₦airaland Forum

I want to believe Nigerians see Adeosun as heroin because she resigned from office, a rare thing in Nigeria. However, that should not be an excuse for the offence she committed.

One other serious thing we are missing now is the age controversy surrounding the caretaker Finance Minister, Mrs Zainab Ahmed, who, according to her CV, must have graduated from the university at 18.

Agbalowomeri:
I doubt you understand the meaning of forgery and perjury. In any form, that should be vehemently condemned and she should go to jail for this!

Sometimes, one begins to wonder the fate of minority shareholders in the stock market.

DeRuggedProf:

Hunt for High Dividend Yields Stocks to Dominate Trading This Week
https://www.businesspost.ng/2018/09/17/hunt-for-high-dividend-yields-stocks-to-dominate-trading-this-week/

NSE Delists Tower Funding Plc N4.63b Bonds on Maturity
https://www.businesspost.ng/2018/09/17/nse-delists-tower-funding-plc-n4-63b-bonds-on-maturity/

Rates to Moderate on N232.37b Inflows
https://www.businesspost.ng/2018/09/17/rates-to-moderate-on-n232-37b-inflows/

NSE Approves May & Baker Nigeria’s N2.45b Rights Issue
https://www.businesspost.ng/2018/09/16/nse-approves-may-baker-nigerias-n2-45b-rights-issue/

T-Bills Investors Remain Cautious as CBN Suspends OMO Auction
https://www.businesspost.ng/2018/09/16/t-bills-investors-remain-cautious-as-cbn-suspends-omo-auction/

Nigeria's Inflation Rises to 11.23% in August after 18th Consecutive Decline
https://www.businesspost.ng/2018/09/14/nigerias-inflation-rises-to-11-23-in-august-after-18th-consecutive-decline/

By Dipo Olowookere

Inflation rate in Nigeria suffered a slight decline in the month of August 201 after recording an 18th consecutive decline, data from the National Bureau of Statistics (NBS) has revealed.

The inflation numbers released on Friday afternoon by the stats office said the Consumer Price Index (CPI), which measures the average change over time in prices of goods and services consumed by people for day-to-day living (inflation), increased by 0.09 percent to 11.23 percent (year-on-year) in August 2018 from 11.14 percent in July 2018.

This is the first year-on-year rise in headline inflation following 18th consecutive disinflation in headline inflation.

NBS said increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the headline index moderated to 1.05 percent in August 2018, down by 0.08 percent points from the rate recorded in July 2018, 1.13 percent.

The percentage change in the average composite CPI for the twelve months period ending August 2018 over the average of the CPI for the previous twelve months period was 13.55 percent, showing 0.4 percent point from 13.95 percent recorded in July 2018.

The urban inflation rate increased by 11.67 percent (year-on-year) in August 2018 from 11.66 percent recorded in July 2018, while the rural inflation rate increased by 10.84 percent in August 2018 from 10.83 percent in July 2018.

On a month-on-month basis, the urban index rose by 1.00 percent in August 2018, down by 0.23 from 1.23 percent recorded in July, while the rural index also rose by 0.96 percent in August 2018, down by 0.22 percent from the rate recorded in July 2018, 1.18 percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.95 percent in August 2018. This is less than 14.33 percent reported in July 2018, while the corresponding rural inflation rate in August 2018 is 13.21 percent compared to 13.64 percent recorded in July 2018.

A look at the composite food index showed a rise to 13.16 percent in August 2018 from 12.85 percent in July 2018.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetables, Fish, Fruits and Oils and Fat, the stats office said.

On month-on-month basis, the food sub-index increased to 1.42 percent in August 2018, up by 0.02 percent points from 1.40 percent recorded in July.

The average annual rate of change of the Food sub-index for the twelve-month period ending August 2018 over the previous twelve-month average was 16.50 percent, 0.6 percent points from the average annual rate of change recorded in July, 17.10 percent.

https://www.businesspost.ng/2018/09/14/nigerias-inflation-rises-to-11-23-in-august-after-18th-consecutive-decline/

Adeosun Bows to Pressure, Resigns as Nigeria’s Finance Minister
https://www.businesspost.ng/2018/09/14/adeosun-bows-to-pressure-resigns-as-nigerias-finance-minister/

Court Stops NAICOM’s Reclassification Policy
https://www.businesspost.ng/2018/09/14/court-stops-naicoms-reclassification-policy/

We Want to List Our Shares in Nigeria, But…—MTN
https://www.businesspost.ng/2018/09/14/we-want-to-list-our-shares-in-nigeria-but-mtn/

Customers, Shareholders Worry Over Skye Bank's Financial Health
https://www.businesspost.ng/2018/09/14/customers-shareholders-worry-over-skye-banks-financial-health/

Equities Remain Bearish After N98b Loss
https://www.businesspost.ng/2018/09/14/equities-remain-bearish-after-n98b-loss/

Average T-Bills Yield Settles at 13.89% as CBN Issues ‘No Sale’ OMO Result
https://www.businesspost.ng/2018/09/14/average-t-bills-yield-settles-at-13-89-as-cbn-issues-no-sale-omo-result/

By Modupe Gbadeyanka

A total of N3.95 trillion was shared among the federal, states and local government areas of the federation in the first half of 2018 from the Federation Account.

A statement from the Nigeria Extractive Industries Transparency Initiative (NEITI) signed by its Director of Communications and Advocacy, Dr Orji Ogbonnaya Orji, disclosed that the disbursements made by the Federation Accounts Allocation Committee (FAAC) represented an increase of 41 percent when compared to the N2.79 trillion disbursed in the first half of 2017 and a 95 percent increase in the N2 trillion disbursed in the first half of 2016.

According to the latest edition of the NEITI Quarterly Review, a breakdown of the disbursements showed that the federal government received N1.65 trillion, states received N1.38 trillion while local governments got the least share of N795 billion during the period under review.

The disparity in the revenues received by each of the three tiers of government was based on the revenue sharing formula of the federation as stipulated in the constitution.

The NEITI Quarterly Review shows that the lowest monthly figure of N635.6 billion disbursed in the first half of 2018 was N121.4 billion higher than the highest monthly figure (N514.2 billion) disbursed in the first half of 2017 and N218 billion higher than the highest monthly figure (N417 billion) for 2016.

“These figures clearly indicate that revenue accruing to the Federation in the first half of 2018 completely outstripped revenues in the previous two years,” stated the report.

The Quarterly Review further disclosed that total FAAC disbursements in the second quarter of this year was 46 percent higher than the figure for the same period last year and 127 percent higher than the figure for the same period in 2016.

The report noted that while N2 trillion was shared in the second quarter of this year, N1.38 trillion was disbursed during the same period last year and only N886.38 billion was shared in the second quarter of 2016.

“In fact, Q2, 2018 was the first time an amount in excess of N2trillion was disbursed since Q3 2014. This is a run of 14 consecutive quarters of disbursements below N2trillion,” it said.

The phenomenal increase of disbursements recorded in the second quarter of 2018, the report observed, was the highest to the Federation since the third quarter of 2014.

The report attributed the positive development to the rise in crude oil prices and similar increase in oil production.

“Average oil price in 2016 was $43.5 per barrel, while in 2017 oil price averaged $54.2 per barrel. However, in the first six months of 2018, average oil price was $70.6 per barrel. Thus, on the average, oil price increased by 62.2 percent between 2016 and the first half of 2018,” the NEITI Quarterly Review asserted.

“Total oil production in 2016 was 661.1 million barrels while the figure was 690 million barrels in 2017. In 2016, average monthly oil production was 55.1 million barrels while it was 57.5 million barrels in 2017. For the first two months of 2018 for which data is available, average production was 59 million barrels.”

On net FAAC disbursement to states, the review disclosed that during the first half of this year, “the highest receiving state was Delta State with N101.19 billion, while the lowest receiving state was Osun State with N10.24 billion. This implies that Delta State received 988 percent more than Osun State received.”

NEITI postulates that since “disbursements to all states as at June 2018 exceeded 60 percent of total disbursements in 2017, it is also likely that FAAC disbursements to all states in 2018 will exceed their 2017 values.”

The NEITI Quarterly Review also looked at the deductions made from the allocations to the states. The report identified five states with the lowest deductions as a percentage of disbursements as Anambra (2.89 percent), Yobe (2.93 percent), Jigawa (3.96 percent), Enugu (6.72 percent), Nassarawa (6.74 percent).

In the same direction, states with the highest deductions as percentage of disbursements were Plateau (33.48 percent), Ogun (38.43 percent), Zamfara (41.55 percent), Cross River (54.53 percent) and Osun (141.79 percent).

Another striking feature of the NEITI Report is the significant increase in VAT disbursements during the period under review.

VAT disbursements increased by 35 percent between the first quarter of 2015 and the second quarter of 2018.

The report remarked: “It is interesting that VAT has been generally increasing over time. This bodes well for the government’s efforts at increasing revenue from non-oil sources.”

The NEITI Quarterly Review expressed hope about increased revenues to governments from both oil and non-oil sectors, but cautions that the volatile and unpredictable nature of government revenues will continue to make planning difficult for all tiers of government, increasing difficulties in implementing their budgets.

It highlighted the need to place priority attention to internally generated revenues. The latest issue of the publication is based on data from the National Bureau of Statistics (NBS) and NEITI’s regular attendance at FAAC meetings.

https://www.businesspost.ng/2018/09/13/delta-got-988-more-revenue-than-osun-in-h1-2018-neiti/

NSE to Review Diamond Bank, Stanbic IBTC Corporate Governance Standards
https://www.businesspost.ng/2018/09/12/nse-to-review-diamond-bank-stanbic-ibtc-corporate-governance-standards/

Notore Shuts Down Operations at Ammonia Plant
https://www.businesspost.ng/2018/09/13/notore-shuts-down-operations-at-ammonia-plant/

NSE Downgrades eTranzact to Low-Priced Stock
https://www.businesspost.ng/2018/09/12/nse-downgrades-etranzact-to-low-priced-stock/

Nigeria Moves to Settle $10.1b Dispute with MTN as Shares Tumble
https://www.businesspost.ng/2018/09/12/nigeria-moves-to-settle-10-1b-dispute-with-mtn-as-shares-tumble/

AXA Mansard Introduces More Payment Platforms to Ease Transactions
https://www.businesspost.ng/2018/09/13/axa-mansard-introduces-more-payment-platforms-to-ease-transactions/

Nigeria's One-Year T-Bills Rate Clears at 13.50% at PMA
https://www.businesspost.ng/2018/09/13/nigerias-one-year-t-bills-rate-clears-at-13-50-at-pma/

By Dipo Olowookere

An appeal has been made to the management of Ikeja Electric by customers in the Shomolu area of Lagos for a debt forgiveness on their accumulated outstanding bills.

This followed the deployment of thousands of prepaid meters by the electricity firm to consumers in the area to further close the metering gap.

Shomolu area of Lagos State is noted for its huge concentration of printers and other heavy electricity consumers.

It was discovered that out of all the customers meter, about 660 are yet to migrate and utilize the new prepaid meters due to their inability to meet the demands of the disco in offsetting their previous accumulated bills.

The customers therefore seek a percentage discount on their huge outstanding debt.

Hitherto, the customers had lamented the burden of excessive and outrageous billing by the company, hence sought for pre-paid meters.

This made IE to deploy over 1,500 prepaid meters to the community recently. However, some communities in Shomolu are yet to migrate from the analogue meters or estimated billing to the prepaid meters.

Speaking on the issue, Chairman of Shomolu Community Development Committee (CDC), Mr Adedapo Oduguwa, commended Ikeja Electric for the massive deployment of meters to the area and environs, but advised the firm to ensure that migration of customers to the prepayment metering is made a lot easier by looking into the contentious issues relating to outstanding electricity bills.

He said, “This will enable customers migrate immediately to recharge after exhausting the initial token installed in the meter.

“We request for debt forgiveness. So many properties are abandoned and not occupied but are still served bills which is mounting.

“It is not easy for some people to clear the backlog because it was previous occupiers of the buildings that accumulated the bills passed down for so many years.

“If the company makes the migration easy for us, we will be in a position to spread the gospel that meter is free just as the police will say bail is free.”

In similar vein, president of the co-operative society of the association of printers in Shomolu, Mr Babajide Mark Anthony, expressed his joy at the new development and confirmed that the association is ready to cooperate with the DisCo to ensure smooth operation.

He further advised the firm to fast-track the installation of meters and also attend to minor complaints on time, in order to build more trust and instil confidence in its customers.

The Business Manager of IE in charge of Shomolu, Engr. Taofeek Basanya, when contacted, said the company has made migration easy for customers.

According to him, “we want consumers to come forward with their bills and pay 30 percent of their outstanding, the rest can be spread out over a long period of time as long as they recharge their prepaid meters.

“Customers should not hide under the guise of community associations to frustrate the company’s efforts of metering more people, but should on individual basis come to our office to make their claims and dispute about their bills.”

In his reaction, IE’s Head of Corporate Communications, Mr Felix Ofulue, reiterated IE’s position to sustain the metering exercise in an equitable manner such that all category of customers that are yet to be metered will definitely benefit from the roll-out plan.

However, the company spokesman expressed concerns about the trend of asset compromise being witnessed in some the areas that have already been metered.

According to him, “our records reveal that a lot of customers who were recently metered, especially in Shomolu and environs have not vended or purchased units on their meters several weeks after exhausting the initial token. Typically, this is the process that should follow after the complimentary units on the prepaid meter have been exhausted.”

He called on metered customers to resist the urge to bypass meters, rather urging them to manage their energy consumption prudently. He also warned that IE would apply the authorized sanctions against any customer who engages in the act of meter bypassing.

https://www.businesspost.ng/2018/09/13/ikeja-electric-customers-demand-debt-forgiveness/

By Dipo Olowookere

The worrying losses at the Nigerian Stock Exchange (NSE) continued on Wednesday with the market closing 3.46 percent lower.

At the close of transactions yesterday, the local market’s year-to-date return was deep in the mess at -15.56 percent.

Significant selloffs were witnessed at the market as investors continue to take exit as a result of weakened investors’ confidence as well as warnings from analysts about the economic outlook for Nigeria.

The All-Share Index (ASI) lost 1156.38 points on Wednesday to close at 32,292.79 points, while the market capitalisation reduced by N423 billion to finish at N11.789 trillion.

Like in the previous sessions, the market breadth ended negative with 37 price losers and 11 price gainers.

After losing N13 at the close of market yesterday, Dangote Cement emerged as the highest price loser, quoting at N210 per share.

It was followed by Nestle Nigeria, which fell by N6 to end at N1479 per share, and Nigerian Breweries, which depreciated by N4 to settle at N84 per share.

Stanbic IBTC also depressed by N4 to end at N41 per share, while CCNN went down by 3.05k to finish at N27.85k per share.

Conversely, Seplat topped the gainers’ chart on Wednesday after appreciating by N3.70k to settle at N606.70k per share.

It was trailed by Forte Oil, which rose by 80 kobo to end at N18.90k per share, and GTBank, which appreciated by 10 kobo to close at N32.60k per share.

United Capital garnered 6 kobo at the market yesterday to finish at N2.80k per share, while Skye Bank rose by 5 kobo to end at 61 kobo per share.

It was observed that shares of Access Bank, FBN Holdings, Transcorp, Dangote Cement and Zenith Bank were heavily traded at the market on Wednesday.

These and others contributed to the 63.87 percent rise in the volume of shares traded yesterday as well as the 334.03 percent increase in the value of traded stocks.

A total of 246.9 million equities worth N6.9 billion exchanged hands yesterday compared with the 150.7 million units valued at N1.6 billion transacted in the previous session.

A further breakdown revealed that the Financial Services sector led the activity chart with 172.8 million shares exchanged for N1.7 billion, followed by the Conglomerates, which transacted 20 million equities valued at N26 million.

https://www.businesspost.ng/2018/09/13/index-loses-3-46-wednesday-as-investors-pull-out-n423b/

Lending Rate Rises as Investors Bid 14.50% for 324-day T-Bills
https://www.businesspost.ng/2018/09/12/lending-rate-rises-as-investors-bid-14-50-for-324-day-t-bills/

CBN Auctions N136.31b Fresh T-Bills as Investors Seek Higher Rates
https://www.businesspost.ng/2018/09/12/cbn-auctions-n136-31b-fresh-t-bills-as-investors-seek-higher-rates/

CBN Plans Sale of N1.02tr Treasury Bills via PMA in Q4
https://www.businesspost.ng/2018/09/11/cbn-plans-sale-of-n1-02tr-treasury-bills-via-pma-in-q4/

By Dipo Olowookere

The bearish sentiment at the local stock market continued on Tuesday with a 0.48 percent loss, leaving the year-to-date return to sink deeper to -12.54 percent.

This was as President Muhammadu Buhari received his presidential nomination form worth N40 million and the expression of interest form valued at N5 million from a group, which reportedly purchased the forms for him due to his inability to buy the forms because of its high cost.

With this, President Buhari has set the pace to seek re-election next year on the platform of the ruling All Progressives Congress (APC).

Back to the stock market, investors continued with their profit taking activity, reflecting in the number of price losers and gainers yesterday; 30 losers against 14 gainers.

Nigerian Breweries closed as the highest price loser after shedding N4.50k of its stock value to close at N88 per share.

It was followed by GTBank, which lost N2 to finish at N32.50k per share, and Dangote Sugar, which fell by N1.60k to end at N14.40k per share.

Forte Oil went down by 95 kobo to settle at N18.10k per share, while UAC of Nigeria crashed by 80 kobo to close at N10.20k per share.

At the other end, Nestle Nigeria recovered part of the N145 it lost on Monday, gaining N130 on Tuesday to settle at N1485 per share.

Dangote Flour rose by 55 kobo to finish at N8.40k per share, while Access Bank grew by 10 kobo to end at N9 per share.

Learn Africa increased its share value yesterday by 9 kobo to close at N1.10k per share, while Neimeth Pharmaceuticals appreciated by 6 kobo to end at 72 kobo per share.

Business Post reports that the market capitalisation depreciated on Tuesday by N59 billion to finish at N12.212 trillion, while the All-Share Index (ASI) fell by 162.52 points to close at 33,449.17 points.

Despite the bearish sentiment yesterday, the volume and value of equities traded by investors of the floor of the Nigerian Stock Exchange (NSE) increased by 9.48 percent and 17.74 percent respectively.

A total of 150.7 million shares worth N1.6 billion exchanged hands on Tuesday in contrast to the 137.6 million equities worth N1.4 billion transacted on Monday.

These trades were dominated by stocks in the Financial Services sector, accounting for 123.5 million units valued at N1.2 billion. It was followed by equities in the Oil and Gas sector, which recorded 8.8 million shares sold for N34 million.

A total of 17.5 million units of GTBank shares worth N562.8 million were sold at the market yesterday, leading the activity chart at the close of business.

UBA traded 15.6 million stocks valued at N117.4 million, while Diamond Bank transacted 13.8 million units worth N18.6 million.

Access Bank exchanged 11.9 million shares yesterday valued at N103.3 million, while Zenith Bank sold 11.7 million equities worth N236.1 million.

https://www.businesspost.ng/2018/09/12/nigerian-stocks-lose-0-48-as-buhari-receives-n40m-apc-nomination-form/

2019: Forte Oil Chief Femi Otedola to Contest Lagos Guber Under PDP
https://www.businesspost.ng/2018/09/11/2019-forte-oil-chief-femi-otedola-to-contest-lagos-guber-under-pdp/

Fidelity Bank, Skye Bank, Unity Bank, Others Risk Sanctions
https://www.businesspost.ng/2018/09/11/fidelity-bank-skye-bank-unity-bank-others-risk-sanctions/

T-Bills Market Bearish Amidst Significant Buoyant Liquidity
https://www.businesspost.ng/2018/09/11/t-bills-market-bearish-amidst-significant-buoyant-liquidity/

Union Bank Raises N20b Bonds to Boost Working Capital, Loan Book
https://www.businesspost.ng/2018/09/11/union-bank-raises-n20b-bonds-to-boost-working-capital-loan-book/

CBN Credit Policy: Fidelity Bank Plans Big For Real Sector
https://www.businesspost.ng/2018/09/10/cbn-credit-policy-fidelity-bank-plans-big-for-real-sector/

MTN Runs to Court over Fine, CBN/AGF Dispute
https://www.businesspost.ng/2018/09/10/mtn-runs-to-court-over-fine-cbn-agf-dispute/

By Dipo Olowookere

A pan Yoruba youth organizations, Igbimo Odo Yoruba, has raised an alarm about a plot by the federal government to clampdown on some leaders of the Nigerian leaders and elders forum comprising Afenifere, Northern Elders Forum, Ohanaeze Ndigbo, Pan-Niger Delta Forum (PANDEF) and Middle Belt Forum, with the aim of weakening the group’s perceived opposition to the President Muhammadu Buhari’s administration by using the Nigerian Police Force and the Department of State Services to execute a series of arrests targeting key chieftains of the groups such as Comrade Yinka Odumakin, Dr Junaid Mohammed, Chief John Nwodo, Dr Isuwa Dogo, Chief Ayo Adebanjo and others, on trumped-up charges.

The group alleged in a press statement released Friday by its Coordinator, Comrade Olufemi Lawson, in Lagos that the plot also involves executing illegal searches on residential and business premises of persons believed to be arrow heads of the groups, with the ultimate objective of silencing them so to as cripple their criticisms of the Mr Buhari led All Progressives Congress (APC) administration in the country.

The youth group also alleged that the plot is aimed at decapitating the any opposition to the “now unpopular” government of President Buhari, which is desperately seeking a second term in office come 2019.

Making reference to the recent illegal raid on the Abuja residence of elder statesman and Niger Delta leader, Mr Edwin Clark, the group alleged that it was the first step in the series of orchestrated actions geared towards silencing the opposition to the Buhari’s government, which has been mainly championed by the Nigerian Leaders and Elders Forum.

The group further stated that the glaring failures of the APC administration in the country and the increasing agitation for the restructuring of the country, being spearheaded by the Elders and Leaders, is responsible for the federal government’s plot to clampdown on those persons, who are now considered to be the arrowhead of the opposition to the Buhari’s government.

According to the group, the increasing resort to dirty tactic fits into the pattern of the Buhari’s administration abuse of federal institutions, including the police, DSS, the military and the regulatory agencies, to harass and intimidate the opposition.

The group also stated that the recent events are proof of the desperation of the Buhari’s administration, which it alleged is determined to make sure that Nigeria is plunged into chaos through its anti-democratic activities.

“We are therefore using this medium to alert Nigerians and the international community of the evil machinations of the Federal government and the APC to throw Nigeria into crisis.

“We also call on Nigerians and the global community to take note of the desperate tactics of this administration and do whatever they can to prevail on President Buhari not to plunge the country into chaos,” the group further stated.

The group warned that any crisis arising from the desperate antics of the federal government would not augur well for Nigeria and her democracy, adding that the country “must not be allowed to be plunged into crisis for whatever reason.”

https://www.businesspost.ng/2018/09/09/criticism-fg-plotting-to-arrest-some-elder-statesmen-group/

MTN: Diamond Bank Confirms Payment of N250m Fine to CBN
https://www.businesspost.ng/2018/09/08/mtn-diamond-bank-confirms-payment-of-n250m-fine-to-cbn/

By Dipo Olowookere

The management of Pension Transitional Arrangement Directorate (PTAD) has assured pensioners of the privatised NITEL/MTEL would soon begin to receive their payments.

This assurance was given in a statement issued by the agency on Friday, September 7, 2018, in reaction to a press statement issued by the Association of Former Telecoms Employees of Nigeria (ATEN), claiming that PTAD and the Federal Ministry of Finance had submitted and defended “huge amount of money” for the payment of monthly pension to ex-workers of company, suggesting that the action was “illegal and against the law.”

According to PTAD, during its verification exercise in February 2018, about 15,212 NITEL/MTEL pensioners were verified, following the approval granted by the Minister of Finance, Mrs Kemi Adeosun, on February 10, 2017 for the enrolment of eligible pensioners of 10 defunct/privatized agencies including NITEL.

Mrs Adeosun’s approval followed the unrelenting agitation by representatives of the various pension groups for enrolment into ‘Pension for Life.’

According to PTAD, before this year’s exercise, it made it abundantly clear that its mandate was to verify and enrol eligible pensioners for the purpose of payment of monthly pension, in conformity with the provisions of the Pension Reform Act (2014).

“This was what the Directorate did in the cases of Delta Steel Company (DSC), Nigeria Reinsurance, Federal Housing Authority (FHA), NICON Insurance and Nigerian Defense Academy (NDA) civilians.

“PTAD is also on the verge of enrolling eligible pensioners of NITEL/MTEL. The current campaign of disinformation being perpetrated by the fringe group will, therefore, not distract PTAD from meeting this noble objective, nor will it distract from the Directorate’s ability of improving the welfare of pensioners,” the agency said.

PTAD noted that during the February 2018 exercise, from the 15,212 total verified NITEL/MTEL pensioners, 9,198 were the eligible pensioners computed (to be put on payroll), 3,233 were not eligible for pensions (served less than 10 years), while 1,385 were asked to provide additional information required for processing, with the same number of people, 1,385 fell under NoKs.

However, when Business Post made a summation of these figures given by PTAD, it was short of 11 and efforts made to reach PTAD for this discrepancy were futile.

But in the statement, the agency said the basis for computation was eligibility, salary structure and pensionable allowances.

It said those qualified for pension were workers who had spent a minimum of 10 years of service by September 30, 2006 (date of privatization), used NITEL salary structure received from Federal Ministry of Communications and Bureau of Public Enterprises.

PTAD further said federal government approved rates of increment were applied based on date of retirement 150% with effect from 1/1/1999, 30% with effect from 1/1/2000, 142% with effect from 1/5/2000, 6% with effect from 1/10/2003, 15% with effect from 1/1/2007, and 33% with effect from 1/7/2010.

“All computations are subjected to clearance by Resident Auditors from the Office of the Auditor-General of the Federation (OAuGF).

“Please note that the Directorate’s immediate priority is to put the eligible NITEL/MTEL pensioners on payroll for the payment of monthly pension

“The payment of monthly pension to eligible NITEL/MTEL pensioners will commence soon. All accumulated arrears will also be settled as soon as possible.

“All those who do not qualify under extant laws will be informed individually,” the agency said in the statement.

https://www.businesspost.ng/2018/09/08/payment-of-nitel-mte-pensioners-begins-soon-ptad/

By Dipo Olowookere

Reports say the former head of the London unit of Union Bank of Nigeria Plc, Mr Maurice Phido, was arrested last year as part of a bribery probe.

Bloomberg and Financial Times both said this information was revealed by people with knowledge of the case.

Citing those who begged to remain anonymous, Bloomberg said Mr Phido was detained by police in May 2017 because his name isn’t public, but was released on bail after his arrest and went back to Nigeria.

According to the reputable journal, an official from the UK National Crime Agency hinted at the case this week when he told a crowd of lawyers at a conference in Cambridge, England, about an arrest of the head of a London unit of a foreign bank, without revealing the individual’s identity or saying when the arrest took place.

Nigel Kirby, the deputy director of the NCA’s economic crime unit, said that the case is being evaluated by prosecutors after a seven-month investigation found possible corruption. The person Kirby was describing was Mr Phido, according to one of the people.

“Union Bank said it isn’t being investigated for bribery, nor has it been investigated in the past. It referred questions about the case to Mr Phido, who no longer works at the bank. Mr Phido didn’t immediately respond to a request to comment via his LinkedIn account,” Bloomberg reports.

Also, a spokeswoman for NCA didn’t immediately provide a comment, and a spokeswoman for the CPS declined to comment.

Mr Phido’s term as chief executive officer in London ended on May 26, 2017, according to the UK Financial Conduct Authority’s register of approved persons.

Union Bank Plc, which has its headquarters in Lagos, has gained increasing media coverage in recent months after former Barclays Plc CEO Bob Diamond raised his company’s stake in the lender to 49 percent. Atlas Mara Ltd., which Diamond co-founded, specializes in investing in banking operations in sub-Saharan Africa.

The lender is one of the companies trading its shares on the Nigerian Stock Exchange (NSE).

Business Post reports that as at the close of business on Thursday, Union Bank traded flat on the stock exchange at N5.85k per share.

https://www.businesspost.ng/2018/09/07/police-arrests-detains-former-union-bank-ceo-over-bribery-probe/

Police Arrests, Detains Former Union Bank CEO Over Bribery Probe
https://www.businesspost.ng/2018/09/07/police-arrests-detains-former-union-bank-ceo-over-bribery-probe/

Bearish Sentiment Dominants T-Bills Market as CBN Mops up N189.7b
https://www.businesspost.ng/2018/09/07/bearish-sentiment-dominants-t-bills-market-as-cbn-mops-up-n189-7b/

T-Bills Contributes 40.40% to FDMQ N99.5tr Turnover in 7 months
https://www.businesspost.ng/2018/09/06/t-bills-contributes-40-40-to-fdmq-n99-5tr-turnover-in-7-months/