NAIRA DEPRECIATES TO N367/$1 AS MPC MEETING CONTINUES TODAY
Source : http://www.eyesoflagos.com/2017/07/naira-depreciates-to-n3671-as-mpc.html

The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday).
The sell side of the naira exchange rate against the pound also dropped by N3.00, to close at N475 to the pound on the parallel market yesterday, as against the N472 it opened for trading. However, the naira remained flat at N420 against the euro.
For the Investors/Exporters Foreign Exchange (IEFX) window, the naira against the Dollar opened at N365.96 and closed at N366.37 while at the Inter-bank rate, it remained at N305.8. Uncertainty continued to surround the outcome of the CBN’s Monetary Policy Meeting that commenced on Monday as speculators trade the foreign exchange market with caution.
The naira appreciated last week attributable to CBN’s injection of $195 million — comprising $100 million (via the wholesale window), $50 million, and $45 million (via the SMEs and Invisibles windows respectively) – into the foreign exchange market.
The naira – in the interbank market last week – appreciated by 0.03 per cent and 0.49per cent against the dollar and pound to N305.80 and N409.36, respectively, but depreciated by 1.83 per cent against the Euro to N367.15. In the parallel market, it appreciated against dollar and the pound by 0.54per cent and 0.42per cent to N366 and N470, respectively, while the naira against euro was flat at N420.
In a deviation from the interbank and parallel market, the naira in the IEFX window lost by 0.98per cent against the dollar to N366.37. Although experts had predicted that the Monetary Committee might hold interest rate at 14 per cent and Cash Reserve Ratio at 22.5 per cent. They expressed that the weekly invention of CBN will aid the nation’s economy in exiting the current recession as the manufacturing and non-manufacturing activities continued to increase.
Managing director/chief executive officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane explained to EYES OF LAGOS that the CBN’s rates might remain unchanged. The CBN in a notice to commercial banks announced plans to sell foreign exchange to manufacturers, airlines, fuel importers, and agriculture businesses at a special auction to clear backlog of foreign exchange obligations this week.
Researchers at Cordros capital said, the impact on the Naira will be largely reflected across segments of the foreign exchange market. Thus, we expect the Naira to appreciate further against the dollar in the week, while remaining stable against the pound and euro.”

DANGOTE CEMENT, 19 OTHERS DRIVE STOCK MARKET’S 1.86% GAIN
source : http://www.eyesoflagos.com/2017/07/dangote-cement-19-others-drive-stock.html

Share price gains recorded yesterday by Dangote Cement and 19 others stocks contributed immensely to the 1.86 per cent increase in the value of Nigerian equities market.
In summary, the All Share Index (ASI) gained 632.15 absolute points, representing a gain of 1.86 per cent to close at 34,652.52 points. Similarly, the market capitalisation gained N218 billion, to close at N11.943 trillion.
The upturn was impacted by gains recorded in large capitalised stocks, amongst which are; Dangote Cement, Julius Berger, Stanbic IBTC, Flourmill Nigeria and Access Bank. Analysts from Afrinvest said that, “As more positive half year, 2017 corporate results are released, we expect investor sentiment to remain largely positive.”
Market breadth was neutral, 20 gainers and losers apiece. Transcorp led the gainers table by 8.05 per cent to close at N1.61 per share. Dangote Cement followed with a gain of five per cent to close at N222.60, while Julius Berger appreciated by 4.96 per cent to close at N36 per share. CI Leasing went up by 4.92 per cent per cent to close at 64 kobo and Access Bank rose by 4.46 per cent to close at N10.08 per share.
On the other hand, Aiico Insurance led the laggards’ table by five per cent to close at 57 kobo per share, while Morison and Vitafoam trailed with a loss of 4.85 per cent, each to close at N1.57 and N2.55 per share different. Unity Bank went down by 4.29 per cent, to close at 67 kobo, while Berger Paints declined by 3.69 per cent to close at N6.52 per share.
However, total volume traded went down by 22.33 per cent to 293.75 million shares, valued at N3.95 billion, and exchanged in 3,712 deals.
Transactions in the shares of Access Bank topped the activity chart with 73.56 million shares valued at N730.18 million. UBA followed with 34.62 million shares worth N323.28 million, while Guaranty Trust Bank traded 32.58 million shares valued at N1.22 billion.
Unity Kapital traded 29.94 million shares worth N14.97 million and Transcorp transacted 16.29 million shares valued at N25.55 million.

REPS GIVE ADEOSUN ONE MONTH TO REFUND N11M
source: http://www.eyesoflagos.com/2017/07/reps-give-adeosun-one-month-to-refund.html



The House of Representatives has issued the minister of finance, Kemi Adeosun a one month ultimatum to return to the federation account the sum of N11.2 million allegedly embezzled by officials of the ministry.
The ultimatum was given yesterday by the Committee on Public Accounts after it alleged that the sum was pocketed by the officials under the guise of organizing a seminar for some stakeholders in an unnamed location in the country.
The ministry claimed that N4.980 million was for the seminar, the balance of N6. 252 million were withholding taxes it deducted from payments to contractors in 2010, which were not remitted to Federal Inland Revenue Service (FIRS) as required by law.
The revelations were among four queries brought against the ministry by the Office of the Auditor General of the Federation, in the ministry’s financial transactions in 2010.
At a hearing on the queries, Hon. Kingsley Chinda-led committee alleged that in an attempt to cover up the financial abuses, the ministry falsified documents which were tendered as evidence before the committee. The documents were consequently referred to the Nigeria Police for cross -examination and subsequent advice.
The lawmakers also frowned at the action of the ministry in granting N46.9 million cash advances to 18 of its staff within the period, for procuring stationery and others office items without retirements as at when due and mandated Adeosun to issue queries to the affected workers to serve as deterrence to others.
Chinda said the actions of the ministry in approving the advances and tolerating late retirements of expenditures, were against the approved government’s financial regulations.
In another query, the committee frowned at non-verifiable claim by the ministry that it actually remitted another N85.587 million to FIRS as taxes arising from four contracts it awarded between March and June 2010 to Reynolds Construction Company (RCC) and A & K Construction Ltd.
To that effect, the committee directed the ministry to reconcile its VAT receipts with the tax authorities, as they were also misleading and appeared fake.
Regards to another query, the House committee set up a three -man panel to visit the ministry and ascertain its claim on executed contracts for the supply and installation of PVC vertical blinds in its offices.
Earlier, the permanent Secretary of the ministry, Mahmoud Isa-Dutse had attempted to dissuade the committee from penalizing the ministry for its alleged indiscretions in financial approvals, expenditures and remittances when he said that the ministry has forwarded documentary evidences absolving the ministry of any financial abuse to the committee.
He however pleaded for more time to enable the ministry return with authenticated evidences to back up the numerous charges by the AGF.
The AGF in the queries, urged the parliament to ask for refund of the funds by the ministry, in line with the anti corruption tenets of President Muhammadu Buhari.

BREAKING: AMBODE SUSPENDS BAALE OF SHANGISHA – MAGODO FOR FAKING HIS OWN KIDNAP
source : http://www.eyesoflagos.com/2017/07/breaking-ambode-suspends-baale-of.html

Hours after the release of the Baale of Shangisha in the Magodo area of Lagos State, Chief Yusuf Ogundare, from his abductors, the monarch has been immediately suspended by the Lagos State Government.
The monarch who was allegedly abducted on July 5, 2017, has been suspended following the approval by Lagos State Governor, Mr. Akinwunmi Ambode.
He was suspended by the government for faking his own kidnap.
The suspension of the Baale was concluded today, Thursday, July 13, 2017.
Eyes Of Lagos gathered, According to the government, the monarch’s fake kidnap has has the involvement of his brother, one Mohammed Adams.
They were paraded during a press briefing which held at the Lagos House, Ikeja, today, Thursday, July 13, 2017.

LASG FLOATS COMMUNITY THEMED TV PLATFORM
source : http://www.eyesoflagos.com/2017/07/lasg-floats-community-themed-tv-platform.html

Few days after the Lagos State Government announced plans to launch radio platforms across the 20 Local Government areas in the state, the government through the Ministry of Local Government and Community Affairs has concluded plans to float a community theme television programme.
Eyes Of Lagos gathered that the programme tagged ‘Lagos Community Updates’ will air live for the first time on Monday, July 17, 2017, by 7:00 pm on Lagos Television (LTV .
Confirming this to Eyes Of Lagos, the Special Adviser to the Lagos State Governor on Communities & Communications, Hon. Kehinde Bamigbetan, said the programme was birthed out of the need to provide a platform for communities and stakeholders to tell their own stories.
“The programme is meant to project what communities are doing for themselves without waiting for the government. It will basically involving major stakeholders, residents, communities development association heads, and other relevant agencies telling their own stories without interference from the government in the state,” Hon. Kehinde Bamigbetan.

“It will also help government to know the extent of community awareness in programmes and policies meant for the citizens,” he added.
Eyes Of Lagos can reliably report that the programme will air between 7:00 and 8:00 pm on Mondays, Wednesdays and Fridays on Lagos Television (LTV .
Recall that news surfaced across media platforms last week that the Lagos State Government (LASG) has concluded plans to launch radio stations operating in local government secretariats in 20 LGAs in the state.

OKAGBARE, AMUSAN STORM NIGERIA FOR WARRI GRAND PRIX
source : http://www.eyesoflagos.com/2017/07/okagbare-amusan-storm-nigeria-for-warri.html

Nigeria’s top performers on the track this season, Blessing Okagbare-Ighoteguonor and Tobi Amusan have both arrived in Nigeria ahead of the 2017 Warri Relays & CAA Grand Prix.
The 2017 Warri Relays & CAA Grand Prix which is fixed for Tuesday, July 18 at the Delta State Polytechnic Stadium, Ozoro, is guaranteed to have a rich number of top athletes on parade; some of whom are already in the country.
Okagbare, who last weekend in London ran an impressive 10.99secs in women’s 100m event is one of the star attractions even as the Sprints queen will hope to strike a better rhythm on the home front as she counts down to the World Championships in London.
For Amusan, the home crowd will have a glimpse of the hurdler who has been hugging the headlines with breathtaking performances in the circuit in the United States this season.
Among other heroics, Amusan last month, won the women’s 100m Hurdles at the National Collegiate Athletic Association (NCAA) title with a new personal best time of 12.57s.
Also, former world champion in 400m, Amantle Montsho, will Team Botswana to the Grand prix.
According to a statement signed by the Meet media director, Olukayode Thomas, joining Montsho from Botswana, are the country’s male and female 4 by 400m teams.
Finalist at the 2008 Summer Olympics, Montsho also competed at the World Championships in Athletics and the IAAF World Indoor Championships, and is a former World Champion in the 400m, winning with a personal best time of 49.56secs in Daegu.
In a message sent to the Meet director, Yussuf Alli, Montsho expressed regret for missing the previous editions of the relays, especially the 2014 edition when she confirmed participation but missed the meet due to flight cancellation.
Meanwhile, secondary schools in Delta State are preparing for the annual relay where future world beaters showcase their talent to a continental and global audience.
“Apart from global stars like Blessing Okagbare, Amantle Montsho and others, Warri Relays/CAA Grand Prix presents budding athletes from all the nooks and crannies of Delta with a platform. Competitions to select the best from schools across the state have been concluded and the best schools will compete for medals and cash prizes in various events” said Thomas.

CBN: BOOSTING MARKETS WITH CREATIVE POLICIES
source: http://www.eyesoflagos.com/2017/07/cbn-boosting-markets-with-creative.html

The Central Bank of Nigeria (CBN) seems to have hit the bull’s eye with its creative and strategically combined policies on foreign exchange, namely the reinforced intervention and supply of dollar into the system and introduction of the Investors’ and Exporters (I&E) foreign exchange window. The two policies have improved liquidity in the spot market, engendered relative stability with rates almost converging, enhanced investors’ confidence and boosted stock market transactions and real sector production.
The I&E window allows market-determined exchange rate, whereby sellers and buyers of dollars transact between themselves at a mutually agreed rate. The introduction created a powerful impact on the stock market which rallied 30 per cent in the wake, signifying the interconnectedness between the money and capital markets and how good policies drive economic growth and development.
The importance of vibrant stock markets in wealth creation and driving economic growth and development cannot be overemphasized. Experts believe that without a stock market (the hub of the capital market), in which people could quickly and easily trade assets, the global economy would quickly grind to a halt. ‘’If there were no stock exchanges, there would be no market place where people could sell their securities for cash and capital would soon be sluggish and the financing of new ventures, no matter how promising, would be heavily curtailed.’’
The stock market had opened the year on a negative note due to the decline in oil price and the hitherto CBN’s restrictive foreign exchange policy, but surprisingly made a rebound in the second quarter of April powered by the I&E Window which engendered positive sentiments and energized greater participation by foreign portfolio investors and Pension Funds. Foreign investors are pleased with the new CBN Window, as a result, their participation in the market rose from N22billion in April to N73billion in May, a contrast to the outflow of N109billion versus N24billion inflow, recorded in March.
In June, the stock market galloped and gained N417billion in one trading day, noted as the highest daily gain in two years. On trading day, Monday June 5, 2017, the market capitalization spiked from N10.845trillion to close at N11.262trillion and the All Share Index gained the highest in 23 months of 3.9 per cent to close at 32,578.38. With the development, market operators and investors creamed off handsome returns from capital gains.
Reportedly, Africa’s richest man, Aliko Dangote, effectively made N518billion (US$1.6billion) in three trading days. Dangote Cement Plc was on the forefront of the gainers, with a gain of N560billion in the first three trading days of June, representing 69 per cent of the total market gains, and the company’s capitalization closed at N3.578trillionwhich accounted for 30 per cent of the entire market capitalization.
Besides boosting the stock market, CBN’s reinforced dollar supply is also energizing the real sector. The apex bank has made up to 28 interventions since February 2017, and notwithstanding scepticisms in some quarters, it seems resolute to sustain the trend. Between February and March, 2017, it made six critical interventions as follows: (Tuesday, February 21- US$417million, Thursday, February 23- US$231million, Friday March 3- US$380million, Monday, March 6- US$367million and Tuesday, March 7-US$100million. Up to June, it has sold about US$6.14billion.
Attesting to the positive impact of the interventions, the Managing Director, Binatone, Nigeria, Mr Prasun Barnerjee, noted in a press report, that ‘’initially most manufacturers had that challenge but in the last two months there have been changes. Foreign exchange has been readily available and relatively stable. There is big hope for manufacturing in this country.’’
The Purchasing Managers’ Index (PMI) report for June published by CBN, also show there was an increase in the Manufacturing Purchasing Managers’ index to 52.9 index points in June 2017, which indicated an expansion in the manufacturing sector for the third consecutive month. The PMI attests to the economic wellness of the manufacturing sector based on five parameters, namely, new orders, inventory levels, production, supplies deliveries and employment environment.
Experts interpret that a composite index of above 50 points indicate a general expansion in the manufacturing/ non-manufacturing economy, 50 points indicate no change and below 50 points indicate a decline. The production level index for manufacturing sector also expanded for the fourth consecutive month in June 2017, standing at 58.2 points which indicated an increase in production.
In June 2017, CBN Governor, Godwin Emefiele, clocked three years in office. He has been widely noted as a man with the courage of his own convictions even in the face of contradictory constructs, and one of the most challenged Governors of the apex bank who has demonstrated pragmatism in the evolution and management of policies aimed at reinventing and defining a new direction for the economy. As noted by Dangote,‘’the policies of the Central Bank contributed in saving the economy’’,
Some of the major highlights of Emefiele’s three years in office include, keeping a lid on inflation through a tight monetary policy. He has continued to retain the Monetary Policy Rate (MPR) at 14 per cent to avoid credit overextension which CBN believes could escalate inflation which presently is at 16.25 per cent, down from a 17.78 per cent in April, and could also create a knock on effect in the banking system. Even in the present dear money situation, it has been reported of a gradual rise in banks’ Non-Performing Loans(NPL), though apex bank has reassured that it is still within control and was working with the banks to rein it in.
Another major highlight is in the area of development banking which has witnessed the apex bank’s intervention in the agricultural sector and other critical sectors of the economy with good results. CBN’s Anchors Borrowers Programme sparked off a ‘’Rice Revolution’’, such that Nigeria may start exporting rice before the end of 2017.
Though there has been pockets of criticisms on CBN’s direct interventions, Emefiele’s stance and action seemed to be driven by his passion to tackle the problem of unemployment through other means besides using the core variables that are traditionally in the purview of Central banks.
In his maiden press briefing as CBN Governor, he had noted that, Central Banks go beyond their traditional scope to directly intervene in certain critical sectors for the greater benefit of their economies. ‘’Early and recent evidence of central banking in places such as the United States, England, Japan and France indicate that supporting selected economic sectors using ‘’direct methods’’ of intervention have been essential tasks of their central banks.’’
Also, in the thick of dollar scarcity, a development which required creative solutions to keep the economy running, Emefiele evolved a quasi import substitution policy which forbade access to the official foreign exchange window for the importation of some 41 items, a policy which aligns with the infant industry argument, and is needed to stimulate local industrial growt

IKORODU RESIDENT RECOUNTS HOW HE NARROWLY ESCAPED BEING LYNCHED BY MOB
source: http://www.eyesoflagos.com/2017/07/ikorodu-resident-recounts-how-he.html

On account of the development of Ikorodu residents taking law into their hands and carrying out jungle justice on suspected members of the Badoo cult. A resident of Ikorodu, Mr. Akinrinlade Ayodeji, shared his ordeal on how he luckily escaped being lynched by mob that mistook him for being a member of the Badoo cult group, which has links to the murder of over 30 persons in Ikorodu.
Ayodeji, in a Facebook post titled ‘Ikorodu’s Badoo brouhaha: My story,’ narrated how he was beaten and almost lost his life when residents accosted him for carrying a jerry can of water that was mistaken for engine oil, which is known to be used by Badoo cultists.
Reports has it that members of the Badoo cult are notable for rubbing their bodies with engine oil before going on their attacks in order to evade grips when caught.

Source: Eyes Of Lagos

See Ayodeji’s post below:

RESTRUCTURING, SECESSION WILL NOT WORK – OBASANJO
source: http://www.eyesoflagos.com/2017/07/restructuring-secession-will-not-work.html

By Alphonso Jide

Former Nigerian president, Chief Olusegun Obasanjo, yesterday disagreed with advocates of restructuring of the country, saying the same social crises of injustice, impunity and bad governance will persist in a restructured country.
According to information gathered by Eyes Of Lagos, Obasanjo who was a guest of the chairman of Lee Engineering and Construction Company Limited, Chief Leemon Ikpea, spoke at the palace of the Olu of Warri, Ogiame Ikenwoli, in Delta State. He said he did not see anything wrong with a united Nigeria.
The former leader was reacting to a speech delivered at the reception, on behalf of the Olu by Chief Brown Mene.
He commended the Itsekiri people for their perseverance and decision to stand against any divisive agitation despite their complaints against perceived marginalization and demand for better treatment and equity.
He noted that all Nigeria’s problems could be sorted out through dialogue and negotiations, and not secession.
He said, “I believe that we can solve all our problems through dialogue, engagement, discussion and conversation. As you rightly remarked, I participated in the civil war and I said never again will I participate in any civil war again in my life.
“It was gruesome, it was destructive and it was deadly. The people who are now clamoring for whatever they are clamoring for don’t even know what war means. They don’t. Whoever has seen the devastation of war, the destruction of war and the mindlessness of war will never want to see war again and may we never have another war again.
“The answer to most of our problems is mindset change and change of mentality. If we need any restructuring, it is the restructuring of our mindset and mentality. How will anybody in his right senses believe separation is the way out? We have passed that stage”.
Acknowledging the fact that there are problems in the country, Obasanjo pointed out that there are many ways the problems facing the country can be solved.
He continued: “It is our diversity that make us a great country. I won’t want a Nigeria where we dance same juju, or wear same attire. Our strength is in our diversity.
Some progress is being made in spite of our difficulties and problems. We need to make greater progress than we have made before.
“If we do that, we’ll have good governance, there will be no impunity. Everybody will have a sense of belonging, a stake in this project called Nigeria. Nothing is wrong with Nigeria; rather, a lot is wrong with Nigerians. We need to correct what is wrong with Nigerians. Some of us have to speak up because if things are wrong and you don’t speak up, then you have become an accomplice.
“Dismemberment of Nigeria is not good enough. Harmony and cohesion in Nigeria is what we should substitute for dismemberment. Inequity, injustice or unfairness are not good enough. We should substitute them with equity, fairness, good government and lack of impunity”.
Speaking earlier at the Delta state office of Lee Engineering and Construction Limited at Ekpan, the former president noted that the development of the company and others like it was the fruit of the local content law, which was made during his administration.

ADOPT YOUTHS AS CHANGE AGENTS, JEGA TELLS FG
source: http://www.eyesoflagos.com/2017/07/adopt-youths-as-change-agents-jega.html

Former Chairman of Independent National Electoral Commission (INEC), Prof. Atahiru Jega, on Friday urged the Federal Government to adopt youths as change agents as part of its transformation agenda.
Jega made the call while fielding questions from newsmen at the sideline of a funeral service organized by civil society organisations in honour of late Director-General of The Electoral Institute, Prof. Abubakar Momoh.
He said that Nigerians had capable youths that could chart the course for a great nation but that the challenge was that they had been abandoned.
“There is a lot to give us concern as a nation about the way our country is being run, because we have able and capable young men and women out there.
“All they need is the opportunity to contribute to the development of this country.
“Momoh used to say that the youths are the majority demographically but politically, they are the minority.
“So, we need to cultivate these youths with the right attitude and values and bring them to the forefront because in the world over, youths are the transformative agents of countries.
“In our own country, we underrate them, we don’t give them good education, and they don’t get employment so they apply their creative ability to criminality,’’ he said.
Jega urged the government to change such attitude and adopt the youths because they were important for the development and progress of Nigeria.
He described Momoh as a man with certain values of integrity, of selflessness, and of service to the country and humanity.
He prayed that there would many Momohs in Nigeria, because it would take such people, as agents of progress and change in the nation, to drive it toward sustainable development.
Also speaking to newsmen, Prof. Dzodzi Tsikata, President of the Council for the Development of Social Science Research in Africa (CODESRIA), said the death of Momoh was not just a loss to Nigeria but to Africa.
Tsikata said that the deceased inspired Africans with his passion and vision for a better Africa and his loyalty and great love for humanity were worth emulating.
“We can honour Momoh’s memory by working to rejuvenate the pan-African movement to achieve transformation in the conditions of Africans wherever they find themselves.
“Momoh was passionate about the freedom and respect for Africans and critiqued afro-pessimism and several negative tendencies in the pan-African movement and debunked several myth on africanism.’’
She said that Momoh was committed to democratic politics and to the struggles of the masses, workers, peasants and women, and affirmed that pan-africansim needed to be rooted in civil society and everyday life.
She encouraged African leaders to emulate Momoh’s passion for youth participation in politics as well as adopt them in governance as change agents in countries, adding that the man was passionate about African economic revitalization.
He urged African leaders to take prompting from the activism of Momoh in the pan-African struggles and resolve to create a better country for Africans politically and economically.
On his part, Prof. Jibrin Ibrahim, former Chairman of Centre for Democracy Development, called for the inclusion of youths in politics to enable Nigeria to move forward.
Ibrahim said that the government could not afford to ignore the group of people it claimed to be the future of the country, adding that there was need to deliberately empower them.
“If in recent times there has been so much violence in the society, it is because the youths have been abandoned,’’ he said.
He urged youths to take the bull by the horn and stand up for themselves, and contribute their quota to the development of the nation. (NAN)

2017 BUDGET: ISSUES AS REPS INVITE FASHOLA
source: http://www.eyesoflagos.com/2017/07/2017-budget-issues-as-reps-invite.html

In this report, MUYIWA OYINLOLA examines the issues that led to the invitation of Minister of Power, Works and Housing, Babtunde Fashola, by the House of Representatives.
The House of Representatives yesterday constituted an ad-hoc committee to invite the Minister of Power, Works and Housing, Babatunde Fashola (SAN), but many had seen it coming considering the current face off between the minister and the National Assembly.
Fashola, according to the House is being invited to explain what it termed breach of privilege and alleged inciting the people against their representatives, over his comments of the Appropriation to the ministries under him, in the 2017 Budget.
Recall that the euphoria that greeted the assent giving to the 2017 Budget by Acting President Yemi Osinbajo (SAN) last month was short lived as the he (Osinbajo) barely 24 hours after declared that the National Assembly lacks power to tinker with budgets when presented to her by the Executive.
According to him, it is unconstitutional for the lawmakers to tinker with budgets when presented to them for approval. Hence, they have no power to introduce new projects or modify those contained in an appropriation bill.
Shortly after the acting president had fired the servo, the minister raised the alarm over an alleged insertion of projects outside the purview of his ministry in the 2017 Appropriation Act, by the National Assembly.
He stated that the insertion was done after public hearing had been held and its fiscal estimates had been defended by the ministries.
Fashola had, in an interview while acknowledging that Legislators could contribute to budget making, disagreed with the practice where the legislative arm of government unilaterally alters the budget after putting members of the Executive through Budget Defence Sessions and Committee Hearings to the extent that some of the projects proposed would have become materially altered.
While acknowledging the need for legislative input from the representatives of the people to bring forward their developmental aspirations before and during the Budget production process, the Minister had observed that it amounted to a waste of tax payers money and an unnecessary distortion of orderly planning and development for all sections of the country, for lawmakers to unilaterally insert items not under the Exclusive or Concurrent lists of the Constitution like boreholes and streetlights after putting Ministries , Departments and Agencies (MDAs) through the process of Budget Defence.
Specifically with regards to the Ministry of Power, Works and Housing, Fashola listed the Lagos- Ibadan Expressway, the Bodo- Bonny road, the Kano-Maiduguri road, the Second Niger Bridge and the long drawn Mambilla Hydropower Project among others as those that the National Assembly materially altered the allocations in favour of scores of boreholes and primary health care centres which were never discussed during the Ministerial Budget Defence before Parliament.
According to him: “What I have in my budget now is primary healthcare centres, boreholes.”
He stated that public hearing and budget defence were some of the reasons why the budget was not signed on time.
“We were asked to complete those abandoned projects; the budget of Lagos-Ibadan Expressway was reduced by the National Assembly from N31 billion to N10 billion. We are owing the contractors about N15 billion and they have written to us that they are going to shut down. Also, the budget of the 2nd Niger bridge was reduced from N15 billion to N10 billion and about N3 billion or so was removed from the Okene-Lokoja-Abuja road budget.’’
While speaking further, he noted that: “Everybody is complaining about power supply but they also cut the budget for Manbila power project and the Bodo bridge that connects the Nigeria Liquefied Natural Gas Station was also cut and all these were also discussed.
“If after we have defended the budget and we had gone and the legislature unilaterally changed the budget, what is the purpose of deliberation?’’
According to the former Lagos State governor, it is unfair to Nigerians after public hearings were conducted with tax payers’ money and consultations with the lawmakers only for the budget to be altered, cut or padded.
He stated that apart from the 200 uncompleted roads he inherited from the previous administration, the lawmakers added100 roads.
“These roads are not federal roads and some of them do not have designs, how do we award roads that were not designed irrespective of the power you have? It is unconstitutional for the National Assembly (NASS) to legislate on state roads.
Fashola’s comment has since drawn the ire of members of the National Assembly, especially those in the House of Representatives, which yesterday summoned over what it termed negative comments on the National Assembly over the 2017 budget.
The House has therefore set up an ad-hoc committee which is headed by Hon. Aliyu S. Madaki from Kano state, to invite the minister to explain what it termed breach of privilege and alleged inciting the people against their representatives
In its reaction to Fashola’s comments, Chairman, House Committee on Media and Public Affairs, Abdulrazak Namdas, had in a statement noted that”.
“Mr. Fashola claimed that the National Assembly included many projects that were not agreed on during the Budget defence before the Committees; that the Budget Lagos-Ibadan Expressway was reduced from N31 billion to N10 billion; that 2nd Niger Bridge budget was reduced from N15b to N10b(actually N12b to N7b); that about N3 billion or so was removed from Okene-Lokoja-Abuja Road; that the Budget for Mambila Power Project was also cut.
“He further claimed that some of the roads introduced into the budget had no designs and that items like primary healthcare and boreholes were introduced into the budget of the Ministry which are State matters. Mr. Fashola further said that the National Assembly has no powers to increase or tinker with the budget.
It also, among others, stated that that “the National Assembly leadership entered into certain understandings with the Executive arm on the 2017 Budget in good faith. It is a clear breach of these understandings for the Executive to make public statements calculated to undermine and distort them. Nigerians deserve a total concentration of all government officials, arms of government and MDA’s to grow the economy as we exit the recession. We in the House of Representatives are so passionately committed.”
However, while dismissing the allegations in the course of an official trip outside the country, Fashola said it was sad that the lawmakers would resort to name calling even without understanding the facts of what they were getting into. Taking the projects which the lawmakers chose to focus on one after the other, the Minister, in a statement issued by his Special Adviser on Media, Hakeem Bello, insisted that there is no subsisting concession agreement on the Lagos – Ibadan Expressway, adding that what the Infrastructure Construction Regulatory Commission (ICRC) has is a financing agreement from a consortium of banks which is like a loan that still has to be paid back through budgetary provisions.
While commenting on the current face-off between the executive and legislative arms of government, a lawyer and a former Chairman of the Lagos Branch of the Nigerian Bar Association, Mr. Chijioke Okoli (SAN), in a national newspaper comment described the National Assembly’s act of increasing the budget estimates submitted to it by the executive arm of government as anomalous, saying the legislature had no business introducing new projects into the budget.
He also challenged the executive arm of government to approach the Supreme Court for a definitive interpretation of the relevant provisions of the law, stating that “What we have in Nigeria is anomalous situation where parliamentarians see themselves as executive officers; it does not happen anywhere”.
“In the United States of America, where we copied this from, what obtains is that senators and representatives bring to bear their influences on the executive to have the projects they are interested in in their constituencies, put in the budget.
“Prof. Ben Nwabueze, who is an authority in constitutional law, has taken that point before and said the legislature had no business tinkering completely with the budget. They can say ‘this price is too much’. They have no business in introducing new projects; that is an executive function.
“It is not the legislature that raises the money. So the legislature is not in a position to amend when the projection falls flat. That is an executive function. I think the problem too is with the executive. I would want the executive to make bold its threat. The executive should go to the Supreme Court for a definitive interpretation of these things.”

REPS INVITE EX-PRESIDENT JONATHAN OVER $1BN MALABU OIL SCAM
source: http://www.eyesoflagos.com/2017/07/reps-invite-ex-president-jonathan-over.html

The House of Representatives’ Ad-hoc Committee probing the alleged corruption, malpractices and breach of due process in the award of Oil Prospecting Licence (OPL) 245 has resolved to invite former president Goodluck Jonathan over diversion of $1 billion.
Chairman of the committee, Hon. Rasak Atunwa, revealed this yesterday at a press briefing on the progress of the investigation as well as subsequent steps to be taken which according to him, will be determined by the former president’s appearance before the ad hoc committee.
Atunwa informed that the committee in its meeting, Wednesday morning, “noted that it had conducted extensive investigation into the OPL 245 saga and that it is drawing to a close.
He added that the committee is however, of the view that in the interest of thoroughness, natural justice and fair play, it imperative that evidence should be taken from former President Goodluck Jonathan.
According to him, “In arriving at this decision, the committee took account of the following facts: Mr Jonathan was the President at the material time the ministers brokered the so-called resolution agreement that led to the allegation of $1 billion diversion of funds.
“Mr Jonathan’s name features in the proceedings initiated by the Public Prosecutor of Milan in Italy.
“A UK Court judgement in relation to an application to return part of the money being restrained, castigated the Jonathan administration as not having acted in the best interest of Nigeria in relation to the deal.
“The Attorney-General of the Federation at the material time, Mohammed Bello Adoke, who of course has been charged in relation to the case by the EFCC, has recently instituted proceedings in court wherein he pleads that all his actions were as instructed by former President Goodluck Jonathan.
“Accordingly, pursuant to the provisions of the Constitution, the committee has decided to request that former President Goodluck Jonathan give evidence to the committee, as to his role in the matter. The secretariat will write to him asking for his response and submissions,” Atunwa stated.
Responding to whether there was an option for the ex-president to make written submission, the lawmaker observed that the former president is at liberty to make a written or oral submission to the committee.
“That is a cause that is open to him. The important thing is that the committee has decided that he must give evidence. He may desire to send us a written submission, and we consider every written submission. We take it one step at a time.
“Section 89 of the constitution requires that we ask for the evidence; we’ve asked him for evidence and he must give evidence, we have asked him to give his response and submission.
“The normal proceeding for a committee hearing investigating such matter is to take a written submission. Let’s follow the procedure the way we’ve been operating. Let’s get this response first and then we take it from there”, he said.

1.7M NIGERIA WOMEN, 380,000 CHILDREN LIVING WITH HIV – OFFICIAL
source: http://www.eyesoflagos.com/2017/07/17m-nigeria-women-380000-children.html

No fewer than 1.7million women and 380,00 children under age 15, are currently living with HIV/AIDS in Nigeria according to the 2015 data by the National AIDS & STIs Control Program (NASCP) of the Federal Ministry of Health (FMOH).
National Coordinator of the National AIDS and STIS Control, of the Federal Ministry of Health, Dr. Sunday Aboje, at a three-day workshop organized for members of the Journalists Alliance for the Prevention of Mother-To-Child Transmission of HIV/AIDS in Nigeria (JAPIN) in Calabar, the capital of Cross River State want all hands to be on deck to reduce the prevalence rate among children.
Aboje, expressed dismay that only 53,677 HIV positive pregnant women out of about 75,855 that test positive in the same year received anti-retroviral drugs.
“As a result of this, many babies have been exposed to HIV/AIDS through Mother To Child Transmission (EMTCT). Currently, Nigeria has the largest number of paediatric HIV cases in the world,” Taiwo Olakunle, who represented Dr. Aboje, said.
According to him, Nigeria’s HIV burden remains the second highest globally with 3.4 million people estimated to be living with the disease.
He noted that the country is committed to the goal of eliminating mother to child transmission by 2020 and has initiated a number of strategies to achieve it.
The workshop, by UNICEF, has over 40 journalists from different states coming together to deliberate on ways of preventing mother to child transmission.
UNICEF Communications specialist, Geoffrey Njoku, expressed worry that many pregnant positive women still miss out on ante-retroviral (ART) treatment. He therefore urged journalists to help spread awareness on benefits of ART especially for their unborn child.

FIRS TO INVESTIGATE 29 PRIVATE JETS OWNERS FOR EVADING TAX
source: http://www.eyesoflagos.com/2017/07/firs-to-investigate-29-private-jets.html

In the wake of the launch of the Voluntary Assets and Income Declaration Scheme (VAIDS) of the federal government, the Federal Inland Revenue Service (FIRS) has said it will soon commence investigations history of the Nigerian owners of the 29 private jets registered in South Africa.
Executive chairman of the FIRS, Mr. Tunde Fowler speaking in Lagos at the weekend said with a recent discovery of 29 private jets being hanged in South Africa by Nigerians and Nigerian businesses, the FIRS would look into ensuring they are not evading tax and also investigate the source of their incomes.
Fowler who spoke at the FIRS and Global Forum on Transparency and Exchange of Information on Tax Purposes workshop on Automatic Exchange of Information in Lagos on Friday stressed the need for information sharing within African countries as well as other international counterparts so as to curb illicit funds being laundered to other countries.
“A lot of people talk about African leaders taking money out of their respective countries and investing it not only in Europe but in other African countries and those host countries don’t ask for information in terms of the source, the tax payments of these individual or organization which poses danger to the stability of the economy.
“I was in South Africa and I did find out that Nigerians and Nigerian organisations have 29 private jets registered in South Africa. Now the issue is do they pay tax in Nigeria or do they pay there. We haven’t talked about how they got the money to buy the jet but first of all, how much tax have they paid to the government of Nigeria.
“For Africa, it is important we help each other. And the only way we can help each other is through this automated exchange. Each African country present here today needs to maximize its revenue through taxation. The only way to maximize it is when we exchange information.”
Eyes Of Lagos also gathered that, The FIRS boss also cited as example of illicit funds laundered out of the country, the recently caught notorious kidnapper who took illicit funds to invest in prime properties in South Africa and Ghana and also Mr. Kola Aluko who bought a $500 million penthouse in the United States saying if tax records where cross checked in these countries “they would know they weren’t in the position to buy such properties and investments.”
The Automatic Exchange of Information enables participating countries to access a pool of data and know the assets of their citizens held outside the country for the purposes of taxation. Fowler noted that there are two aspects to the Automatic Exchange of Information; “one is the issue of security and the other is the issue of lost revenue. I think the more we work together through this automatic exchange of data, the better it is for all of us.
“The issue is that some countries may say ask no questions but USA that allowed that individual to buy a $500 million apartment without asking questions also have a scheme now for all Americans that have investments or bank accounts outside America. They have given the countries where they have those accounts a certain time limit to provide that information to them even without any international legal agreement. So if developed countries can be looking at their bottom line in terms of tax revenue, we also should.”
On the part of the advocates for Automated Exchange of information, deputy head of the Global Forum, Mr. Donal Godfrey explained that “101 countries have committed to exchange financial accounting automatically, 50 beginning in a few weeks’ time and another 51 in 2018. These countries include all of the financial centres in the world that hold assets from other countries from around the world.
“We think it is really important African countries join because at the moment we have only two African countries committed which are South Africa and Ghana. There have been talks about 50 billion leaving Africa yearly and at global forum, we believe the exchange of financial accounts and information would help.”
He noted further that it would be possible for Nigeria to make a commitment to 2019 as it already has the legal framework and technological capacity and only needs the political will to commit to the information exchange.

NIBSS ISSUES 29.4M BVNS TO CUSTOMERS
source: http://www.eyesoflagos.com/2017/06/nibss-issues-294m-bvns-to-customers.html
Nigeria Inter-Bank Settlement (NIBSS) has disclosed that a total of 29.4 million Bank Verification Number (BVN) cards have been issued to bank customers as at June 18, 2017.
This indicates that NIBBS has issued 56.9 per cent BVN cards to 51.7 million total BVN accounts holders that have enrolled as at February this year. Early in the year, NIBSS said 50.9 million total BVN accounts have enrolled an increase of 1.9 per cent from 49.99 million as at December 2016.
In previous years, record shows that linked accounts in the same period of February 2015 stood at 2.71 million and in 2016 at 31.11 million.
Industry observers pointed out that the figure of issued BVN is expected to record an astronomical growth very soon as a result of the recent directive by the Central Bank of Nigeria (CBN) mandating Other Financial Institutions (OFIs) to also commence BVN registration exercise for their customers.
The extension of BVN exercise to the customers of OFIs was contained in a CBN circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions supervision department, Mrs. Tokunbo Martins.
The bank has also moved on to set July 31, 2017 as deadline for this exercise, warning that any OFI account not linked with the BVN “shall not be allowed to make withdrawals”.
The CBN, in collaboration with the bankers committee, explained that BVN registration for customers of OFI is expected to, among other things, support the achievement of zero default credit target set for Participating Financial Institutions (PFIs) in the Micro Small and Medium Enterprise Development Fund (MSMEDF) and also open credit opportunities for millions of people without a standard means of identification.
To address this challenge and complement the existing means of identification of customers, which include the Driver’s License; the International Passport; the National Identity Card; and the Permanent Voter’s Card; the CBN, in collaboration with the Bankers’ Committee, launched the Bank Verification Number (BVN) Project in February 2014.
The BVN is expected to also minimize the incidence of fraud and money laundering in the financial system, as well as enhance financial inclusion. The implementation of the BVN initiative, which started with the customers of Deposit Money Banks (DMBs), has been very successful.
“However, to avoid a broken identification link in the banking system, it has become necessary to extend the BVN enrolment to the customers of Other Financial Institutions (OFIs) especially as some OFIs are located in the rural areas of the country, and have customers that may not have enrolled with the DMBs”, CBN explained.

SALLAH CELEBRATION: POLICE RESTRICT MOVEMENT IN BORNO
source: http://www.eyesoflagos.com/2017/06/sallah-celebration-police-restrict.html

The Borno Police Command on Friday announced a restriction on movement of vehicles during the upcoming Eid celebration in Maiduguri and Jere Local Government Areas of the state.
Mr Victor Isuku, the spokesman of the command announced this in a statement in Maiduguri.
“In view of the Eid-el-Fitr sallah celebration coming up, Borno Police Command wishes to reiterate its commitment towards ensuring a crime free celebration.
“In pursuance therefore, the residents of Maiduguri Metropolitan Council and Jere Local Government Areas are by this release informed that, there will be restriction of vehicular movement until after the Eid prayers on Sunday.
“The restriction will include the use of motor vehicles, tricycles, bicycles and animals except those on essential duties.
“This restriction, though regrettable, is necessary in view of recent security concerns. Moslem faithful are therefore advised to pray at Eid prayer grounds close to their homes,” the statement said.
It advised residents to be security conscious and report strange happenings to security agents.
“While wishing all and sundry a happy sallah celebration, the command wishes to advise the general public to be security conscious at all times.
“We advise them to report any strange or suspicious person or movements or objects to the nearest police officer, station or other security agencies,” the statement said.
The restriction is the first since 2015, following successes recorded by the military against the Boko Haram insurgents.
Recently, the insurgents had intensified attacks especially suicide bombings in public places.
At least 17 persons were killed after five suspected female suicide bombers attacked Kofa Community near Dalori on Monday.
Also, on Tuesday, a convoy of vehicles was attacked along Maiduguri-Damboa road leading to the death of a policeman and a truck driver.

WHY IT WAS HARD FOR POLICE TO ARREST ME – EVANS
source: http://www.eyesoflagos.com/2017/06/why-it-was-hard-for-police-to-arrest-me.html

Kidnap kingpin Chukwudemeje George Onwuamadike alias Evans, has how he was able to evade arrest over the years.
In an interview, Evans revealed how he maintained multiple identities and ensured that his pictures were not in circulation.
He said: “I beat security operatives over the years because my system is a sensor that detects problems. I don’t use charms of any kind but I developed the ability to detect danger since my early days as an armed robber. That was why I was able to know that the Police were close to me even when they haven’t informed me.
“I don’t snap pictures. In fact, I don’t have any picture. Nobody on earth had my picture before now. Even those who are very close to me don’t have my picture. I don’t snap pictures
“My mother doesn’t have my pictures. My wife and siblings don’t have them as well. My pictures are not in my house and that made it difficult for security agents to apprehend me because they don’t know how I look like. Another issue you may have to take into consideration is the fact that I have numerous names for different people. My wife knows me as Somtochukwu, while all my girlfriends knew me as Mike. My neighbors at Gowon Estate knew me as George. I was also known as Sunny in Benin while in Port Harcourt, I was known as Richard.
“These are the reasons it was difficult for policemen to track and arrest me. No one has my pictures and the names I bear in Lagos weren’t the names I had in other states. I would have been worse than this if I had proper education. With education, I could have done worse things and be elusive. But thank God it’s over and I have been stopped.”

11 RULES YOU WILL NEVER LEARN IN SCHOOL BY STEPHEN AKINTAYO
source: http://www.eyesoflagos.com/2017/06/11-rules-you-will-never-learn-in-school.html

1) Life’s not fair.Get Used to it.
Stop expecting life to hand you the things you think you “deserve”.
2) The world doesn’t care about your self esteem.
Start making something of yourself today. Right now!
3) You will not make six figure salary right after school. You will have to work hard for what you get.
4) If you think your teacher is tough, wait till you meet The Boss. If you think your Boss is tough, wait till you meet your Client… Stephen Akintayo
5) Flipping burgers is not beneath your dignity. Swallow your pride and take that job you think is beneath you as a stepping stone.
6) If you mess up, it’s not your parent’s fault. Stop spreading blame around and take responsibility for your failures.
7) Your parent know something you don’t. Perhaps, before you were born, your parents weren’t as boring as they are now.
Your school may have done away with winners and losers, but life has not.
The result of an exam does not justify the means. It doesn’t bear the slightest resemblance of anything in real life.
9) Life is not divided into semesters.
Once life starts, it just goes on and on. So spend your time doing something worthwhile.
10) What you see on television is not real life. In real Life, people actually have to leave the coffee shop and go to their jobs.
11) Be nice to nerds. Chances are you’ll end up working for one.
Most of the 11 Laws are by Charles J. Sykes and Bill gate.

NSE MARKET INDICES DOWN BY 2.45 PER CENT
source: http://www.eyesoflagos.com/2017/06/nse-market-indices-down-by-245-per-cent.html

The Nigerian Stock Exchange (NSE) on Friday extended price depreciation for the third consecutive day with the indices plunging further by 2.45 per cent due to profit booking.
The News Agency of Nigeria (NAN) reports that the market capitalisation dropped sharply by N279 billion or 2.45 per cent to close at N11.107 trillion against N11.386 trillion achieved on Thursday.
In the same vein, the All-Share Index shed 806.30 points or 2.45 per cent to close at 32,122.14 compared with 32,928.44 posted on Thursday.
NAN reports that major blue chips recorded price drop, with Dangote Cement leading the losers’ table with a loss of N9.40 to close at N195.60 per share.
Nigerian Breweries trailed with a loss of N6.13 to close at N131.90 and Okomu Oil dipped N3.24 to close at N61.56 per share.
Lafarge Africa was down by N2.55 to close at N48.60 , while CAP depreciated by N1.74 to close at N33.25 per share.
Conversely, Ashaka Cement led the gainers’ chart with a gain of 81k to close at N17.08 per share.
Oando improved by 33k to close at N7.24 and Transcorp Hotel gained 32k to close at N6.87 per share.
Champion Breweries appreciated by 26k to close at N2.93, while Guaranty Trust Bank advanced by 16k to close at N34.50 per share.
Also, the volume of shares traded closed lower as investors bought and sold 41 7.57 million shares worth N3.25 billion transacted in 5,456 deals.
This was in contrast with a total of 509.76 million shares valued at N5.03 billion exchanged in 5,321 deals on Thursday.
Transcorp emerged the most active, trading 71.61 million shares worth N99.36 million.
Access Bank followed with an account of 65.50 million shares valued at N593.65 million, while FBN Holdings traded 48.87 million shares worth N287.56 million.
FCMB exchanged 31.43 million shares valued at N37.41 million and Zenith Bank exchanged 30.50 million shares worth N621.84 million

BOKO HARAM ATTACKS CONVOY BEING ESCORTED BY SOLDIERS TO DAMBOA
source: http://www.eyesoflagos.com/2017/06/boko-haram-attacks-convoy-being.html


Boko Haram insurgents have attacked a long convoy of carrying the corpse of one police sergent whose relations were going to burry in Lassa town in southern Borno.


The Commissioner of Police, Damien Chukwu, said on phone that although they did not touch the ambulance the driver was killed and many others wounded this Tuesday morning.


The usual convoy of over 200 vehicles were traveling to Damboa enroute southern Borno among which were mobile policemen from Delta state were being ferried to Askira Uba on routine change of guards to relieve their colleagues.
There were hundreds of civilians travelling who seized the opportunity of the once in a day convoy to travel to the south of Borno which is accessible from Maiduguri through that dangerous route.


The driver of a truck full of medical supplies was also killed on the spot by the daring insurgents but details are still sketchy on the number killed.
Several civilians and mobile police men were wounded while we are yet to receive details about the soldiers.
Further details will be released when the the police authorities speak further on the development.

ZENITH BANK, ACCESS BANK, OTHERS TAKE OVER ETISALAT NIGERIA
source: http://www.eyesoflagos.com/2017/06/zenith-bank-access-bank-others-take.html

One of Nigeria’s telecommunication companies, Etisalat has now been taken over by ten major Nigerian lenders.
The lenders include, Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.
The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a letter filed to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.
A letter dated June 2017, with No. Ho/GCFO/152/85 signed by Etisalat Group Chief Financial Officer, Serkan Okandan, noted that efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.
It added, “Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group Company PJSC, ‘Etisalat Group’[ would like to inform you that Emerging Markets Telecommunications Services Limited ‘EMTS’ (‘the company), established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (‘EMTS Lenders’).
“Subsequently, discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan.


“Accordingly, the Company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands, and through which Etisalat Group holds its interest in the company) requiring EMTS BV to transfer 100% of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.


“Subsequently the EMTS Lenders extened the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017,” the filing said.


The Telecommunication company has been under pressure since 2016, following the demand notice for the recovery of a $1.72 billion (about N541.8 billion) loan facility it obtained from a consortium of banks in 2015.
The loan, which involved a foreign-backed guaranty bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion of its operational base in Nigeria.
Unable to meet its debt servicing obligations agreed since 2016, the consortium, prodded by their foreign partners, threatened to take over the company and its assets across the country.


But, the intervention of the telecom sector regulator, Nigerian Communications Commission, NCC, and its financial sector counterpart, the Central Bank of Nigeria, CBN, succeeded in persuading the banks to rethink their threat and give Etisalat a chance to renegotiate the loan’s repayment schedule.

2017 BUDGET: NIGERIAN GOVT SET TO RELEASE N350BN FOR CAPITAL PROJECTS – MINISTER
source: http://www.eyesoflagos.com/2017/06/2017-budget-nigerian-govt-set-to.html

The Minister of Finance, Kemi Adeosun, said that the federal government was ready to release N350 billion, being the first tranche for implementation of the 2017 budget.


Mrs. Adeosun said this on Monday in Abuja at the public presentation of 2017 Appropriation Act.
She said that the Federal Government had enough cash available to immediately commence the execution of key projects and initiatives scheduled for the 2017 fiscal year.
“We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget,’’ she said.
Also speaking, the Minister of Budget and National Planning, Udoma Udoma, said funding of projects would now be on Project-Based Release System to curb waste of public funds by Ministries, Departments and Agencies (MDAs).
He said also that part of the requirement for capital releases was evidence of compliance with the Bureau of Public Procurement Act.
Mr. Udoma said that henceforth, no MDA was authorised to enter into a foreign denominated contract without the approval of the Ministers of Budget and National Planning, and Finance.
He also said the federal government would strengthen its monitoring and evaluation framework to improve physical inspection and impact assessment of projects and programmes implemented by MDAs.
“We are worried and concerned about the number of abandoned capital projects scattered in their thousands throughout the country, which we inherited from previous administrations.
“We know that you can’t continue doing things the same way and expect different result, so we have to do things differently. We need to have more targeted releases. We have to look at the projects which are important and can easily be completed.
“The ministers are working together to ensure that over time, we concentrate our resources on completing important projects, so that we have maximum impact,” he said.
Mr. Udoma also said that his ministry was working with the National Assembly to get the country’s fiscal year adjusted to between January and December.


He said this could only be achieved when the executive and legislature work together to ensure that the budget was submitted, passed and signed before December 31, 2017.


In his remarks, the Director-General, Budget Office of the Federation, Ben Akabueze, said the Office had introduced a new system known as Citizen Portal.


According to him, the portal which can be found on the budget office website, provides insights into the 2017 budget in a non-technical way for Nigerians.
“It is important for citizens to understand the budget, especially its key deliverables and their role in its implementation.
“When citizens do not fully understand the budget, it significantly limits their ability to engage with the budget process and hold government accountable for the prudent management of financial resources entrusted to it,” he said.

NAVY TO BEGIN 2017 RECRUITMENT EXERCISE
source: http://www.eyesoflagos.com/2017/06/navy-to-begin-2017-recruitment-exercise.html


The Nigerian Navy yesterday announced procedures for its 2017 recruitment exercise into the service.
A statement issued by the acting director of Information, Captain Sulieman Dahun said the general public and all interested able bodied young men and women willing to join the service should register online for the 2017 Recruitment exercise.
According to the Nigerian Navy, the registration will commence on July 1, 2017.
“The registration exercise will close on 31 July 2017,” it said.
According to the statement, “Interested applicants are advised to apply online at www.joinnigeriannavy.com and are to note that applications are free of charge.”
“Furthermore, additional information is available at www.navy.mil.ng while the support line on working days from 9am– 4pm is 08159999011.”

INVESTORS TRADE 2.7BN SHARES WORTH N32BN
source: http://www.eyesoflagos.com/2017/06/investors-trade-27bn-shares-worth-n32bn.html

Investors on the Nigerian stock market last week traded a total number of 2.737 billion shares valued at N32.042 billion exchanged by investors in 32,217 deals. The market, which closed the week on the positive side as investors extended bargain hunting on handful of stocks and increased activity from fund managers.
Week-on-week, the All Share Index (ASI) gained 532.88 absolute points, representing a growth of 1.60 per cent to close at 33,810.58 points. On the other hand, the market capitalisation gained N188 billion, to close at N11.692 trillion.
Performance across sectors showed that the Banking index advanced the most, up 4.99 per cent on account of upticks in Guaranty Trust Bank and Zenith Bank, while the Insurance index trailed closely with a weekly gain of 3.57 per cent W-o-W on the back of gains in Mansard Insurance and Aiico Insurance.
Similarly, the Consumer Goods index inched 0.51 per cent higher due to bullish sentiment in Unilever and Nigerian Breweries. On the flip side, the Oil & Gas index declined 4.2 per cent due to profit taking in Forte Oil and Seplat, while the Industrial Goods index slid 0.28 per cent on account of losses in Wapco.
Outlook for this week
Analysts at APT Securities Limited said, “We expect the market to retain its positive position in the coming week, though there is likely to be a negative stance intermittently during the course of the trading week basically for profit taking.”
Analysts at Afrinvest Limited noted that, “Whilst we remain optimistic that the upbeat market performance would persist in the near term as investor sentiment remains largely driven by strengthening macroeconomic fundamentals and forex management, we envisage some profit taking by investors on value stocks in the early trading sessions of this week.”

N5BN SCAM: NO MONEY TRACED TO GOJE’S ACCOUNT – EFCC INVESTIGATOR
source: http://www.eyesoflagos.com/2017/06/n5bn-scam-no-money-traced-to-gojes.html


An investigator with the Economic and Financial Crimes Commission (EFCC) Solomon Okotie has told a Federal High Court sitting in Jos his investigation revealed that no money from the award of contracts in Gombe State could be traced to the account of the immediate past Governor, Senator Danjuma Goje.
Okotie, who is the Prosecution Witness 1 (PW1), made the revelation at the resumed trial of Goje who is being prosecuted by the EFCC for allegedly embezzling N25 billion.
The EFCC investigator further informed the court that due process was followed in the award of contracts in Gombe State during Goje’s tenure as governor.
Under cross examination from Counsel to Goje Chief Chris Uche, SAN, Okotie stated that “with specific reference to the Universal Basic Education Commission (UBEC) there is a letter from the Commission that it approved the action plan and to award of contract.
PW1 also admitted that having obtained the contractor’s bank statement and studied same and confirmed that the monies covered by the vouchers went into the account of the contractor Real and Integrated Hospitality Company which is Zenith Bank.
Okotie also stated that at the end of his investigation, he did not trace one naira from the contract money to any account belonging to the former Governor, His Excellency Danjuma Goje, any company or person related to him.
He declared that the contracts for which the former Governor is standing trial were fully executed.
The second Prosecution Witness who is the Solicitor-General and Permanent Secretary in the Gombe State Ministry of Justice Bar. Magellan Dedi had in his testimony told the Court presided over by Justice B.O Quadiri that he was informed by the State’s Universal Basic Education Board officials that due process was followed in the award of the contract and that he was made to understand that the former Attorney-General received instruction from the 1st defendant (Goje) to terminate the contract for non-performance within the stipulated time of three months.
Specifically, the EFCC is prosecuting Goje over allegations that he conspired with others sometime between May 2003 and May 2001 in Gombe to conceal or disguise the sum of N5billion property of Gombe State Government which was, or in whole or part, directly represented proceeds of an illegal act contrary to Section 17 of the Money Laundering (Prohibition Act) 2004.

IKORODU AS CULTIST GROUPS RENOUNCE MEMBERSHIP, SUES FOR PEACE
source: http://www.eyesoflagos.com/2017/06/ikorodu-as-cultist-groups-renounce.html


Thursday, June 15, 2017, will go down in the annals of history in Ikorodu as one of the most important days in the history of the community. This is as a result of the brave move by members belonging to various cultists groups that’s as terrorised the community for years.
Some repentant members belonging to the dreaded cult gangs – Eiye, Aiye and Buccaneers, yesterday, June 15, 2017, staged a march where they renounced cultism publicly. The move by the groups is aimed at fostering peace and the spirit of good neighbourliness in Ikorodu community.
Eyes Of Lagos reports that before staging the peaceful march, members of the Ikorodu chapter of the confraternities converged at the headquarters of local vigilante group, Onyabo, before proceeding to the Ayangburen’sPalace, Oba Kabir Shotobi.




During the march, the groups were joined by top chieftains in Ikorodu alongside security operatives before engaging in peace talks which involved the Ikorodu monarchs.
In addition, the repentant members displayed banners and placards denouncing violence and crimes in the community.
Confirming the development, a top member of the Onyabo Vigilante Group, Awo, said the move is one that signals the return of peace and calmness to Ikorodu.




“For the gangs to call for peace talks and also stage a peaceful march to the effect, that means residents should have no cause for alarm,” he said.
“That the march ended peacefully with the gangs walking freely and not causing any form of trouble means they actually meant it,” he added.
Meanwhile the move is coming just when Ikorodu residents are grappling with the consistent attacks from the dreaded cult group, Badoo.

NAIRA DECLINES BY 0.82%, SETTLE AT $/N370
source: http://www.eyesoflagos.com/2017/06/naira-declines-by-082-settle-at-n370.html

Against its consistence appreciating streak in the last one week, the Naira, on Wednesday relapsed by 0.82 per cent at the unofficial market to close at N370 to a dollar against N367 closed on the first trading day of the week.
The fall in Naira is coming on the heels of Central Bank of Nigeria (CBN) Inter-bank Foreign Exchange market injection to the tune of $413.5 million, as speculators continued to drive the parallel market rate.
Also, at the official foreign exchange market, the local currency exchanged at N305.7 against a depreciated N305.65 sold on Monday compare to N305.55 traded last week, but gained against the pound at N388.9 and N342.6 respectively, against N400.93 and N352.06 sold respectively on Monday.
But the Naira, on Wednesday retained strengthened rate against the Pound sterling, closing at N465, the same amount it has been trading since Monday, which is better than N470 exchanged last week Friday and also recorded a slight gain against Euro to close at N407 compare to N411 sold the previous day.
At the Investor &Exports foreign exchange window, the naira depreciated improved slightly at N373.25 against the depreciated value of N373.28 closed at the beginning of the week.
Earlier in the week, while giving a breakdown of the latest round of forex intervention, acting director, corporate communications, CBN, Mr. Isaac Okorafor, said the sum of $100 million was offered to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring foreign exchange for Business/Personal Travel Allowances, school tuition, medicals, among others.
According to Okorafor, the bank also released the figures for the auction sales in the retail window last week, totaling $260million. He said the bank was optimistic that the Naira will continue its strong run against the dollar and other major currencies around the world, considering that transparency in the market has ensured greater stability.
On the Bank’s objective to achieve convergence between the foreign exchange rates at both the inter-bank and BDC segments, Okorafor said the CBN was confident of achieving the goal soon, particularly if all stakeholders played by the rules. He therefore charged all dealers, principally licensed Bureaux De Change (BDCs), to abide by the rule, for the sake of the economy. Meanwhile, the naira continued to maintain its stability in the foreign exchange market, exchanging at an average of $1/N362 in the BDC segment of the market.

WE KNOW NIGERIANS CAN VOTE US OUT – APC
source: http://www.eyesoflagos.com/2017/06/we-know-nigerians-can-vote-us-out-apc.html

John Odigie-Oyegun, national chairman of the All Progressives Congress (APC), says his party knows that Nigerians can kick it out of power.
Oyegun said this at the party’s national secretariat in Abuja, where he was presented with the book ‘APC: The Making of a Change Agent’, written by Okoi Obono-Obla, special assistant to President Muhammadu Buhari on Prosecution.

He said his party would not act like the Peoples Democratic Party (PDP) when it was in power.
“We encourage all those who participated intimately to document their record of what they think happened,” he said.
“Historians will then later take these slightly different versions considering the perspectives were you were standing to watch the show. And we will eventually have a comprehensive rendition of what happened.
“It was the first time a merger of that type had succeeded. It is the first time people had the intense nationalism to make the degree of sacrifice that was called for in agreeing to a merger. We had three party chairmen and a lot of other individuals.
“We created a machine that has started a significant move in entrenching democracy in this country. What is democracy? It is the ability to hire and fire. It was the first time that Nigerians had the ability of firing and it has become internalised in our political psyche. We know that we should not make the mistakes of the PDP. We too now know that we can be fired and that is democracy.”

LASG BEGIN REPAIR OF ABULE EGBA INNER ROADS
source: http://www.eyesoflagos.com/2017/06/lasg-begin-repair-of-abule-egba-inner.html

The Lagos state government has started the repair and rehabilitation of the inner roads damaged during the construction of Abule Egba Bridge.
The construction of the bridge, which was completed last month, led to the damage of many of the inner roads which has resulted to traffic congestion in the communities. The residents pleaded with the government to help fix the roads to make life easier for them.
Less than two weeks after the Governor made the pronouncement that the roads will be fixed during the commissioning of the Abule Egba flyover bridge, contractors have moved to site to begin the repair of the inner roads in Abule egba including Charity Road.
The rehabilitation of the roads is expected to further enhance traffic flow in the area for improved movement around the axis.
While commending the Governor, a resident of Ile Ogbo in Abule Egba, praised the governor for keeping his words, saying the development brought relief to people in the area.
Another resident, who is a shop owner in the area, said the transformation being witnessed in Abule Egba and environs was unprecedented in the history of the state.

NEW PHOTOS OF TONTO DIKEH AND HER SON
source: http://www.eyesoflagos.com/2017/06/new-photos-of-tonto-dikeh-and-her-son.html

Mama King and King looking adorable in new photos shared online. We love!!!

I LAID FOUNDATION OF BUHARI’S 2015 VICTORY – ARDO
source: http://www.eyesoflagos.com/2017/06/i-laid-foundation-of-buharis-2015.html

Dr Umar Ardo is a PDP Chieftain from Adamawa State; and former Special Assistant to the former Vice President Atiku Abubakar on Research and Strategy and former Director of Research and Strategy of the Peter Odili Presidential Campaign Organization. He spoke with ANYAORA THELMA CHIOMA.
Sir, the Buhari administration is now two years in office. Looking at what it achieved against the promises both the party and Buhari made to Nigerians during the campaigns, what is your assessment?
I don’t know what promises APC made, but I marked the 3 basics ones of Buhari – insecurity, corruption and the economy. You know I am a hyper-critic, difficult to satisfy as most times I tend to overthink things. On insecurity, the regime had substantially incapacitated the Boko Haram insurgency. Being from Adamawa State in the Northeast, I can attest to that. Though there are still some sporadic attacks here and there, but generally things have quietened down. But Buhari promised to tackle insecurity, which insurgency is just one aspect of; there are militancy, kidnapping, armed robbery, internecine killings, ritual killings, communal clashes, etc. These are still very much around. In other words, insurgency as a national threat has been considerably dealt with, but insecurity of individuals and groups is yet to be appreciably tackled. A lot needs to be done if the regime’s score card on general security is to square up. On corruption, I can say both the approach and the fight are superficial; they’re not thorough and well thought-out. In fact, from the David Babachir’s example, I can say the government is even losing the fight as nothing seems to have changed. On the economy, let’s remember we are still in recession; Naira’s exchange rates are still unacceptably high. As it is now, I dare not score the regime above average.
You went to court in 2014 to stop Jonathan from contesting on constitutional ground, but you did not succeed. Do you see his electoral loss as a kind of compensation for your efforts?
Let us say I went to court to get a constitutional interpretation of having a president holding office for a cumulative period exceeding eight years. The Supreme Court failed to take that matter. But I am writing a book chronicling my experience in Nigerian courts in which the issue is being treated.
The book is a critique of the judgments entered against me in the ten civil suits I instituted. From a litigant view point, the book reviews those judgments to fault the arguments. It will be out within the year.
So many people have commented on the loss of the 2015 elections by PDP. Jonathan blamed it on the US, etc. What in your view led to the defeat of an incumbent for the first time in Nigeria?
I think I answered this question in an article l wrote published by Dailytrust and other papers in July 2015 titled “Why PDP Failed to Rule for 60 Years”. So when I read Segun Adeniyi’s “Against the Run of Play,” where Jonathan made those allegations, I found some fundamental defects of left-outs in facts and analysis. The most critical takeoff point and questions leading to the merger and Buhari’s subsequent candidacy and victory are missing. Any analysis of the 2015 presidential election that does not have as its starting point the suit of CPC in the 2011 Presidential Election Tribunal and its fallouts is obviously grossly defective.
What makes the 2011 tribunal critical is that its institution altered Buhari’s political stance and its fallouts made easy the merger for APC. Recall that on Wednesday 13th April, 2011, when rounding up his presidential campaign, Buhari said, among other things, that if he lost the 16th April election neither him nor his political party would challenge the outcome at the presidential election tribunal, and that the 2011 presidential election would be his 3rd and final time in ever contesting any elective office. He wouldn’t leave politics, he had said, but he won’t ever contest again. On April 16th the presidential election took place and on the 18th Prof. Attahiru Jega announced the results and pronounced Buhari and his CPC defeated. Against Buhari’s 13th April avowal, that would’ve been the end. Yet, CPC went to tribunal to challenge the outcome of the April 16th election, and Buhari contested in 2015 again; meaning that Buhari’s vow had been reversed! The rational questions are: what happened? Why and how did the CPC go to tribunal? Why and how did Buhari contest again in 2015?
Until these questions are asked and answered, any narrative and analysis of the APC merger, Buhari’s contest and the defeat of an incumbent will be incomplete and defective. I did not yet see these questions asked and answered. l did not also see the narrative and analysis of the presidential election tribunal and its fallouts, principally the sacking of Justice Isa Salami, in the politics of the merger and the 2015 presidential election made, either in the books of Professor Paden or Adeneyi, or in other narratives and analyses of the election. With this vital missing link, it’s natural to fall into misperceptions, misconceptions, misrepresentations, mispresentations and even mischief in accounting for Buhari’s mystical political turnaround in 2015. This is a major flaw in Paden’s and Adeneyi’s books that renders their general conclusions untenable.
President Jonathan lost the election from that Sunday he removed Justice Salami as President Court of Appeal because that act effectually ended the secret alliance between Jonathan’s PDP and Tinubu’s ACN. More importantly, it handed over Tinubu’s ACN to Buhari’s CPC for the APC merger. The reason is simple; of the then six ACN controlled states, only Lagos was by INEC’s pronouncement; the rest was by tribunals’ pronouncements headed by Justice Salami as President Court of Appeal. So Salami’s brazen removal obviously was a serious affront to the ACN. The causal causation is this – without CPC going to tribunal, Salami wouldn’t have been removed; without Salami’s removal, ACN would not have been thrown into the arms of Buhari, without which there would’ve been no merger, and without which incumbent wouldn’t have been defeated.
Would you then say it was a case of political sophistication that made Buhari to see the signs and contest a fourth time after he had declared he wasn’t going to contest again or what?
I suppose he saw a winning strategy practically placed before him, superior to previous ones. He saw from his three defeats a convincing victory formula formulated. It took him less than 3hrs to make up his mind. Afterwards he called back and said “I accept your suggestions; go ahead and implement them”. And so they were implemented. The rest, as they say, is history! Thus, the foundation for Buhari’s fourth attempt and victory, turning around his political fortune, was singularly devised. Every other thing done thereafter in furtherance of that objective was built on that very foundation. This is without prejudice to other great efforts and contributions made by individuals and groups, singularly and collectively.
You are PDP, why engineer the defeat of your party? Is it because of regional and religious considerations?
The driving consideration was the nation. It was clear President Jonathan did not much understand the dynamics of our national politics, which understanding was vital if he was to govern well.
That’s why the country was slipping out of control. I believed the first solution in halting the slide was regime change. It was the same national consideration that led to my initiating and driving South-south’s presidency in 2007, the Dr. Odili for president bid, at the end of 8 years of ‘Southern Christian rule’ under Obasanjo. I was convinced that it was good national politics to reciprocate South-south’s contributions to the nation and as traditional allies of the North.
Similar things happened in Ghana and The Gambia, are there parallels that can be drawn in terms of the factors that led to the ouster of incumbents or that of Nigeria is peculiar?
Please refer to my article on this question published by Dailytrust and Premium Times in February, 2015 titled “PDP, Election Postponement and the Inevitability of Defeat”.
Some have said the inability of Jonathan to reconcile with the CAN after it threw up Tambuwal as speaker was a major gaffe that later led to Jonathan’s defeat. How far is that true?
It started the process no doubt, but the removal of Salami completed the jigsaw. Read my article also published by Dailytrust 3 days to the presidential election titled “How and Why PDP Will Lose”. It’s revealing.
Your party, the PDP, seems headed for destruction. Can it be remedied?
PDP will not get destroyed; Nigerians won’t let it happen. Let’s await the outcome of the Supreme Court judgment then things will start happening. Did you see IBB’s daughter’s wedding in Minna lately? That shows PDP still has the greatest elites’ mobilizing capacity in the country. That should tell people something about 2019.

FACEBOOK USER SHARE HER BITTER EXPERIENCE WITH A YAHOO BOY ON FACEBOOK
source: http://www.eyesoflagos.com/2017/06/facebook-user-share-her-bitter.html

Facebook user who claimed her name is Lisa said, In some hours time i will be leaving this world, i do not seek pity but prayer and i aslo plead hat everyone that read this will share so as to warn the ever growing slay mama out there, at the long run you aint actually slaying but killing yourself.
I dont have much to say but my before and after picture should convince you. The only thing i remember is now is my name and last time i had sex with a yahoo boy. I cant even remember his face or his name again but i know judgement will one day catch up with him as it has done with me.
And i use this last minute and breath to warn every lady out there that goes after men,boys and kids with falshy things. Please all that glitters are not gold.

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