₦airaland Forum

CBN Raises One-Year T-Bills Rate to 14.40% at Primary Market
https://www.businesspost.ng/2018/11/01/cbn-raises-one-year-t-bills-rate-to-14-40-at-primary-market/

Diamond Bank to Complete Sale of UK Subsidiary in Q4, Return to Profitability—CEO
https://www.businesspost.ng/2018/10/31/diamond-bank-to-complete-sale-of-uk-subsidiary-in-q4-return-to-profitability-ceo/

T-Bills Yields Drop to 12.35% on FAAC Inflows]
https://www.businesspost.ng/2018/10/31/t-bills-yields-drop-to-12-35-on-faac-inflows/

By Modupe Gbadeyanka

Rising from a meeting in Abuja on Tuesday, Governors of the 36 states of the federation have announced N22,500 as the amount they can pay workers as minimum wage.

Business Post reports that the meeting, which was held this evening, lasted about three hours.

The meeting was conveyed under the umbrella of the Nigeria Governors’ Forum headed by Governor Abdul Aziz Yari of Zamfara State.

It would be recalled that the labour unions agreed with the N30,000 minimum wage proposed by the organised private sector.

The present minimum wage in Nigeria is N18,000.

https://www.businesspost.ng/2018/10/30/breaking-governors-fix-n22500-as-minimum-wage/

By Dipo Olowookere

Worried by the spate of abuse and commercialisation of the Christian faith in the country, the government of South Africa is considering regulate activities of churches.

Already, the Portfolio Committee on Women in the Presidency has suggested that legislation is needed to regulate those churches operating outside the law.

The committee was briefed by the Commission for the Promotion and Protection of the Rights of Cultural, Religious and Linguistic Communities (CRL Rights Commission) on the commercialisation of religion and the abuse and exploitation of people’s belief systems.

The committee said regulations and peer review mechanism as proposed by the CRL Rights Commission will not work in the current system within which the religious sector operates. The committee was of the view that religious leaders will not be able to regulate themselves. While a peer review mechanism has advantages, it will not work in this case, as the church works on a system of forgiveness, suggesting that a much more stringent system must be devised.

In light of the religious sector’s failure to regulate themselves, the committee called on government to tighten legislation and to close churches, where necessary. Members of the committee said religious leaders have failed to take a stand against what has been happening in the churches, including the sexual abuse that takes place.

The committee welcomed the public participation process, which will be undertaken by the commission. Members of the committee said the commission needs to engage with schools to educate and create awareness on the matter.

The committee called on the CRL Rights Commission to enforce its mandate, which is to conduct legislative intervention, including to make, prepare recommendations and submit to relevant departments.

“However, any intervention must be done within the confines of the Constitution, bearing in mind that it enshrines freedom of religion for all South Africans,” it said.

Nonetheless, the growing problem of abuse within some churches must be dealt with. The committee recommends a religious act, a registration with a council within a regulatory framework and provision for a complaints procedure.

Furthermore, the panel said municipalities must enforce by-laws and prevent churches from operating in areas that are not demarcated for religious services. Implementing and enforcing by-laws can be done immediately to shut down churches.

The committee also suggested that the South African Revenue Services (Sars) should ensure the collection of church revenues.

Responding to questions, Chairperson for the CRL Rights Commission, Ms Thoko Mkhwanazi-Xaluva, said the commission was underfunded, making it difficult to conduct public education and awareness programmes.

As for Sars collecting revenue, Ms Mkhwanazi-Xaluva said the commission is engaging with Sars and looking into the possibility of a unit focusing on the religious sector.

The committee commended the CRL Rights Commission’s for its work, undertaken in difficult circumstances.

https://www.businesspost.ng/2018/10/30/south-africa-moves-to-regulate-activities-of-churches/

By Dipo Olowookere

A company owned by Nigerian business mogul, Mr Arthur Eze, Oranto Petroleum, has secured oil blocks in the Republic of Niger.

A statement released by Oranto Petroleum Ltd disclosed that the Ministry of Petroleum of Niger has granted the oil firm access to explore oil Blocks R5, R6, Dibella and Dallol, which are located in the Agadem Rift Basin.

The deal signed by both parties outlines its intention to sign production sharing contracts on Blocks R5, R6, Dibella and Dallol in the Tenere and Agadem Basins in Niger.

According to the agreement signed in September between Mr Eze, Chairman of Oranto Petroleum, and Mr Foumakoye Gado, Minister of Petroleum of Niger, Oranto Petroleum is to receive all technical data on the blocks.

After a satisfactory review of the technical data, Oranto Petroleum will be granted the blocks under the terms outlined in the country’s petroleum code and as determined by the Ministry of Petroleum.

Blocks R5 and R6 border Savannah Petroleum’s Blocks R1 and R2 have boasted several discoveries of oil in recent years. The Agadem Rift Basin, in southeast Niger, was explored by the China National Petroleum Corporation, which made 97 discoveries from 127 exploration wells throughout the area.

“We greatly look forward to working with the government of Niger Republic as the country seeks to build its oil and gas portfolio.

“As a leading African independent with an expertise in frontier exploration, we believe the potential of Blocks R5, R6, Dibella and Dallol has yet to be fully explored, and we are eager to get to work,” said Mr Eze.

Business Post reports that recently, the Nigerian government renewed the licence it granted Oranto Petroleum to operation an oil block in the country.

https://www.businesspost.ng/2018/10/30/niger-republic-gives-oil-blocks-to-nigerias-oranto-petroleum/

You will have to wait till end of November, according to the board; on or before November 29.

arduino:
FCMB should release result na

Diamond Bank Shares Rise 20% on News of Fresh Investment
https://www.businesspost.ng/2018/10/29/diamond-bank-shares-rise-20-on-news-of-fresh-investment/

CBN Likely to Offer PMA Rates at Over 14%
https://www.businesspost.ng/2018/10/29/cbn-likely-to-offer-pma-rates-at-over-14/

Recapitalisation: Diamond Bank Denies Being in Talks With New Investors
https://www.businesspost.ng/2018/10/27/recapitalisation-diamond-bank-denies-being-in-talks-with-new-investors/

More Woes for Diamond Bank as Revenue, Profit, EPS Slump in Q3
https://www.businesspost.ng/2018/10/26/more-woes-for-diamond-bank-as-revenue-profit-eps-slump-in-q3/

T-Bills Market Reverses Losses After Significant Boost in Liquidity
https://www.businesspost.ng/2018/10/27/t-bills-market-reverses-losses-after-significant-boost-in-liquidity/

By Modupe Gbadeyanka

The operating licence granted to Nigeria-based Oranto Petroleum for OPL 293 oil and gas block has been renewed by federal government.

This information was revealed by the firm in a statement issued this week and obtained by Business Post.

With this development, Oranto Petroleum now has additional time to find partners to explore and develop the high potential block.

It was gathered the extension was granted by the Ministry of Petroleum Resources on October 9, 2018 with the renewal pending since 2012. The block was initially granted to Oranto Petroleum in 2007.

OPL 293 is adjacent to Statoil’s OPL 293, which contains the Nnwa gas discovery, the Sehki oilfield and the Bilah gas/condensate field. The block, at water depths ranging from 200m to 1,000m, has three identified prospects from 3D seismic data that covers the lower half of the block.

Mid-case reserves place the potential at 1.08 trillion cubic feet of gas and 183 million barrels of oil. To the east, the Nnwa formation extends into Shell’s OML 219.

“We are pleased that the government of Nigeria has renewed our license for OPL 293, given the area’s still huge potential for oil and gas exploration. We are in a great position to further activities in OPL 293.

“Our commitment to a fast track development is strong and we will accelerate development with all deliberate speed,” Prince Arthur Eze, chairman of Oranto Petroleum, said in the statement.

**To Pay N4.8b Interim Dividend

By Dipo Olowookere

The Board of Directors of Nigerian Breweries Plc has approved an interim dividend of N4.8 billion, amounting to 60 kobo per ordinary share of 50 kobo in the share capital of the company for the period ended September 30, 2018.

According to the brewery giant, the interim dividend is subject to the deduction of withholding tax and payable on Monday, December 10, 2018 to all shareholders registered in the books of the firm at close of business on Thursday, November 22, 2018.

Nigerian Breweries, which released its financial scorecard for the period under review yesterday to the Nigerian Stock Exchange (NSE), recorded a profit after tax of N14.7 billion, while results from operating activities stood at N27.7 billion over the same period.

An analysis of the unaudited and provisional results shows that profit after tax dipped by 38.4 percent from the N23.9 billion recorded over the same period in the preceding year, while results from operating activities dropped by 34.4 percent from the N42.3 billion recorded in the same period last year.

Also, profit before tax also dipped by 34.7 percent from N34.4 billion recorded in 2017 to N22.4 billion in the period under review.

Commenting on the results, the Company Secretary/Legal Adviser, Mr Uaboi Agbebaku, said “the new excise duty regime which came into effect in June and the consequent effect of it adversely impacted the third quarter results.”

He added that the company also undertook a rightsizing exercise which resulted in a substantial one-off cost during the quarter.

https://www.businesspost.ng/2018/10/26/nigerian-breweries-declares-n14-8b-profit-in-nine-months/

More Woes for Diamond Bank as Revenue, Profit, EPS Slump in Q3
https://www.businesspost.ng/2018/10/26/more-woes-for-diamond-bank-as-revenue-profit-eps-slump-in-q3/

Nigerian Breweries Declares N14.8b Profit in Nine Months
**To Pay N4.8b Interim Dividend
https://www.businesspost.ng/2018/10/26/nigerian-breweries-declares-n14-8b-profit-in-nine-months/

NEM Insurance Risks NSE Suspension, Fined N.575m
https://www.businesspost.ng/2018/10/25/nem-insurance-risks-nse-suspension-fined-n-575m/

New Investors Consider Diamond Bank as Chairman, 3 Others Resign
https://www.businesspost.ng/2018/10/25/new-investors-consider-diamond-bank-as-chairman-3-others-resign/

Treasury Bills Yields Rise Ahead of Anticipated OMO Auction
https://www.businesspost.ng/2018/10/25/treasury-bills-yields-rise-ahead-of-anticipated-omo-auction/

Expect an announcement from Diamond Bank very soon; most likely before end of business today.

By Modupe Gbadeyanka

Two persons alleged to be fraudsters have been accused of obtaining the sum of N1.8 billion from Sterling Bank Plc by false pretence.

The duo identified as Messrs Ogbor Kehinde Eliot and Kelvin Ejere Chris were on Monday, October 22, 2018, arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice O.A. Taiwo of the Special Offences Court sitting in Ikeja, Lagos.

They were taken to court on a five-count charge bordering on conspiracy, forgery and obtaining by false pretence.

The defendants, who were charged alongside a company, Danium Energy Services Limited, were alleged to have fraudulently deceived Sterling Bank Plc into lending them money through a fraudulent scheme with the pretence to finance local purchase of Automotive Gas Oil (AGO), otherwise known as diesel, for supply to Total Nigeria Limited.

The first defendant, Mr Eliot, an alleged serial fraudster, allegedly used his company, Danium Energy Services Limited, to obtain the facility from the bank and was said to have to defaulted in repayment, which was expected from the proceeds of sales of the petroleum products by Sterling Bank.

One of the counts reads: "That you, Ogbor Kehinde Eliot, Kelvin Ejere Chris and Danium Energy Services Ltd., sometime in February, 2016 in Lagos within the Lagos Judicial Division, with intent to defraud, conspired amongst yourselves to obtain the sum of N1.821 billion by false pretence from Sterling Bank Plc."

Another count reads: " That you, Ogbor Kehinde Eliot, Kelvin Ejere Chris and Danium Energy Services Ltd, on or about 23rd of February, 2016 in Lagos , within the jurisdiction of this Honourable Court, with intent to defraud, induced Sterling Bank Plc to deliver to Danium Energy Services Ltd the total sum of N1.821 billion under the false pretence that Total Nigeria Plc vide Purchase Orders (PO) with Reference No. OPS/SUP/02/16/330 and OPS/SUP/02/331 dated 3rd of February, 2016 contracted Danium Energy Services Ltd to supply 20,000 metric tons of Automotive Gas Oil (AGO) in two tranches of 10,000 metric tons each valued at the aggregate sum of N2, 328, 000, 000.00 (Two Billion, Three Hundred and Twenty-Eight Million Naira) and you thereby committed an offence contrary to Section 1(b) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act."

However, both defendants pleaded not guilty to the charge when it was read to them.

In view of their pleas, the prosecution counsel, Idris Mohammad, asked the court for a trial date.

However, counsel to the first and third defendants, Ladi Williams (SAN), as well as counsel for the second defendant, Dennis Omorojo, informed the court of applications for bail on behalf of their clients.

After listening to both parties, Justice Oluwatoyin Taiwo asked the prosecution counsel why he did not oppose the bail applications.

In his response, Mohammad told the court that he intentionally did not oppose the applications so as to allow the first defendant to attend his trials in other courts.

Justice Taiwo then stood the matter down for ruling on the bail applications.

In her ruling a few hours after, Justice Taiwo granted the defendants bail in the sum of N10 million each with two sureties each in like sum, adding that the sureties must be civil servant on Grade level 16. She said they must provide known addresses, which must be verified by the court.

The sureties are also expected to also deposit with the court registrar their Permanent Voters Cards, National Identity Card or International Passports.

The Judge ordered the defendants to be remanded in the EFCC custody pending the perfection of their bail conditions.

However, the prosecution counsel prayed the court not to remand the defendants in the EFCC custody.

Mohammad told the court that the EFCC custody was congested and, therefore, would not be able to accommodate them.

The Judge, therefore, ordered the release of the defendants to their counsels in the alternative on the condition that they would undertake in writing to produce the defendants whenever the court requires their attendance.

The defence counsels, without hesitation, opted to write an undertaking to produce the defendants at all times when needed.

Justice Taiwo then adjourned the matter to November 20, 21 and 22, 2018 for commencement of trial.

https://www.businesspost.ng/2018/10/24/sterling-bank-loses-n1-8b-to-two-alleged-fraudsters/

Sterling Bank Loses N1.8b to Two Alleged Fraudsters
https://www.businesspost.ng/2018/10/24/sterling-bank-loses-n1-8b-to-two-alleged-fraudsters/

Ex-Director Advises UBA to Maintain Prudent Loan Policy
https://www.businesspost.ng/2018/10/24/ex-director-advises-uba-to-maintain-prudent-loan-policy/

T-Bills Market Reverses Gains as Cost of Funds Drop
https://www.businesspost.ng/2018/10/24/t-bills-market-reverses-gains-as-cost-of-funds-drop/

CBN Announces New Capital Base for Microfinance Banks
https://www.businesspost.ng/2018/10/23/cbn-announces-new-capital-base-for-microfinance-banks/

Cutix Imports 95% of Raw Materials—Management
https://www.businesspost.ng/2018/10/23/cutix-imports-95-of-raw-materials-management/

Oil Marketers Seek Quick Payment of N130.7b Subsidy Debt
https://www.businesspost.ng/2018/10/23/oil-marketers-seek-quick-payment-of-n130-7b-subsidy-debt/

GTBank Targets Expansion of Services to Boost Q4 Earnings
https://www.businesspost.ng/2018/10/23/gtbank-targets-expansion-of-services-to-boost-q4-earnings/

T-Bills Market Bullish as Yields Drop to 13.73%
https://www.businesspost.ng/2018/10/23/t-bills-market-bullish-as-yields-drop-to-13-73/

By Modupe Gbadeyanka

A total of N685.3 billion was generated as revenue by Dangote Cement Plc in the first nine months of 2018.

This information was revealed in the financial statements of the firm released today to the Nigerian Stock Exchange (NSE).

In the third quarter earnings analysed by Business Post, this amount was 13.54 percent higher than what was raked in the same period of last year, N603.6 billion.

Dangote Cement is the most capitalised company trading its shares on the local bourse.

In the results, the cement maker said its gross profit stood at N397.6 billion versus N343.7 billion achieved in the same period of 2017, with the other income at N4.5 billion compared with N2.9 billion 12 months ago.

The profit before tax grew by 12.35 percent to N247.4 billion from N220.2 billion, while the profit after tax appreciated by 2.70 percent to N15.3 billion from N154.1 billion.

During the period under review, Dangote Cement said its production cost of sales went up by 10.71 percent to N287.7 billion from N259.9 billion, with the administrative expenses rising to N38.1 billion from N32.7 billion. just as the selling and distribution expenses jumped to N97.2 billion from N0.8 billion, representing a 20.20 percent increase.

However, the company was able to bring down its finance costs to N30.1 billion from N39.9 billion, while the profit from operating activities appreciated by 14.46 percent to N266.9 billion from N233.1 billion.

For the earnings per share, this advanced by 2.70 percent to N9.29k from N9.04k, while the shareholders' fund dropped to N782.3 billion from N863.9 billion.

https://www.businesspost.ng/2018/10/22/dangote-cement-rakes-n685b-in-9-months-as-profit-grows-2-7/

**Opens Ultra-Modern Undertaking Office

By Modupe Gbadeyanka

Plans are underway to provide 24-hour electricity to residents of GRA Ikeja, Lagos, Chief Executive Officer of Ikeja Electric, Dr Anthony Youdeowei, has revealed.

Mr Youdeowei made this disclosure at the launch of an ultra-modern PTC undertaking office in GRA Ikeja on Monday, October 22, 2018, which was attended by various stakeholders including the police, army, Lagos State government, the Nigerian Electricity Regulatory Commission (NECR), Ikeja GRA Residents Association amongst others.

The IE chief disclosed that the PTC undertaking office will provide customers with improved access to quality service, explaining that the newly unveiled office was an upgraded facility designed to deliver positive experience to customers and offering prompt attendance to clients’ queries with a highly effective Point-of-Sales self-service, fully automated Electronic Queue Management System (EQMS) and well-trained Executives Sales Representative.

“The promise of providing dedicated and premium power to GRA is already materializing. Customers in this vicinity will no doubt feel the positive impact of this state-of-the art office which has come to complement our efforts to boost power supply in Ikeja GRA.

“As I speak with you, the quality of supply and service has improved tremendously as envisaged. Looking into the nearest future, we are working towards ensuring a 24-hour supply for residents of Ikeja GRA,” he declared at the event to the admiration of those present.

Mr Youdeowei revealed that a dedicated team was created for prompt fault clearing and maintenance of Distribution Transformers, thereby reducing downtime and achieving optimization of installations. This, according to him, has also helped the company to sustain the efficiency required to boost service delivery in this community.

According to him, Ikeja Electric has achieved 95 percent metering deployment both on the distribution transformers as well as for individual customers. He said the company had increased the momentum in meter deployment across IE’s network.

Mr Youdeowei expressed optimism that the exercise will further bridge the metering gap and evidently reduce the incidence of estimated billing.

“Let me also use this medium to debunk some of the misinformation in the public space that we sell meters for N100,000. Please note that meters from Ikeja Electric are free and you do not have to pay for them. Based on business considerations, our strategy to metering is based on feeders and once it is the turn of your feeder, all customers on that feeder will be metered at no cost,” he clarified.

“I solicit the assistance of our friends from the media to help us cascade this news to the public and provide the clarity,” he appealled.

Ikeja Electric, Nigeria’s leading electricity distribution company, said it is progressively focused to improve operations and deliver customer-centric services.

The DisCo also enumerated some of its ongoing projects and plans aimed at scaling up supply across our network, these include the Mushin 1x15MVA Injection Substation and the New Oworo 15 MVA Injection Sub-Station billed for commissioning by the end of October 2018.

It plans to replace two obsolete high voltage switchgears at Agege Injection Substation in the first week of November 2018 while it had flagged off the construction work on Transformer Repair Workshop for immediate repairs of failed distribution transformer and also set up a Preventive Maintenance Team to prevent failure of equipment and guarantee stable power supply.

According to IE, its series of projects and upgrading of facilities will translate to improved services across its six business units; Oshodi, Somolu, Abule-Egba, Ikorodu, Ikeja and Akowonjo.

“This is in line with our commitment toward enriching lives by means of our quality service that guarantees customer’s satisfaction. We will not stop aiming for the best, so are poised to extend this upgrading to other facilities in our Undertakings,” the company noted.

https://www.businesspost.ng/2018/10/22/ikeja-electric-plans-24-hour-supply-to-gra-residents/

Investors Anticipate Inflows of N372.9b in Maturing T-Bills
https://www.businesspost.ng/2018/10/22/investors-anticipate-inflows-of-n372-9b-in-maturing-t-bills/

AMCON Names 105 Persons Who Owe N906b
https://www.businesspost.ng/2018/10/22/amcon-releases-names-of-105-persons-who-owe-n906b/

By Modupe Gbadeyanka

The Asset Management Corporation of Nigeria (AMCON) has fulfilled the promise it made to name and shame some very important persons in the country owing the corporation huge amount of money worth over N1 trillion.

According to a report by Leadership Newspaper, top on the list are Mr Ifeanyi Ubah, Wale Babalakin, Jimoh Ibrahim and others.

According to the news journal, the money owed by the trio and 102 other individuals are over N900 billion.

“Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, NICON Investments Limited owned by Jimoh Ibrahim, Bi-Courtney Limited owned by Wale Babalakin, Josephdam & Sons Limited owned by the Kuteyi family and Tinapa Business Resort of Cross River State Government are the biggest delinquent debtors according to the list,” Leadership said.

According to the list, Capital Oil and Gas owned by Ifeanyi Ubah is indebted to the tune of N115.952 billion, while Wale Babalakin whose name is on the ownership of Bi-Courtney limited, Roygate Properties Limited owed N69.642 billion under the two companies.

Former governor of Enugu State and Peoples Democratic Party Enugu East Senatorial Candidate, Chimaroke Nnamani also appeared on the list with a debt of N42.49 billion owed to AMCON under the names of Iorna Global Resources, Sammy Beth Interbiz Limited, Camden Resources Limited, Riverside Logistics Limited and Rainbownet Limited.

Also on the list of debtors is Senator Buruji Kashamu who owes the corporation N13.015 billion. Jailed former governor of Plateau State, Joshua Dariye who had purchased All Progressive Congress senatorial nomination form but failed to secure a ticket was also on the list.

The former governor who is currently serving a 14 year jail term for corruption charges currently owes AMCON N6.823 billion which he has yet to come to reach a payment agreement. Another prominent name on the list is former Minister of Power, Professor Bart Nnaji, whose name appeared as a director of Geometric Power Limited which is indebted to the tune of N29.844 billion.

Managing Director of AMCON, Mr Ahmed Kuru, earlier in the year had mentioned plans of the corporation to publish the list of delinquent debtors and directors where applicable, who have failed to reach or refused to reach settlement resolution with the corporation.

Mr Kuru said the corporation was set for a new stage that would not involve negotiation but name and shame as well as take-over of properties of delinquent debtors that have refused to meet it halfway on the negotiation table.

According to him, going forward, in cases where the registered assets of a company that is indebted to the corporation was not enough to clear their obligation, AMCON would go after the directors and their private companies.

He said with over N5.4 trillion debt owed the corporation, AMCON had become tired of obligors (debtors), coming to its office and telling lies about wanting to embark on a staggered payment which they ended up never complying.

https://www.businesspost.ng/2018/10/22/amcon-releases-names-of-105-persons-who-owe-n906b/

By Dipo Olowookere

A new study co-designed by Kim, Seung-Kyu, Professor at Incheon National University and Greenpeace East Asia has showed that over 90 percent of sampled salt brands globally were found to contain microplastics.

It was gathered from the study, which was obtained by Business Post that the highest number of the sampled salt brands containing these microplastics came from salt sourced in Asia.

The study, which has been published in Environmental Science & Technology, a peer-reviewed scientific journal, analysed 39 various salt brands globally, showing that plastic contamination in sea salt was highest, followed by lake salt, then rock salt – an indicator of the levels of plastic pollution in the areas where the salt was sourced.

However, only three of the salt brands studied did not contain any microplastic particles in the replicated samples.

“Recent studies have found plastics in seafood, wildlife, tap water, and now in salt. It’s clear that there is no escape from this plastic crisis, especially as it continues to leak into our waterways and oceans.

“We need to stop plastic pollution at its source and therefore call upon the accountability of big corporates in this crisis. They need to reduce their plastic footprint and take on the problem they have created,” said Awa Traoré, West Africa Oceans Campaigner at Greenpeace Africa.



“We also need to see the effective implementation of single use plastics ban laws in African countries and not only strong commitments from governments. For the health of people and our environment, it’s incredibly important that these big corporates be pushed to go beyond recycling, start taking responsibility for their contribution to plastic pollution and begin reducing single-use plastic production,” continued Awa Traoré.

Building on previous studies of microplastic pollution in salt, this research is the first of its scale to look at contaminant levels of the geographical spread of sea salt, and its correlation with environmental discharge and pollution levels of plastics.

This new research findings of plastics in salt with the two sample results for Senegal showing the types of salt, the level of a yearly one ton 49 riverine plastic emission, and the presence of Microplastics in sea salt, are good indicators of the correlation between abundance micro plastics in sea salts, riverine plastic emissions, and micro plastic level in seawater. It’s another big critical highlight that plastic pollution is a global crisis, and Africa, in particular, must take this issue seriously, as the ecosystem and human health in African seas could potentially be at greater risk because of severe maritime microplastics pollution.

Assuming intake of 10 grams per day of salt, the average adult consumer could ingest approximately 2,000 microplastics each year through salt alone, as the study suggests. Even after discounting the highly contaminated Indonesian salt sample from this study, the average adult could still be consuming many hundreds of microplastics each year.

“The findings suggest that human ingestion of microplastics via marine products is strongly related to plastic emissions in a given region,” said Professor Kim, Seung-Kyu, corresponding author of the study. “In order to limit our exposure to microplastics, preventative measures are required, such as controlling the environmental discharge of mismanaged plastics and more importantly, reducing plastic waste” he added.

Earlier this month, Greenpeace along with the Break Free From Plastic coalition released a report naming Coca-Cola, PepsiCo, and Nestlé as among the most frequent companies whose packaging relies on the single-use plastics that pollute our oceans and waterways globally.

https://www.businesspost.ng/2018/10/21/study-finds-microplastics-in-over-90-of-salt-brands/

Treasury Bills Yields Drop 0.10% as Lending Rate Falls to 13.33%
https://www.businesspost.ng/2018/10/20/treasury-bills-yields-drop-0-10-as-lending-rate-falls-to-13-33/

By Modupe Gbadeyanka

All seems not to be too well with Polaris Bank, the bridge bank set up to take over the assets and liabilities of now defunct Skye Bank Plc.

A new report by National Daily said the lender is fighting a serious battle for survival following customers panic over the sudden demise of Skye Bank.

Business Post reports that despite efforts being made by the management of Polaris Bank to assure its customers that nothing will happen to their money in its care, nobody wants to take the risk of leaving his hard-earned money with the financial institution.

This is because in the past, some people have had to kiss their money goodbye as a result of similar situation and those who were part of the collapsed banks walking on the streets as freemen.

In order not to be caught unawares, some customers of the defunct Skye Bank are reportedly taking their money out of Polaris Bank to safer banks, giving them the opportunity to have sound sleep and have nothing to worry about again for fear of the unknown.

It will be recalled that in a move that took bank customers and even shareholders and other financial industry stakeholders by surprise, the Central Bank of Nigeria (CBN), last month announced the winding up of business activities of the much harried and cash strapped, Skye Bank Plc.

The CBN admitted that as a result of the shaky outlook of the defunct Skye Bank, it had no option than to intervene because results of forensic audit of the bank’s books revealed that it required urgent recapitalisation as it could no longer continue to survive on life support (meaning indefinite liquidity support).

Whereas no one doubts the ability of the regulator to stabilise Polaris and save depositors of the new financial institution, shareholders are still confused as to the implications of what has happened.

It has been argued that the new bank will lose some customers (depositors) who are edgy about their deposits and have lost some trust in the old bank and by extension its successor. They will migrate to other banks.

The challenge of huge non-performing loans hanging over Polaris, industry observers believe cannot be wished away despite the huge amount the CBN has injected in the bank.

Details show that the CBN has injected over N1 trillion into the bank; the over N300 billion when it sacked and replaced its management and the recent intervention of N786 billion.

Meanwhile, industry analysts do not seem comfortable with the new arrangement given the developments of 2009 when the CBN under Sanusi Lamido Sanusi, the current Emir of Kano, Muhammadu Sanusi II.

Lagos based financial analyst and a senior lecturer at the prestigious Lagos Business School (LBS), Dr Adi Bongo, expressed discomfort with the emergence of Polaris Bank, adding that Skye Bank should never have been allowed to acquire Mainstreet Bank which was much bigger than her at that time.

However, Dr Afolabi Olowokere of Financial Derivatives Company limited held a contrary view, arguing that the liquidation option was capable of wrecking the financial system and cause confidence crisis.

‘’Depositors will lose their monies, there will huge job losses and the financial system can crash if the CBN fails to come in the way it did’’, he said.

Recall the bank erstwhile chairman of the collapsed bank, Mr Tunde Ayeni and another director, Mr Festus Fadeyi, had borrowed huge loans from the bank to run other business concerns, which have not been fully repaid.

https://www.businesspost.ng/2018/10/19/polaris-bank-battles-for-survival-amid-growing-concerns/

Polaris Bank Battles for Survival Amid Growing Concerns
https://www.businesspost.ng/2018/10/19/polaris-bank-battles-for-survival-amid-growing-concerns/