deficit. The latter is quickly reducing, supported by falling imports and increased oil production.

Depreciation of the naira, soft capital controls and current dollar scarcity have been relatively effective at constraining imports. We expect foreign exchange reserves to grow modestly in 2017. While improved foreign investor sentiment should support the rebalancing of the economy over the medium term, with the return of portfolio investors improving dollar liquidity in the country, the continued existence of a parallel, unofficial foreign exchange market is likely to act as a strong deterrent over the near term.

RESILIENT GOVERNMENT BALANCE SHEET STRONGER THAN PEERS' DESPITE TURBULENCE

Moody's says it expects the medium-term impact of the oil price shock on Nigeria's government balance sheet to be contained, and recent erosion of debt affordability to be reversed.

The effect of the recent downturn on the government's budget sheet has been contained as the authorities have been able to offset the shortfall in revenue with large cuts in capital expenditure. As a result, Moody's forecasts a budget deficit of 3 percent of GDP in 2016, comprised of a 2 percent of GDP federal government budget deficit and around 1% of arrears split between federal, state and municipality levels of government, it explained.

Moody's forecasts the federal government deficit to remain around 2% of GDP in 2017 and 2018, with large capital expenditure outlays resuming as the government's cash flow situation improves. Based on these underlying projections, Nigeria's balance sheet will continue to compare favourably with peers', with government debt remaining well below 20% of GDP over the coming years against 55% median for B1-rated peers.

By end-2016, Moody's estimates the government debt stock will be comprised of 85% domestic borrowing and 15% external debt, resulting in a manageable external debt profile. Government external debt amounts to just 2.9% of GDP, with interest payments set to remain low, at around $330 million dollars per annum. Domestic debt has increased significantly in recent years, reaching its current level of NGN10 trillion. Around 30% of this debt is comprised of costly T-bills, which have increased refinancing risk and interest rate exposure. However, Moody's expects the ratio of interest payments to government revenues to peak at 20% for general government, and close to 40% of revenues for federal government in 2017.

Although debt service costs are high, Nigeria's domestic capital market is sufficiently developed to accommodate the yearly public sector borrowing requirements of around NGN5.5 trillion. This is another positive credit feature that distinguishes Nigeria from many similarly rated peers. The country's banking sector is well-capitalised and liquid and the national pension fund still has additional capacity. Should banking sector liquidity decline, the Central Bank of Nigeria has tools at its disposal to support appetite for government securities, including lowering the cash reserve requirement ratio from its presently high level of 22.5%. However, appetite for government securities remains strong, with all instruments remain oversubscribed.

Moody's expects the recent increase in debt service costs to prove temporary, as a result of i) the government' initiatives to expand the non-oil revenue base, and ii) efforts to improve the structure of government debt.

Measures by the Federal Revenue Inland Service are expected to increase non-oil revenue to around NGN4 trillion in 2016 from NGN2.5 trillion in 2015. These include a tax amnesty on penalties and interest on tax liabilities due in 2013, 2014 and 2015. However, not all the initiatives have proven successful: the independent re-appropriation of revenues from the ministries departments and agencies (MDAs) has yielded disappointing results so far. Such outcomes highlight the considerable execution risks inherent in the transition to a less oil-dependent federal budget, and the implications for the government balance sheet should it not meet its objectives.

The government's medium-term debt strategy should also help to lower the interest burden. The debt strategy is geared towards exchanging costly short-term debt with long-term concessional borrowing. Although a portion of future external borrowings are expected to be raised through the Eurobond markets, this is likely to be complemented with ongoing support from other multilateral institutions including the African Development Bank and the World Bank. The combined effect of these measures should help to bring interest payments/general government revenues down to 16.8% by 2018, from an estimated 19.8% in 2016.

RATIONALE FOR THE OUTLOOK AT STABLE

The stable outlook is driven by Moody's view that the downside risks posed by the weakening of the country's fiscal strength, and the external and economic pressures anticipated this year and next, are balanced by Nigeria's strengths, which exceed those of sovereigns rated below B1. In 2016, Nigeria's external vulnerability indicator of 31% will remain far below the expected B1 median of 51%, while its debt-to-GDP of 16.6% will remain far below the expected B1 median of 55%. Set against that, its expected debt servicing burden in terms of interest payments to revenue of 19% is more than double the B1 median of 9%. To a large extent, Moody's believes that this reflects Nigeria's underdeveloped public sector revenue base, a credit weakness that the administration is attempting to address.

WHAT COULD CHANGE THE RATING UP

Positive pressure on Nigeria's issuer rating will be exerted upon: 1) successful implementation of structural reforms by the Buhari administration, in particular with respect to public resource management and the broadening of the revenue base; 2) strong improvement in institutional strength with respect to corruption, government effectiveness, and the rule of law; 3) the rebuilding of large financial buffers sufficient to shelter the economy against a prolonged period of oil price and production volatility.

WHAT COULD CHANGE THE RATING DOWN

Nigeria's B1 issuer rating could be downgraded in the event of 1) a greater-than-anticipated deterioration in the government's balance sheet or continued erosion of debt affordability, for example resulting from the failure to implement revenue reform; and 2) lower than expected medium term growth, for example as a result of delays in implementing key structural reforms, especially in the oil sector, or continued militancy in the Niger Delta, which undermine the level of oil production over the medium-term.

GDP per capita (PPP basis, US$): 6,184 (2015 Actual) (also known as Per Capita Income)

Real GDP growth (% change): -1.5% (2016 Estimate) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 19% (2016 Estimate)

Gen. Gov. Financial Balance/GDP: -2.9% (2016 Estimate) (also known as Fiscal Balance)

Current Account Balance/GDP: -0.6% (2016 Estimate) (also known as External Balance)

External debt/GDP: 4.2% (2016 Estimate)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 7 December 2016, a rating committee was called to discuss the ratings of the Government of Nigeria. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. Other views raised included: the issuer's institutional strength/framework, have not materially changed. The issuer's governance and/or management, have not materially changed.

The principal methodology used in these ratings was Sovereign Bond Ratings published in December 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

http://www.businesspost.ng/2016/12/11/nigeria-moodys-predicts-2-5-gdp-growth-2017-4-2018/

By Modupe Gbadeyanka

A report by FSDH Securities Limited has disclosed that the November 2016 inflation rate (year-on-year) to increase further to 18.45 percent from 18.33 percent it recorded in the month of October 2016.

According to the report, the expected increase in the inflation rate will be driven by higher prices within the Food and Non-Alcoholic Beverages division, as well as the depreciation in the foreign exchange rate during the month.

The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of November 2016 on December 15, 2016 based on the data calendar on its website.

The Food Price Index (FPI) released today by the Food and Agriculture Organization (FAO) shows that the FPI trended downward in November.

The Index was down by 0.43 percent, compared with the revised October figure.

The FPI’s easing in November 2016 was driven by a sharp fall in sugar prices, which was more than enough to offset a rebound in the prices of vegetable oils. The FAO Sugar Index fell by 8.93%, the first decline after six consecutive months of increase.

According to FSDH Securities Limited, the weakening Brazilian currency against the US Dollar coupled with reports of a higher harvest in the Central South, Brazil’s main producing region put downward pressure on prices.

The FAO Cereal Price Index declined by 0.60 percent, mainly due to the decrease in the prices of wheat and rice.

The FAO Meat Price Index was down by 0.21 percent, almost unchanged from its revised value for October.

On the flip side, the FAO Dairy Index appreciated by 1.95% from October, as prices of whole milk powder and butter firmed up.

The FAO Vegetable Oil Price Index appreciated by 4.55 percent, marking the highest level since August 2014.

The strong rebound was primarily driven by the price of palm oil on the heels of lower than anticipated production in Southeast Asia.

FSDH Securities Limited disclosed that its analysis indicates that the value of the Naira appreciated at the inter-bank market while it depreciated at the parallel market by 2.09 percent to close at $/N478 from $/N468 at the end of October.

The depreciation at the parallel market led to an increase in the prices of imported consumer goods in Nigeria between the two months under review. The prices of food items that FSDH Research monitored in November 2016 moved in varying directions.

The prices of palm oil, Irish potatoes, meat and rice were up by 32.17 percent, 10.78 percent, 2.56 percent and 1.99 percent. While the prices of tomatoes and onions were down by 17.89 percent and 2.78 percent. The prices of garri, yam, beans, sweet potatoes and vegetable oil remained unchanged.

The movement in the prices of food items during the month resulted in a 0.7 percent increase in our Food and Non-Alcoholic Index to 214.41 points.

The report further said it noticed increases in Clothing and Footwear; Housing, Water, Electricity, Gas & Other Fuels divisions between October and November 2016.

“Our model indicates that the price movements in the consumer goods and services in November 2016 would increase the Composite Consumer Price Index (CCPI) to 211.28 points, representing a month-on-month increase of 0.76 percent,” it said, adding that it estimates that the increase in the CCPI in November will produce an inflation rate of 18.45 percent.

http://www.businesspost.ng/2016/12/08/nigerias-november-inflation-rate-hit-18-45-report/

By Modupe Gbadeyanka

Oyo State government has dismissed 662 workers from its workforce for various offences including certificate forgery.

Also, it has wiped out about 2,021 fictional names on its payroll.

Addressing newsmen on Tuesday in Ibadan, the state capital, the state’s Head of Service, Mr Soji Eniade, explained that the government took these decisions after the completion of a thorough verification exercise.

Furthermore, he stated that at the last State Executive Council (SEC) meeting, the government discussed the need to restructure the civil and public service of the state in terms of quality and quantity.

According to him, the Bank Verification Number (BVN) made it possible for the state government to expunge the 2,021 fictitious names discovered on its payroll.

In his analysis of the dismissed 662 staff, he said 305 of them were from the local government service, 152 from MDAs, 149 from the Teaching Service Commission (TESCOM), 28 from parastatals, 26 from higher institutions of learning and two from the State Universal Basic Education Board (SUBEB).

“We only reckoned with West African Senior School Certificate (WASSCE), Ordinary National Diploma (OND), Higher National Diploma (HND), Degree certificates and other higher certificates,” he explained.

Speaking on the 2,021 fictitious names removed from its payroll, Mr Eniade said “1,432 are pensioners from the state, 84 pensioners from the local government, while 505 are from other sectors of the service.”

http://www.businesspost.ng/2016/12/07/oyo-sacks-662-workers-removes-2021-payroll/

By Dipo Olowookere

South African government has announced reduction in the price of petrol in the country from Wednesday, December 7, 2016.

Over the weekend, the Department of Energy disclosed that the price of the product would decrease by 20 cents per litre.

However, it emphasised that this would apply to both 93 and 95 octane grades of petrol.

The Department of Energy explained that it took this step because the average international product prices of petrol‚ diesel and illuminating paraffin had dropped during the period under review.

“The Rand appreciated against the US Dollar during the period under review‚ on average‚ when compared to the previous period.

“The average Rand/US Dollar exchange rate for the period 28 October 2016 to 01 December 2016 was 13.9125 compared to 13.9646 during the previous period.

“This led to decreases in the contribution to the Basic Fuels Price on petrol‚ diesel and illuminating paraffin by 2.02 c/l‚ 1.96 c/l and 1.96 c/l respectively,” it explained.

Also, it announced that diesel will decrease by between 31cents/litre and 32 cents/litre‚ depending on the sulphur content‚ while illuminating paraffin will cost between 28 cents and 38 cents less per litre and LP gas 17 cents less from Wednesday.

www.businesspost.ng/2016/12/05/south-africa-reduces-petrol-price-20clitre/

By Dipo Olowookere

The general public has been warned to disregard reports that the sale of 2017 UTME forms by the Joint Admissions and Matriculation Board (JAMB) has commenced.

A statement issued in Lagos on Sunday, December 4, 2016, by JAMB's Head of Media and Information, Mr Fabian Benjamin, said there was no iota of truth in the reports and urged the public to ignore it.

Registrar of the examination body, Prof Ishaq Oloyede, was quoted in the statement to have said, "The public is hereby notified that JAMB has not commenced the sales of its application documents as advertised by some unknown and desperate persons.

"They are to disregard any website or individuals claiming to be in possession of these documents and offering same for sales.

"We are putting finishing touches to innovation and changes to ease the challenges associated with the procedure of application for the 2017 all Computer-Based Unified Tertiary Matriculation Examination.

"We are looking forward to announcing the commencement of the sales of these documents very soon."

He was further quoted to have said, "We must all be interested in what happens in JAMB, as it is too important to be ignored.

"Help us to watch over where our eyes cannot get to, hear where our ears fail and be our police where our presence is insufficient.”

http://www.businesspost.ng/2016/12/05/sale-2017-utme-forms-yet-begin-jamb/

By Modupe Gbadeyanka

Taraba State Governor, Mr Darius Dickson Ishaku, has announced the removal of embargo earlier placed on employment in the state.

Addressing parents of students of Taraba State indigenes studying in Venezuela, who visited him at his office on Friday, the Governor noted that he was optimistic that the Rescue Mission would succeed in the state considering the level of its acceptance by the people.

He further said apart from footing some of the outstanding allowances of the students as well as facilitating their return to the country, plans have also been completed to give them permanent employment so that the state can benefit from the knowledge they acquired during their studies in Venezuela.

The Governor explained that the objective of the Rescue Agenda is to give the people of the state a sense of belonging, particularly to rescue them from their immediate challenges, stressing that the Rescue Agenda was not restricted to a particular group of people but all-encompassing for the common good and success of people of the state.

He explained that the reason for lifting the ban on employment was because of the wide gap in the state civil service which has become expedient to correct with utmost urgency, reiterating his administration’s resolve to ensure that all loopholes that exists in the service are expeditiously corrected to have a vibrant workforce.

Mr Ishaku called on youths in the state willing to contribute their quota to the development of the state and the rebuilding of the civil service, which his administration is determined reorganise, to go to the state Civil Service Commission to obtain forms for employment.

By Modupe Gbadeyanka

The presidency has replied Emir of Kano, Mr Muhammad Sanusi II, who accused the Central Bank of Nigeria (CBN) of funding the President Muhammadu Buhari’s administration illegally.

It would be recalled that while speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development held on Friday at the Transcorp Hilton Hotel in Abuja, the monarch had said CBN’s lending to the government since Mr Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.

“CBN claims on Federal Government now tops N4.7 trillion, equal to almost 50 percent of the FG’s total domestic debt.

“This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FG at 5 percent of last year’s revenues. Has CBN become the government’s lender of last or first resort?” he had stated at the occasion.

He had also opposed plans by the Federal Government to seek foreign loan of about $30 billion, advising the Senate never to approve such, stressing that the President Buhari-led administration lacked “the right policies to fix the current economic woes.”

But reacting on Saturday night to the points raised by the Emir via his official Facebook page, spokesman to the President, Mr Garba Shehu, said the former CBN Governor “does not have his facts as far as those issues are concerned.”

Though Mr Shehu confirmed the monarch’s claim that the government has overdrawn its Central Consolidated Account, but maintained that “the overdrawing is within limits.”

“The overdraw does not exceed N1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by N4.5 trillion,” the presidency said.

“But even assuming that he was correct. This is a government that has money in excess the amount he mentioned in the Treasury Single Account, TSA.

“It is just like you, a bank customer operating two accounts, one in the red and the other, well-funded to the point that it can at any time wipe the indebtedness on the other. Would any bank manager lose their sleep over this?

“This, I am told is what the IMF found at the CBN and they said it is perfectly normal,” he explained.

The presidency also said, “As for his opposition to the $30 billion loan, I'm aware that the Minister of Finance is responding to that.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway development in Kano, his own city.”

http://www.businesspost.ng/2016/12/04/n30b-loan-presidency-blasts-sanusi/

By Modupe Gbadeyanka

In order to make money available to workers and also to help the economy, President Muhammadu has approved the release of N522 billion to the state governments to enable them pay salary and pension arrears.

The President said states receiving the money have been mandated to use 50 percent of the funds to offset salaries and pensions, stressing that the Federal Government “will audit disbursements to ensure compliance.”

According to Mr Buhari, “The Ministry of Finance is currently processing the first batch of N153 billion, which, I am told, will be released to 14 states.”

The President noted that, “The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their state Governors.”

He said he was making efforts to ensure the economy recovers, urging for more supports from the citizens.

“We know what our challenges are and we are working very hard to provide solutions that will last,” Mr Buhari said.

http://www.businesspost.ng/2016/12/03/buhari-gives-states-n522b-reflate-economy/

By Dipo Olowookere

As pressure mounts on firms such as Google, Facebook and Twitter to do more to tackle fake news, some are taking things into their own hands.

Technologist Daniel Sieradski has developed a plug-in – known as BS Detector – that flags up “questionable” websites on Facebook and Twitter.

The plug-in – has appeared in dozens of news feeds, leading some to think it was an official Facebook feature.

It appears Facebook is currently blocking links to the site.

BS Detector is a plug-in that uses a list of fake news sources as its reference point. It can be added to Chrome and Mozilla browsers and when it spots a potentially false story, flags it with a red banner reading: “This website is considered a questionable source.”

It was created, Mr Sieradski said, “in about an hour” as a “rejoinder to Mark Zuckerberg’s dubious claims that Facebook is unable to substantively address the proliferation of fake news on its platform”.

It has had over 25,000 installs since launch. “I and other open source contributors have spent many more hours improving its functionality,” Mr Sieradski told the BBC.

Since that article was published, Facebook appears to have blocked anyone from posting a link to the BS Detector website.

“Facebook now provides a security warning and disallows you to do so,” Mr Sieradski told the BBC.

Facebook said that it was “looking into the matter”.

The plug-in is currently a proof-of-concept tool rather than a solution to the issue and some users have reported it has caused their browser to crash.

Facebook faces growing criticism for what some see as a failure to tackle fake news.

In a blogpost in mid-November, founder Mark Zuckerberg said: “Our goal is to connect people with the stories they find most meaningful, and we know people want accurate information.

“We do not want to be arbiters of truth ourselves, but instead rely on our community and trusted third parties.”

‘Danger to democracy’

He said that the firm was doing more to allow people to report stories as fake as well as directing people to fact-checking organisations, adding: “We are exploring labelling stories that have been flagged as false by third parties or our community, and showing warnings when people read or share them.”

He also announced plans to stop fake news organisations from making money by cutting off their advertising funding.

There has also been much scrutiny on the role played by fake news in influencing the outcome of the US presidential election.

http://www.businesspost.ng/2016/12/02/expert-develops-fake-news-detector-plug/

By Dipo Olowookere
Nigeria’s Minister of Communication, Mr Adebayo Shittu, has disclosed that the Federal Government never gave any directive to telecommunications operators in the country to increase prices of data from Thursday, December 1, 2016 as claimed.

Since the beginning of this week, Nigerians have continued to kick against messages sent to them via text messages by telecoms operators, informing them that from tomorrow, prices of data would go up and in some cases, by 100 percent.

Network providers claimed they were ordered by the telecoms regulator, the Nigerian Communications Commission (NCC), to raise data tariffs.

“Dear valued customer, effective 1st Dec 2016, we will review our data plans & prices in compliance with NCC directive,” a message from Etisalat to its subscribers read.

But speaking on Wednesday on RayPower FM’s Fact File programme, which was monitored in Lagos by Business Post, the Minister said he was never consulted before the announcement was made. He stressed that the government did not authorise the operators to raise the tariffs.

However, he assured Nigerians that the government would look into the matter and continue to protect their interests.

“I can tell you that I was never a party to it (data tariff hike). Government never gave any such instruction. This government believes in democratic process and we would continue to protect the interest of Nigerians. I can assure you we would do that (protect interest of Nigerians),” he said on the radio programme.

Also on the issue of subscribers still getting unsolicited messages from operators, Mr Shittu promised to take steps to stop the menace.

He lamented that he also gets such messages from his operator. “I am also a victim of unsolicited messages from operators, but I promise government will take pragmatic steps to stop this,” the Minister said.

http://www.businesspost.ng/2016/11/30/we-never-ordered-operators-to-raise-data-prices-fg/

By Modupe Gbadeyanka

Federal Government has disclosed that the 200,000 unemployed Nigerian graduates selected in the first batch of the N-Power Volunteer Corps (NPVC) would undergo a physical verification before being deployed to their places of assignment.

The beneficiaries, according to the government, are expected to start work on Thursday, December 1, 2016 and would be paid N30,000 as salary for the next two years.

A statement issued by the Senior Special Assistant on Media & Publicity to the Vice President, Mr Laolu Akande, it was revealed that over 90% of the beneficiaries were first verified using the Bank Verification Number (BVN).

Mr Akande, who referred to a BBC report last week regarding the testimonials of some of the selected Nigerian graduates, noted that “it is most gladdening that those who were selected are now telling the stories of how they have not been employed for years, but now grateful to the President for this initiative.”

Some of them, he added, expressed satisfaction, according to the BBC report now online, that even though they knew no one in government, they were selected for the paid volunteer job program, attesting to the transparency of the selection process.

He said all the states and the FCT through the focal persons they appointed have since received the list of the 200,000, and now working on deploying the beneficiaries to their places of assignment.

He also explained that by using the BVN which is one of the most viable means of identification in the country today, there is hardly any way anything fraudulent can sail through in the process.

“We are confident that the selection process, all the way through with BVN, and physical verification at the points of deployment in the states and the local government areas, are both transparent and impossible to abhor ghost beneficiaries, or any kind of fraud,” he asserted.

Already, Mr Akande disclosed that 93% of those selected have been screened through the BVN, with the commendable assistance of the Nigerian Inter-Bank Settlement System Plc (NIBSS) and only authentic and verifiable beneficiaries will be paid the N30,000 monthly stipends starting December.

Responding to some allusions made in sections of the media about random searches conducted on social media platforms, the SSA dismissed them stating that such cannot be better than “biometric identification we have secured through the BVN.”

In any case, he continued, “besides the BVN, there is going to be physical verification, through an in-built component in our selection system that requires that information submitted online during the application would have to be authenticated at the point of deployment across the country, including verification of academic credentials and residence status.”

According to him, just as is normal when someone gets a job or even admission to school, he or she would proceed to present papers that have been submitted during application for verification.

“This is also going to be like that, so claims about some applicants claiming to be residents of states would be dealt with if it turns out such claims are false. If an applicant cannot supply proof of residence, the selection is terminated,” he remarked.

Besides, he explained that in a local government such as Abadam in Borno State, where there have been claims that non-residents applied and were selected, Mr Akande assured that there is no cause for alarm because such people would have to show up for verification on the spot.

He added that there was also a likelihood that a number of applicants may have inputted Abadam inadvertently considering that Abadam LGA is number one on the list of LGAs under the list as posted on the N-Power portal.

“There is a good chance,” he continued, “that some applicants may have failed to complete the forms online accurately.”

Such errors are being reviewed and anyone found not to be resident in the LGA would be removed and replaced using the waiting list of applicants, he assured.

Said he, “An important aspect of the application was that applicants were told in clear terms that any false information would be grounds for disqualification.”

On how the 200,000 first batch of the N-Power was selected, the SSA Media explained that the selection was not only fair and done transparently, but also with adequate care.

Firstly, 40% of those who applied for the N-Power Teach and Agric were selected, and 50% of those who applied for the Health category, all based on an assessment test.

Then to mitigate the adverse socio-economic circumstances in the North- East an additional 4800 applicants from the region were selected with Borno State getting 1200 and Adamawa, Yobe, Taraba 800 each and Bauchi and Gombe 600 each.

Also to bolster states with low application numbers, an additional 4208 was selected and shared between Bayelsa, Jigawa, Kebbi, Sokoto and Zamfara States.

The Federal Ministry of Agric also additionally allocated 6799 applicants in the Agric category to all states across specific crop, fish and livestock targets in order to support government’s self-sufficiency target in Agric produce, he explained.

Gender and disability factor were also key in the selection. 46% of those selected, Mr Akande disclosed, are females, while a total of 1126 were successful applicants with disabilities.

Mr Akande then assured that those not selected in the first batch are now in the waiting list until the subsequent batches when they would be considered again, since there are still 300,000 to be selected under this budget cycle.

On why the selection process was based on states of residence rather than states of origin, Akande simply noted that for example, over 42,000 Nigerians applied for the N-Power from Lagos but only 3568 of them originate from Lagos. “Would it then be tenable to say almost 40,000 Bona fide Nigerians who are applicants resident in Lagos should just forget it since they are resident but not origins of the Lagos State?

http://www.businesspost.ng/2016/11/29/n-power-beneficiaries-undergo-physical-verification/

**APC Can’t Do Without Him

By Dipo Olowookere

President Muhammadu Buhari has dismissed speculations that he was at loggerheads with Mr Bola Ahmed Tinubu.

He also said it was not true that leadership of the All Progressives Congress (APC) was at odds with the former Governor of Lagos State, describing such rumours as unfounded and mischievous.

Mr Buhari described the APC chieftain as a priceless political asset to the party whose immeasurable contributions to the development and progress of the ruling party are known to all.

The President noted that he was in regular contact with Mr Tinubu before, during and after the just concluded Ondo State gubernatorial election.

Mr Buhari, conveying his message via a statement issued by his Senior Special Assistant on Media and Publicity, Mr Garba Shehu, said he was highly embarrassed by suggestions that he was at war with Mr Tinubu.

The President said any suggestions that he and the party machinery were working to destroy Mr Tinubu had no foundation in truth or any credibility, explaining that he was impressed by his (Tinubu) assurance not to work against the party in Ondo, where he said he honoured.

According to Mr Shehu, rumour mongers should stop spreading the seeds of discord and animosity between the President and Mr Tinubu or the party, adding that the President is proud of the Jagaba and his pivotal role in the party and the movement.

President Buhari commended Mr Tinubu’s spirit of comradeship in promptly congratulating Mr Rotimi Akeredolu who was elected Governor.

http://www.businesspost.ng/2016/11/29/im-not-plotting-tinubus-downfall-buhari-fumes/

By Modupe Gbadeyanka

The Islamic Development Bank (IDB) has concluded plans to invest about $35 million in the agricultural sector in Jigawa State.

This was made known on Sunday by the state Governor, Mr Badaru Abubakar, during the Hadejia Zonal Fishing Festival at Kwalge Dam in Auyo local council of the state.

The Governor noted that the investment would largely be in the area of accelerated crop production across the state and also enhance agricultural financing, mechanisation, processing and enterprise.

Mr Abubakar reiterated his administration’s commitment to reduce poverty in the state and provide job opportunities and enhance wealth through effective utilisation of agricultural resources.

According to him, his government was collaborating with the World Bank and African Development Bank (AfDB) to clear typha grass on Hadejia River, which had inhibited fishing and effective utilisation of the water for consumption and irrigation.

He further said the state government with support from the Federal Government and Central Bank of Nigeria (CBN) had initiated Anchor Borrower Scheme to support farmers transform agriculture and attain food sufficiency.

Also speaking at the occasion, Commissioner for Agriculture in the state, Mr Kabir Ali, disclosed that the fishing festival was re-introduced to encourage fishery development in the state.

According to him, the state government has stocked about 150,000 fingerlings at Warwade Dam in Dutse Local Government to enhance fish production.

He added that N4 million has been earmarked to support fishery development programmes in the state.

The Commissioner revealed that similar fishing festivals would be held in Birnin-Kudu and Kirikasamma Local Government Areas.

He urged farmers to support government policies and programmes to reinvigorate agriculture and make it the mainstay of the state’s economy.

http://www.businesspost.ng/2016/11/28/islamic-bank-invest-35m-jigawa/

**It’s not his first time of stealing

By Dipo Olowookere

Top social media activist and journalist, Ms Kemi Olunloyo, has narrated how popular Nigerian filmmaker and Lagos socialite, Mr Seun Egbegbe, who was accused of stealing phones, tried to hypnotise a sales girl in Lagos on Tuesday, November 22, 2016.

Ms Olunloyo, in her investigation into the alleged phone theft, revealed that Mr Egbegbe left his house with the intention of using charm on phone retailers at the popular Computer Village in Ikeja, Lagos.

She said however, during the process, he was caught and could have been killed if not for the intervention of some policemen from Area F Command, who whisked him away to their custody.

It was alleged that the filmmaker stole about nine iPhones from a store at Computer Village. He was beaten by a mob when an alarm was raised.

“#HNNInvestigates Seun Egbegbe #Nollywood film maker and marketer/CEO Ebony films indeed attempted to steal EIGHT i-phones two models.

“I spoke to several people including the woman he is currently dating. We shall call her “Bisi” to protect her identity.

“Seun Egbegbe told Bisi he was going out on a “RITUALISTIC” heist at Computer Village today. An attempt to jazz retailers.

“Bisi tells #HNNAfrica that this is not the first time Seun Egbegbe has STOLEN gadgets at CVillage. He’s ripped off many

“Seun Egbegbe took a cab to Keelcech stores to specifically STEAL I- phones which cost $650 unlocked in the US N300,000

“The Apple phones stolen today were worth about N2.4M according to an unofficial spokesman one Kola Aleshinloye the owner

“Keelcech employee told me it was NOT a movie set nor publicity stunt and that Seun Egbegbe could easily have been killed

“I have spoken out on ritualism in #Nollywood many times but to hypnotize a sales girl and flee with 8 Apple phones #BAD

“@PoliceNG @YomiShogunle have not returned my inquiries. Bisi tells me the NPF is “protecting” him due to his status. SMH

“Bisi told me Egbegbe is NOT at Area F police station & has been moved 4 “public figure” protection. 8 phones recovered

“One phone still missing according to store employee. Taken by Egbegbe’s accomplice who fled after being gifted.

“@PoliceNG is PROTECTING this celebrity like a looting politician who “returns” stolen items. Egbegbe needs CHARGES!

“@PoliceNG A teen gang member can be burned after stealing a phone while a celeb #Nollywood filmmaker MAY GO HOME!

“@policeng needs to give us accountability in Seun Egbegbe iphone theft case. @YomiShogunle, I Sent a MSG to PRO Badmos,” Ms Olunloyo said in a series of tweets on her Twitter handle.

http://www.businesspost.ng/2016/11/22/seun-egbegbes-charm-failed-phone-theft-kemi-olunloyo/